Crypto Billionaire Sam Bankman-Fried Doles Out Credit Lines to Stem Contagion | Crypto Craft

  • Crypto Billionaire Sam Bankman-Fried Doles Out Credit Lines to Stem Contagion

    From bnnbloomberg.ca

    Sam Bankman-Fried, the crypto billionaire who co-founded digital-asset exchange FTX Trading Ltd., is providing credit lines to try to stem contagions for his beleaguered industry. Crypto lending platform BlockFi Inc., which had been raising funds at a reduced valuation, said on Tuesday that it secured a $250 million revolving line of credit from FTX. Last week, crypto exchange Voyager Digital Ltd., whose shares are down 90% this year on Toronto Stock Exchange, got a $200 million credit line -- a mix of cash and USDC stablecoins -- as well as a separate, 15,000-Bitcoin revolving facility from Alameda Research, ... (full story)

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Goat
Jun 21, 2022 8:34pm
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Sam must know BlockFi is a ponzi. I understand he wants to save his industry, but how does a ponzi bailout help that cause?
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Goat
Jun 27, 2022 11:11am — Edited
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Mystery solved. Sam is not as wise as I thought he was.

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Sam is basically arguing for a new type of economic structure, but the structure is exactly that of a security. He describes a "box", but that box has been called a "corporation" for a couple hundred years.

There is a reason securities are highly regulated. It's same reason casinos are regulated: humans are vulnerable to certain financial tricks.

Sam is extremely smart and has accomplished a lot with his intelligence. But wisdom is something different.
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