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TheUmgawa t1_j20maw2 wrote

"Sam Bankman-Fried to enter plea"

Well, yes, that's typically how it works. They ask you how you plead, and you give the judge an answer. Brilliant article. Ten points for Gryffindor.

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blueistheonly1 t1_j20nkue wrote

I think the point was that the date for that to happen has been set and it's next week. People are pretty interested in the details of this case

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TheUmgawa t1_j20sqok wrote

I know I am. Fools and their pretend digital money are soon parted.

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Helenium_autumnale t1_j22yb6l wrote

The point being that there was a reason for this article, and it did not warrant your contemptuous comment.

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SuperSecretAgentMan t1_j21drhs wrote

All digital money is pretend digital money. Money isn't even real, only debt is real.

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Happyhotel t1_j2296jh wrote

Ye but when was the last time a major American bank just lost all of their customers’ money?

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SuperSecretAgentMan t1_j22iws5 wrote

Technically 2008, except the government bailed them out and replaced it.

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Happyhotel t1_j22shc8 wrote

So, from the customer’s perspective the money wasn’t lost yes?

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[deleted] t1_j21eug8 wrote

I know a few people who made a ton of money on bitcoin. Like a ton. They tried to get me in numerous times. I laughed and said you a fool.

Not sure of the shefrenuade of being right now makes up for the millions they have over me. Still nice to see my aversion was correct in the end.

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MurderDeathKiIl t1_j21j1kc wrote

They might have more money than you but remember that the money you earned is legit. They have massive amounts of profit because others are massively in debt, it’s a zero sum game. They profiteered off of other people’s suffering. Don’t let crypto-buying scum tell you otherwise.

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octaviusromulus t1_j21vo6u wrote

Exactly this. They were the lucky ones to get into the pyramid scheme before it all fell apart. There are a LOT of people who weren't so lucky, and anyone who profited off bitcoin did so at their expense. The whole crypto thing is a moral shambles.

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Future-Spirit7874 t1_j221uk4 wrote

You should study Bitcoin, because you are misinformed. The 21 million bitcoins will not been completley mined until 2140.

Are you also against the stock market?

Are you also against the dollar? Have you even looked at the money supply in 1920 vs 2020? Everytime a dollar gets printed it decreases the purchasing power of all the other dollars previously in existance. This is why gas was 10 cents a gallon in 1950 and $2.99 a gallon today. It is literally why everything costs more.

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octaviusromulus t1_j223k11 wrote

Maybe you should study history and economics.

The difference is that the dollar is an effective currency. You can use it in your day-to-day life to do the things that you need to do. Its value is in its usefulness, and it's widespread use in commerce by society.

The same is not true of Bitcoin. It is not useful in day-to-day transactions, and it is not used in commerce for anything other than speculation in itself. It's effectively tulips, but you can't put them in a vase and admire their beauty.

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mofman t1_j22ac0h wrote

What about gold?

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Future-Spirit7874 t1_j22jmci wrote

Better than the dollar, but the future of money is online.

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Helenium_autumnale t1_j22ym0g wrote

Money is online now; how do you imagine banking works in 2022? Everyone does online banking, pays bills, &c. online. We do that with fiat currency, which, unlike Bitcoin, is fungible and useful as a medium of exchange.

Not 13 hours ago, you wrote:

My prime membership is ending in January. I bought over 1k in presents from Amazon this Christmas.

Did you do that with Bitcoin, if it's so useful?

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Future-Spirit7874 t1_j2473ln wrote

I was replying to someone asking about gold.

If you don't see the value in bitcoin that is fine, it's not for you. When your currencey suffers from debasement you are welcome to change your opinion.

Bitcoin is still growing in adoption. The internet was around for ages, before it saw global widespread use. Yes there are places you can spend BTC online and in person for goods and services.

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Future-Spirit7874 t1_j22jdsd wrote

Yes I have.

The history of money. How every currencey gets debased over time. How the gold/silver coins of Rome got debased due to non-gold/silver metals being blended .

https://www.businessinsider.com/how-currency-debasement-contributed-to-fall-of-rome-2016-2

How comimg off the Gold Standard was one of the factors in the Great Depression. https://www.history.com/news/how-did-the-gold-standard-contribute-to-the-great-depression

Try reading the Bitcoin Standard.

Try watching the Zeitgeist Movies.

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MurderDeathKiIl t1_j22q60e wrote

Maybe you should take some basic economy classes. Bitcoin has no real value. It’s all made up value through speculation and shady/criminal transactions. The value thus is external, never had any intrinsic value.

Money, such as coins and banknotes, are physical object. The amount of metal in a dollar or euro coin amounts to the value of its alloy, which is in limited quantity in the world and has real-life value.

Bitcoin always was and will be a scam propagated by those that want to escape fiat currencies for criminal whitewashers. You keep defending Bitcoin like a potdealer defending cartels.

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azimir t1_j22wnak wrote

>Money, such as coins and banknotes, are physical object. The amount of metal in a dollar or euro coin amounts to the value of its alloy, which is in limited quantity in the world and has real-life value.

Except that around 90% (or more) of US dollars are digital. Add in that they might be physical, but their materials are worth less than their face value. Only cents from before 1982 (and some 1982's) actually have a metal value more than their face value because copper's value climbed so much. It's same reason we went to small cents in 1867 because it was too costly to make larger copper cents.

We (the US) haven't been on a gold standard for at least 50 years where we had true gold/silver backed notes. The actual value of a US dollar is entirely because someone else will take something for it.

> Bitcoin has no real value. It’s all made up value through speculation and shady/criminal transactions.

US dollars have made the transition to having daily value while cryptocurrencies did not. Anything can be used as a currency if the public values it and accepts it as such. That was the lesson learned when countries dropped the gold standard.

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Future-Spirit7874 t1_j221kpu wrote

Same argument can be applied to the stock market.

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clit_eastwood_ t1_j22ros5 wrote

Not really. Companies trading on a stock exchange generate profit, which in turn produces dividends. Bitcoin is a purely speculative asset.

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Helenium_autumnale t1_j22ydsr wrote

You do not understand how the stock market works if you make such an inaccurate comparison.

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Future-Spirit7874 t1_j221dpl wrote

Newsflash it hasn't ended. Study money and study Bitcoin, then form a conclusion.

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Helenium_autumnale t1_j22yzv3 wrote

I'm not going to take advice from a one-month-old account shilling Bitcoin, sorry.

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Future-Spirit7874 t1_j240cld wrote

You are right, reading, learning, and forming your own conclusion is always bad advice.

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Imnogrinchard t1_j21xxtz wrote

It's standard for a defendant to enter a plea before the trial judge at his/her/their initial appearance. It's really perfunctory and isn't indicative of future court proceedings - be it a defendant's decision to enter a guilty plea by accepting the government's deal or by going to trial.

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Forward-Bank8412 t1_j210ixl wrote

Somehow my brain turned it into “SBF tried to enter plea.” I know your comment was meant to be cheeky, but it really helps some of us with bad reading comprehension. 😊

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Shit___Taco t1_j218ql6 wrote

Lol. My mind immediately read it as “plea deal”.

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cmsweenz t1_j21ncq1 wrote

I did too ! He should take a plea deal at this point. He’s fucked but will get even more time if he takes it to trial and loses.

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TheUmgawa t1_j21b97e wrote

I'm sure his attorneys are currently trying to lowball the state by saying something like, "No jury would ever convict my client. He lacks mens rea, because he's a moron who should never have been given that much money by people who should have known better."

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hzj5790 OP t1_j20a5z8 wrote

From the Article:

“Sam Bankman-Fried is expected to enter a plea next week to criminal charges he defrauded investors and looted billions of dollars in customer funds at his failed FTX cryptocurrency exchange.

The 30-year-old is expected to be arraigned on the afternoon of Jan. 3, 2023, before U.S. District Judge Lewis Kaplan in Manhattan federal court, court records on Wednesday showed.

Kaplan was assigned to the case on Tuesday, after the original judge recused herself because her husband's law firm had advised FTX before its collapse.

Prosecutors have accused Bankman-Fried of engaging in a years-long "fraud of epic proportions," by using customer deposits to support his Alameda Research hedge fund firm, buy real estate and make political contributions.

Bankman-Fried is charged with two counts of wire fraud and six counts of conspiracy, including to launder money and commit campaign finance violations, and if convicted could spend decades in prison.”

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mywan t1_j20gucf wrote

I'm happy to see the original judge take their responsibility to remain impartial seriously.

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Forward-Bank8412 t1_j210vs0 wrote

Nice to know there will be at least a modicum of ethics involved, unlike, say, if the trial were to be held by The Supreme Court of the United States of America.

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Future-Spirit7874 t1_j220w89 wrote

They can only get him on two counts of wire fraud? What did the prosecuters graduate law school during the pandemic?

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hoodyninja t1_j221qvc wrote

They issue arrest warrants based on the quickest (in this case) and easiest offenses to prove. They could have arraigned him on a single count if they wanted to it doesn’t really matter. They are going to be slam dunk cases.

They can always add more charges if he doesn’t cooperate or plead quickly. I am actually really against plead deals in the US. But this is not an uncommon tactic. Basically hook your fish quickly and keep them in the hook with a seam dunk and then if the fish makes you “really work for it” while reeling him in, then you slap 5-10 additional charges on them. If he comes quietly and pleads to the original 2 plus a few smaller ones the prosecutor will likely agree to it.

TDLR: no they didn’t graduate during lockdown and clearly you have never been a prosecutor before.

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Future-Spirit7874 t1_j222olb wrote

I hope they do add more charges. He need to be in jail for life.

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hoodyninja t1_j224lf6 wrote

They probably will. They also have to protect their sources so don’t want to reveal anything in the indictments that would tip their hat to how much info they actually have.

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mikasjoman t1_j23cxzb wrote

He probably won't be in jail for life since that would take away any of the bargaining chips to cooperate and put the rest who participated in jail too. Including some possibly innocent

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elksteaksdmt t1_j22c013 wrote

Eh, it’s not like it’s murder

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Douchieus t1_j22rbqi wrote

I wouldn't be surprised if people ended their lives after losing life savings tied up in this scam. Billions of dollars gone.

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Floating_Ground t1_j22hdf9 wrote

“two counts of wire fraud and six counts of conspiracy, including to launder money and commit campaign finance violations, and if convicted could spend decades in prison.”

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Low_Sale8560 t1_j22byb6 wrote

Look up the mandatory minimums he's facing and the federal conviction time chart. If they get him on 1 charge they have him period.

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mdk2004 t1_j22iz13 wrote

Plea deal often means you plead guilty to minor crimes and walk away easily, especially if it has only been a few weeks since the indictment. This pos is fully politically connected. I doubt he will be in jail for Christmas.

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thesnuggyone t1_j24jbd3 wrote

What you are saying is totally incorrect.

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mdk2004 t1_j264ma1 wrote

Which part is incorrect, pleading guilty to lesser charges is so common it baffles the mind.

https://www.cbsnews.com/newyork/news/laura-parker-russo-plea-deal-unauthorized-covid-vaccine-injection-long-island/ Former Long Island teacher Laura Parker Russo pleads guilty to lesser charges for injecting teen with COVID vaccine

​

You think he was arrested last week and they sent over a plea deal for 30 years in prison and a guy he agreed? The guy who could afford 100's of millions of dollars in lawyers and is out on bail potentially for YEARS. He was just so eager to go to jail for the rest of his life he took a sentence that most of use wouldn't consider getting off easy? Bernie got 150 years, even a quarter of Bernie's sentence would be 37 years. So which part is incorrect?

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mattstive t1_j22lr49 wrote

Plea deal: 30 days unsupervised probation.

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trict1 t1_j21i0yh wrote

Was the previous judge involved in this? Recusing thyself? Interesting how this game of life gets played…

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Mr_Clumsy t1_j21qvwm wrote

It just a matter of a judge not sparking a mistrial later on by having any link whatsoever to the party.

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upvoatsforall t1_j20sq3p wrote

“Your honour, the defendant pleads wealthy”

“I’ll allow it. You’re free to go”

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Netxgmr t1_j2184zd wrote

Judge drives away in 2023 Canyonero

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plopseven t1_j21h8an wrote

*Judge’s parents become owners of Bahamas real estate through bank error in their favor.

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letsgetlaid22 t1_j212mzi wrote

And no one got their money back…

The end.

It’s the greatest investment ever. Steal everyone’s money, don’t give it back.. go to jail for “50l years. Get out in 15…get all the money..

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Independent03 t1_j216jr4 wrote

I’ll bet he’ll plead guilty so this gets closed up quickly. If he doesn’t all the campaign donation rot of the politicians on both sides will be exposed further. I’m sure they’re pressuring him to take the plea.

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captainvontage801 t1_j2228oo wrote

The only choice he has is to plead not guilty and try to fight an impossible case. I mean he could cut a deal now where they may throw him a bone to just plead guilty. Usually the way the courts work is if you decide to go to trial and they find you guilty. They throw the book at you and generally hit you with the maximum. If you plead out you could get a better deal. Nevertheless, he's fucked either way.

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brawnkoh t1_j23tydy wrote

Even if he plans to take a plea later, he will still plead not guilty as of now.

The fact the other two pled guilty to me is astounding. Typically, you ride it out a bit as your plea deals typically get better as time goes on.

Although, I'm extremely unfamiliar with the "tell on everyone as quickly as possible" methodology.

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captainvontage801 t1_j23wfq5 wrote

Yeah. Usually courts want a quick resolution. So the longer you can stretch it out the better deal you'll likely get. But the evidence against him is looking so damning. They are definitely going to make an example out of him. Usually the FBI takes many months if not years to investigate a case. They won't charge anyone unless they're basically sure it's gonna end in a conviction. That's why they have like a 99% conviction rate. Which is so crazy to me. So the quick nature of these indictments clearly shows how much evidence they have and how much trouble he's in. And everyone around him is singing like canaries and cooperating with the authorities. But what did this kid expect to happen?!? Would you trust any of these clowns to keep their mouth shut once those cuffs come on?! Hell No!

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ChangingShips t1_j21ht9l wrote

I’m expecting he gets less than 5 years prison time. I’ll be surprised if he gets more than 10.

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cuse0723 t1_j226kqo wrote

Club Fed … welcome SBF

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science-raven t1_j229lif wrote

Jan 3rd haha.. poor freak hes a gonnnnnnna. No even anything to show. Bankers b doooooomed.

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PorchFrog t1_j23djrr wrote

Maybe his parents will pay his debts for him.

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banme5lol t1_j22qwot wrote

Nobody cares, except crypto fangirls and karma farmers 😂

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PorchFrog t1_j23dcpb wrote

Was Bahama allowed to keep the real estate in the Bahamas like they requested? I'm thinking probably not.

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way2funni t1_j23kt2a wrote

I think the more interesting tidbit that got buried was that they had to swap out the judge on the case as the former judge having had dealings with FTX and had to recuse themselves.

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Kreekiller t1_j23rcyv wrote

How much time do people think he will get

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Jaedos t1_j243qir wrote

"Time served and parole." or something equally bullshit.

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mountlax12 t1_j23vk44 wrote

You mean he's not gonna stay hard and not snitch on his friends?? Shocked Pikachu Face

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astonaidan t1_j23zgbp wrote

A look at the group, it was a race who was gonna snitch first

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daviddevere t1_j24tho6 wrote

Go full Santos . .not a fraudster more fraud-ish

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Imnogrinchard t1_j21yjr7 wrote

Next week's court appearance will be a quick not guilty plea before the trial judge. The court will then pencil in a trial date with the expectation of multiple continuances as SBF has already waived his right to a speedy trial. Next week's plea is just going through the required motions and isn't indicative of SBF's eventual decision to accept a plea deal (if offered) or go to trial.

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EmerMed83 t1_j22mcrb wrote

The plea should be he does 280 sec hanging by his neck by a rope

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Asmewithoutpolitics t1_j22wbcv wrote

What crime do you believe he committed that’s worthy of the death penalty?

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astonaidan t1_j23zbvi wrote

People dont like smart people, people dont like wealthy people, people dont like people who commit fraud

People really really dont like smart, wealthy people who commit fraud is the only (stupid person) logic i can come up with

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EdgeCaseEnthusiast t1_j2423hg wrote

Or maybe people are extremely tired of white collar crime being met with a slap on the west despite the fact that it is often far more damaging to society. It’s an over correction for sure, but you can’t really blame people for wanting the wealthy and privileged to experience legitimate consequences for their greed.

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astonaidan t1_j242rdg wrote

>but you can’t really blame people for wanting the wealthy and privileged to experience legitimate consequences for their greed.

This.....yes i can really really really blame people wanting wanting people who want more and happen to be wealthy and privileged to be hung

Wanting someone who commits a crime to be punished, sure, but wanting more isnt a crime, its what drives the world

Wanting someone who commits white collar crime to be given the death penalty is beyond stupid

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EdgeCaseEnthusiast t1_j2437lh wrote

You’re taking a hyperbolic statement and using it to dismiss a legitimate sentiment. I’m not saying I agree he should get the death penalty, but I am disagreeing that the original commenter is stupid for feeling that way.

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astonaidan t1_j2461rr wrote

No im taking a statement that says someone commenting that another deserves to be hung for committing a white collar crime, you are trying to diminish that

in these cases a lot of it comes down to jealousy that the guy is richer/smarter/more privileged than them hence the desire for pain inflicted far beyond what is reasonable

The average Joe likes to think they are held down by these sort of people, when in reality they are an average Joe (im aware im also an average Joe) held back by not being all that special

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EdgeCaseEnthusiast t1_j24ak7x wrote

This idea that there are “special” and “normal” people in society lacks nuance. Clearly SBF isn’t a financial genius or even a good businessman for that matter. Class is rarely a function of merit, and most people who harbor resentment towards those at the highest level of society often have little desire to replace them. Do you think the French Revolution or any other scenario in history in which the people called for heads was driven by jealousy? Unfortunately sometimes an example has to be made to affect change in society. I believe people in this thread calling for SBFs head are doing so in order to make a statement about the severity of his crimes and the need for significant consequences. I highly doubt anyone is seriously suggesting he receive the death penalty.

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astonaidan t1_j24p06a wrote

Lol your arguments are lol worthy, the french revolution and this guy swindeling. Christ ive heard some lol worthy arguments but this one christ

Lets put it this way, you being in the normal category is as good as it gets for you

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TheBestBiscuit t1_j22syy5 wrote

They should put him and Elizabeth Holmes in the same cell. Two peas in a pod.

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Meepo-007 t1_j227f9g wrote

If the Clintons or any of their crime organization were invested, he’ll likely commit involuntary suicide.

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