I would highly, highly recommend that people just wait up to 72 hours for more information, rather than digging through Twitter or Reddit threads.
Edit: This is not to imply that I have secret information—just that this is unfolding very quickly and I expect to learn a lot more in the coming days.
Why? Coin Desk’s leak—which set off the death spiral—is clear enough. Multiple investors that SBF tried to get bail-out funds from have told the WSJ and FT that SBF admitted to loaning out customer funds to Alameda. Binance pulled out of the deal for a reason. There is plenty of data online about FTX’s movements on the blockchain. And, of course, there’s the obvious fact that SBF is now very publicly looking for $8bn of funding to cover FTX’s liabilities.
Feels like you are implying you have secret info, but it just seems extremely unlikely to me that this was anything other than huge mismanagement of customer funds against their wishes.
What odds are you willing to bet that we will see it differently in 72 hours?
I don’t think the bet suggestions (not just from you—there were a bunch in others’ comments on your own post) are helping make the situation any less tense.
Edit: I also think the interpretation of “implying to have secret information” rather than “trying to de-escalate” is not really grounded, and results in your comment being combative in my eyes.
I think bets with real stakes can be a good de-escalation procedure! It’s easy to fire increasingly heated claims back and forth while there’s no concrete consequences, but when there’s money on the line you have to back off and figure out what you actually believe, and then also once the bet is made there is less incentive to keep arguing while you wait for resolution.
I would highly, highly recommend that people just wait up to 72 hours for more information, rather than digging through Twitter or Reddit threads.
Edit: This is not to imply that I have secret information—just that this is unfolding very quickly and I expect to learn a lot more in the coming days.
Why? Coin Desk’s leak—which set off the death spiral—is clear enough. Multiple investors that SBF tried to get bail-out funds from have told the WSJ and FT that SBF admitted to loaning out customer funds to Alameda. Binance pulled out of the deal for a reason. There is plenty of data online about FTX’s movements on the blockchain. And, of course, there’s the obvious fact that SBF is now very publicly looking for $8bn of funding to cover FTX’s liabilities.
Feels like you are implying you have secret info, but it just seems extremely unlikely to me that this was anything other than huge mismanagement of customer funds against their wishes.
What odds are you willing to bet that we will see it differently in 72 hours?
I don’t think the bet suggestions (not just from you—there were a bunch in others’ comments on your own post) are helping make the situation any less tense.
Edit: I also think the interpretation of “implying to have secret information” rather than “trying to de-escalate” is not really grounded, and results in your comment being combative in my eyes.
I think bets with real stakes can be a good de-escalation procedure! It’s easy to fire increasingly heated claims back and forth while there’s no concrete consequences, but when there’s money on the line you have to back off and figure out what you actually believe, and then also once the bet is made there is less incentive to keep arguing while you wait for resolution.
Didn’t mean to imply secret info, edited the comment above.
That said, seeing most of their legal and compliance teams quit gives me much more serious reservations about illegal or unethical behavior.
Edit: I think I retract this second part—I don’t know if everyone’s quitting now that they can’t pay salaries, or just the legal/compliance teams.