Marc andreessen going to jail bc of crypto would be pretty sweet, though that seems pretty unlikely
― circles, Friday, 23 December 2022 02:47 (one year ago) link
https://i.ebayimg.com/images/g/YB0AAOSwaadiZVo0/s-l500.jpg
― mh, Friday, 23 December 2022 02:50 (one year ago) link
ftx executives are flipping on bankman f so then who does he flip on whos upstream from him, tether is the obvious one, but also maybe vcs, other crypto whales idk
― lag∞n, Thursday, 22 December 2022 17:13 (yesterday) link
I'm skeptical they would cut SBF a break to get to some VC or whale. SBF is already a cartoon villain now, they need to take him down hardcore, dope on the table.
― longtime caller, first time listener (man alive), Friday, 23 December 2022 03:54 (one year ago) link
I mean to be clear, he deserves it. But I would be shocked if they give him a deal to some more powerful and less publicly known person.
― longtime caller, first time listener (man alive), Friday, 23 December 2022 03:55 (one year ago) link
its not like they have to let him off more of a tell us what you know as part of your guilty plea and well tell the judge you were forthcoming then maybe he doesnt get the max
― lag∞n, Friday, 23 December 2022 19:16 (one year ago) link
i suspect itll all come out regardless, everyone involved is just so flagrantly doing crimes
― lag∞n, Friday, 23 December 2022 19:17 (one year ago) link
i mean he might just tell them if they ask
― lag∞n, Friday, 23 December 2022 19:19 (one year ago) link
https://www.nbcnews.com/tech/crypto/north-dimension-ftx-bankman-fried-rcna63175
― 龜, Tuesday, 27 December 2022 20:13 (one year ago) link
crypto put a nice twist on wash trading instead of doing it to dump which requires someone to actually buy you can just borrow against your pumped token and use the money to buy other stuff
"By being on both sides of the transaction, Eisenberg artificially inflated the price of MNGO relative to USDC, allowing him to borrow and then withdraw $110 million of different cryptocurrencies..." https://t.co/IzigqgZ8Dw— Matt Novak (@paleofuture) December 28, 2022
― lag∞n, Wednesday, 28 December 2022 00:46 (one year ago) link
I kinda feel like if you loan someone millions of dollars with their cryptocurrency as collateral, you deserve to get ripped off
― Piven After Midnight (The Yellow Kid), Wednesday, 28 December 2022 00:53 (one year ago) link
I suspect the Fed would agree
― G. D’Arcy Cheesewright (silby), Wednesday, 28 December 2022 01:09 (one year ago) link
I believe all of our actions were legal open market actions, using the protocol as designed, even if the development team did not fully anticipate all the consequences of setting parameters the way they are.— Avraham Eisenberg (@avi_eisen) October 15, 2022
― lag∞n, Wednesday, 28 December 2022 01:49 (one year ago) link
criminal mastermind pic.twitter.com/O2QBBu84l1— web3 is going just great (@web3isgreat) December 28, 2022
― lag∞n, Wednesday, 28 December 2022 01:53 (one year ago) link
I feel like these dudes might actually believe their own bullshit?
― Blues Guitar Solo Heatmap (Free Download) (upper mississippi sh@kedown), Wednesday, 28 December 2022 02:21 (one year ago) link
they really do lol
― lag∞n, Wednesday, 28 December 2022 02:24 (one year ago) link
def some industry wide feeling that it was a crimes are legal zone, but really the feds were just slow to get to work
― lag∞n, Wednesday, 28 December 2022 02:26 (one year ago) link
*fake Matt Levine voice* If someone exploited a vulnerability in the Charles Schwab website to execute a nine figure trade with other people’s money and then tweeted that they believed their actions were using the protocol as designed, the FBI might be busy laughing for the few crucial minutes necessary for you to board your flight for Venezuela.
― G. D’Arcy Cheesewright (silby), Wednesday, 28 December 2022 02:30 (one year ago) link
lol
― lag∞n, Wednesday, 28 December 2022 02:32 (one year ago) link
JUST IN: SBF to enter plea deal in FTX fraud case, Reuters reports.— Watcher.Guru (@WatcherGuru) December 28, 2022
― lag∞n, Wednesday, 28 December 2022 18:54 (one year ago) link
Looks like it's a plea, not a deal.
― Unfairport Convention (PBKR), Wednesday, 28 December 2022 19:51 (one year ago) link
SBF pleads for just one more chance to make it right, baby
― Karl Malone, Wednesday, 28 December 2022 19:57 (one year ago) link
When you are CEO and face of the org, and your #2 and #3 (I guess) have already flipped, I'm not sure who he could even flip on at this point.
― Unfairport Convention (PBKR), Wednesday, 28 December 2022 20:10 (one year ago) link
if only they had designed bitcoins to be flipped
― “Cheeky cheeky!” she trills, nearly demolishing a roadside post (forksclovetofu), Wednesday, 28 December 2022 20:19 (one year ago) link
he can name all the VCs in the "let's go crazy doing the financial crimes we describe in detail in the chat group" chat group
― mark s, Wednesday, 28 December 2022 20:37 (one year ago) link
I'm not sure who he could even flip on at this point.
matt yglesias
― mookieproof, Wednesday, 28 December 2022 20:43 (one year ago) link
― mark s, Wednesday, December 28, 2022 3:37 PM (twenty-four minutes ago) bookmarkflaglink
I must have missed this chat group where the VCs admitted to doing financial crimes, but I am extremely skeptical VC-types have anything to worry about.
― Unfairport Convention (PBKR), Wednesday, 28 December 2022 21:05 (one year ago) link
he defiantly did crimes with the tether org, are his prosecutors interested in tethers crimes, idk probably tether is bigger than ftx and is at the root of a lot of crypto mischief, im sure theyd listen if he had things to say about vcs and various other crypto characters but tether is the one
― lag∞n, Wednesday, 28 December 2022 21:15 (one year ago) link
could be the other ftx execs who flipped already gave up all that info tho
― lag∞n, Wednesday, 28 December 2022 21:18 (one year ago) link
the straw donations thing should probably be run down but won’t
― mh, Wednesday, 28 December 2022 23:11 (one year ago) link
The vc thing seems like a kill one person (murder) v. kill a million ppl (king) thing. I'm pretty sure the buck is going to stop at SBF.
― Unfairport Convention (PBKR), Thursday, 29 December 2022 03:22 (one year ago) link
you missed the group chat in question bcz i made it up to make a funny joek abt the dumbness of all this, i have no idea who SBF is going to flip on, maybe it's senators or paris hilton
― mark s, Thursday, 29 December 2022 11:49 (one year ago) link
fed look interested in taking down Binance, maybe he's got something on them for a lighter sentence
― ( X '____' )/ (zappi), Thursday, 29 December 2022 11:53 (one year ago) link
i still don't understand any of this but i notice a wild winklevoss
340,000 Gemini Earn customers are missing over $900 million.Cameron Winklevoss of Gemini called out Barry Silbert for not returning the funds.Here’s what we know 🧵— Genevieve Roch-Decter, CFA (@GRDecter) January 3, 2023
― Blues Guitar Solo Heatmap (Free Download) (upper mississippi sh@kedown), Tuesday, 3 January 2023 22:45 (one year ago) link
the really confusing thing about this is that gemini and genesis are too similar words
To explain what happened here: Gemini offered Gemini Earn, a magical thing that gave you up to 7.4% returns - unrealistic returns - and did so by lending the $900m in Gemini Earn to Genesis/DCG, who have now lost that money. The money is gone! Woosh! https://t.co/u7DzjFWTta— Ed Zitron (@edzitron) January 2, 2023
― lag∞n, Tuesday, 3 January 2023 22:56 (one year ago) link
As far as I can tell, just reading about it now, it's actually a pretty simple and old story -- Company A: "Lend us your money and we will pay you more in interest than it makes any sense to pay on it." Company A then takes that money and lends it to Company B, who offers even higher doesn't-make-sense interest on it. Company B then uses the money to engage in dumb high risk trades that have a small chance of a huge payout. Those trades go bad. Company B to Company A: "Oops, I don't have the money to pay you back." Company A to its investors: "Company B didn't pay us back, so now we can't pay you back." Did I miss anything?
― longtime caller, first time listener (man alive), Wednesday, 4 January 2023 02:40 (one year ago) link
It's just a variation on a ponzi scheme -- put money in magic box and we promise we make even more money come out
one thing is that company a wasnt totally clear that they were asking for people to loan rather than deposit money, good account here https://ez.substack.com/p/i-lost-900-million-dollars-but-its
― lag∞n, Wednesday, 4 January 2023 02:43 (one year ago) link
and fwiw im sure the scheme worked wonderfully while crypto was booming
going up a hill by boat works great when the water's rising
― longtime caller, first time listener (man alive), Wednesday, 4 January 2023 03:03 (one year ago) link
it also works if you just really want to do it (fitzcarraldo, herzog, 1982)
― lag∞n, Wednesday, 4 January 2023 03:06 (one year ago) link
― longtime caller, first time listener (man alive), Wednesday, 4 January 2023 03:09 (one year ago) link
seems like all the big crypto players just panic every time someone expects liquid assets and get one of their peers to give them money, and in return they might give the other company some tokens or magic beans that are, as all cryptocurrency, going to always go up in value
you see it's not a ponzi scheme because I traded my very valuable magic beans for real money to pay people trying to cash out and magic beans are an infinite resource
― mh, Wednesday, 4 January 2023 16:28 (one year ago) link
prob impossible but it would be interesting to figure out how much real money went into the system and where it ended up
― lag∞n, Wednesday, 4 January 2023 16:55 (one year ago) link
what if all money is made up
― mark s, Wednesday, 4 January 2023 16:57 (one year ago) link
its all made up to some degree but some is more made up than others, crypto was trying to grow to the point that it by virtue of its size became more real, but it never really got close, particularly considering a lot of its growth was fake too
― lag∞n, Wednesday, 4 January 2023 17:00 (one year ago) link
that's not what this 14-year-old turd told me online. and he seemed extremely confident
― Karl Malone, Wednesday, 4 January 2023 17:03 (one year ago) link
Real money? You mean the made upFIAT currency crying laughing emoji, drools into lap
― Lord Pickles (Boring, Maryland), Wednesday, 4 January 2023 17:03 (one year ago) link
the next stage is to arbitrage the made-upness differential, enjoy being real ilxors
― mark s, Wednesday, 4 January 2023 17:04 (one year ago) link
hey its the company that advertises during sports that its the above the board fully audited usa based exchange
Coinbase fined $100M over KYC and AML failures https://t.co/JI5peeKy63— Protos (@Protos) January 4, 2023
― lag∞n, Wednesday, 4 January 2023 18:21 (one year ago) link
hah that's just a state investigation, that's not even the feds
― 龜, Wednesday, 4 January 2023 18:24 (one year ago) link