Re:The fall of Sam Bankman-Fried is crypto’s Enron moment
by hn_throwaway_99 on Tuesday November 15, 2022 @11:40PM
(#33618943)
2 points:
1. His tweet thread made me throw up in my mouth a bit. Blaming it on "liquidity" is laughable. Liquidity problems would be like "I own a lot of real estate and it would take me a long time to sell". Alameda's problem was a huge chunk of its balance sheet was FTT - it was fundamentally impossible to ever liquidate those tokens without guaranteeing to tank the price of FTT. Never mind the whole issue that customer funds were never legally his to loan to Alameda in the first place, regardless of crypto regulations or lack thereof. What happened to customer funds was simply theft.
2. I'm not a psychologist, so I don't necessarily want to misuse the term "sociopath", but I have seen this trait in some people that is closely linked to a lack of conscience. That is, I would have never been able to do what SBF and gang did by stealing customer funds to prop up Alameda. And it's not because I'm some wonderfully moral person, it's because I would have become physically ill with guilt and lack of sleep. This is also why I'll never be able to run a large company or handle billions of assets - it would just be too much stress for me. There is a fine line between needing to have a healthy detachment from consequences you may cause, and being a sociopath. The more I hear from SBF just the more I'm convinced he's not on the "healthy detachment" side of things.
1. His tweet thread made me throw up in my mouth a bit. Blaming it on "liquidity" is laughable. Liquidity problems would be like "I own a lot of real estate and it would take me a long time to sell". Alameda's problem was a huge chunk of its balance sheet was FTT - it was fundamentally impossible to ever liquidate those tokens without guaranteeing to tank the price of FTT. Never mind the whole issue that customer funds were never legally his to loan to Alameda in the first place, regardless of crypto regulations or lack thereof. What happened to customer funds was simply theft.
2. I'm not a psychologist, so I don't necessarily want to misuse the term "sociopath", but I have seen this trait in some people that is closely linked to a lack of conscience. That is, I would have never been able to do what SBF and gang did by stealing customer funds to prop up Alameda. And it's not because I'm some wonderfully moral person, it's because I would have become physically ill with guilt and lack of sleep. This is also why I'll never be able to run a large company or handle billions of assets - it would just be too much stress for me. There is a fine line between needing to have a healthy detachment from consequences you may cause, and being a sociopath. The more I hear from SBF just the more I'm convinced he's not on the "healthy detachment" side of things.