Re:FTX group companies commence voluntary chapter 11 proceed...
by lotsofpulp on Friday November 11, 2022 @11:48AM
(#33563143)
> I seriously cannot understand how after this interview Sam still had any kind of support from VCs and so on.
Because they thought they could make money by finding a bigger fool, or by finding someone who thought they could find an even bigger fool.
Re:FTX group companies commence voluntary chapter 11 proceed...
by eternalban on Saturday November 12, 2022 @06:18AM
(#33572065)
> Because they thought they could make money by finding a bigger fool
$10B "somehow" "gone" is QED that someone did find their marks.
More interesting is how none of these guys are seeing the inside of a jail and doing the jailhouse orgies. I wonder if 'defenestration' will become a meme in crypto world too.
Re:FTX group companies commence voluntary chapter 11 proceed...
by AlexandrB on Friday November 11, 2022 @12:05PM
(#33563391)
Forget VCs. This interview snippet went semi-viral, I don't understand how FTX's customers didn't try to pull all their money out right then and there.
Re:FTX group companies commence voluntary chapter 11 proceed...
by bananapub on Friday November 11, 2022 @01:15PM
(#33564483)
> I seriously cannot understand how after this interview Sam still had any kind of support from VCs and so on.
yes you do - because they're at best amoral and know their position and connections means they can make money out of shit like this by ensuring there's a series of bigger fools waiting to buy them out.
> Matt: (27:13) > I think of myself as like a fairly cynical person. And that was so much more cynical than how I would've described farming. You're just like, well, I'm in the Ponzi business and it's pretty good.
I seriously cannot understand how after this interview Sam still had any kind of support from VCs and so on.
I hope the late 2010s-early 2020s will be remembered as the dot-com era of extremely dumb money...