This is f** wild. I don't understand level of incompetence it took to trust him with that much money. People who trusted them with this much money are fools. Fools with large $$$.
1. There is an overwhelming abundance of rich idiots in this world. Wealth-merit determinism has been publicly dealt a serious blow that I hope people will take to heart.
2. Finance is a mature and ever-evolving complex technology in itself that has proved why it is the way it is, and no amount of idealist nerds and their "investor" fools can possibly knock it down. It must be humbling to rediscover every regulation and facet of finance, one crypto-blunder at a time. Finance as an industry attracts some of the world's most intelligent and most ruthless individuals, but you think they're somehow leaving money on the table? You think you can do better because you know python and cryptography 101? Really?
One of the smartest things I heard said about crypto is it’s an unvarnished metric of the animal spirits in our world. Its optimal price isn’t zero. But somewhere just above it. Enough to inspire productive work, but not enough to gain animation of its own.
> 1. There is an overwhelming abundance of rich idiots in this world. Wealth-merit determinism has been publicly dealt a serious blow that I hope people will take to heart.
And somehow people still say poor people are poor because they lack financial intelligence and we could fix their poverty by giving them finance education. No poor people are poor because they lack money, because of that they must be smarter with their money, they can't afford to loose it.
Rich people on the other hand don't need to care. I would even say that many don't even notice the money they lost here
People made poor decisions re: FTX and lost a lot of that money.
So now they have less money.
How else do you expect it to work?
If someone had a lot of money, and they didn’t blow it all, then they’re just less rich.
If someone had a little money and they didn’t blow it all, now they’re just a bit more poor.
If someone had a lot of money and blew it all, they’re now broke.
If someone had a little money and blew it all, they’re now broke too.
Seriously, what is the alternative here?
This is a guy who is an utter piece of shit, and his FN STANFORD parents were certainly in on it and they need to go down as well, but they are a smoke screen.
https://web.archive.org/web/20220922164619/https://www.sequo...
How do investors put in >$1B without doing any real diligence or having the company setup a board or even have a CFO.
In the end, it all was bullshit, and (assuming the US government is correct with the re-classification of "independent contractors") exploitation and fraud.