1/ Some really sketchy behavior coming out of the SEC recently.Story time…— Brian Armstrong (@brian_armstrong) September 8, 2021
― criminally negligible (harbl), Thursday, 9 September 2021 12:02 (two years ago) link
the thread is not about sketchy behavior by the SEC btw
― criminally negligible (harbl), Thursday, 9 September 2021 12:04 (two years ago) link
5/ They responded by telling us this lend feature is a security. Ok - seems strange, how can lending be a security? So we ask the SEC to help us understand and share their view. We always make an effort to work proactively with regulators, and keep an open mind.— Brian Armstrong (@brian_armstrong) September 8, 2021
Seriously are you an idiot. Try the FIRST PAGE of The Securities Act of 1933. pic.twitter.com/5VxhJpTHPE— John_Hempton (@John_Hempton) September 8, 2021
― criminally negligible (harbl), Thursday, 9 September 2021 12:05 (two years ago) link
lol yeah I saw that thread. you don't even need to read the Exchange Act, it's like "ever heard of a bond?"
also I like that Hempton guy, I read some of his stuff on Greensill/Credit Suisse.
― longtime caller, first time listener (man alive), Thursday, 9 September 2021 14:01 (two years ago) link
*Securities Act, sorry
i was going to say maybe he didn't talk to a lawyer (however much i couldn't believe that) but his chief legal officer has posted more whining on their website. then i was wondering if there has ever been a time when badmouthing a regulator has been a successful strategy. it's one thing to do it defensively ("we are being unfairly targeted by this action" after the action has commenced) but complaining before you've been sued, after *you went to them with your little scam* that "our regulator is suing us and won't tell us why!" doesn't make it less likely that your regulator will sue you, because now you drew a bunch of attention to it and they can't just quietly settle it now. the complaint will explain it better so you can understand it YOU ABSOLUTE DOLT
― criminally negligible (harbl), Thursday, 9 September 2021 14:40 (two years ago) link
exhibit 9 million proving that you have to be stupid to become a bitcoin guy
― criminally negligible (harbl), Thursday, 9 September 2021 14:42 (two years ago) link
its wild that theyre a publicly traded company behaving like this
― lag∞n, Thursday, 9 September 2021 14:51 (two years ago) link
Goddamn, this is so deeply dumb
Coinbase’s Lend program doesn’t qualify as a security — or to use more specific legal terms, it’s not an investment contract or a note. Customers won’t be “investing” in the program, but rather lending the USDC they hold on Coinbase’s platform in connection with their existing relationship. And although Lend customers will earn interest from their participation in the program, we have an obligation to pay this interest regardless of Coinbase’s broader business activities. What’s more, participating customers’ principal is secure and we’re obligated to repay their USDC on request.
― longtime caller, first time listener (man alive), Thursday, 9 September 2021 14:51 (two years ago) link
"this isn't a table, it has four legs supporting a flat surface!"
― longtime caller, first time listener (man alive), Thursday, 9 September 2021 14:52 (two years ago) link
It's not a security because it's not investing in scare quotes
― longtime caller, first time listener (man alive), Thursday, 9 September 2021 14:53 (two years ago) link
its not a security man its a security, man
― lag∞n, Thursday, 9 September 2021 15:06 (two years ago) link
https://www.bloomberg.com/news/features/2021-10-07/crypto-mystery-where-s-the-69-billion-backing-the-stablecoin-tether?srnd=premium&sref=SCKvL4TY
Amazing reporting and a bit terrifying tbh
― longtime caller, first time listener (man alive), Monday, 11 October 2021 02:03 (two years ago) link
amazing that most of Bitcoin's trillion dollar market cap is based off money which nearly everyone suspects doesn't exist
― frogbs, Monday, 11 October 2021 02:06 (two years ago) link
and that people were calling a fraud from basically the moment it was launched
― lag∞n, Monday, 11 October 2021 02:08 (two years ago) link
Yeah, that's a big part of what I find terrifying about it, that this blatant fraud has been allowed to go on for years in plain sight and to become systemically risky and it doesn't seem like anyone is doing anything about it, or nothing sufficient anyway.
― longtime caller, first time listener (man alive), Monday, 11 October 2021 02:13 (two years ago) link
the lack of regulation in general around crypto is wild, its a common belief in the culture that obviously illegal things arent illegal because its crypto, but you can see how one might come to that conclusion
― lag∞n, Monday, 11 October 2021 02:18 (two years ago) link
this might be a little challopsy, but I think the feds should have squashed crypto the second it looked like it was getting any traction. When you're a sovereign government, you don't let people tinker with the idea of having a rival currency, just like you don't let people try to have a rival army or a rival police force.
― longtime caller, first time listener (man alive), Monday, 11 October 2021 02:22 (two years ago) link
yeah they shouldve done something at least
― lag∞n, Monday, 11 October 2021 02:24 (two years ago) link
jfc lmao
https://i.imgur.com/3YQr017.png
― lag∞n, Monday, 11 October 2021 02:25 (two years ago) link
lol I know
― longtime caller, first time listener (man alive), Monday, 11 October 2021 02:25 (two years ago) link
This is my favorite part
Then 50, Devasini was almost elderly by cryptobro standards. Property records show he split his time between Milan and Monaco, where his home overlooks the Mediterranean. Pictures show a tall, handsome man with long, curly hair and a scarf wrapped around his neck. He modeled for a photo exhibition at an art gallery in Milan in 2014, appearing in front of a mirror, his face half covered with shaving cream, looking into his own eyes with an expression that suggested he didn’t recognize himself. The show was about turning points, and in an accompanying interview he said that his came in 1992, when he walked away from his career as a plastic surgeon. “All my work seemed like a scam, the exploitation of a whim,” he said.
He got into the low end of the electronics business, founding a series of tech companies that imported memory chips and set-top TV boxes. He started an online shopping site in Italy and licensed a copy protection technology for adult DVDs, according to a press release announcing a special bonus scene in the 2008 film Young Harlots: In Detention.
― longtime caller, first time listener (man alive), Monday, 11 October 2021 02:28 (two years ago) link
beautiful
― lag∞n, Monday, 11 October 2021 02:30 (two years ago) link
come on!
The only financial institution I could find that was willing to say it’s currently working with the company was Deltec Bank & Trust in the Bahamas. I met the bank’s chairman, Jean Chalopin, in Deltec’s office, on the top floor of a six-story building ringed with palm trees in a nice part of Nassau. In a past life, Chalopin co-created the cartoon Inspector Gadget, and a painting of the 1980s trenchcoat-wearing cyborg policeman hung on his office door.
― lag∞n, Monday, 11 October 2021 02:39 (two years ago) link
I know! I feel a bit numbed to the unreality of reality at this point, but holy shit.
― longtime caller, first time listener (man alive), Monday, 11 October 2021 02:42 (two years ago) link
it's like Pynchon
― longtime caller, first time listener (man alive), Monday, 11 October 2021 03:00 (two years ago) link
otm
― bobo honkin' slobo babe (sic), Monday, 11 October 2021 03:03 (two years ago) link
nothing is real
― typo hell #12: a hundreds of millions of people (Karl Malone), Monday, 11 October 2021 03:57 (two years ago) link
nothing is real but crypto is even less real
― lag∞n, Monday, 11 October 2021 11:59 (two years ago) link
Crypto is so dystopian
https://www.bloomberg.com/opinion/articles/2021-08-27/taxpayers-subsidize-bitcoin-miner-stronghold-digital-s-ipo
Who’s Subsidizing This Bitcoin Miner IPO? You Are.Stronghold Digital gets hefty state credits for burning waste coal, exploiting a Pennsylvania law deeming this to be somehow environmentally friendly.
― longtime caller, first time listener (man alive), Wednesday, 13 October 2021 22:26 (two years ago) link
and watch that ipo take off like a rocket too. Fuck me.
― longtime caller, first time listener (man alive), Wednesday, 13 October 2021 22:27 (two years ago) link
Bitcoin priceOne month ago: $45,250One week ago: $49,300Now: $57,300— The Spectator Index (@spectatorindex) October 13, 2021
― reggae mike love (polyphonic), Wednesday, 13 October 2021 23:11 (two years ago) link
thats a lotta bits baby
― lag∞n, Wednesday, 13 October 2021 23:23 (two years ago) link
jack really able to focus now that hes not at twitter
JUST IN: Square is renaming itself "Block" as it focuses on technologies like blockchain and expands beyond its original credit card reader business. Block will still trade under the ticker $SQ on the Nasdaq.https://t.co/JYSLUjPyfU— CNBC Now (@CNBCnow) December 1, 2021
― lag∞n, Wednesday, 1 December 2021 21:37 (two years ago) link
Inflation at long-term high, bitcoin falling apart. Great hedge.
― longtime caller, first time listener (man alive), Friday, 21 January 2022 16:37 (two years ago) link
. . . the vulnerability was discovered and a "fix was pushed to GitHub a couple weeks ago but not deployed. So the attacker found the exploit by scanning the commits to GitHub."
Incidentally this is sort of a nice metaphor for the fact that an apparently huge source of alpha in crypto consists of:
1. There is a mistake.2. People notice the mistake and try to correct it.3. Because crypto is all open-source and on the blockchain, you can see them trying to correct it.4. Because crypto effectively conducts auctions to decide whose transactions go first, you can jump ahead of them in line and exploit the mistake before they can correct it.
― mookieproof, Thursday, 3 February 2022 22:18 (two years ago) link
lol good stuff
― lag∞n, Thursday, 3 February 2022 22:22 (two years ago) link
Only a small part of this is about bitcoin, but enjoyed listening to Peter Zeihan destroy the ARK dorks (even if I don't know if he's completely right and he's a bit of a douche):
https://podcasts.apple.com/au/podcast/geopolitics-innovation-and-deglobalization-with/id1271691895?i=1000559699112
― longtime caller, first time listener (man alive), Friday, 6 May 2022 13:53 (one year ago) link
Schadenfreude level: moderate. Need it to go down to pre-COVID levels to really get excited.
― longtime caller, first time listener (man alive), Tuesday, 10 May 2022 01:41 (one year ago) link
when your coins are v. stable
https://www.bloomberg.com/opinion/articles/2022-05-10/another-algorithmic-stablecoin-isn-t
― mookieproof, Tuesday, 10 May 2022 21:44 (one year ago) link
now down to 0.47 which is hilarious
― just sayin, Wednesday, 11 May 2022 07:23 (one year ago) link
not so funny reading all the regular ppl who have lost a lot of money
― just sayin, Wednesday, 11 May 2022 08:38 (one year ago) link
https://pbs.twimg.com/media/FSdVTofUcAER44v?format=jpg&name=large
― lag∞n, Wednesday, 11 May 2022 13:05 (one year ago) link
#Luna has fallen below $1 mark.High chances of Terra Luna going to zero.$UST is at 0.30. #cryptocurrency #Cryptocrash #ustdepeg pic.twitter.com/FUlnilbCh9— AltcoinSea.com (@AltcoinSea) May 11, 2022
― lag∞n, Wednesday, 11 May 2022 13:06 (one year ago) link
this is true, but what do you want? for the regular people to make money? on cryptocurrency? for no reason? so they could live on it? just because they "held onto it"? that's what fucking social security used to be for, before it was gutted!
― Bruce Stingbean (Karl Malone), Wednesday, 11 May 2022 13:56 (one year ago) link
regular people should get the fuck out of cryptocurrency. at least with subprime mortgages some people temporarily got a shitty home out of it
it's not funny, it sucks for the people, but for fuck's sake, regular people, stop buying it and trading it and broing the fuck out of it. and for fuck's sake, rich ass people who dominate our world, stop integrating it into everything, stop making crypto icons and inserting them between what two ass cheeks of icons were already there on the app, stop putting it on the fucking sports stadium, stop putting it in space, just everyone on earth the shut the fuck up and turn out the lights
― Bruce Stingbean (Karl Malone), Wednesday, 11 May 2022 13:58 (one year ago) link
regular people can be assholes too, and when they engage in assholish behaviour like investing in crypto...
― corrs unplugged, Wednesday, 11 May 2022 13:58 (one year ago) link
either none of it is funny, or it's ALL funny, because all of this is a giant fucking joke
hehe yes but a sad lol kind of joke
― corrs unplugged, Wednesday, 11 May 2022 13:59 (one year ago) link