Comment by JimmyRuska | Hacker News Reader

Comment by JimmyRuska | Hacker News Reader

Parent Full thread

Pretty unfair to CZ. FTX was using FTT as an infinite money glitch. Why would CZ hold a coin that has a strong likelihood of going to 0? https://dirtybubblemedia.substack.com/p/is-alameda-research-...

The balance sheet showed billions of dollars in assets for coins that had tens of millions in liquidity. There's an 8 billion dollar hole in the balance sheet. It's pretty clear they used customer deposits to pay back lenders. Why would CZ buy a company that's nearly an Enron level fraud, and due for a criminal investigation. https://www.visualcapitalist.com/ftx-leaked-balance-sheet-vi...

SBF describes coins like a ponzi with no shame https://www.youtube.com/watch?v=C6nAxiym9oc

This was Alameda CEO https://www.youtube.com/shorts/qvURq4jaUcA

https://twitter.com/carolinecapital/status/13790363463003054...

Meanwhile, after 1 - 2bn in customer funds are missing. Everyone is asking Sam to say what happened. Sam proceeds to troll by writing the words "What happened" one letter at a time, with an Elizabeth Holmes-like legal disclaimer that he's not going to recall any of the details.

> SBF describes coins like a ponzi with no shame https://www.youtube.com/watch?v=C6nAxiym9oc

Just offering that just a few minutes into that video, I saw everything I hate about many youtubers' style, generally. I can't describe it, but there it is.

I listen to Odd Lots. Generally, that podcast keeps things thoughtfully presented. I remember that episode and it reinforced distrust of crypto.

I get where you're coming from. But its also an interesting observation that CoffeeZilla (the youtuber) has consistently provided critical crypto industry reporting on par or better than most mainstream media.

I honestly trust him as much as Matt Levine when it comes to Crypto. Which is saying a lot as Matt Levine is arguably the best financial reporter of a generation

>This was Alameda CEO https://www.youtube.com/shorts/qvURq4jaUcA

>https://twitter.com/carolinecapital/status/13790363463003054...

I have to admit the tweet is pure cringe, but I can't see anything wrong with the youtube. Most of the answers seem reasonable if you don't try to interpret in the worst possible light and factor in that there's zero context provided.

These people are supposed to be some kind of geniuses but everything that comes out of their mouth is contentless drivel. Caroline says at best she's using elementary school math. The articulation SBF provided of how the system works was literally something like 'A box you put coins into and take money out of' which he then explained to be a ponzi scheme in everything but name. How on earth did these kids come to be in charge of such massive amount of capital? The whole thing defies logic.

They're well connected ivy-league kids with a politically and financially enriched background. They had rich folks who know other rich folks, and they were trying to do a capture of an emerging financial sector (that they then lobbied to regulate with the government).

It was a scam from the start that would turn crypto into political party money - forever.

It's actually a surprise they didn't succeed

Agreed. If anything he protected Binance customers from exposure to this dumpster fire.

Reply on news.ycombinator.com