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Comment by SilasX | Hacker News Reader

SBF was just tweeting last week about how their (earlier) $250m line of credit to BlockFi lets them "navigate the market from a position of strength". And now he's buying BlockFi in a fire sale. SMH

https://twitter.com/sbf_ftx/status/1539268631095152642?s=21&...

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We take our duty seriously to protect the digital asset ecosystem and its customers.

Ah yes, the "duty" to prop up the market that keeps your Jane Street trading games alive and pockets lined with billions, what a noble cause. I think if SBF pulls off his crypto market rescue he'll be richer than Bezos over the next decade. Depends how much Father Fed intends on crushing inflation.

I'm still like 50/50 that SBF can sustain any of the rescuing that he's doing. The crypto space so rife with fraud and con games, I don't see why he's any different. He has been much more disciplined in keeping his business from overextending, but he's just positioning himself to be king of a trash heap. I'm sure he comes out of this plenty rich, but by comparison Jeff Bezos built multiple very real and very valuable enterprises and SBF has not.

FTX seems to have come out of nowhere and is going in every direction. I don't see how it's sustainable for them (without knowing financials. They seem to have a lot of large investors).

I saw an internal marketing pitch for Alameda somewhere on twitter. It appears that SBF made the decision to be delta neutral with respect to crypto-currencies. So, FTX/Alameda were cashing out into USD when crypto reached ATHs while other firms in the space kept crypto on their balance sheet.

Now that crypto prices have collapsed, FTX/Alameda have the USD war chess to go on a shopping spree for anything/anyone that were not cashing out during the boom.

If you believe SBF hasn't built anything valuable, you've missed the whole story.

BlockFi CEO was tweeting about how they took early action when the entire 3AC fiasco unfolded and avoided much damage.

Alex Mashinsky was tweeting how Celsius hasn't blocked any withdrawals.

It had strings attached, and today is the result of that

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