I am just as bullshit on crypto as ever.
― immodesty blaise (jimbeaux), Monday, 21 November 2022 20:31 (one year ago) link
I mean you can make boatloads of money off your company stock without completely selling out of it and looking like an obvious fraud.
― longtime caller, first time listener (man alive), Monday, 21 November 2022 22:58 (one year ago) link
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
― lag∞n, Monday, 21 November 2022 23:02 (one year ago) link
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?
― longtime caller, first time listener (man alive), Monday, 21 November 2022 23:02 (one year ago) link
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
― lag∞n, Monday, 21 November 2022 23:06 (one year ago) link
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 (one year ago) link
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
― lag∞n, Tuesday, 22 November 2022 10:58 (one year ago) link
okay got it, thanks for clarifiying
― Critique of the Goth Programme (Neil S), Tuesday, 22 November 2022 11:02 (one year ago) link
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.
― The Bankruptcy of the Planet of the Apes (PBKR), Tuesday, 22 November 2022 13:06 (one year ago) link
its wild these companies set up in low regulation places like the bahamas and people are just like ok good normal
― lag∞n, Tuesday, 22 November 2022 13:57 (one year ago) link
im going to start a crypto company thats on a boat in international waters staffed by pirates who i taught to code
― lag∞n, Tuesday, 22 November 2022 14:08 (one year ago) link
the Bahamas, Delaware, Jersey, places of that nature
― Critique of the Goth Programme (Neil S), Tuesday, 22 November 2022 14:08 (one year ago) link
xp when international waters crypto trading goes bad
https://i.kym-cdn.com/entries/icons/mobile/000/029/190/monkey.jpg
― Critique of the Goth Programme (Neil S), Tuesday, 22 November 2022 14:09 (one year ago) link
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
― lag∞n, Tuesday, 22 November 2022 14:10 (one year ago) link
why does a company need even need to be in a place, why do we believe in these limitations
― Clay, Tuesday, 22 November 2022 14:22 (one year ago) link
crypto companies should be decentralized (no place)
― lag∞n, Tuesday, 22 November 2022 14:24 (one year ago) link
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
― lag∞n, Tuesday, 22 November 2022 14:25 (one year ago) link
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)bookmarkflaglinkcrypto companies should be decentralized (no place)― lag∞n, Tuesday, November 22, 2022 9:24 AM (one minute ago)
― Clay, Tuesday, November 22, 2022 9:22 AM (three minutes ago)bookmarkflaglink
― 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
― 龜, Tuesday, 22 November 2022 14:28 (one year ago) link
listening to these old rich morons say "hodling" is worth it honestly
― Clay, Tuesday, 22 November 2022 14:28 (one year ago) link
tether guy going out like
🔲 atm rat🔲 john mcafee 🔲 satoshi nakamoto (rip eaten by atm rat)
― mark s, Tuesday, 22 November 2022 14:29 (one year ago) link
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
― lag∞n, Tuesday, 22 November 2022 15:11 (one year ago) link
― 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.
― longtime caller, first time listener (man alive), Tuesday, 22 November 2022 15:23 (one year ago) link
haha wow
― Critique of the Goth Programme (Neil S), Tuesday, 22 November 2022 15:24 (one year ago) link
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
― lag∞n, Tuesday, 22 November 2022 15:26 (one year ago) link
+getting vcs to give them money
― lag∞n, Tuesday, 22 November 2022 15:27 (one year ago) link
and lobby washington
https://www.vice.com/en/article/xgyp8d/how-sbf-created-the-new-playbook-for-manipulating-washington-dc
― lag∞n, Tuesday, 22 November 2022 15:29 (one year ago) link
living the dream really owning a massively rich company without the company part to worry about
― lag∞n, Tuesday, 22 November 2022 15:30 (one year ago) link
yeah, that's kinda what I'm saying, I don't think there was ever really much there with FTX.
― longtime caller, first time listener (man alive), Tuesday, 22 November 2022 15:33 (one year ago) link
There was a website, I guess
― G. D’Arcy Cheesewright (silby), Tuesday, 22 November 2022 15:50 (one year ago) link
people are saying good things about the website
― lag∞n, Tuesday, 22 November 2022 15:52 (one year ago) link
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
― lag∞n, Tuesday, 22 November 2022 18:23 (one year ago) link
gonna start spamming this to anyone who lost money in FTX and see who bites
https://www.youtube.com/watch?v=FTHw6xryUIU
― frogbs, Wednesday, 23 November 2022 21:44 (one year ago) link
interesting anecdotes https://www.tbray.org/ongoing/When/202x/2022/11/19/AWS-Blockchain
― 𝔠𝔞𝔢𝔨 (caek), Wednesday, 23 November 2022 22:14 (one year ago) link
good story, traveling the world searching for a use for crypto
― lag∞n, Friday, 25 November 2022 13:59 (one year ago) link
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
― lag∞n, Friday, 25 November 2022 14:00 (one year ago) link
?
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
― lag∞n, Friday, 25 November 2022 14:03 (one year ago) link
shorting tether seems like a very stupid game
― lag∞n, Friday, 25 November 2022 14:04 (one year ago) link
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
― lag∞n, Monday, 28 November 2022 19:22 (one year ago) link
How significant is this?
Today, BlockFi filed voluntary cases under Chapter 11 of the U.S. Bankruptcy Code.https://t.co/adaAx6me4r— BlockFi (@BlockFi) November 28, 2022
― Blues Guitar Solo Heatmap (Free Download) (upper mississippi sh@kedown), Monday, 28 November 2022 19:57 (one year ago) link
(was trending on Twitter)
really couldn't be a better time for fake "verified" twitter accounts to come into the mix of this shitstorm, could there
― longtime caller, first time listener (man alive), Monday, 28 November 2022 19:58 (one year ago) link
(not in ref to the blockfi thing, btw)
iirc blockfi has been known to be in trouble for a while now, so not really big seal imo
― 龜, Monday, 28 November 2022 22:53 (one year ago) link
This old SBF post arguing that Shakespeare is a “shitty writer” reveals him to be a plotcel rather than a word rotator https://t.co/prhwtLPDSf pic.twitter.com/8pEL2n6xpY— Andrew Prokop (@awprokop) November 29, 2022
― lag∞n, Tuesday, 29 November 2022 22:29 (one year ago) link
if he paid attention in high school he would have realized this was discussed in class lol
― mh, Tuesday, 29 November 2022 22:37 (one year ago) link
I’m glad I have the word “plotcel” to describe a kind of person I hate now!!
― G. D’Arcy Cheesewright (silby), Tuesday, 29 November 2022 22:44 (one year ago) link
isn't this the dude who says he doesn't read books? kind of checks out that everything he namechecks is something my high school english classes covered
"I've read these five books (teachers made me) and they are bad"
― mh, Tuesday, 29 November 2022 22:46 (one year ago) link
Damn, I can't believe Austen decided that women shouldn't have careers.
― jmm, Tuesday, 29 November 2022 22:47 (one year ago) link
finally someone said it
― lag∞n, Tuesday, 29 November 2022 22:55 (one year ago) link