bit¢oin$

good article but i want everyone involved to be thrown into an active volcano

keep anne selvey, she has a funny voice and like robin hood only scammed the rich to give to the poor (herself)

tbf its handy for wash trading too sure the whales already have their ways to do it but what about the lil guy who wants to pump n dump some shit coin whos looking out for him

Here comes another fraudulent Tether exchange, which openly admits to being a no-KYC/AML money laundering exchange.

It makes sense for Tether to integrate with more money laundering operations. How else would terrorists launder their money?

Tether 🤝 Terrorist money laundering. pic.twitter.com/1RdDNHweb2

— Bitfinex’ed 🔥🐧 Κασσάνδρα 🏺 (@Bitfinexed) April 11, 2023

Bitcoin miners can also avoid fees Texas charges to maintain and bolster the power grid by strategically powering down during peak demand, when those fees are assessed. And when power prices are high, the miners can also shut down and resell their allotted electricity — which they prepurchase at low rates — for hefty profits.

The Times gave two examples of how this works. During 2021's Winter Storm Uri, during which about 40 Texans froze to death during extended blackouts, ERCOT paid Bitdeer's Bitcoin mine in Rockdale an average of $175,000 an hour for not operating, earning the company more than $18 million over four days — "from fees ultimately paid by Texans who had endured the storm," the Times adds. Another Bitcoin company made tens of millions reselling electricity during Uri.

https://theweek.com/in-depth/1022698/how-voracious-bitcoin-mining-is-messing-with-texans

jfc

Just the markets at work, nothing to see here.

Every use case that gets touted for bitcoin turns out to be something that actively makes the world worse without even a positive side effect.

We screwed up and we are sorry.

Yesterday we shared an overview of the $pepe meme coin to provide a fact-based picture of a trending topic. This did not provide the whole picture of the history of the meme and we apologize to the community.

— paulgrewal.eth (@iampaulgrewal) May 11, 2023

An NFT of Jack Dorsey's first tweet bought for $2.9M is now valued at less than $4 pic.twitter.com/yQGjT2pUbI

— Stocktwits (@Stocktwits) July 21, 2023

not what that picture says -- it's listing all current bids, the biggest of which is $47.

it had a top bid of $280 last year.

tether untethering?

hilarious vulnerability discovered in popular wallet tool, accounts being drained of funds: https://milksad.info/

but but but public ledger

lmao

lol

If you do that, is it even a crime?

not so much a crime as a civic responsibility imo

also lol

In 30 minutes: a hearing on whether Sam Bankman-Fried will be remanded to jail after leaking to the press private diary entries of a witness in his case.

See my past coverage of this:
• https://t.co/Q83XlNt69b
• https://t.co/WCbaAWSkCT
• https://t.co/n3KPYDsefe

— Molly White (@molly0xFFF) August 11, 2023

Sam Bankman-Fried's bail has been revoked.

— Molly White (@molly0xFFF) August 11, 2023

he needs to work on being more subtle with his crimes

bankman sr and the mooch in trouble

Because of Daddy Bankman the Mooch was able to execute his/Skybridge exit agreement with #FTX the day before FTX entered bankruptcy....its always good to have a shadow director on speed dial. https://t.co/R8v40ggU7k pic.twitter.com/nhCsHDkuKb

— @intel_jakal (@intel_jakal) August 13, 2023

Bitcoin trading volume is at its lowest in more than four years https://t.co/vCshqfxTu3

— CNBC (@CNBC) August 28, 2023

Bitcoin trading volume is at its lowest in more than four years https://t.co/vCshqfxTu3

— CNBC (@CNBC) August 28, 2023

SBF's father was unhappy with his salary at FTX US so he emailed SBF asking for more money, and then pulled the "I'm telling your mother" Dad move and looped SBF's mom into the email thread pic.twitter.com/jJaHFqpI7Z

— Conor (@jconorgrogan) September 19, 2023

levine on tether

The Tether conspiracy theories weren't conspiracy theories after all? Because it sure sounds like Tether's spokesperson just admitted to them.

via @matt_levinehttps://t.co/tUfxTG0LiJ pic.twitter.com/RyXBJuQ33U

— John Paul Koning (@jp_koning) September 22, 2023

blessed news

Sam Bankman-Fried will take the stand to defend his actions in the lead-up to the collapse of his digital-asset empire https://t.co/V2RDzHXxuN

— Bloomberg Wealth (@wealth) October 25, 2023

YES

recalling when he declared himself one of the worlds great persuaders, silicon valley guys giving him all that money really fucked with his head lol

then you hear him talk and its like um yeah uhh so the thing you have to understand is i forgot to look at the spreadsheet

SBF: *comes back into Zoom frame with giant spaghetti sauce stain on his pajama shirt* "Uh, sorry, uh, what? Yeah, *BUURRRRRP* we are well capitalized."
VCs: "This man is a genius who doesn't need to play by conventional rules."

one of the things vcs loved him for was saying he wanted people to be able to buy a banana with their app lmao

the best part was how he'd play league of legends during VC calls and that was written up glowingly in his a16z profile

The Zoom went well for all concerned. SBF looked relaxed as he answered questions, talking, as he usually does, in complete paragraphs about topics of extreme complexity. Ramnik Arora, FTX’s head of product and another ex-Facebook engineer, remembers the meeting clearly: “We’re getting all these questions from Sequoia toward the end. He’s absolutely fantastic.” Arora locks eyes with me, and I am mesmerized. Arora is intense—calling to mind a Bollywood version of Adrian Brody. “Unbelievably fantastic,” he says, shaking his head.

Bailhe remembers it the same way: “We had a great meeting with Sam, but the last question, which I remember Alfred asking, was, ‘So, everything you’re building is great, but what is your long-term vision for FTX?’”

That’s when SBF told Sequoia about the so-called super-app: “I want FTX to be a place where you can do anything you want with your next dollar. You can buy bitcoin. You can send money in whatever currency to any friend anywhere in the world. You can buy a banana. You can do anything you want with your money from inside FTX.”

Suddenly, the chat window on Sequoia’s side of the Zoom lights up with partners freaking out.

“I LOVE THIS FOUNDER,” typed one partner.

“I am a 10 out of 10,” pinged another.

“YES!!!” exclaimed a third.

What Sequoia was reacting to was the scale of SBF’s vision. It wasn’t a story about how we might use fintech in the future, or crypto, or a new kind of bank. It was a vision about the future of money itself—with a total addressable market of every person on the entire planet.

“I sit ten feet from him, and I walked over, thinking, Oh, shit, that was really good,” remembers Arora. “And it turns out that that fucker was playing League of Legends through the entire meeting.”

“We were incredibly impressed,” Bailhe says. “It was one of those your-hair-is-blown-back type of meetings.”

Not only that, Arora says, but League of Legends is the kind of multiplayer online battle arena video game where every four minutes or so of tactical maneuvering is punctuated by ten seconds of action known as a gank—gamer slang for “gang killing”—where you and your team gang up on an enemy. “There’s a fight that happens, basically,” says Arora, who was watching over SBF’s shoulder as he answered that final question from Sequoia, “and I’m like, This guy is fucking in a gank!”

The B round raised a billion dollars. Soon afterward came the “meme round”: $420.69 million from 69 investors.

https://web.archive.org/web/20221027180943/https://www.sequoiacap.com/article/sam-bankman-fried-spotlight/

i dont know anything about league of legends but apparently for the time he put into it hes not very good, there was a tweet from noted gamer AOC like hes only bronze 3

then you hear him talk and its like um yeah uhh so the thing you have to understand is i forgot to look at the spreadsheet

― lag∞n, Wednesday, October 25, 2023 11:10 AM (one hour ago) bookmarkflaglink

Elon Musk is also like this, back when the media was fawning over him nonstop (pre Thai cave submarine I guess) I watched a few videos of him speaking and thought he might honestly be the worst public speaker I've ever seen. he can barely put a sentence together and has less charisma than Mike Pence. anyway, I very much welcome this development

i think theres a thing operating where these guys sound so dumb some people assume they must be iconoclastic geniuses

especially when theyre telling them what they want to hear

apparently the game that he'd play a lot was something called "Storybook Brawl," which FTX later acquired. I guess it's from someone who had worked on Magic the Gathering video game projects, and in the aftermath of the purchase a bunch of Magic players (and some events) in the same social circle had a lot of boosting of crypto, sponsorship, etc. and when FTX blew up they all quickly swept it under the rug

apparently it also tanked the company that made Storybook Brawl

ran into a discussion online where people were saying that some Magic pro's discord had ~crypto drama~

lol gotta love it

kinda funny how one of his big ingenious innovations was celebrity endorsements

I think he did play League of Legends for a while but people have tried to retroactively act like the Storybook Brawl thing didn't exist because they wanted to act like it never happened. So any reference to it is now "uhh he was playing League"

one of the funny things he with investor money was give $200m to this fund, that was really more of a celebrity match making service, which the owners promptly put directly in their pockets

The court showed a spreadsheet of investments made in 2021. They included $1 billion to Genesis for a mining company, $499 million to startup Anthropic and $200 million to investment firm K5.

Singh said the K5 outlay was most troubling. He said Bankman-Fried sent him a term sheet detailing hundreds of millions of dollars of bonuses to the owners, Michael Kives and Bryan Baum. That followed a K5 dinner Bankman-Fried attended alongside Hillary Clinton, Katy Perry, Orlando Bloom, Leonardo DiCaprio, and Kris and Kylie Jenner.

that anthropic, an ai company naturally, investment is the one that did well btw, people are saying it could cover all the ftx losses but even if thats true according to some valuation can you really sell billions of dollars of shares in some early stage startup probably not

with the amount of money they were splashing around it was possible something would eventually make money and they could close the loop on some of the scamming

but I don't think they ever really made concrete plans in that direction!

I just looked and the FTT token is still trading on other platforms. The origins of it, where it was pure nonsense backed by nothing, make no difference. It's basically trading ($1.27) for the price it opened at ($1.20)

yeah its unclear what the plan was, seems more like one of those low end scams that only end one way than an attempt a serious white collar criminality

I think there was testimony about SBF saying that a bet that led to either the end of the world or utopia was worth it. I think that was his "investing philosophy" - make reckless gambles that have a chance of massive payout. Which doesn't really seem that different to me than just going to vegas and betting your house on a roulette #, so IDGI. Galaxy brained trader. Armchair psych but he has the vibe of someone who was literally never told anything he did was wrong or stupid.

the @innercitypress account does the best of the liveblogging (molly white is also present but not allowed to use her phone apparently)

SBF's lawyer Everdell: I'll move on to another topic. Do you see the auto-delete column?
AUSA Kudla: Objection - asked and answered.
Judge Kaplan: Sustained. Mr. Everdell, this is not helpful. This is not an exam for new eyeglasses.

i watched a video on what covering the case is like and they take all your electronics on the way in even if youre just going to the overflow room, so idk how the live blogging is happening

maybe they have special dispensation from the judge, it's not as if it's happening in secret

he has the vibe of someone who was literally never told anything he did was wrong or stupid.

like so many of these clowns