Re:IRS Files $44B Claims Against Bankrupt FTX
by SoftTalker on Thursday May 11, 2023 @06:29PM
(#35909207)
> Simple to anyone with significant sums of money to invest.
Remember Bernie Madhoff?
Re:IRS Files $44B Claims Against Bankrupt FTX
by prepend on Thursday May 11, 2023 @06:45PM
(#35909355)
Hedge funds are quite different than cash accounts. And Madoff at least had a story with fake statements and whatnot.
FTX was patently impossible.
Re:IRS Files $44B Claims Against Bankrupt FTX
by tombert on Friday May 12, 2023 @10:01AM
(#35916468)
Genesis was claiming that the Earn program was effectively using cryptocurrency as collateral on high interest loans. I knew how high the interest was on credit cards and auto-loans and payday loans, so it didn’t seem ponzi-like to me.
To be clear, I didn’t ever directly do anything with FTX, at least not knowingly. I was unaware of the cross-mingly that was happening with SBF, Genesis, and Alameda, so no matter how “impossible” FTX seemed, it wouldn’t have saved me if I didn’t know FTX was involved.
That said, 7% when banks and bonds are are offering 0.1% should have more directly set off my bullshit alarm.
Either someone is competent enough to earn thousands to hold with FTX or competent enough to inherit win and not have it wasted away.
Either way, if I have $10-100k or whatever and this isn’t simple for me then the issue isn’t FTX, it’s me and I’m going to eventually lose it.
I’m saying it is OP’s fault because he invested in magical thinking. Of course it’s also SBF’s fault for committing fraud. But this is an entirely avoidable fraud as it’s not a complicated con.
If I buy magic beans from a traveler whose fault is it? It’s certainly the traveler’s fault for claiming they will grow into a beanstalk to heaven, but it’s also my fault for believing such a tale.