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/biz/ - Business & Finance

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52467108 No.52467108 [Reply] [Original]

Here's a picture of the 'balance sheet' that the bankman gave cz during the FTX bailout discussion. It's a fucking mess. The best part has to be the off sheet 'fiat@' account with $-8 billion.

>> No.52467159
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52467159

>>52467108
Jannies eat bigger ass

>> No.52467192

>>52467108
> putting an apology in on a data spreadsheet
lmao, he should have also put in a guide to accessing the excel credits game

>> No.52467300

Is this real? There is no way a billion dollar exchange was run by people whose financial literacy is typified by this poorly put together spreadsheet.

Almost 1.5 billion in illiquid "other ventures"?

>> No.52467337
File: 975 KB, 1125x1780, 1599443503488.jpg [View same] [iqdb] [saucenao] [google]
52467337

>>52467108
-200 mil to Gemini. Bankman still managed to FUCK me.

>> No.52467426

>>52467108
absolutely embarrassing analysis and presentation

t. accountant

>> No.52467432

>>52467300
>Is this real? There is no way a billion dollar exchange was run by people whose financial literacy is typified by this poorly put together spreadsheet.

it was because these places are not banks or stockbrokers and are not dealing with real money as far as regulators are concerned

>> No.52467438

>>52467300
im also amazed and horrified by the whole nonchalance
like i get it you run things as a CEO, no need to be an accountant since youd probably hire one (or a team of them) but this is straight up illiteracy at a mindbogglingly bad level

>> No.52467453

>>52467426
How could he possibly think this was acceptable to present to another exchange re a buyout?

Can you workout what the @fiat account thing means? Why is it -8 billion yet hes treating it as some small thing that got overlooked?

>> No.52467530

>>52467108
Holy shit this isn't even a balance sheet. Where is Assets = Liab + Equity? There are no real line items either, what the fuck is this? Crypto people are clearly not adapt enough to run shit like this. Embarrassing

>t. bank accountant

>> No.52467550

>>52467530
>a centralized company has a terrible balance sheet
>crypto is retarded!

>> No.52467615

>>52467550
Go in Balancer's discord. Or AAVE. Or Maker. All these defi platforms have teams that understand 0 about accounting principals and are literally managing billions. "Code is law" until you're unbalanced. But wait, there is never a fucking A = L + EQ check ever!

Coders are not accountants nor financiers. They have no real business in money. Sorry not sorry, this needed to be said and this SBF shitshow proves it.

>> No.52467635

>>52467550
if a retard can't even put together a proper balance sheet, what confidence do you have in his ability to meet liquidity and solvency demands?

>> No.52467706
File: 78 KB, 600x800, 3208E932-A759-408F-BA59-F83F191D4F76.jpg [View same] [iqdb] [saucenao] [google]
52467706

>Is this real? There is no way a billion dollar exchange was run by people whose financial literacy is typified by this poorly put together spreadsheet.

>> No.52467723

>>52467615
Surely they had to have some accountants on staff?

>> No.52467731

>>52467550
Sounds about right, it is retarded if someone so financially illiterate became the number 2 in the space in a matter of 2-3 years.

Its very good for the long term health that FTX is kill, along with anyone dumb enough to use them.

>> No.52467749

so they got bankrupt before selling any of those tokens right? are those locked now for years until the court decides?

>> No.52467801

It came out by Jason Choi that SBF was created tokens out of thin air with multiple billions in total supply but only offering 1% of the supply to the FTX platform. This created massive discrepancies in available liquidity. So the token had a circulating supply of say 1,000,000 but a fully dilluted value of $20B. Then all the insiders just dumped on FTX and even in some cases had swaps and perps to lock in their gains despite no liquidity.

HOWEVER this was put on the SBF balance sheet at its billion dollar fully dilluted value and loaned against when there was never enough liquidity whatsoever to actually liquidate those balance sheet positions.

These are called "Sam Coins"

OXY, MAPS, SRM, etc.

>> No.52467843
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52467843

>>52467108
>perceived leverage : 0x
>actual leverage : 12x
Man, those jews.... They truly are something else..

>> No.52467879

>>52467615
Because their devs, fucking retard, aava has nothing to do with accounting

>> No.52467889

guys wtf is @fiat

>> No.52467905

>>52467635
huh?
>>52467731
FTX also had stock futures, are stocks retarded now too? Because some company is run like shit?

>> No.52467952

>>52467723
the accountants never lasted past the first orgy

>> No.52467985

>>52467889
Its probably the money ftx 'loaned' Alameda.
It's cool, though. They've got all that FTT and SRM that can serv as customer reserves.

>> No.52468000

>>52467108
Wait that's an actual balance sheet? I track my shitcoin investments better than this

>> No.52468029

>>52467952
probably died of multiple incurable STDs

>> No.52468356

>>52467801
Lol, what the fuck. Just look up SRM on coingeko. 100mil market cap, fully diluted valuation 3 fucking billion. How can you even put that in your balance sheet?

>> No.52468557

>>52467108
i can feel the >accute fear that must be boiling over sam, especially when in custody of authorities and slowly going through long term stim abuse withdrawal
enjoy the cold sweats and paranoia knowing that your balance sheet is going to eat you up while everyone else laughs at the weasel meme!

>> No.52468593

>>52468356
Yes, exactly this. And then he put it on his balance sheet at around $3B because he and other VCs had the entire supply of the $3B. Then they did spoofing and wash trading by Alameda on FTX to fake 20-30 million of volume every day.

>> No.52468856

No wonder CZ immediately backed out lol. How TF did FTX not have any accountants? Seems like Sam was doing all the accounting in scratch notes with no idea how to take an actual account of things. I guess if he had an accountant he wouldn't have any plausible deniability, he's only guilty of willfull ignorance.

>> No.52468983

>>52468856
>No wonder CZ immediately backed out lol.
kektThat spreadsheet is about one or two steps above writing your assets on the back of a KitKat wrapper

>> No.52469033

Would be funny if FTX had 6 million creditors, then we can bring up our 6 million to counter their 6 million.

>> No.52469084

>>52467108
>Spends 7m of your customer money on TRUMPLOSE token and loses it do to it rugging.

[Pepe with dark shadow covering eyes.gif]

>> No.52469114
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52469114

>>52469084
Meth is a hell of a drug

>> No.52469407

I can take a dex right now and create a token with 10 trillion supply and only add $1 worth to the liquidity pool. On my balance sheet I am the richest person on earth because the FDV of the coin is now $10 trillion.

>> No.52469999

>>52468593
He counted this by the max supply (10B) and SRM price that was $0.8 "before this week". So $5B worth of SRM is pure hypothetical worth.

>> No.52470498

>>52469999
Yes you can see the SRM holdings dropping by about $10B so this was one of the biggest holdings that caused the gap. It will never return because there was never that amount of value out there. Even selling 2% of it would collapse the price.