> The real problem behind all these crypto companies is the people who make the money have no concept of what "integrity" is.
You don't need integrity while "the line goes up". Integrity is only for when it goes down. Until recently, the line has been consistently going up. SBF was banking on it going up forever. If it had gone up forever, he would not have been caught!
While the line goes up, integrity just eats into potential profits. It's an extra cost. No business willingly spends extra money they don't have to. That's why regulation and oversight is mandatory.
> ...he taught me that with customer money you cannot get even a single cent wrong.
SBF gave an accounting on FTX holdings with an error margin of "plus-minus 10 billion dollars".
Can you imagine having error bars 20 billion dollars in size!?
For reference, companies with market caps in that range include: Tata Motors, Best Buy, Komatsu, Zoom, East Japan Railway, Mitsubishi Electric, Delta Airlines, or Panasonic!
Sit down and picture telling someone with a straight face that you may or may not have misplaced "value" on the same order of magnitude as an entire airline, or an electronics manufacturer with a worldwide presence built up over seven decades of growth.
"Only in darkness are we revealed. Goodness is not goodness that seeks advantage. Good is good in the final hour, in the deepest pit, without hope, without witness, without reward." -- Nardole
Terrible point of view, you need integrity regardless of whether the line goes up or down. As often, the line goes up DUE TO unethical behavior and poor integrity. The incentive to act without integrity is what often what drives the line going up, when it should have to begin with.
Yes, I can imagine having error bars in 20 billion dollars in size, its what the financial audit space does every single year. It's what keeps companies like you've listed in line, because you audit against a materiality.
You don't need integrity while "the line goes up". Integrity is only for when it goes down. Until recently, the line has been consistently going up. SBF was banking on it going up forever. If it had gone up forever, he would not have been caught!
While the line goes up, integrity just eats into potential profits. It's an extra cost. No business willingly spends extra money they don't have to. That's why regulation and oversight is mandatory.
> ...he taught me that with customer money you cannot get even a single cent wrong.
SBF gave an accounting on FTX holdings with an error margin of "plus-minus 10 billion dollars".
Can you imagine having error bars 20 billion dollars in size!?
For reference, companies with market caps in that range include: Tata Motors, Best Buy, Komatsu, Zoom, East Japan Railway, Mitsubishi Electric, Delta Airlines, or Panasonic!
Sit down and picture telling someone with a straight face that you may or may not have misplaced "value" on the same order of magnitude as an entire airline, or an electronics manufacturer with a worldwide presence built up over seven decades of growth.