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rayinreverse t1_j1i5uhm wrote

Reply to comment by Equivocals in Judge kept cooperation of Alameda CEO, FTX co-founder a secret so Sam Bankman-Fried wouldn’t get spooked and fight extradition by ihavestrings

He basically represents crypto. The bankers are DYING for him to be found guilty. I’d be willing to bet the case is strong.

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manfromfuture t1_j1i8vjs wrote

Madoff's fraud was pretty straightforward. He sent shareholders forms saying "this is how much money we are holding for you" and really there was no money. I don't know what FTX did but it sounds more complicated. Was FTX even the same kind of financial entity?

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mingy t1_j1kiofp wrote

Are you kidding? The FTX fraud was a fucking joke: basically he said "hey, I'm unregulated - give me your money" and cryptobros are so fucking stupid they did. It took Madoff decades to get to the position of confidence were he was able to convince relatively sophisticated people to invest in his (allegedly) regulated business. When regulator started sniffing around, Madoff had to charm them.

FTX was the equivalent of a cardboard box wrapped in tinfoil with BANK written on with crayon.

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Equivocals t1_j1i9nyd wrote

While the FTX implosion was significant, he in no way represents crypto. At its peak FTX was valued at 32b and down to 18b just a few months later. Bitcoin alone is valued at 325 billion even in this bear market. If bankers were concerned about crypto gaining ground, they would not even cheer on this, as this is good for crypto: the more scammers who get locked up, the less there will be in the future, and the more people will know how to hold their crypto

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DoktorFreedom t1_j1jj3bd wrote

“This is good for crypto” Should be a sentence you know not to use by now.

“You just don’t understand” also doesn’t have much throw weight

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LostB18 t1_j1jxpa6 wrote

Eh, the majority of people commenting on either side of this issue really don’t understand though.

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rayinreverse t1_j1ib221 wrote

To bankers and the people they spend money on, he does. Symbolically. There will be so much media attention on this and it will be framed first and constantly that he was a crypto guy. Not a thief. A fraud, liar, cheat. A crypto guy.

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