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This is flogging the FTX crash horse, which if not expired yet is certainly not in the best of health, but I'm currently reading the Chapter 11 declaration by the guy put in charge of putting Humpty Dumpty back together again, and it is prime entertainment.
He is not impressed with how FTX and its web of companies was run, and he makes no bones about it. The recurring refrain all through is "However, because this balance sheet was produced while the Debtors were controlled by Mr. Bankman-Fried, I do not have confidence in it, and the information therein may not be correct as of the date stated" for all the balance sheets he's quoting. He was the guy put in to handle Enron when it was wound up, and he says (reading between the lines and you don't need to do much of that) that the FTX mess is even worse than that:
He throws shade everywhere:
(Translation: Bankman-Fried is a lying liar)
Ouch. As if Zuckerberg didn't have enough problems with the Metaverse already. Is this really the kind of PR he wants associated with it? 😁
What really interested me in all this, though, was the interview/transcript of a Twitter conversation with Bankman-Fried that Kelsey Piper published in Vox the other day. I have no idea what Bankman-Fried is trying to achieve here, but it's pretty plain that he is in a state of denial and is not accepting any responsibility for the eventual outcome. He admits he fucked up, but then shifts into blaming others, including his co-founders, and everyone who advised him to file for bankruptcy. Reading Ray's declaration, it sounds less like "I was advised" and more like "I was told do this or else", but whatever; now he is spinning a story (and I don't know if he believes this himself or was just trying it out on Piper) that if he had toughed it out and refused to file for bankruptcy he would have been able to cover most of the debts and settle up within a month or two:
Considering, according to the filing, that amongst the lawyers he consulted about that, one of them was his dad - ouch again. Sorry Dad, Sonny-boy is lumping you in with the bad advisors who led him astray. But he is in a state of delusion that he could have fixed this, or can fix it. He still can't admit he messed up because he was too greedy and not as smart as he thought he was, and all that rationalist woo about risk and utility maximisation was only a cover for bad decisions and fraud.
I would definitely recommend reading this document to get a picture of what was going on. There is no way, unless he's trying to set up for an insanity plea or operating under impairment due to drugs/mental health problems, that Bankman-Fried can deny it was all down to him. He pretty much owned or controlled every entity that was going on, it was him and literally about three others who made all the decisions, and they seem to have treated the interlocking parts as their own private piggy-bank (e.g. "three loans by Alameda Research Ltd.: one to Mr. Bankman-Fried, of $1 billion; one to Mr. Singh, of $543 million; and one to Ryan Salame, of $55 million"). Then read the Vox article to see how he is admitting all his EA/altruism talk was basically telling them what they wanted to hear so he'd be popular and well-liked and they'd trust him, because getting people to like you is winning and winning is all that counts.
And this set-up was having billions of dollars in investment funding thrown at it, and it was less well-organised than a school bake sale when it came to handling and keeping track of what money was coming in and where it was going.
Honestly the only thing interesting in the whole thing is FTX had 24 engineers and supposedly their tech was very good. While fb and twitter are at a different scale it still likely means they have an extraordinary amount of too many people.
The rest is just a tale as old as time. Idiots bought into a Ponzi scheme.
regular people who had money on FTX were not part of the scheme but still lost.
I will be honest I don’t care about those people. I don’t care if people investing in a Ponzi get rich scheme like bitcoin lose money. Satoshi and me are basically the same tribe but what crypto has become is just a pyramid scheme not the libertarian fantasy.
Doesn’t libertarianism lead to pyramid schemes, though? It’s all voluntary. Lula Roe hasn’t violated the NAP.
Why insert the state and have it prohibit companies from basing their staffing model on having 99% of their workforce as independent contractors, the supermajority of which don’t end up taking home the equivalent of minimum wage for the amount of time they put in?
I guess your point is there is no one to protect someone from themselves. To that I agree and as I said I have no sympathy for people losing to a Ponzi scheme.
Maybe libertarians leads to more Ponzi schemes. I’ve become more of a state capacity libertarian but I still don’t feel like crypto is anything like the founders dreams.
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