The cost of skipping steps
Posted: Wed Feb 12, 2025 9:45 am
In a Twitter thread, Bankfield-Fried himself admitted to making accounting mistakes. Even before the scandal, he had been surprisingly clear about what a fraud his company was, stating that his wealth was in “mostly illiquid” assets. In an interview where it was suggested that he was in the Ponzi business, Bankfield-Fried responded that it was a “quite reasonable” conclusion. (!)
The company was totally unregulated, without any financial checks and balances. One investor told Forbes that they only had access to FTX’s balance sheets as part of due diligence, which “seemed fine.”
Again, it seems that the need to believe in the list of mobile number database exciting possibility of the new blinded everyone to the obvious: Bankfield-Fried was gambling on air.
“Fake it till you make it” should not be taken literally. If your device that is supposed to revolutionize the world of medicine doesn’t work yet, you better not put it on the market or accept millions of dollars from investors. If you have problems with accounting, don’t start an exchange.
New generations can revolutionize many things and change processes, but some are fundamental and cannot be bypassed. Science is slow, it requires trial and error. Dropping out of college to start a company does not automatically make you the new Steve Jobs. Designing a device that actually works might! And God knows it wouldn’t have hurt Elizabeth Holmes to stay in school and take subjects like “Biomedical Ethics”.
The company was totally unregulated, without any financial checks and balances. One investor told Forbes that they only had access to FTX’s balance sheets as part of due diligence, which “seemed fine.”
Again, it seems that the need to believe in the list of mobile number database exciting possibility of the new blinded everyone to the obvious: Bankfield-Fried was gambling on air.
“Fake it till you make it” should not be taken literally. If your device that is supposed to revolutionize the world of medicine doesn’t work yet, you better not put it on the market or accept millions of dollars from investors. If you have problems with accounting, don’t start an exchange.
New generations can revolutionize many things and change processes, but some are fundamental and cannot be bypassed. Science is slow, it requires trial and error. Dropping out of college to start a company does not automatically make you the new Steve Jobs. Designing a device that actually works might! And God knows it wouldn’t have hurt Elizabeth Holmes to stay in school and take subjects like “Biomedical Ethics”.