David Schwartz, the chief technology officer of Ripple Labs and a co-creator of XRP Ledger and XRP, has taken to Twitter to somewhat defend FTX founder Sam Bankman-Fried’s reputation of being called a Ponzi creator.
As CoinGape earlier រាយការណ៍ today, SBF announced that he had filed for FTX and Alameda Research bankruptcy, upon failing to meet a $9 Billion hole in their financial records.
អានបន្ថែម: ឯកសារផ្លាស់ប្តូរ FTX សម្រាប់ការក្ស័យធន
Twitter Debates Over FTX’s Ponzi Link
Following this, Twitter is abuzz with SBF orchestrating a large-scale Ponzi scheme through its FTX.com and therefore comparing him with the likes of Bernie Madoff. Ripple’s CTO however believes that there are “huge apparent differences” between the two, but then again, he admits that FTX ended up being a Ponzi later on.
David’s Take on SBF vs Madoff
According to Schwartz, សាមធនាគារមេន-ចៀន appears to have started FTX as a legitimate cryptocurrency business before it gradually turned into a pyramid scheme, in contrast to Bernie Madoff who intentionally started with a Ponzi scheme in the hopes of later replacing it with a legitimate business, but instead created the largest Ponzi in history worth nearly $65 billion.
He believes that when ស្រាវជ្រាវអាល់ម៉ានដា started to lose money, FTX gradually started to become a Ponzi scheme. Another possibility is that the founder of FTX wanted the company to increase its profitability.
លោកបន្តថា
His scheme ran off the rails either when Alameda starting losing money or he just wanted Alameda to make more money. He put huge, entirely inappropriate risk on FTX, at first possibly to make it more profitable, eventually in an attempt to keep it afloat.
ខ្ញុំកំពុងឃើញ SBF បើប្រៀបធៀបទៅនឹង Madoff ។ មានភាពខុសគ្នាជាក់ស្តែងយ៉ាងធំ យ៉ាងហោចណាស់ឥឡូវនេះ។ Madoff បានចាប់ផ្តើមពី Ponzi ហើយប្រហែលជាគាត់សង្ឃឹមថានឹងជំនួសវាដោយប្រាក់ចំណេញស្របច្បាប់នៅពេលអនាគត។ SBF ហាក់ដូចជាបានចាប់ផ្តើមស្របច្បាប់ បន្ទាប់មកជំនួសវាបន្តិចម្តងៗដោយ Ponzi ។ 1/6
— David “JoelKatz” Schwartz (@JoelKatz) ខែវិច្ឆិកា 12, 2022
Another key difference between the two Ponzies is that whereas Sam Bankman-Fried lent customers money that he was not permitted to do, Madoff made consumers lose money from the get-go.
អានបន្ថែម: មហាសេដ្ឋីវិនិយោគិនដ៏ល្បីល្បាញនេះការពារ SBF របស់ FTX ដោយលុប Tweet ភ្លាមៗ
SBF’s Net Worth Today
At its peak, SBF had a net worth of over $16 billion. But crypto’s once-shining star, lost 98% of his wealth in a single day, following the demise of FTX.
ខ្លឹមសារដែលបានបង្ហាញអាចរាប់បញ្ចូលទាំងគំនិតផ្ទាល់ខ្លួនរបស់អ្នកនិពន្ធនិងស្ថិតក្នុងស្ថានភាពទីផ្សារ។ ធ្វើការស្រាវជ្រាវទីផ្សាររបស់អ្នកមុនពេលវិនិយោគលើគ្រីបគ្រីប។ អ្នកនិពន្ធឬការបោះពុម្ពផ្សាយមិនទទួលខុសត្រូវចំពោះការបាត់បង់ហិរញ្ញវត្ថុផ្ទាល់ខ្លួនរបស់អ្នកទេ។
Source: https://coingape.com/ripple-cto-say-on-ftx-being-ponzi-or-not/