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Samuel Bankman-Fried Is Under Arrest
"Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the US G
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M-Man, no surprise with this, it was just a matter of time.
My short take on Matt Levines article today is that it was a confidence game but without tacit collusion was bound to fail.
The young fellow shot himself in the foot. Some may say the charges are political, but sometimes it is warranted.
If only Matt had been given the chance to interview SBF ……….. oh, wait.
Matt Levine is not the only one that saw the emperor wearing clothes.
You know what I say Mr. H. Pyramid scheme, dressed in the emperors new clothes. I remember watching one of those pyramid schemes float through Brooklyn. Almost from the beginning to the end. The people in the early stages all know what the real deal is. The plan is to keep it going forever and then it will work for everyone as long as they think they are getting in early enough.
Almost Hollywoodish that the crypto fraud is named Bank Man. And Fried tacked on the end is the cherry on top.
@FuriousA, this occurred to me as well. Do we actually have agency?
Kind of reminds me of Eddie Murphy’s Mr. White sketch.
H-Man, this was no Ponzi scheme. SBF simply took other people’s money to make bets on crypto. What he forgot to tell those people was that he was going to use their money to bet on crypto which they never agreed to. When the bets soured, the investors lost all of their money. This is not a complicated case for the government to prosecute.
Apparently having a good hair stylist is not a prerequisite for fleecing idiots out of millions…
Caveat emptor?
In life, there are many occasions where the the right thing happens for the wrong reason. Example the Theranos people may actually go to jail, in part because they embarrassed the wrong people. Same with FTX.