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there's probably an argument to be made for a smart but socially tone deaf kid getting way in over his head and cutting corners in ways he didn't know were illegal and committing major errors which he didn't know how to dig out of but that really doesn't seem to be the case here

he repeated the lie today about how ftx couldve survived if there wasnt a run on deposits which was just not true, i wonder if he believes it, seems like vcs giving him all that money went to his head, when the story first broke his plan was to go to congress and persuade them that everything was cool, he considered himself the best salesman in the world, lol

that really doesn't seem to be the case here

― frogbs, Thursday, March 28, 2024 1:24 PM (fifty-eight seconds ago) bookmarkflaglink

yeah theres tons of evidence he was knowingly doing fraud the entire time, i mean maybe he thought it was ok because hes a crypto guy so laws dont apply idk, pretty dumb if so

He just seems like a sociopath who developed a schtick that was close enough to his "real" self that it kind of fooled some people for a while. Although my theory is that low interest rates are kind of like booze, and the lower they are and the longer they last, the lower the bar gets for hot. Like the guy came off as a buffoon, and the narrative seemed to be "he comes off as a buffoon which proves he is a genius." It was all kind of thin to begin with.

yeah if you have a fund you have to invest the money somewhere and crypto was hot so why not say the guy is a genius, but i do think due to various incentives a lot of people believed it, they considered themselves geniuses too no doubt tho

As someone who has to regularly read a lot of investment banker research/analyst reports, I often find myself wondering to what extent people in their world are bullshitting themselves versus just others.

Like there's a thin line between actually believing the story and just believing it's a story you can sell to other people. And there's an incentive to at least believe that you believe the story.

yeah believing things is pretty easy if it benefits you, and they say theres no one easier to sell than a salesperson

in the end it doesn’t matter tho, because the guy will get off with a relatively light prison sentence and then inherit all of mommy and daddy’s money. hope he gets shanked

they spent most of their money on his quixotic defense

I mean so they claimed in a soft-touch profile anyway, I'm sure they've got something

he got 25 years and some people are saying its light but thats big chunk of even the longest life, and you have to serve at least 85% of yr time in the feds so its not like hell get out in 12 or whatever, things arent going that good for him

12 is a very long time, being in jail for a month sucks from what ive heard, were somewhat injured to all these numbers due to living in a police state but being incarcerated is not too great

yeah it definitely sucks for him. like imagine being in jail since 1999

caek posted in the other thread theres a recentish law that allows non violent federal offenders to serve as little as 50% of their sentences depending on circumstances fwiw 85% is somewhat out of date

yeah it definitely sucks for him. like imagine being in jail since 1999

― frogbs, Thursday, 28 March 2024 18:42 (twenty-two minutes ago) bookmarkflaglink

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