There are two kinds of people in the world, and Sam Bankman-Fried seems to be both.
Readers can expect the 2019-2021 SBF — the understated idealistic yet practical boy genius full of nervous charm — and the late 2022 SBF — to leave $8 billion behind and sing like a canary. You may be having a hard time coordinating your paranoid and hysterical klutz.
Adding to the cacophony is unusual story Former FTX CEO Kelsey Piper has been told by Vox reporter Kelsey Piper via direct message on Twitter that everything in finance is a shell game, that his public image is a lie, and that his balance sheet also described as false.
As a public service, we cross-referenced the Vox article with the SBF’s ever-expanding Twitter thread of atonement in an attempt to piece together a unified portrait. DM chat off the record.)
On why finance is broken:
Regulators “cannot distinguish between right and wrong.” Their rules are arbitrary and meaningless. Enforcing moats doesn’t protect consumers, it only hurts businesses. This is not just cryptocurrency, it’s all about finance. “Fuck regulators,” he says.
Because everyone should have the right to lose money on shitcoins and magic boxes.That’s all Democracy.
His turn to libertarianism may seem sudden. Before the collapse, the SBF spent a lot of time and money lobbying in Washington for crypto-friendly regulation.
“PR only,” he told Vox. And importantly, the PR effort included ethics. All this effective altruism, all conference attendance and interviews, his ESG duty to disguise the fundamental truth that there is no such thing as moral absolutism in business, only Machiavelli. was.
Apparently, FTX failed becausesketchy’ But that’s because it’s a dog-eat-dog world. In Sam’s world, FTX’s failures are simply due to losing to bigger dogs, and history is written by the winners.
SBF’s follow-up tweet softened the tone slightly (“Some of what I said was thoughtless or overly strong”) but repeated the message of libertarianism, hard truth Not a cliché. “A framework that allows regulators to protect their customers while granting freedom is a good fit for all of you.”
(Note: I’m not embedding the tweet, I’m taking a screenshot. one may disappear.)
About what killed FTX:
SBF has regularly said that his crypto trading firm, Alameda, is a “completely separate entity” from FTX. The latter lent the former about $8 billion in customer deposits, which it appears to have lost.
Vox’s transcript reveals that the account was mixed up even before it crashed. Luna Token But “messy accounting” was meant to state that the SBF “wasn’t aware of the full extent of it until a few weeks ago.” And I didn’t think anyone would ask about balance sheet duplication because “everybody was so worried and worried about the silly shit.”
The problem was what he had been arguing against all logic and evidence: solvency, not liquidity.
According to the SBF retelling, FTX was an over-regulated, over-leveraged, unorganized, and perpetually distracted startup that grew so large that its immoral yet I was gradually suffocated by the accumulated weight of rational behavior.
“Most exchanges have done a variant of what we have done, on a smaller scale, without banking crackdowns (at least recently) and more intentionally,” he said at Vox. told to
As for why he’s tweeting and not in jail, for example:
One of the surprising aspects of SBF’s recent communication is that he seems to believe there will be a second act to his career.
“I didn’t want to be sketchy,” he told Vox. “The ramifications of that are huge. And I didn’t mean to. The individual decisions seemed fine, and I didn’t realize how big the sum was until the end.”
According to him, the biggest mistake was following advice and putting FTX into Chapter 11 bankruptcy protection. It was certainly a mess, but it was a mess he had just discovered and was able to clean up.
and he can yet clean it up. All it takes is a positive attitude and he’s $8 billion.
However, SBF’s redemption arc relies on his emergence as the good guy. Just looking at the numbers, he might look like the Bernie Madoff of the cipher, but in reality, SBF is an unorthodox freedom fighter who has lost the battle.
Perhaps unlike everything else he’s said, the SBF really believes it this time around. what happened to Perhaps the leak will give SBF the second act he wants — though Piper’s report suggests his legal team is more cautious.
I emailed Bankman-Fried this morning to confirm that he had access to his Twitter account and that this conversation was with him. “Still I have not been hacked! We talked last night,” he replied.
His attorney did not respond to a request for comment.