Daily Crypto NewsEDITION #859, 03 November 2023

The Fall of Sam Bankman-Fried: Conclusions

Today it became known that Mr. Sam Bankman-Fried is heading to prison. The maximum sentence for the former head of FTX exchange is 115 years. Sam has been found guilty on all seven counts of charges.

Crypto Twitter resembles the streets of a metropolis during a festival or football matches. Everyone is talking about the same thing: some are joking, some are simply celebrating, some are building theories – but the tweets all revolve around the same topic.

At the end of 2022, we made a video about the lessons from Sam Bankman-Fried in Russian. Now, at the practical end of 2023, we want to remind you of some of them and add some new observations:

Crypto Kills the Main Characters

This was already mentioned by Fantom developer Andre Cronje. Not just crypto, in general. In the book "Reminiscences of a Stock Operator," all the top players either ended up committing suicide or in prison. Remember that we are in a VERY risky market, so...

Rise High – Prepare to Fall

Most likely, none of us will be able to attain as much power and wealth as Sam did, and we won't make it to the global top. In any case, remember that your successes today can become your biggest failures tomorrow, and vice versa. There's no need to get arrogant and overly confident.

People from the "TV" are Fake

We often suffer not from real problems but from comparing ourselves to virtual personalities. 

"This one is richer, this one is more beautiful, this one is smarter, this one is more successful" - and so on. 

Remember that 99% of people from the "TV" (meaning the media) are simply well-constructed PR personas or, to put it bluntly, complete BS.

Sam wasn't even a vegan, despite boasting about his veganism at every opportunity. In an industry where insane earnings are at stake, you have to lie like crazy to get noticed.