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Notes -
I Accidentally Got SBF To Admit to Fraud
So...SBF is simply a moron. I've been trying to resist that conclusion, but now I'm asking myself why I bothered.
In the link above Youtuber Coffeezilla drops into a call with SBF (a second time! Why is he still taking calls??) and proceeds to basically get him to admit that funds were comingled.
Coffeezilla noted that SBF always deflects the issue by arguing that some accounts were trading on margin and so were deliberately open to being used by Alameda, unlike regular accounts. So literally all he does - and all any journalist needed to do - was just keep drilling down on whether the FTX only customers who weren't doing that could still get their funds. SBF obviously has no answer. Even worse, he basically screws himself by admitting that they had one withdrawal process which was him admitting to comingling funds.
So...the guy is just a moron. He doesn't have some grand legal plan to plead negligence or ignorance. He has a half-baked plan based on the idea that everyone is dumber than him (despite multiple counterexamples) and he falls apart the minute anyone puts any thought into his answers.
The entire video is actually a good look at how a journalist should view someone like SBF and his word games and deflections and how they should strategize to defeat them (and the end has the sort of pure joy at skewering the target that I bet all journalists feel but are too dignified to admit when picking up their Pulitzer). And this is coming from someone who thought the idea of people like Coffeezilla being "journalists" laughable.
But he has legitimately done the best job of questioning SBF out of everyone (Stefanopoulos was the close second)
Except supposedly he built a highly successful exchange that had quality tech.
The issue is he was also just a criminal who had no problem stealing other peoples money.
The GME guys were just guys who caught the meme train - though many who were true believers and lost everything. But they didn’t have the same ethical failings as Sbf.
I never used FTX , although it seemed like a good exchange due to its huge wide range of products, way more than other exchanges. If I was going to trade crypto, i would have probably gone with FTX for this reason. I think the tech was good..it was the whole fraud part that made the tech irreverent in the end.
This is why when the inevitable talking point comes up of why no one was arrested for the 2008 crisis, we're taking a different problem. Overt fraud vs. poor market timing/bad risk management/models.
I didn't know W was woke. Was the dot-com bubble also the fault of the federal government?
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