FTX disaster - kids of stanford/MIT professors working an Enron like fraud

[Demovictory9]

If A Poor person steals a candy bar they would get arrested. I will be interesting to see if SBF, nerd girlfriend will do time for stealing billions

Excellent 30 minute summary:

[bucolic_frolic]

1. Losing billions is a public service called "providing liquidty to the markets"

It is way above petty theft and even further up the chain than grand larceny

[Demovictory9]

4. Agreed

[Afrocat]

2. A friend sent me this earlier today, holy cow what a complete mess that whole thing is.

[Demovictory9]

3. So Enron like, Invent an assest (bitcoin), assign a value to it, take a loan on it from your own ban

All the while letting the world celebrate you as a sloppy dressed genius

[paleotn]

6. I think you have it in a nutshell.

[Irish_Dem]

11. I guess he is a genius to pull it off. An evil one.

[paleotn]

5. Klepto...umm, I mean crypto is a scam from the beginning....

He and said nerd girlfriend where merely grifting within a gigantic grift.

[Irish_Dem]

9. Yep, con artists from start to finish.

[gibraltar72]

7. Tulips!

[Irish_Dem]

12. Yes exactly the same speculation and greed, financial bubble and disaster.

[Aussie105]

10. Strange how people come up with these "get rich quick" schemes . . .

time and time again and expect that they will get away with it and never come unstuck.

But yes - is Crypto, is open to abuse . . . enough said.

It will happen again. While people look expecting to find loopholes in the system, and finding them, this will continue.