FTX Crypto, How'd he do that??

[rphillips]

We hear of this kind of scams regularly, but usually targets the elderly or more regular working folks. But how did this Sam guy even get to talk to some of these high dollar folks, to even get a chance to scam them? How smooth talking would one need to be to talk folks like Shaquille O'neal, Tom Brady, or Stephen Curry? into giving him bigggg dollars into something like Crypto money. Would have thought those folks would have financial experts looking after their money, was Sam slick enough to even sucker these financial experts??? He really doesn't look that slick???

[Vmass]

The celebrities were not so much investors as they were endorsers. Lots to still learn on this one:

https://fortune.com/crypto/2022/12/07/sbf-ftx-taylor-swift-celebrity-sponsorships-lawsuits-bankruptcy/

[rphillips]

Yes, sure still a lot to come, but the investors sure weren't our local elderly factory workers or waitresses. I've heard up to $50b, though now it's at $32b. Had to be some pretty big investors somewhere. What did he have to show them, I can't believe he just talked them into giving those biggg $$$$$, on his looks??? He sure doesn't look like a financial wizzard..

[bccap]

I'm with the Jamie Diamond { CEO of JP Morgan } school of thought that cryptocurrency is a scam on it's own ......Never mind this guy stealing from the people who invest in it ........

[Vmass]

Yes, sure still a lot to come, but the investors sure weren't our local elderly factory workers or waitresses. I've heard up to $50b, though now it's at $32b. Had to be some pretty big investors somewhere. What did he have to show them, I can't believe he just talked them into giving those biggg $$$$$, on his looks??? He sure doesn't look like a financial wizzard..

The big boys liked the word " unregulated ", all while the scammer was well positioned with regulators and politicians and celebrity endorsements......maybe?

[Cipher]

Greed is wonderfully self punishing.

[Suzukian]

He played off their greed. I don't think he was actually aware as some may think that he was, about what he was doing. His statement that "I wish I could go back, I'd change some things (something like that) makes me think that with 20/0 hindsight he has now, he may have been able to pull it off longer. Otherwise, it's just Crocodile tears.

Crytpto is a Ponzi scheme IMHO. I wouldn't put a dime into it. I had a talk with my wife before TARP, and said I felt we should close every investment, pay off all our credit cards, take the penalties, and I felt we would still be far ahead of the game. We did that. We would have lost all out investments, and still have had a huge credit card debt. As of this moment, we have our mortgage, taxes, and car insurance, and tax bills, but that's it. We own our cars, and have a large chunk of our house paid off.and "zero" credit card debt. Our house is way more valuable than it was when we purchased it. You can commute to Waterbury, Ct, or Bridgeport, Ct., or New York City, as just as easily. It's location and the completely flat piece of land, with trees on the perimeter, none in the yard make it a desirable piece of land. I live on a hill side that everybody else has massively sloped lawns, adds to the value. Our property has been our best investment, and had been a great home. I like living on a dead end road.

Bottom line, the people with the really big bucks who bought into this aren't even hurt by it. Maybe "The Shaq" will have to go 3 knots slower on his super yacht to make up for the money, but they are embarrassed, not hurt by this. Levin O'Leary from "The Shark Tank" surely isn't hurt by this, but being a spokesperson for the exchange, has the law looking at him, though I doubt he has anything to worry about. Time will tell.

Personally, and it's probably a personality fault on my part, I don't care when people like this loose massive amounts of money, that wasn't invested in anything. I derive joy from it. When you see Warren Buffet buy a Chunk for play with, but at the same time, builds huge chains of privately funded Wind Mills to add electricity to a part of the country that needs it, that's someone who is a positive force, his money doesn't sit idle, he uses it to work, and then makes even more, The Midas Touch. I have more respect for that. Of course, me having respect for any of these people is like an anti commenting on anything.

[Cipher]

Buffet says its a scam. Warren maybe Jimmy too.

[Suzukian]

He's being deported back to the U.S. To be 30 years old, and so screwed, then again, how many people did he screw over.

[rphillips]

I Just can't understand how "HE" could talk all these people in to just giving "HIM" that kind of money. I know you can't judge people by looks, but he sure doesn't look like he could talk anybody out of anything.... Just seems very odddd.

[bccap]

My contention is that people who invest in Crypto tend to be a tad on the greedy side and not deep thinkers . I can see someone with " the gift of the gab " removing their wallets quite easily ......

[Vmass]

I Just can't understand how "HE" could talk all these people in to just giving "HIM" that kind of money. I know you can't judge people by looks, but he sure doesn't look like he could talk anybody out of anything.... Just seems very odddd.

You are making that assumption that no one knew what he was doing. Maybe everyone knew what he was doing. However, most likely it is somewhere in the middle of those two and there are many, many guilty in this fraudulent business.

Don't worry, I am sure we will get to the bottom of this and the American people will learn exactly what happened...

[ptegsotic]

... watching CZ and O'Leary (Mr Wonderful) go at it ... is hella entertaining!! canadian fight!!!

[Suzukian]

O"Leary us facing criminal charges as he was a front man for FTX touting how great it was. Crypto is a Ledger system, it's been tried before. It was how private money worked before we had a unified currency. If a bank didn't recognize the bank you had presented them with, they would not honor your deposit. It's all been tried before. People who don't know their history are doomed to repeat it. The videos of the conferences with all the giddy idiots acting like they came up with something new look like a Scientology Cult Group in their exuberance, touching about how the keys would keep the Crypto secure, but some entity had to manage the keys, and the software and computers to manage the ledger. I never purchased even one of these coins because it was all a scam from the beginning. The wealthy people who got into it, figured they could get in, and when it rose, get out, and ride the wave, and many did. It added a false sense of security, and a sense, "well those rich people made money, why can't I". Matt Damon is facing charges, a whole bunch of celebrities are facing charges in how they were compensated. It was a sucker's game from it's inception.

The people who seem to really make money are Venture Capitalists, looking for small businesses that need cash to become big businesses. They take time, money, and a chance it might now work, but they are the captains of industry. Buying a bar of Gold and sitting on it will not not give you much return, and when you sell it, you'll have to pay tax, that's not really a good investment. The people who mine it make a lot of money, but Gold is used in electronics as it is the best conductor, it's in all of the chips in the world. I know people who grind chips and mine the Gold out of them, a very messy process that uses some nasty chemicals, but you do get pure Gold on the Anodes when the cycle is complete.

[Vmass]

Here is a bit of O'Leary's opinion:

https://news.bitcoin.com/kevin-olear...lly-killed-it/

He states: " Bankman-Fried is among the best traders in the crypto space and he would back him again if he has another venture. "