SBF is alleged to impersonate the CEOs of both companies, but he didn't know he was in charge of both. He needs to be put away to avoid such mistakes in the future. https://finance.yahoo.com/news/sbf-legal-liability-ftx-collapse-143111216.html PS: nothing to do with electronics, but we do electronics for money, right?
OT: FTX/SBF: Crime of Didn't Know
Started by ●December 1, 2022
Reply by ●December 1, 20222022-12-01
On Thu, 1 Dec 2022 07:58:18 -0800 (PST), Ed Lee <edward.ming.lee@gmail.com> wrote:>SBF is alleged to impersonate the CEOs of both companies, but he didn't know he was in charge of both. He needs to be put away to avoid such mistakes in the future. > >https://finance.yahoo.com/news/sbf-legal-liability-ftx-collapse-143111216.html > >PS: nothing to do with electronics, but we do electronics for money, right?Yes, but we have to build things that work, that people buy and own because they think it's more useful than not. Crypto is the opposite of useful things. It's expensive to make (and so much CO2!) and has no inherent value. Crypto also has a horrific failure rate and comes with no warranty. I wonder why banking and stock trading regulations aren't applied to crypto exchanges.
Reply by ●December 1, 20222022-12-01
On Thursday, December 1, 2022 at 8:45:52 AM UTC-8, John Larkin wrote:> On Thu, 1 Dec 2022 07:58:18 -0800 (PST), Ed Lee > <edward....@gmail.com> wrote: > > >SBF is alleged to impersonate the CEOs of both companies, but he didn't know he was in charge of both. He needs to be put away to avoid such mistakes in the future. > > > >https://finance.yahoo.com/news/sbf-legal-liability-ftx-collapse-143111216.html > > > >PS: nothing to do with electronics, but we do electronics for money, right? > Yes, but we have to build things that work, that people buy and own > because they think it's more useful than not. > > Crypto is the opposite of useful things. It's expensive to make (and > so much CO2!) and has no inherent value. Crypto also has a horrific > failure rate and comes with no warranty. > > I wonder why banking and stock trading regulations aren't applied to > crypto exchanges.Crypto itself have some use. For instance, helping some in Ukraine (for gov) and China (against gov). But FTX/SBF scam hurts lot of people everywhere.
Reply by ●December 1, 20222022-12-01
On Thu, 1 Dec 2022 09:09:42 -0800 (PST), Ed Lee <edward.ming.lee@gmail.com> wrote:>On Thursday, December 1, 2022 at 8:45:52 AM UTC-8, John Larkin wrote: >> On Thu, 1 Dec 2022 07:58:18 -0800 (PST), Ed Lee >> <edward....@gmail.com> wrote: >> >> >SBF is alleged to impersonate the CEOs of both companies, but he didn't know he was in charge of both. He needs to be put away to avoid such mistakes in the future. >> > >> >https://finance.yahoo.com/news/sbf-legal-liability-ftx-collapse-143111216.html >> > >> >PS: nothing to do with electronics, but we do electronics for money, right? >> Yes, but we have to build things that work, that people buy and own >> because they think it's more useful than not. >> >> Crypto is the opposite of useful things. It's expensive to make (and >> so much CO2!) and has no inherent value. Crypto also has a horrific >> failure rate and comes with no warranty. >> >> I wonder why banking and stock trading regulations aren't applied to >> crypto exchanges. > >Crypto itself have some use. For instance, helping some in Ukraine (for gov) and China (against gov). But FTX/SBF scam hurts lot of people everywhere.Surely there are other ways to transfer money. Crypto is radically unstable.
Reply by ●December 1, 20222022-12-01
On Thursday, December 1, 2022 at 9:35:31 AM UTC-8, John Larkin wrote:> On Thu, 1 Dec 2022 09:09:42 -0800 (PST), Ed Lee > <edward....@gmail.com> wrote: > > >On Thursday, December 1, 2022 at 8:45:52 AM UTC-8, John Larkin wrote: > >> On Thu, 1 Dec 2022 07:58:18 -0800 (PST), Ed Lee > >> <edward....@gmail.com> wrote: > >> > >> >SBF is alleged to impersonate the CEOs of both companies, but he didn't know he was in charge of both. He needs to be put away to avoid such mistakes in the future. > >> > > >> >https://finance.yahoo.com/news/sbf-legal-liability-ftx-collapse-143111216.html > >> > > >> >PS: nothing to do with electronics, but we do electronics for money, right? > >> Yes, but we have to build things that work, that people buy and own > >> because they think it's more useful than not. > >> > >> Crypto is the opposite of useful things. It's expensive to make (and > >> so much CO2!) and has no inherent value. Crypto also has a horrific > >> failure rate and comes with no warranty. > >> > >> I wonder why banking and stock trading regulations aren't applied to > >> crypto exchanges. > > > >Crypto itself have some use. For instance, helping some in Ukraine (for gov) and China (against gov). But FTX/SBF scam hurts lot of people everywhere. > Surely there are other ways to transfer money. Crypto is radically > unstable.For Ukraine, it's simplicity. For China, it's anonymity. Exchange should be handled in establishment like CME/OTC, not some 20 something kids, or some companies in Bahama.
Reply by ●December 1, 20222022-12-01
John Larkin wrote:> On Thu, 1 Dec 2022 07:58:18 -0800 (PST), Ed Lee > <edward.ming.lee@gmail.com> wrote: > >> SBF is alleged to impersonate the CEOs of both companies, but he didn't know he was in charge of both. He needs to be put away to avoid such mistakes in the future. >> >> https://finance.yahoo.com/news/sbf-legal-liability-ftx-collapse-143111216.html >> >> PS: nothing to do with electronics, but we do electronics for money, right? > > Yes, but we have to build things that work, that people buy and own > because they think it's more useful than not. > > Crypto is the opposite of useful things. It's expensive to make (and > so much CO2!) and has no inherent value. Crypto also has a horrific > failure rate and comes with no warranty. > > I wonder why banking and stock trading regulations aren't applied to > crypto exchanges. >Because it's an agricultural product, like tobacco. ;) Cheers Phil Hobbs -- Dr Philip C D Hobbs Principal Consultant ElectroOptical Innovations LLC / Hobbs ElectroOptics Optics, Electro-optics, Photonics, Analog Electronics Briarcliff Manor NY 10510 http://electrooptical.net http://hobbs-eo.com
Reply by ●December 1, 20222022-12-01
John Larkin wrote:> On Thu, 1 Dec 2022 09:09:42 -0800 (PST), Ed Lee > <edward.ming.lee@gmail.com> wrote: > >> On Thursday, December 1, 2022 at 8:45:52 AM UTC-8, John Larkin wrote: >>> On Thu, 1 Dec 2022 07:58:18 -0800 (PST), Ed Lee >>> <edward....@gmail.com> wrote: >>> >>>> SBF is alleged to impersonate the CEOs of both companies, but he didn't know he was in charge of both. He needs to be put away to avoid such mistakes in the future. >>>> >>>> https://finance.yahoo.com/news/sbf-legal-liability-ftx-collapse-143111216.html >>>> >>>> PS: nothing to do with electronics, but we do electronics for money, right? >>> Yes, but we have to build things that work, that people buy and own >>> because they think it's more useful than not. >>> >>> Crypto is the opposite of useful things. It's expensive to make (and >>> so much CO2!) and has no inherent value. Crypto also has a horrific >>> failure rate and comes with no warranty. >>> >>> I wonder why banking and stock trading regulations aren't applied to >>> crypto exchanges. >> >> Crypto itself have some use. For instance, helping some in Ukraine (for gov) and China (against gov). But FTX/SBF scam hurts lot of people everywhere. > > Surely there are other ways to transfer money. Crypto is radically > unstable. >Getting money out of China is very very difficult now, or so I'm told. Also people. It really is North Korea, only bigger. :( Cheers Phil Hobbs -- Dr Philip C D Hobbs Principal Consultant ElectroOptical Innovations LLC / Hobbs ElectroOptics Optics, Electro-optics, Photonics, Analog Electronics Briarcliff Manor NY 10510 http://electrooptical.net http://hobbs-eo.com
Reply by ●December 1, 20222022-12-01
On Thursday, December 1, 2022 at 10:30:18 AM UTC-8, Phil Hobbs wrote:> John Larkin wrote: > > On Thu, 1 Dec 2022 09:09:42 -0800 (PST), Ed Lee > > <edward....@gmail.com> wrote: > > > >> On Thursday, December 1, 2022 at 8:45:52 AM UTC-8, John Larkin wrote: > >>> On Thu, 1 Dec 2022 07:58:18 -0800 (PST), Ed Lee > >>> <edward....@gmail.com> wrote: > >>> > >>>> SBF is alleged to impersonate the CEOs of both companies, but he didn't know he was in charge of both. He needs to be put away to avoid such mistakes in the future. > >>>> > >>>> https://finance.yahoo.com/news/sbf-legal-liability-ftx-collapse-143111216.html > >>>> > >>>> PS: nothing to do with electronics, but we do electronics for money, right? > >>> Yes, but we have to build things that work, that people buy and own > >>> because they think it's more useful than not. > >>> > >>> Crypto is the opposite of useful things. It's expensive to make (and > >>> so much CO2!) and has no inherent value. Crypto also has a horrific > >>> failure rate and comes with no warranty. > >>> > >>> I wonder why banking and stock trading regulations aren't applied to > >>> crypto exchanges. > >> > >> Crypto itself have some use. For instance, helping some in Ukraine (for gov) and China (against gov). But FTX/SBF scam hurts lot of people everywhere. > > > > Surely there are other ways to transfer money. Crypto is radically > > unstable. > > > Getting money out of China is very very difficult now, or so I'm told. > Also people.Getting money into Ukraine is also difficult. Bankers don't want to be there now.
Reply by ●December 1, 20222022-12-01
On 01/12/2022 16:45, John Larkin wrote:> On Thu, 1 Dec 2022 07:58:18 -0800 (PST), Ed Lee > <edward.ming.lee@gmail.com> wrote: > >> SBF is alleged to impersonate the CEOs of both companies, but he didn't know he was in charge of both. He needs to be put away to avoid such mistakes in the future. >> >> https://finance.yahoo.com/news/sbf-legal-liability-ftx-collapse-143111216.html >> >> PS: nothing to do with electronics, but we do electronics for money, right? > > Yes, but we have to build things that work, that people buy and own > because they think it's more useful than not.You can also have pieces of art which are not actually useful but are by all reasonable definitions valuable because of the workmanship and creativity that goes into them. You can also have have crap art taking the piss which includes the likes of Tracy Emin's bed which is valuable only because she was already famous and some people have more money than sense. https://www.tate.org.uk/art/artworks/emin-my-bed-l03662 Or Andre's creative arrangement of 120 firebricks (which they lost!) https://www.tate.org.uk/art/artworks/andre-equivalent-viii-t01534 It was always interesting to see what there was in the Turner prize submissions. It would vary from some really excellent stuff to total crap (badly made) neon signs by the usual suspects at insane prices. I guess someone must buy them...> Crypto is the opposite of useful things. It's expensive to make (and > so much CO2!) and has no inherent value. Crypto also has a horrific > failure rate and comes with no warranty.Actually the distributed ledger of Bitcoin is quite reliable and being decentralised very difficult to fake or control. The problem arises with middlemen promising to look after your crypto currency for you (like a bank but without *any* regulation at all). Ironically this was the very thing that the inventors of Bitcoin were trying to avoid!> > I wonder why banking and stock trading regulations aren't applied to > crypto exchanges.It is too new and so few understand it. They can make wild claims and be believed. You get very rich if you pump and dump - what a surprise that is! Very tough on the clueless muppets that pile in on the bandwagon. CAVEAT EMPTOR writ large. It isn't dissimilar to the South Sea bubble or even more apposite the Mississippi bubble of the 18th century where a financial "genius" did about the same thing as SBF using the then novel instruments of the day. https://www.britannica.com/event/Mississippi-Bubble It seems that pump and dump is a perennial way for a very few clever people with absolutely no scruples to get incredibly rich. The most recent example was Theranos and Ms Holmes (now found guilty). https://www.nytimes.com/2018/03/14/health/theranos-elizabeth-holmes-fraud.html -- Regards, Martin Brown
Reply by ●December 1, 20222022-12-01
On Thursday, 1 December 2022 at 19:25:23 UTC, Martin Brown wrote:> On 01/12/2022 16:45, John Larkin wrote: > > On Thu, 1 Dec 2022 07:58:18 -0800 (PST), Ed Lee > > <edward....@gmail.com> wrote: > > > >> SBF is alleged to impersonate the CEOs of both companies, but he didn't know he was in charge of both. He needs to be put away to avoid such mistakes in the future. > >> > >> https://finance.yahoo.com/news/sbf-legal-liability-ftx-collapse-143111216.html > >> > >> PS: nothing to do with electronics, but we do electronics for money, right? > > > > Yes, but we have to build things that work, that people buy and own > > because they think it's more useful than not. > You can also have pieces of art which are not actually useful but are by > all reasonable definitions valuable because of the workmanship and > creativity that goes into them. > > You can also have have crap art taking the piss which includes the likes > of Tracy Emin's bed which is valuable only because she was already > famous and some people have more money than sense. > > https://www.tate.org.uk/art/artworks/emin-my-bed-l03662 > > Or Andre's creative arrangement of 120 firebricks (which they lost!) > > https://www.tate.org.uk/art/artworks/andre-equivalent-viii-t01534 > > It was always interesting to see what there was in the Turner prize > submissions. It would vary from some really excellent stuff to total > crap (badly made) neon signs by the usual suspects at insane prices. I > guess someone must buy them... > > Crypto is the opposite of useful things. It's expensive to make (and > > so much CO2!) and has no inherent value. Crypto also has a horrific > > failure rate and comes with no warranty. > Actually the distributed ledger of Bitcoin is quite reliable and being > decentralised very difficult to fake or control. The problem arises with > middlemen promising to look after your crypto currency for you (like a > bank but without *any* regulation at all). Ironically this was the very > thing that the inventors of Bitcoin were trying to avoid! > > > > I wonder why banking and stock trading regulations aren't applied to > > crypto exchanges. > It is too new and so few understand it. They can make wild claims and be > believed. You get very rich if you pump and dump - what a surprise that > is! Very tough on the clueless muppets that pile in on the bandwagon. > > CAVEAT EMPTOR writ large. > > It isn't dissimilar to the South Sea bubble or even more apposite the > Mississippi bubble of the 18th century where a financial "genius" did > about the same thing as SBF using the then novel instruments of the day. > > https://www.britannica.com/event/Mississippi-Bubble > > It seems that pump and dump is a perennial way for a very few clever > people with absolutely no scruples to get incredibly rich. The most > recent example was Theranos and Ms Holmes (now found guilty). > > https://www.nytimes.com/2018/03/14/health/theranos-elizabeth-holmes-fraud.htmlI am sure that much of the attraction of Bitcoin and its lookalikes was the idea that it gave anonymity. However, the public nature of the ledger means that for organisations with substantial resources it is quite the opposite. John
