Posted on 11/30/2022 8:27:00 PM PST by DoodleBob
As October turned to November, Sam Bankman-Fried had an estimated net worth of $16 billion. Better known as SBF, the founder of the FTX crypto exchange was predicted by some to become the world's first trillionaire. But he's now worth "close to nothing," he said in a live interview Wednesday with Andrew Ross Sorkin at The News York Times' DealBook Summit.
SBF called in from the Bahamas, where he operated his FTX empire. When asked by Sorkin how much money Bankman-Fried now had at his disposal, the disgraced founder answered, "by my knowledge, close to nothing."
"I don't have any hidden funds here -- everything I have, I'm disclosing. I think I have one working credit card left, it might be $100,000 or something like that in that bank account. Everything I had, even all the loans I had, those were things I was reinvesting. I put everything I had in FTX."
...
In one stunning moment, Sorkin noted that reports about FTX and Alameda's workplace culture sounded like "a bunch of kids who were on Adderall having a sleepover party." Bankman-Fried could offer no meaningful defense.
"Look, I screwed up. I was the CEO of FTX, that means I was responsible," he said. "We messed up big."
(Excerpt) Read more at msn.com ...
To most of the world-—$100,000 is alot more than ‘nothing’.
Bitcoin’s last stand
The European Central Bank Blog ^ | 11/30/2022 | Ulrich Bindseil and Jürgen Schaaf
Posted on 11/30/2022, 10:43:46 PM by catnipman
Bitcoin’s conceptual design and technological shortcomings make it questionable as a means of payment: real Bitcoin transactions are cumbersome, slow and expensive. Bitcoin has never been used to any significant extent for legal real-world transactions.
Bitcoin is also not suitable as an investment. It does not generate cash flow (like real estate) or dividends (like equities), cannot be used productively (like commodities) or provide social benefits (like gold). The market valuation of Bitcoin is therefore based purely on speculation.
Speculative bubbles rely on new money flowing in. Bitcoin has also repeatedly benefited from waves of new investors. The manipulations by individual exchanges or stablecoin providers etc. during the first waves are well documented
It’s also worth noting that the Bitcoin system is an unprecedented polluter. First, it consumes energy on the scale of entire economies. Bitcoin mining is estimated to consume electricity per year comparable to Austria. Second, it produces mountains of hardware waste. One Bitcoin transaction consumes hardware comparable to the hardware of two smartphones. The entire Bitcoin system generates as much e-waste as the entire Netherlands.
(Excerpt) Read more at ecb.europa.eu ...
I suspect you're right. AFAIK the recipient "All" is a blank placeholder.
But on the positive side he took out everything anyone else had put into FTX. Ponzi schemes require seed money like putting a couple bucks in your own tip jar at a fast foot counter.
most interesting was -
the fact NYT still had him at the “summit”;
the unbelievably soft questioning by NYT’s Sorkin;
the enthusiastic applause and friendly laughter from the audience, no matter how inane were SBF’s responses.
WELL PROTECTED.
Madoff was arrested within 48 hours once his ponzi was unveiled. This fat shithead is sunning it up in the Bahamas for 2 weeks already. All because he is connected to Democrats, money laundering and possibly Ukraine.
How much he got under his mattress?
“All” would be very upset that you think he is just a mere place holder. Whilst he does not respond much, if at all, he is watching.
Oh, there's nothing "mere" about being a placeholder. It's a very respectable and worthy position
Back in the 70's I was standing in a long, long line for Pink Floyd tickets, and was overtaken by a need to use the restroom which was considerable distance away. I asked the person behind me to please "hold my place". He did so, and I returned to my position, much relieved and grateful for the favor. His kindness as a "placeholder" has remained with me for 50 years.
"All" may be a placeholder, a blank one at that, but certainly not "mere".
He and his mother and father most likely have MILLIONS in OFF SHORE ACCOUNTS!!! That money didn’t go POOF!
His entire family are DIRTY DEMOCRATS that LIE about EVERYTHING!
“Look, I screwed up. I was the CEO of FTX, that means I was responsible,” he said. “We messed up big.”
Just you watch as he finds all kinds of hidden assets to pay the best legal talent to keep him out of prison. He needs at least 10 years in Federal prison along with his top associates.
He deserves a LOT more than that, and he NEEDS to get a LOT more than that to deter others from doing the same thing in the future. Isn't that the point of the criminal justice system? Oh, that's right, not anymore. Thank you, democrats.
He can save a lot of money by selling his home and car and move into the crowbar motel
He can save a lot of money by selling his home and car and move into the crowbar motel
I agree. I suspect the sloppy accounting is intentional.
His Mom and Dad are financial experts. I would be shocked if they didn’t take a tour of his business and see what was coming down the tracks. Put 50 million in a swiss bank account for a rainy day would have been very good advice.
yep, he’s broke.
I believe that is the case.
While it would be *possible* to make "All" ping everyone on the thread, I suspect it would take more work than is available to John at this time.
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