bit¢oin$

seems like it

heh

lmao, wtf is wrong with these people? https://t.co/U5uvh2MtMl pic.twitter.com/sZIoBO7Pjb

— Cas Piancey (@CasPiancey) November 21, 2022

the grift is strong

Hacker moving all his ETH right now in 15k lots, seems likely he is getting ready to sell pic.twitter.com/TXjpaG7i6f

— Avi (@AviFelman) November 21, 2022

attempting to explain what’s happening in crypto pic.twitter.com/xGwxl6XxMk

— addie wagenknecht (@wheresaddie) November 20, 2022

lmao, wtf is wrong with these people? https://t.co/U5uvh2MtMl pic.twitter.com/sZIoBO7Pjb
— Cas Piancey (@CasPiancey) November 21, 2022
― lag∞n, Monday, 21 November 2022 16:46 (two hours ago) link

If you read the thread it sounds like the person is misreading the SEC filings. It would be pretty brazen to just dump every last share like that, even for a cryptobro. I'd expect him to already be out of the country if he had done that.

Come on - if you’re going to hold yourself out as informed crypto news than you should actually be informed. He sold all of his Class A shares - there are multiple classes. No board of any public company would allow their CEO to sell all their shares.

— Mark Osborn (@MarkROsborn) November 21, 2022

Hi Mark, we've stated in the article that we're talking about the common stock but realize this was not clear in the headline.

Edit 18:30 UTC, Nov 21: Headline has been updated to match the article and specify that Armstrong has sold all of his common stock.

— Protos (@Protos) November 21, 2022

looks like brian armstrong owns 2/3 of the voting shares too

oh whoops i see lags beat me

ok i think what happened is - a trust that brian armstrong owns sold all its class a shares, which is like 30k shares. but brian armstrong still owns like ~6 million class a shares. and a bunch of class b shares that give him 60% of the vote. he’s not going anywhere folks!

ah well nevertheless

I am just as bullshit on crypto as ever.

I mean you can make boatloads of money off your company stock without completely selling out of it and looking like an obvious fraud.

lol this mf lost money in the biggest bull market ever

NEW: FTX and Alameda Research lost $3.7 billion before 2022. The huge loss is perplexing for two reasons: It contradicts the image SBF has portrayed of his companies, and it bucks the trend of a highly profitable 2021 for the cryptocurrency industry. https://t.co/Qr8lH5CMJH

— Jeff Kauflin (@JeffKauflin) November 21, 2022

I was listening to Slate Money on FTX, and they kept saying how unprecedented it was for "a company as big as FTX" to turn out to have no internal controls, no compliance, no proper accounting etc, and I just kept thinking "well was it actually big?" Like wasn't the company just a giant pufferfish, creating an illusion of size without much there?

yeah hard to say how much was real, also its crypto, its a shadow financial system where everything is a scam, those other companies youre thinking of exist in the normal financial system

To give a very recent example, Enron existed in the "normal financial system" but turned out to be just as much of a Ponzi scheme as FTX, so this sort of thing is not really unprecedented. Bubbles based on financial/accounting/PR scams are as old as (modern) capitalism, cf. the South Sea Bubble, Dutch Tulip Bubble etc. etc.

sure but enron did have —internal controls, compliance, proper accounting etc— they were just subverting them via further accounting, what slate money found remarkable about ftx was not just that it was a scam but that it didnt even make any pretense of following standard business practices for companies holding billions of dollars on their books

okay got it, thanks for clarifiying

Also, the Enron failures resulted in the nuking of one of the big 5 accounting firms and pretty big changes to accounting/audit rules wrt internal controls, audit functions, and corporate oversight (SOX etc.) Doing what they did 20 years ago would be a bit more difficult. Not impossible though - fraudsters want to fraud.

It appears FTX wasn't making much of a pretense of NOT being fraudulent. Probably because all of crypto is a fraud.

its wild these companies set up in low regulation places like the bahamas and people are just like ok good normal

im going to start a crypto company thats on a boat in international waters staffed by pirates who i taught to code

the Bahamas, Delaware, Jersey, places of that nature

xp when international waters crypto trading goes bad

https://i.kym-cdn.com/entries/icons/mobile/000/029/190/monkey.jpg

or when it goes exactly to plan idk

tether is in the bahamas too, theres an interview going around with the tether guy bragging about how he introduced ftx to the local regulators lol im sure its fine

why does a company need even need to be in a place, why do we believe in these limitations

crypto companies should be decentralized (no place)

sacks is the guy over there running twitter with elon now

This 2021 video is notorious on crypto twitter and deserves wider viewership. Watch VCs David Sacks and Chamath Palihapitiya brag about buying huge amounts of Solana at a discount, planning to dump on retail. Solana has been called one of "Sam's coins" b/c SBF was a booster. pic.twitter.com/pzerYYzkOV

— Jacob Silverman (@SilvermanJacob) November 22, 2022

why does a company need even need to be in a place, why do we believe in these limitations

― Clay, Tuesday, November 22, 2022 9:22 AM (three minutes ago)bookmarkflaglink

crypto companies should be decentralized (no place)

― lag∞n, Tuesday, November 22, 2022 9:24 AM (one minute ago)

when coinbase initially filed for their ipo they listed no address lol

"Address not applicable"

"In May 2020, we became a remote-first company. Accordingly, we do not maintain a headquarters."@coinbase just changed the game

Remote work is the future of all work pic.twitter.com/JfSU8ykFfb

— Chris Herd (@chris_herd) February 25, 2021

listening to these old rich morons say "hodling" is worth it honestly

tether guy going out like

🔲 atm rat
🔲 john mcafee
🔲 satoshi nakamoto (rip eaten by atm rat)

ah moved to dubai and built close ties with the uae leadership very nice

New JP Morgan riding into town: "Zhao, who moved to Dubai last year and has built close ties with the UAE leadership, is casting himself as the crypto world’s rescuer-in-chief after the spectacular downfall of Sam Bankman-Fried."https://t.co/Xob9HLH7G6

— Jacob Silverman (@SilvermanJacob) November 22, 2022

To give a very recent example, Enron existed in the "normal financial system" but turned out to be just as much of a Ponzi scheme as FTX, so this sort of thing is not really unprecedented. Bubbles based on financial/accounting/PR scams are as old as (modern) capitalism, cf. the South Sea Bubble, Dutch Tulip Bubble etc. etc.

― Critique of the Goth Programme (Neil S), Tuesday, 22 November 2022 10:14 (five hours ago) link

I mean literally the same guy who was appointed to oversee Enron during bankruptcy was appointed to oversee FTX during bankruptcy and came out and said he's never seen anything like this before.

haha wow

enron was a huge legitimate company that started doing fraud to cover for their very bad business decisions, ftx was 10 dudes in a room coding and doing day trading

+getting vcs to give them money

and lobby washington

https://www.vice.com/en/article/xgyp8d/how-sbf-created-the-new-playbook-for-manipulating-washington-dc

living the dream really owning a massively rich company without the company part to worry about

yeah, that's kinda what I'm saying, I don't think there was ever really much there with FTX.

There was a website, I guess

people are saying good things about the website

i fuckin love effective altruism

Based on preliminary investigations, $300m worth of Bahamian property was purchased by FTX and used by senior executives at the exchange

— Frank Chaparro (@fintechfrank) November 22, 2022

gonna start spamming this to anyone who lost money in FTX and see who bites

https://www.youtube.com/watch?v=FTHw6xryUIU

interesting anecdotes https://www.tbray.org/ongoing/When/202x/2022/11/19/AWS-Blockchain

good story, traveling the world searching for a use for crypto

someones been buying crazy amounts of tethers with another stablecoin for some reason

🚨Someone is working very hard to protect the Tether peg on Curve.

One address has bought some $1.3 billion USDT on Curve with USDC over the last month, sending it all to Bitfinex... and given the tiny spread there is no way this is a profitable trade.🧵👇 pic.twitter.com/zUAF4HGezJ

— DIRTY BUBBLE MEDIA: BARRY! (@MikeBurgersburg) November 25, 2022

?

Mike - you misunderstand what’s going on here. Happy to chat with you on a space.

You’ve got it backwards.

Someone is actively trying to profit off of depegging USDT in DeFi.

Then others are arbitraging it bad to peg and profiting on that. https://t.co/TMUC055GqT

— Brad Mills (🔑,🧀) (@bradmillscan) November 25, 2022

shorting tether seems like a very stupid game

Ok I'm no longer angry at the 3AC clowns and am sitting back in my lazyboy for max comfort viewing. Shitposting right wing degen loses a few billion, disappears to Dubai, converts to Islam, becomes a new age lifestyle podcaster while looking over his shoulder for the FBI. Sure! https://t.co/FsPX9w8frG

— Jacob Silverman (@SilvermanJacob) November 28, 2022