> Judge Dorsey ultimately overruled objections to their retention by two individual FTX creditors.
I think Molly White defaults to too much credibility in judges and lawyers.
SBF's main argument is that Sullivan & Cromwell misled him into going the Chapter 11 route, which he later learned was more motivated by its ability to make hundreds of millions rather than helping his customers. He made a mistake in trusting them. All entrepreneurs make mistakes in trusting people they should not.
He admits to serious mistakes with Alameda etc, but believes those were recoverable. I would agree—the crypto market is huge and so important—and think as long as all customers get their money back, that it was fixable.
I think S&C has done a terrible job with FTX since taking over since the bankruptcy, so find SBF's argument to have merit.
SBF's main message to entrepreneurs, which I think is a good one: be more transparent, and be careful who you trust.
Source: I think I have $30,000 in my FTX.us account, so if anything I should be biased against SBF/FTX. But I am currently dealing with a dishonest lawyer and incompetent judge in the San Diego Family Law Cartel, so I am biased against the system at the moment.
SBF's main mistake wasn't trusting Sullivan & Cromwell. That is the lie that SBF is trying to tell. While that may have been a "mistake" to declare bankruptcy, it was because it reduced FTX's ability to try to hide the fraud it had been perpetuating.
FTX was already incredibly insolvent at that point because FTX gave Alameda an unlimited line of credit and then used that credit to take loans from Alameda to line their own pockets with what was effectively FTX's customer deposits.
Crypto is a 24/7 global, resilient payments network. It increases the velocity and transparency of money, which will have a huge impact on global economy.
>Crypto is a 24/7 global, resilient payments network.
Man, your mind is gonna be blown when you realise that you can have that _right_ now! All you have to do is move to a first world country*
*like the UK or any country in the EEA. US not included.
I jest, but my point is serious. This is already a reality for anyone living in Europe. It's a political problem (is a 24/7 global payment network important to people in democracies), and incidentally, crypto also faces the same political problem.
"ohhh but it's permissionless" yeah nah no one is taking in magic beans for value
It might be true that FTX customers would be better off with FTX still running with or without SBF. But that does not negate the fact that lending customer money to Almeda is capital F fraud.
Oh, come on. He purports to be a finance wizard, not some startup bro. If S&C turned him over, that's because he was a sucker, not a wizard. Finance wizards don't go into Ch. 11 with their eyes closed.
I think Molly White defaults to too much credibility in judges and lawyers.
SBF's main argument is that Sullivan & Cromwell misled him into going the Chapter 11 route, which he later learned was more motivated by its ability to make hundreds of millions rather than helping his customers. He made a mistake in trusting them. All entrepreneurs make mistakes in trusting people they should not.
He admits to serious mistakes with Alameda etc, but believes those were recoverable. I would agree—the crypto market is huge and so important—and think as long as all customers get their money back, that it was fixable.
I think S&C has done a terrible job with FTX since taking over since the bankruptcy, so find SBF's argument to have merit.
SBF's main message to entrepreneurs, which I think is a good one: be more transparent, and be careful who you trust.
Source: I think I have $30,000 in my FTX.us account, so if anything I should be biased against SBF/FTX. But I am currently dealing with a dishonest lawyer and incompetent judge in the San Diego Family Law Cartel, so I am biased against the system at the moment.