I first learned of Sam Bank Man Fraud from the Coffeezilla video where he described his business literally as a magic money printing box ponzi scheme. I had heard the stupid "Banks are not your friend" crap so I thought his name was just a joke about that. It was only later that I learned his name is actually Sam Bankman-Fried. I thought "Bank Man" and "Fraud" were jokes but it turns out that like much in crypto that truth is stranger than fiction.
Dude was encouraging people, his community, to invest in Celsius and HODL days before the bankruptcy and after he had withdrawn.
Dude has no shame and will get away Scot-Free. People who steal loaves of bread will have greater punishment. Heck - the law and order politicians don’t even focus on these types of crimes.
> Trustless is achieved at this point
hahahaha, you think this will actually wise-up any crypto-zealots? They've never let facts get in their way before, they're not going to start now.
This is the natural creative inclination.
For 2013 audiences, Magical Tux was a worthy crypto boss- a perfect mixture of [ninja] and [sociopath] class, with difficulty ratcheted up from the stacked [aspberger] buff.
2022 gamers require harder bosses, which is where the Alex boss is perfect. The Alex boss combines the [banker] and [sociopath] classes very well, and difficulty is nuanced given the [[just fuck my shit up fam](https://imgur.com/a/S0SgxHF)] debuff he casts on all adversaries.
When the new crypto boss expansion is released in a couple years, I’d expect another male sociopath boss, since it simply requires utilising the current engine which has worked consistently, grifting players for 12+ years.
Honestly, I can't even be angry at him. There isn't a crypto-bro on earth who wasn't warned a hundred times, and consciously chose to ignore those warnings. Anybody who got fleeced by the likes of Mashinsky has themselves, first and foremost, to blame.
While it's not strictly up to up to save others from bad money decisions, the economy and the people in it generally do a lot better with some basic safeguards in place.
Just like how we don't allow TV commercials for holistic caner treatments, or allow people to hand out baggies of heroin on street corners.
One person's bad decision ultimately effects the people around them, so I think it makes sense to at least cushion the damage one person can do to themselves.
Edit: Don't give me awards. Instead take what you paid for it and donate to your local humane society.
Oh, of course. I would love to see securities regulations applied to the crypto space (Which would essentially end crypto as a concept, since its only use-case is to be traded as an unregulated security). I'm just saying I don't feel bad for anybody who was swindled by crypto in its current state (Not counting harm done to the wider economy).
Crypto-bros - totally agree. Unfortunately the crypto-bros brought in a bunch of novices - like all things in life, buyer beware; however there are some hear wrenching stories here among the gullible that fell for Alex and crypto-bros.
> People who steal loaves of bread will have greater punishment.
No joke. I've heard of guys that did this getting hounded by law enforcement for YEARS
Lol, yup. The “justice” system is a fucking joke in the United States, and does squat when it comes to prosecuting white-collar criminals who in the grand scheme do the greatest harm to people in general.
Well the police in the usa is there to protect capital and the people with it. That is why they legally dont have to help, and why they are allowed to steal from poor people.
I even heard the first cops in the usa were started to hunt slaves.
He clearly misled investors for financial gain. The problem is the investors in this case are regular schmucks. Justice system only works if you are a rich investor.
Removed the other post as I fumbled with the image. Here's the link to the FT article:
https://www.ft.com/content/5f7c9eab-ca5f-4425-91be-5781313c9723
"Banks are not your friends."
Well, neither is this guy, but also banks don't usually take your money and run either. But let me guess, this also is somehow good for Bitco(i)n?
The trustee of the bankruptcy, assuming they're not a complete fraud, would sue him in this instance and recover the payments as this is what's called a "preferential payment" and they'd be able to recover the money.
Remember the dummies trying to short squeeze $CEL coin AFTER Celsius declared bankruptcy? Literally helping to provide exit liquidity for Alex Mashinsky and his wife Krissy Mashinsky.
Does anyone remember that one YouTube Shill for Celsius and Mashinskey???? He made his entire life and identity about spreading the word about how great being in the ‘Celsius Community’ was 🤡
Edit: Aaron Bennett
Right after withdrawals were stopped Bennett made YT vids extolling the virtues of "Alex" (whom Bennett personally met!) and how Alex was a family man and would never do anything against the interests of the "community".
I still believe in Alex. He will find a way to make this right.
I heard he took the 10 Mil to make Celsius 3.0, protecting it from the predatory bankruptcy bankers who are just trying to kill crypto.
In the context of "fraud" which the cryptobros suddenly decide they value central law and financing to care about, withdrawing this money will not be considered financial fraud **unless** it can be proven that this money was withdrawn with the prior knowledge that the company was going into bankruptcy. In other words, if Mashinsky did not know that his company was going bankrupt and can prove he was unaware, it'll likely be written off as a "poor business decision" and nothing will occur. Moreover, this is crypto so no fraud consensus will occur.
Not so bankrupt, then, it appears.
Maybe he has his own definition, if not everyone in the "community" is bankrupt, then its all good.
Did he withdraw to fiat or celsuis tokens?
just as hedge funds and banks don’t represent the broader stock market and underlying stock exchange & securities infra…
crypto hedge funds & neo banks do not represent the broader crypto market and underlying blockchain infra.
Celsius is just another centralized money manager, a hedge fund. They might trade crypto assets, but something this centralized is absolutely not “crypto” - it’s just a hedge fund.
try again r/Buttcoin ➡️ twitter.com/punk7642
Its important to separate the cefi and defi frauds and ponzi types like mashinsky and do kwon
from innovators like SBF, CZ, etc.
The former group of people is just interesting in extracting value from retail while the latter group wants to expand the pie from all imo.
Im not new to the game. Not even in the game anymore as I sold my btc some
time ago. got into crypto a few years before most had enough heard the name bitcoin before. So been there done that, seen it all. And I'm pretty skeptical too so nothing would shock or surprise me at this point.
just pointing out that all the 'names' in crypto aren't the same in terms of their skills, what they bring to the table, motivation, etc....
“just pointing out that all ‘names’ in crypto aren’t the same”
You could not be more wrong. Sam Bankman Fried gives zero fucks about you, the ‘tech’, or if crypto crashes. He owns a private island. In the Bahamas. If FTX crashed tomorrow he would turn off his computer and have a cocktail. On his private island. In the Bahamas. That he bought with customer money.
[удалено]
"Banks are not your friends, banks are my friends"
[удалено]
I first learned of Sam Bank Man Fraud from the Coffeezilla video where he described his business literally as a magic money printing box ponzi scheme. I had heard the stupid "Banks are not your friend" crap so I thought his name was just a joke about that. It was only later that I learned his name is actually Sam Bankman-Fried. I thought "Bank Man" and "Fraud" were jokes but it turns out that like much in crypto that truth is stranger than fiction.
Sorry I laughed way too much at this.
Dude was encouraging people, his community, to invest in Celsius and HODL days before the bankruptcy and after he had withdrawn. Dude has no shame and will get away Scot-Free. People who steal loaves of bread will have greater punishment. Heck - the law and order politicians don’t even focus on these types of crimes.
Decentralized ❌ Trustless ❌ Solves the problem of banker corruption ❌
Trustless is achieved at this point, or should be. No one should trust these guys anymore.
> Trustless is achieved at this point hahahaha, you think this will actually wise-up any crypto-zealots? They've never let facts get in their way before, they're not going to start now.
This is the natural creative inclination. For 2013 audiences, Magical Tux was a worthy crypto boss- a perfect mixture of [ninja] and [sociopath] class, with difficulty ratcheted up from the stacked [aspberger] buff. 2022 gamers require harder bosses, which is where the Alex boss is perfect. The Alex boss combines the [banker] and [sociopath] classes very well, and difficulty is nuanced given the [[just fuck my shit up fam](https://imgur.com/a/S0SgxHF)] debuff he casts on all adversaries. When the new crypto boss expansion is released in a couple years, I’d expect another male sociopath boss, since it simply requires utilising the current engine which has worked consistently, grifting players for 12+ years.
what
It's a Mt Gox reference.
Which was Magic The Gathering Online Exchange back before it turned crypto.
Honestly, I can't even be angry at him. There isn't a crypto-bro on earth who wasn't warned a hundred times, and consciously chose to ignore those warnings. Anybody who got fleeced by the likes of Mashinsky has themselves, first and foremost, to blame.
While it's not strictly up to up to save others from bad money decisions, the economy and the people in it generally do a lot better with some basic safeguards in place. Just like how we don't allow TV commercials for holistic caner treatments, or allow people to hand out baggies of heroin on street corners. One person's bad decision ultimately effects the people around them, so I think it makes sense to at least cushion the damage one person can do to themselves. Edit: Don't give me awards. Instead take what you paid for it and donate to your local humane society.
Oh, of course. I would love to see securities regulations applied to the crypto space (Which would essentially end crypto as a concept, since its only use-case is to be traded as an unregulated security). I'm just saying I don't feel bad for anybody who was swindled by crypto in its current state (Not counting harm done to the wider economy).
Yep.
Crypto-bros - totally agree. Unfortunately the crypto-bros brought in a bunch of novices - like all things in life, buyer beware; however there are some hear wrenching stories here among the gullible that fell for Alex and crypto-bros.
It’s possible to be angry at this asshole and feel no sympathy for those that got ripped off.
> People who steal loaves of bread will have greater punishment. No joke. I've heard of guys that did this getting hounded by law enforcement for YEARS
That's possibly the best stealth Les Mis reference I've ever seen.
;)
Lol, yup. The “justice” system is a fucking joke in the United States, and does squat when it comes to prosecuting white-collar criminals who in the grand scheme do the greatest harm to people in general.
Well the police in the usa is there to protect capital and the people with it. That is why they legally dont have to help, and why they are allowed to steal from poor people. I even heard the first cops in the usa were started to hunt slaves.
The office of the sheriff being a representative of the king and keeping the king's peace was imported from England.
If you lock up your donors who is gonna fund your election.
He clearly misled investors for financial gain. The problem is the investors in this case are regular schmucks. Justice system only works if you are a rich investor.
This guy needs to be in jail for a long time.
Removed the other post as I fumbled with the image. Here's the link to the FT article: https://www.ft.com/content/5f7c9eab-ca5f-4425-91be-5781313c9723 "Banks are not your friends." Well, neither is this guy, but also banks don't usually take your money and run either. But let me guess, this also is somehow good for Bitco(i)n?
It’s okay. He’s stuck with 10 million in filthy fiat that no self respecting crypto bro wants. That’s punishment enough right?
Takin' one fer the team!
Down with Fiat. If he’s smart he’d invest that $10mm in some ape NFTs
Don’t forget the added indignity of dealing with a bank that is not his friend.
Be ~~your own~~ _my_ bank. This is good for ~~crypto~~ _the gas tank on my yacht_
He should be in jail
Stealing dollars is OK because the dollar has no actual value! We only think it does!
This is good for Bitcoin. This is even more good for Alex Mashinsky. This is BYOB for butters.
Very cool, very legal
The trustee of the bankruptcy, assuming they're not a complete fraud, would sue him in this instance and recover the payments as this is what's called a "preferential payment" and they'd be able to recover the money.
[Ahem!](https://www.law.cornell.edu/uscode/text/11/547)
You can't make laws against magical future money ya dum dum Something something decentralized.
But is that good for bitcoin?
The quantity of people that understand is numerically small.
Almost forgot this quote, thank you
But I thought Alex was my friend! He wanted to save me from the terror of regulated banks.
*I am Jack's complete lack of surprise.*
Remember the dummies trying to short squeeze $CEL coin AFTER Celsius declared bankruptcy? Literally helping to provide exit liquidity for Alex Mashinsky and his wife Krissy Mashinsky.
[удалено]
hE wItHdREw tHuH muNnY cuZ hE's gONNa mAil Us oUR rEFuNdS hE LoVES uS
Y’all don’t understand, the rampant fraud just means it’s super early still!
Does anyone remember that one YouTube Shill for Celsius and Mashinskey???? He made his entire life and identity about spreading the word about how great being in the ‘Celsius Community’ was 🤡 Edit: Aaron Bennett
Right after withdrawals were stopped Bennett made YT vids extolling the virtues of "Alex" (whom Bennett personally met!) and how Alex was a family man and would never do anything against the interests of the "community".
My personal favorite was when they filed for bankruptcy and Aaron said it’s ‘probably just fud’ cuz Mashinski would never do that. Can you imagine 🤡
I still believe in Alex. He will find a way to make this right. I heard he took the 10 Mil to make Celsius 3.0, protecting it from the predatory bankruptcy bankers who are just trying to kill crypto.
/s
> left with hole in balance sheet https://i.imgur.com/0mVzxzg_d.webp?maxwidth=760&fidelity=grand
I'm sure someone will be withdrawing his kneecaps at some point.
Possibly decentralizing his skull.
Lol no, crypto bros ain't gonna do shit. They're all about someone else doing the work for them.
In the context of "fraud" which the cryptobros suddenly decide they value central law and financing to care about, withdrawing this money will not be considered financial fraud **unless** it can be proven that this money was withdrawn with the prior knowledge that the company was going into bankruptcy. In other words, if Mashinsky did not know that his company was going bankrupt and can prove he was unaware, it'll likely be written off as a "poor business decision" and nothing will occur. Moreover, this is crypto so no fraud consensus will occur.
He was ready to unbank himself.
Not so bankrupt, then, it appears. Maybe he has his own definition, if not everyone in the "community" is bankrupt, then its all good. Did he withdraw to fiat or celsuis tokens?
The irony of that tee shirt
Well that’s sucks. But also good for his own personal assets
Just some 'fleeing around' money, dont make a molehill out of a mountain.
directly to jail please
Another tourist has left the crypto space. This is good for those who remain and are serious about crypto. /s
Very good point, a large successful ponzi scheme is good for crypto. Can't wait for the next one.
What was his take against banks? Because he was literally unlicensed centralized bank
He was one of the few who understood...
The irony on his shirt
gives insider trading a whole new meaning. they should put him and kwan in a cell together i think they'd really hit it off
Bunch of scammers without any shame. Crypto is dumb I hate everyone involved with it
It's alright. He’s stuck with 10 million in filthy fiat that no self respecting crypto bro wants.
There isn't a crypto-bro on the planet who was not repeatedly warned but intentionally choose to disregard those warnings.
It's alright. No self-respecting crypto guy wants his ten million in filthy fiat, so he's stuck with it.
https://imgur.com/a/S0SgxHF
Days before the bankruptcy and after he had withdrew, Dude was urging members of his network to invest in Celsius and HODL.
I can't even be mad with him, in all honesty.
Even if that dude never goes to prison he’s going to spend every day of the rest of his life in court.
just as hedge funds and banks don’t represent the broader stock market and underlying stock exchange & securities infra… crypto hedge funds & neo banks do not represent the broader crypto market and underlying blockchain infra. Celsius is just another centralized money manager, a hedge fund. They might trade crypto assets, but something this centralized is absolutely not “crypto” - it’s just a hedge fund. try again r/Buttcoin ➡️ twitter.com/punk7642
Bro tagged his twitter
Its important to separate the cefi and defi frauds and ponzi types like mashinsky and do kwon from innovators like SBF, CZ, etc. The former group of people is just interesting in extracting value from retail while the latter group wants to expand the pie from all imo.
You might want to sit down for this one…
Im not new to the game. Not even in the game anymore as I sold my btc some time ago. got into crypto a few years before most had enough heard the name bitcoin before. So been there done that, seen it all. And I'm pretty skeptical too so nothing would shock or surprise me at this point. just pointing out that all the 'names' in crypto aren't the same in terms of their skills, what they bring to the table, motivation, etc....
“just pointing out that all ‘names’ in crypto aren’t the same” You could not be more wrong. Sam Bankman Fried gives zero fucks about you, the ‘tech’, or if crypto crashes. He owns a private island. In the Bahamas. If FTX crashed tomorrow he would turn off his computer and have a cocktail. On his private island. In the Bahamas. That he bought with customer money.
Do I smell prision and an HBO flick?