Sam Bankman-Fried’s $16 billion fortune evaporated in a week

When are so called "smart investors" going to learn crypto is nothing more than a glorified Ponzi scheme. You can try to dress it up and parade it around with all sorts of fancy schmancy algorithms, but in the end it's still a big cluster fuck Ponzi scheme.

Bernie Madoff did it much, much better.

I hear Target is hiring for the holidays, Sam.

As if he hasn't socked away sufficient off shore.

I am still not sure how you could cash out $16 billion in crypto-currency so it doesn't evaporate.

Jews

He’s going to go to jail. He was speculating with customer funds. Tsk Tsk.

It's back to flipping burgers Sam.

Paging Nelson Muntz!

SBH now means Sam's Been Fucked.

Diversify, people.

R9 SBF, that is, or Sam's Been Fucked

Shit. I was thinking maybe at last he could afford a decent haircut.

[post redacted because linking to dailymail.co.uk clearly indicates that the poster is either a troll or an idiot (probably both, honestly.) Our advice is that you just ignore this poster but whatever you do, don't click on any link to this putrid rag.]

Nerds! @R14

I mean Nerds! @R13

I'm so glad I stayed out of this shit.

He looks like Charlie Puth's homely brother.

Fyre Festival 2.0: The cryptocurrency edition.

The whole market is acting crazy. The SPY index is now basically a volatile meme-stock. Every time Jerome Powell opens his mouth, the entire market either crashes or surges like crazy. It’s all because the insane bets by over-leveraged Hedge Funds.

Good. I'm so sick of weirdo rich freaks like him and Musk and Zuckerburg. Just fuck off back to sitting alone in a room somewhere.

Good. Fuck him.

Whenever Michael Saylor, a huge cryptocurrency pumper says anything, like "Mad Money" conman Jim Cramer, do the opposite.

Talking about Elon Musk…

Did you see the picture of his gf? my gawd!

I have a wee bit of crypto in a hardware wallet and sometimes log onto Coinbase (which will eventually shut down) to take their Coinbase Earn quizzes sometimes but I've already unlinked my banking information from the site.

Crypto was interesting for me to learn about. I took some MIT Open Course Ware classes on the Blockchain and invested the equivalent of the utility bill of a family of four over on Coinbase and nothing more. When the crap started to hit the fan I got a hardware wallet.

My nerdy ass point is you diversify your overall investment and savings portfolio with something whacky just a wee bit. Nothing more. Just a wee bit. Like with penny stocks, if it's a truly legit company, service, or perhaps product you have researched properly maybe buy $10.00 in shares not $100000000.00 in shares.

Some of the crypto people are gambling. Remember Ethereum basically exists in the Ether to begin with. That one is tanking- a very fair amount of crypto coins are built on it. Where are they built? Why in the Ether(um) of course. See what I did just then?

Gotta find the wrecked investor with the biggest cock to take this guy's ass cherry.

You can use a portion of investing as play money, as long as it isn't in some kind of margin account where they can come after people for more than they've invested. But you can also play more safely (though not score as much if you cash out at the top, if you're lucky) but have some diversity by investing smaller percentages in junk bond funds, gold funds, precious metals and commodity funds. Those all sometimes do the opposite of what regular stock markets do. Good to have something zigging while other stuff is zagging. But crypto I've always avoided as it just seems like there's no "there" there. At least you can make a bracelet out of gold or sell orange juice.

R3 - Good luck with that.

I've read about crypto and I still don't understand it, especially what seems to be their McGuffin term "blockchain". It's passed around like they're all taking a toke of it, but it's shrouded in mystery about what the hell it actually does that adds value to these pseudo-currencies. So I just watch this shit hit the fan like what happened this week from afar.

It's really just a way to make money while pissing of the climate change folks by burning up all that electricity.

Has anyone actually gotten rich by investing in Bitcoin or another one? Not rich on paper like this guy, but actually cashed out of it with millions or hundreds of millions of dollars that they can actually invest and spend, when they started with just a few thousand?

Stick to blue-chip companies like Canadian Allied Petroleum.

Its just that everybody is so UGLY in this saga, how can Netflix make this watchable yet be realistic?

I'm sure there's a role for me in here somewhere!

Another Ponzi scandal

All that money and couldn’t get a good hairstylist!

I never understood one single thing I read about cryptocurrency until I saw “billions lost in one week.” Somehow, that seemed reasonable and unsurprising.

The perpetrators of these cybercurrencies, including the ones who started them and the ones who hype them, tried to make them seem the latest, greatest but at the same time make it purposefully hard to misunderstand, so that people who, unlike you, won't deign to say they don't understand it by their thinking themselves so brilliant, and have FOMO will invest (and if they don't get out quickly, lose a lot of dough).

that is, "purposefully hard to understand"

The only purpose these currencies serve is facilitating illegal activity. I used bitcoin to buy weed on the dark web. Their advocates dressed them up in libertarian garb as money free of government control and bank intermediation as if those were benefits. They forgot there is actually a good reason we have governments and that financial markets are regulated.

there are so many hackers ans scammers in the crypto world

Used clients investment to shore up loss.

Dot dot dot.

He's going to jail.

Yup he us

[quote]But as his crypto exchange, FTX, collapsed, the value of his assets was reduced to zero in what Bloomberg called “one of history’s greatest-ever destructions of wealth.”

Good thing I'm not [italic]that[/italic] fucking guy. I make rockets.

Cryptocoins were... numbers that were impossible to guess? And guessing it right increased the value?

I NEVER understood it.

You weren't intended to understand this. Its a grift.

did they ever figure out who invented it yet?

These people are hilarious: chemming themselves with designer stimulants that may as well be meth, weird sex stuff like how all the employees were basically orgy participants, and the dude allegedly already flew the coop to Argentina.

R24? WOOF!!!

Stop the nonsense.

He never had a $16 billion fortune. Some stupid Canadians and a few others paid a fortune for a tiny tiny slice of his over-promoted company. Mindless multiplication then valued his controlling interest on the same basis. Yet for all sorts of reasons, that controlling interest never approached $16 billion in value.

holy cow, i saw his giant dt billboard in dallas last month

it screamed fintech silicon valley bros 2 entice ppl

i thought 2 myself that this is a ttl scam, that he probably needed investors, since he looks like he has no idea how money works and only good with the tech stuff

turns out i was right!

Same old Elizabeth Holmes overvalued delusional idea with no way to ground it in reality story. Ive heard of Binance, Coinbase and Kraken exchanges, was FTX really big? These are also some really well connected kids… their brown friends will probably take the fall for them.

I have a STEM degree and I still don’t have a clue what these nerds are on about. I think it’s the ugly and convoluted jargon.

3 Connie Loizos Wed, November 9, 2022 at 9:13 PM·6 min read

Sequoia Capital just marked down to zero the value of its stake in the cryptocurrency exchange FTX -- a stake that accounted for a minor percentage of Sequoia's capital but as of last week likely represented among the most sizable unrealized gains* in the venture firm's 50-year history.

It alerted its limited partners in a letter that it sent out to them this evening. (See below.)

No doubt those backers are collectively still processing the events of this week.

They're accustomed to startup failures; this is outright calamity.

r54 imagine mcdonald's created its own currency called mcbuck

then mcd borrow real money loans w/ mcbuck as collateral

thats what sam did w/ his monopoly money ftt from ftx

ftt dropped when binance ( sam's loan shark) dumped all ftt in2 open market , thereby significantly devalue the monopoly $

binance could have sold the ftt 2 this other interested party 4 real cash, but i guess binance was super pissed or sumthin

hmm...this got me thinkin tho, binance was founded by chinese, which of course is backed by the ccp

this dump thing is probably china retaliation 4 nancy visit and american aggressive stance toward china

probably trying 2 trigger recession, destabilize american money, & thereby political regime

R53: what “brown” friends?

r58 lizzie was sleeping w/ this old indian guy , whom she convinced 2 b a bigwig on the board

“I used to be a vegan crossfitter with an airfryer, but thanks to crypto, I have a new thing to talk about all the time.”

So the article says that there were 10 people total living in the penthouse, all of which were paired off in romantic relationships at one point. SBF & Caroline were a couple. I didn't read any other women there just men.

Caroline was clearly enough women for all of them.

Good god that’s an ugly man.

r63 But he looks better than Caroline..

I'm so sad. I've always looked to Gisele Bundchen for financial mentoring.

They just keep falling for the grift, over and over again. A hilarious rundown of selfish stupidity:

R60, that is PERFECT.

Binance did really take them out. After the first document leak in early November, they first said they will divest in open market (instead of having FTX buy the mickey mouse money from them) , then they offered (non-binding) to buy FTX just to get a look at their records. Then they said nope afterwards once they got a look. SBF and Ellison are very well connected to Democrats and have been lobbying and donating huge amounts of money —- and they know the current SEC chair. Binance obviously has question marks on how they are doing what they are doing and forced the issue by wanting to look at their records and saw that FTX is basically nothing. So who leaked the first document? The China issue? Possible, but I think any competitor would have done the same as Binance did. The other members of the SBF gang of delusional nerds are not white hence brown.

i cannot believe tom brady talked ftx financial advisor gisele bundchen in2 parking their $ there

R68 FTX took themselves out with the Alameda transaction. No one else is responsible.

Crypto is basically code as a currency. Like a row, or several rows, of letters and symbols and someone in charge claims it is worth something.

Our whole society is build on someone claiming to have authority and then points at some random thing and says "this is worth (insert financial money value)". When enough believe in the person's authority and what he says, it becomes common belief and people act accordingly.

'A fool and his money are soon parted.'

ITA R1. I'm sure he has money hid if he can get to a safe place to spend it. He is a case in point to not believe the media, they built him up and and grew his now soon not to exist company.

Crypto is unregulated and volatile. Its true worth is ephemeral. Investing in it is risky. In other words, for most CFOs it's a total nightmare combination they've tried to stay far away from. (Most CFOs are unwilling to put it on the balance sheet.) Which has made the collapse of exchange FTX both a finance horror story—but also an 'I told you so' moment.

Last week, FTX, one of the largest cryptocurrency exchanges in the world once valued at $32 billion, and helmed by 30-year-old Sam Bankman-Fried, collapsed. Bankman-Fried filed for bankruptcy, and he stepped down as CEO. The 30-year-old was a crypto star, championing crypto on Capitol Hill and creating high-profile business partnerships. For example, in October, Visa announced a long-term global partnership with the company with plans to expand FTX account-linked Visa debit cards in 40 new countries.

“The situation with FTX is unfortunate and we are monitoring developments closely,” a Visa spokesperson told me via email. A “focus on security and trust remains paramount.” The company is working to put controls in place for the existing FTX.US Visa card program in the U.S., and plans for additional card programs with FTX in other countries are temporarily on hold. “The market uncertainty doesn’t change our view that digital currencies and underlying crypto technologies have great potential for the future of financial services,” the spokesperson said.

He’s fucking around on Twitter (1/5)

2/5 Har har

3/4 (not 5, sorry)

last one. Can u solve the puzzle? haha

glad he’s having such a fucking good time.

[quote] Sam Bankman-Fried’s $16 billion fortune evaporated in a week

Well that escalated quickly.

Privileged kids like him are always protected, to some degree, by their family’s network.

Yeah, he’s protected, no worries at all. His clients/customers, not so much.

Excellent timing.

Can anybody even imagine these gremlins having group sex?

Does he comb his hair or just go around with bed head everyday?

The stupid bitch.

I’m guessing his life insurance policy will be activated soon.

I saw a few interviews with him. He didn't even bother to comb his hair. Doubt he took daily showers

LOCK ‘IM UP!

Bitcoin = beenie babies It’s not an ‘investment’, it’s a collectible.

R87 Probably had the most expensive bidet toilet he could find, though - his ass was probably impressively clean.

Invisible Crypto Money was always a pyramid scheme. An expert on CNBC said yesterday that investing in crypto is like buying smoke. On the upside, DL Villain Jason Dottley is threatening to sue another Crypto company. LoL

"Crypto is a great investment. I wish I would have thought of it"------Bernie M. from Manhattan.

Someone made an obvious but essential point concerning this guy: if you are going to steal millions, the first thing you should do is get great plastic surgery. They can’t repossess your new nose, and a better-looking you will be more sympathetic to the jury if you are ever caught and put on trial.

Bitch needs to shave his head.

Well, he certainly can't make it on his looks. Maybe he can start an OnlyFans were he does cosplay about getting a real job.

A well run Ponzi (crypto) can be kept going for five to ten years. Bankman should be ashamed of himself.

These clowns always think they are more clever than anyone else, which quite often leads to their downfall. Why he didn't cash out say $1B of his volatile bitcoin Ponzi and hide it somewhere overseas as a fallback (assuming he didn't) I can never understand.

R97 You think his good looks are paying his lawyers? He's got money stashed somewhere.

R98 They'll probe him like a drunken alien abductor until he gives up the money.

R99 And that's just his lawyers. Imagine what techniques the Government will use.

All that cash and no makeover.

This IS the madeover version.

Just like his girlfriend got a makeover with the millions she got.

He'd better learn how to please a man - just sayin'

Lots of the stolen money was mob money. He and his team had better hope they get super max for life. The safest place for them.

R105 Don't put him in solitary, baybee!