2023-11-03 12:03:40
As is well known, you are in God’s hands in court and on the high seas. Apparently Sam Bankman-Fried wasn’t in very good shape for divine assistance in the courtroom. Guilty on all counts. Even if the sentence has not yet been determined, the 31-year-old founder of the crypto exchange FTX will have to spend decades behind bars – rightly so.
The fraudster’s line of defense seemed bizarre from the start. Trying to present the image of someone ignorant was implausible from the start. In addition, ignorance does not protect against punishment.
Bankman-Fried has created a billion-dollar empire with FTX. The business model seemed modern and promising in a world in which so much revolves around transformation and disruption. Crypto, Bitcoin, Blockchain – this is the stuff the dreams of return-hungry investors are made of. Here too: rightly so.
There is never total security
These new technologies are already changing political, social and economic thinking and work. Quite a few people even see the further development of the blockchain as a greater revolution than the invention of the Internet, the World Wide Web. Investing in these and related technologies, applications, business models and new companies is right and important and not just due to investor greed.
Bankman-Fried is now also a convicted fraudster, like there are many in history. The financial and stock broker Bernie Madoff is remembered for installing a fraudulent pyramid scheme that ultimately left $65 billion in damages, making it one of the largest fraud cases in history. The perfect security system does not exist and will not exist even with artificial intelligence.
Published/Updated: Recommendations: 58 Sarah Huemer Published/Updated: Recommendations: 15 Inken Schönauer and Jan Hauser Published/Updated: Recommendations: 1
In the world of big money, alongside the adrenaline of success, the greatest fears determine business. One fear is that of total loss. The other is even bigger. The fear of missing out on a really big opportunity. This will remain and will continue to direct money into promising but also uncertain companies. Despite all the risks, this fear is the lubricant for financing, for success and for returns. The fraudster Sam Bankman-Fried won’t change that. That’s right!
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