bit¢oin$

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

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

(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

(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

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

if he paid attention in high school he would have realized this was discussed in class lol

I’m glad I have the word “plotcel” to describe a kind of person I hate now!!

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"

Damn, I can't believe Austen decided that women shouldn't have careers.

finally someone said it

And Shakespeare isn't alone in being a shitty writer from hundreds of years ago.

anyway, so much for being doted on by the drossy age. blow them to their trials, the bubbles are out.

Jane Austen lacked the imagination to believe that women could be capable of productive contributions to society, such as engaging in tulip arbitrage

all fall down

Miners, who raised as much as $4 billion from mining-equipment financing when profit margins were as high as 90%, are defaulting on loans and sending hundreds of thousands of machines that served as collateral back to lenders. New York Digital Investment Group, Celsius Network, BlockFi Inc., Galaxy Digital, and the Foundry unit of Digital Currency Group were among the biggest providers of funding to finance computer equipment and build data centers.

https://www.bloomberg.com/news/articles/2022-11-30/crypto-lenders-woes-worsen-as-bitcoin-btc-miners-struggle-to-repay-debt

good news for pc gamers tho

nah bitcoin miners have all used custom ASICs for years now that have, like, no other purpose than hashing. GPUs were still viable for eth

until the proof-of-stake switch made it irrelevant I guess