Crypto CEO Accidentally Describes Ponzi Scheme

What Hacker News said

Strong rec dmix · 2022-11 · on “FTX's collapse strands scientists”

The best video I've seen is SBF basically admitting it was a ponzi scheme: [this video] Selling something with no value other than the attention it gets on Twitter and the reputation it gets via reputable investors. What gets 'reputable investors' to invest in the scheme is the most interesting part of this story, if you at all care about stopping it. Something that has existed long before crypto.

Cites TheLoafOfBread · 2022-12 · on “Everything SBF is doing is in singular pursuit of not going to jail”

I did not know about him before this blow up, but looking into his history, he actually pointed that SBF and FTX is doing Ponzi scheme 7 months ago. [this video]

Cites olalonde · 2023-11 · on “Sam Bankman-Fried found guilty on all charges”

Maybe not the mainstream media but I feel like a lot people, especially in the Bitcoin community, were suspicious of him. He just screamed grifter to me. I never really bought his arbitrage story either and wouldn't be surprised if that was not his first scam. Here's an interview he gave a few months before the FTX collapse: [this video]

Critical lizknope · 2022-05 · on “Sam Bankman-Fried Described Yield Farming and Left Matt Levine Stunned”

This video was from a month ago and is about the same podcast with Sam Bankman-Fried. The way he describes the box and how it isn't a Ponzi scheme is just ridiculous Crypto CEO Accidentally Describes Ponzi Scheme [this video]

Critical ethanbond · 2022-06 · on “Coinbase Announces 18% Layoffs”

What do you make of Sam Bankman-Fried describing his business as a literal Ponzi scheme on Odd Lots podcast? The commentary isn’t necessary to see the insanity but here’s fastest way to get to the relevant content: [this video] Edit: To clarify, though not sure how much a mitigation this is, yes SBF is describing much of the underlying activity he takes commission on as a Ponzi scheme. Sure, he’s not operating the Ponzi itself, just keeping it operational and profiting from its continued operation. Mea culpa.

Critical lizknope · 2022-11 · on “In 2021, FTX had a funding round of $420.69M”

Yes it is all made up. Or about 95% made up with a tiny amount of actual USD or Euros Just listen to Sam Bankman-Fraud on a financial podcast describe his magical ponzi box. Well now the thing anyone with a brain would have said sounds like a scam has been exposed as a scam. [this video]

Critical mfkp · 2022-11 · on “FTX’s balance sheet was bad”

Matt Levine (article's author) did an interview with SBF about 6 months ago and there were plenty of red flags back then (mentioned in article in section about yield farming): [this video]

Critical JimmyRuska · 2022-11 · on “The fall of Sam Bankman-Fried is crypto’s Enron moment”

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? [LINK] 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. [LINK] SBF describes coins like a ponzi with no shame [this video] This was Alameda CEO [LINK] [LINK] Meanwhile, after 1 - 2bn in customer funds are missing. Everyone is asking Sam to say what happened. Sam proceeds to troll by writi