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Originally Posted by WTF
Waco, Precious_b's answered you best.
I might add if one is silly enough to give their money to a con man and that con man steals their money AND GETS CAUGHT before he can cheat others out of their money aren't they in the category of "If it is to good to be true..." and deserve to take their lumps like the idiots they were?
Please tell me you haven't invested in this crypto crap.
If so , please explain your reasoning.
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nope. way too volatile. crypto doesn't pay any dividends, it's a currency not stocks so i'll stick with stocks.
as usual you gloss over the facts. the exchange was a legit business. upfront, presumably, so was the hedge fund. each were separate entities as they should be for obvious business reasons. the problem for the exchange users who should never have been tied to the hedge fund is that sammy boi controlled both. the exchange users were true innocent victims. the hedge fund, which i understand was private so was not open to typical investors, who knows who put money into it? some large institutional players did and they got burned. their risk
is risk. they should know better. the exchange users had no risk at all. the exchange is for people wanting to convert one crypto for another. simple enough for you?
the hedge fund was the problem. it deals in FTT which is a crypto currency sammy boi created. the bulk of his hedge fund was backed by it. the hedge fund got overextended and to prop it up sammy boi illegally took customer funds from the exchange to put in the hedge fund. this caused a run of people trying to take out funds from the exchange and finding their accounts empty. then it all fell apart including the hedge fund.
some rival chinese dude in part caused it, by saying publicly that the hedge fund was in danger and thus the panic run on the exchange. by then for the exchange customers it was too late, sammy boi had already moved their funds.
you can argue sammy boi wasn't a conman at all. he certainly is a criminal now for taking the exchange customer's funds. sammy boi had a few years of legit experience as a junior trader for an established firm, as did several of the others including that butt ugly ex-gf of his. they thought that after just a few years in the industry, they knew enough about the game to run their own hedge fund, one largely backed by his own crypto currency and found out the hard way they were in way over their heads.
so now that i've explained it to ya, back to your ill-informed and snarky dismissal of the victims, the exchange users. not anyone involved in the hedge fund. i presume you have at least one and probably several (as i do) investment accounts, yes? and let's state the fact that while individuals can make trades directly with a standard brokerage account, an individual can't go out and buy stocks without a brokerage account. clear enough?
so let's say whoever is your brokerage firm suddenly makes bad institutional investments on their own positions and to cover it they empty your brokerage account and all their other individual customer accounts trying to cover their asses.
are you a victim? would you like it if some snarky dude on the internet says "i say fuck 'em!" for getting all your assets stolen?
you'd be yelling yer head off "I AM A VICTIM!!" and you know it.
the exchange users are innocent victims. just like you would be.
Bankman-Fried Arrested In The Bahamas.
