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FTX founder Sam Bankman-Fried admits masquerading as ‘woke Westerner,’ says ESG has been ‘perverted beyond recognition,’ reveals biggest regret


By: PAUL SACCA | November 17, 2022

Read more at https://www.theblaze.com/news/ftx-sam-bankman-fried-woke-esg/

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Sam Bankman-Fried, the founder of collapsed ,exchange FTX, revealed that the woke appearance that he and his company displayed was all a “dumb game.” In a new interview, Bankman-Fried confessed that the fake window dressing of altruism was mostly a front and that the performance was done “so everyone likes us.”

FTX CEO Bankman-Fried saw his company collapse on Election Day. The 30-year-old also saw his net worth of nearly $16 billion wiped out in days.

Until last week, FTX was the world’s second-largest cryptocurrency exchange and was valued at $32 billion in February. However, the digital coin exchange filed for bankruptcy last Friday after a failed takeover by rival Binance. In addition, between $1 billion and $2 billion in customer funds reportedly vanished from the FTX cryptocurrency exchange.

Investigations into FTX have been launched by the Securities and Exchange Commission and the Department of Justice.

Bankman-Fried was a Democrat megadonor. He reportedly contributed more than $5 million to Joe Biden in the 2020 presidential campaign. He was the second-biggest individual donor to Democrats in the 2021-2022 election cycle – donating $37 million. In May, Bankman-Fried said he planned to donate “north of $100 million” to Democrats in the 2024 presidential election, but pledged to have a “soft ceiling” of $1 billion in donations to Democrats if former President Donald Trump ran again.

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  • SBF became the biggest donor to the Democratic Protect Our Future PAC that only launched in May. Gabe Bankman-Fried, SBF’s brother, who handles the billionaire’s political operations, declared that the PAC was formed to “stop the next pandemic.”
  • In February, the Bankman-Fried brothers gave a $5 million grant to ProPublica to financially “support investigations into ongoing questions about the COVID-19 pandemic, biosecurity and public health preparedness.”
  • Until this week, FTX was promoted on the World Economic Forum’s website.
  • In May, SBF was one of the featured speakers at World Economic Forum 2022 in Davos, Switzerland. Topics at the event included sustainability, diversity, equity, inclusion, cryptocurrency, and Web 3.0.
  • In September, Bankman-Fried was a featured speaker at the annual meeting for the Clinton Global Initiative. The event covered subjects such as vaccine development, the implications of climate change, and transforming philanthropy for “equity, justice, and impact.”
  • SBF is slated to be a featured speaker at a summit hosted by the New York Times on Nov. 30, along with BlackRock CEO Larry Fink, New York City Mayor Eric Adams (D), and Ukrainian President Volodymyr Zelenskyy. Tickets for the event cost $2,499.
  • Bankman-Fried, a self-proclaimed “effective altruist,” was hyped up by the media.
  • CNBC investment personality Jim Cramer championed SBF as “the JP Morgan of his generation.”
  • “Shark Tank” star investor Kevin O’Leary previously said of FTX, “If there’s ever a place I could be, that I’m not going to get in trouble, it’s gonna be at FTX.”
  • CNBC reporter Kate Rooney lauded Bankman-Fried as the “Michael Jordan of crypto.”
  • Bloomberg previously said of the FTX founder, “Sam Bankman-Fried drives a Corolla, sleeps on a beanbag, and has a Robin Hood-like philosophy.”
  • In a new interview, Bankman-Fried confessed that he used his virtuous stances as a front to win the game.
  • Vox reporter Kelsey Piper – who interviewed Bankman-Fried through direct messages on Twitter – said to the former FTX CEO, “You were really good at talking about ethics for someone who kind of saw it all as a game with winners and losers.”
  • SBF responded, “Ya, hehe. I had to be, it’s what reputations are made of, to some extent. I feel bad for those who get f***ed by it. By this dumb game we woke westerners play where we say all the right shiboleths [sic] so everyone likes us.”
  • When asked if his “ethics stuff” was “mostly a front,” SBF replied, “Yeah. I mean that’s not all of it but it’s a lot.”
  • In the summer, SBF said that companies should not engage in unethical practices. However, when pressed by the Vox reporter, he admitted, “Man all the dumb s**t I said.”
  • Speaking about investors focusing on Environmental, Social, and Governance (ESG), he declared, “ESG has been perverted beyond recognition.”
  • SBF exclaimed, “F*** regulators. They make everything worse. They don’t protect customers at all.”
  • Bankman-Fried said it was “never the intention” to squander away investors’ money, but “sometimes life creeps up on you.”
  • “I f**ed up big multiple times,” he added.
  • SBF said his biggest regret was FTX filing for bankruptcy. He believes that “everything would be 70% fixed right now” if he hadn’t declared bankruptcy. He calls the bankruptcy his “biggest single f***up.”
  • Bankman-Fried said if he could do it all over again, he would have “more careful accounting” and separated his hedge fund Alameda Research from FTX.
  • John Jay Ray III – a bankruptcy expert with more than 40 years of restructuring experience who liquidated Enron – was appointed the CEO of FTX.

In a filing with the U.S. Bankruptcy Court for the District of Delaware, Ray said, “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”

“In the Bahamas, I understand that corporate funds of the FTX group were used to purchase homes and other personal items for employees and advisors,” Ray wrote in a 30-page document. “I understand that there does not appear to be documentation for certain of these transactions as loans, and that certain real estate was recorded in the personal name of these employees and advisors on the records of the Bahamas.”

Bankman-Fried is reportedly selling his Bahamian penthouse dubbed “the Orchid” in the exclusive private community of Albany, located in Nassau, for nearly $40 million.

Leftists Want To Control Your Money So They Can Control You


REPORTED BY: KYLE SAMMIN | FEBRUARY 23, 2022

Read more at https://thefederalist.com/2022/02/23/leftists-want-to-control-your-money-so-they-can-control-you/

Bitcoin in front of computer chip

Last week, Canadian Prime Minister Justin Trudeau announced the suspension of Canadians’ rights last week in his invocation of the Emergencies Act to stop the Freedom Convoy protests in Ottawa and elsewhere. Among the restrictions announced are greater controls over the online crowdfunding sites that help to fund the protesters and attempts to control the flow of cryptocurrencies like Bitcoin. According to news reports, “credit card processors and fund-raising services will be required to report any blockade-related campaigns to Canada’s anti-money laundering agency.” Canadian banks quickly fell in line with the decrees, with Toronto-Dominion Bank freezing two personal bank accounts containing C$1.4 million ($1.1 million) they said was intended to support the truckers.

It bears a striking resemblance to the Biden administration’s recent efforts to intensely monitor what goes in and out of Americans’ bank accounts. The president’s expected announcement this week of an executive order to explore greater regulation of cryptocurrency is likewise an attempt to stick the state’s nose ever deeper into the average citizen’s business.

You Don’t Control Your Money Like You Used To

We’ve grown used to the idea that the government has a monopoly on money. Coining money is one of those powers of the state that most people never consider, like building roads or controlling national borders. Our money has dead presidents on it — it’s plainly a government operation. Where else would money come from, right?

But before the rise of electronic money transfers — the electronic bill-pay, direct deposit, and credit and debit card purchases we make every day now — whether the dollar bill in your wallet was issued by a bank (as in the early days of the republic) or by the Federal Reserve (as they are now) did not much matter. It was yours. No one knew what you spent it on unless you chose to tell them. That meant greater privacy, both from your neighbors and from your government. But it also entailed risk. Cash could be stolen, lost, or destroyed, and there was no way to get it back. And it was cumbersome, especially as inflation ate away at the value of a dollar. Could you bring cash for a down payment on a house? Sure. It still happens. But hauling a suitcase full of cash invites the scrutiny of thieves and the state — even when it’s completely legal.

The convenience of electronic money has been clear for decades now, but the dark side is showing itself this year like never before. All of the convenience of moving money around effortlessly comes at the cost of losing control over it.

How Goverment Uses Control of Your Money to Control You

These digital transfers feel, to most of us, like magic. A volley of ones and zeros flies through the cybernetic ether and — poof! — your electric bill is paid. But in truth, the data is routed through banks, and there are fewer of them all the time. Those remaining, many-times-merged financial giants that handle our affairs are, for all their clout and power, susceptible to government pressure.

We have seen it already when the Obama administration leaned on banks to refuse to deal with people involved in marijuana or the sex trade, even where those businesses were legal at the local level. No federal law gave them this power: the threat was enough. And where people keep money in cash, the government often finds a way to take it without even bothering to charge the owners with a crime.

Trudeau’s emergency measures take advantage of these pressure points and lean on banks to choke off the complete flow of money to and from those he deems enemies of the state. No charges, no trial, just shutting it down. Now Trudeau’s government wants to make these “temporary” measures permanent. The slippery slope is usually not so steep, but these are strange times.

Governments have always used the word “emergency” to do what they want and to trample the liberties of the dissenting minority. Control over our money makes that easier than ever. Even the more self-sufficient among us engage in trade and unless you choose to live like a hermit, money is a part of that.

How Crypto Challenges the Government Monopoly on Money

Governments understand that alternatives to state-issued money, like cryptocurrency, are a threat to that hegemony. Trudeau and Biden demonstrate that in their recent efforts to control Bitcoin and other cryptocurrencies. But the beauty of these new systems is that they are made, purposely, to be beyond the control of any person or government.

When Bitcoin launched more than a decade ago, most of us (myself included) barely understood what it was or how it worked. Fake money for dark web mischief, I figured, an eventual failure at best, a scam at worst. Yet here we are in 2022, where government-issued money is eroded by inflation and controlled by statist decrees. They leave peaceful opponents with a choice between the old (gold) or the new (crypto). And crypto is a heck of a lot easier to carry around.

In deciding an earlier banking law question in McCulloch v. Maryland in 1819, Chief Justice John Marshall said that “the power to tax involves the power to destroy.” Two centuries on, we could apply a modern twist: the power to regulate involves the power to control.

Cryptocurrency was just a passing fad until government overreach made it a necessity. Decades of deficit spending have inflated the currency and decades of creeping statism have given the government massive power over how money is used. The government’s monopoly on money has failed and, like it or not, cryptocurrency is at least part of the answer.


Kyle Sammin is a senior contributor to The Federalist, the senior editor of the Philadelphia Weekly, and the co-host of the Conservative Minds podcast podcast. Follow him on Twitter at @KyleSammin.

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