papercoin
― lag∞n, Friday, 2 December 2022 17:06 (one year ago) link
for while they were claiming to own a bunch of chinese debt which was a random twist
― lag∞n, Friday, 2 December 2022 17:11 (one year ago) link
levine musing about what could be happening now that tether is saying theyre loaning out tethers
You have 1,000 Bitcoin worth about $17 million.You want to buy more Bitcoin, but you do not have any dollars.You go to Tether and say “hey give me 17 million USDT, in exchange I’ll put up 2,000 Bitcoins as collateral.”Tether is like “sure that’s the business we’re in” and hands you 17 million USDT.You use that 17 million USDT — notionally worth $17 million — to buy 1,000 more Bitcoin.Now you have 2,000 Bitcoin.You post the 2,000 Bitcoin as collateral to Tether for the loan, which is now overcollateralized with liquid collateral ($34 million worth of Bitcoin).More USDT have been created to buy Bitcoin, but no new dollars have come into the system.
https://www.bloomberg.com/opinion/articles/2022-12-01/sbf-missed-ftx-s-risks
― lag∞n, Friday, 2 December 2022 17:15 (one year ago) link
Are there any standards at all for what can be considered "commercial paper?" I'm guessing not in their case if they're not audited anyway. And of course it could all just be made up for that matter.― longtime caller, first time listener (man alive), Friday, December 2, 2022 11:54 AM (thirty minutes ago)
― longtime caller, first time listener (man alive), Friday, December 2, 2022 11:54 AM (thirty minutes ago)
needs to be rated by one of the rating agencies, typically will have to be at investment grade or higher
https://www.investopedia.com/articles/investing/070313/introduction-commercial-paper.asp
Defaults are more common than in past years. Prior to the financial crisis of 2007-08, commercial paper issuers in the U.S. defaulted on approximately 3% of their issues. That number rose sharply in 2007-08. In fact, the outstanding amount of commercial paper dropped by around 29% by September 2008 for fear of continued default.One famous example of commercial paper default took place in 1970 when the transportation giant Penn Central declared bankruptcy. The company defaulted on all of its commercial paper obligations. The immediate consequence was that its creditors lost their money. There was so much Penn Central commercial paper floating around that the entire commercial paper market took a hit. Issuers who had no relation to Penn Central saw investors lose confidence in the instrument altogether. The commercial paper market declined by nearly 10% within a month. After this debacle, the practice of buying backup loan commitments as a form of insurance for commercial paper became commonplace in the market.
One famous example of commercial paper default took place in 1970 when the transportation giant Penn Central declared bankruptcy. The company defaulted on all of its commercial paper obligations. The immediate consequence was that its creditors lost their money. There was so much Penn Central commercial paper floating around that the entire commercial paper market took a hit. Issuers who had no relation to Penn Central saw investors lose confidence in the instrument altogether. The commercial paper market declined by nearly 10% within a month. After this debacle, the practice of buying backup loan commitments as a form of insurance for commercial paper became commonplace in the market.
a "cash equivalent" is not supposed to have a risk of default!
― 龜, Friday, 2 December 2022 17:27 (one year ago) link
it pains me to admit it, but doing some googling suggests that certain kinds of commercial paper are in fact treated like cashlike equivalent :|
― 龜, Friday, 2 December 2022 17:50 (one year ago) link
they certainly are, just look at the "cash and cash equivalents" line item on any corporate balance sheet
― longtime caller, first time listener (man alive), Friday, 2 December 2022 17:51 (one year ago) link
can't be fraud if you don't even buy into the ponzi scheme you promised to buy into
Did the Bitcoin in FTX even exist?Last night Sam Bankman-Fried admits that when people sent money to buy bitcoin, FTX didn’t actually buy bitcoin for you. pic.twitter.com/GWssuY2kJB— Genevieve Roch-Decter, CFA (@GRDecter) December 2, 2022
― mark s, Friday, 2 December 2022 19:07 (one year ago) link
lol, lmao
― lag∞n, Friday, 2 December 2022 19:10 (one year ago) link
tired: bitcoin is fakewired: bitcoin doesnt exist
― lag∞n, Friday, 2 December 2022 19:12 (one year ago) link
lol I hadn't heard SBF speak before
perfect voice for the role
― mh, Friday, 2 December 2022 19:37 (one year ago) link
The voice of an underprepared dungeon master.
― The Bankruptcy of the Planet of the Apes (PBKR), Friday, 2 December 2022 19:46 (one year ago) link
the guy every vc thought was a genius
― lag∞n, Friday, 2 December 2022 19:47 (one year ago) link
Why is that guy talking to literally everyone
― Lord Pickles (Boring, Maryland), Friday, 2 December 2022 19:57 (one year ago) link
menawhile now at last catching up on the lifestory of kim dotcom, visible there in the top righthand corner
i feel like i've known abt this guy my entire life -- without knowing the half of it, or indeed the hundredth
his wikipedia page is full of very funny sentences: "Immigration New Zealand made its decision on his application, despite his foreign convictions and despite his persona non grata status in Thailand, after officials used a special direction to waive "good character" requirements [citation needed]"
― mark s, Friday, 2 December 2022 19:59 (one year ago) link
seems like its a campaign to present himself as an idiot rather than a con man to the court of public opinion, only problem is he keeps admitting to crimes which could hurt him in the court of law xp
― lag∞n, Friday, 2 December 2022 19:59 (one year ago) link
xp very altruistic in allowing interviews
― mh, Friday, 2 December 2022 19:59 (one year ago) link
if sbf never stops confessing they can never start charging him tapsheadwisely.gif
― mark s, Thursday, 1 December 2022 11:26 (yesterday) bookmarkflaglink
^^^
― mark s, Friday, 2 December 2022 20:00 (one year ago) link
feel like these dudes think that things coming out in discovery look bad but if you're just constantly talking about stuff you just happened to do you couldn't be criminal. just chumming the water with all kinds of leads
mark s is on the case
― mh, Friday, 2 December 2022 20:01 (one year ago) link
also might just be dumb and impulsive
― G. D’Arcy Cheesewright (silby), Friday, 2 December 2022 20:10 (one year ago) link
he accidentally leans over on camera and we see half a dozen stimulant patches stuck to his back
― mh, Friday, 2 December 2022 20:13 (one year ago) link
Rolling Stone....thank you🐦[I interviewed some people and wrote about how a generation got into (formal) politics for the first time with Jeremy Corbyn and got told to shut up and what happens with that now: https://t.co/mc2aXi1ECZ🕸 for @RollingStoneUK🕸— Great Editor (@simonchilds13) March 28, 2022🕸]🐦
it is really hard to tell what it real and what isn't real there <3
can't be fraud if you don't even buy into the ponzi scheme you promised to buy into 🐦[Did the Bitcoin in FTX even exist?Last night Sam Bankman-Fried admits that when people sent money to buy bitcoin, FTX didn’t actually buy bitcoin for you. pic.twitter.com/GWssuY2kJB🕸— Genevieve Roch-Decter, CFA (@GRDecter) December 2, 2022🕸]🐦
― tsrobodo, Saturday, 3 December 2022 02:27 (one year ago) link
Dear esteemed investors of the “cosa nostra”Greetings from coinfuck,We regret to inform you that due to market forces beyond our control, money has gone bye bye. We thank you for your interest in our project and trust that you understand that our hands are tied.— warrior cop (@wyatt_privilege) December 4, 2022
This is past and present not future https://t.co/se7hdp51x9— warrior cop (@wyatt_privilege) December 4, 2022
(elvis telecom posted some of these earlier but the point is worth remaking i think)
― mark s, Sunday, 4 December 2022 17:18 (one year ago) link
if sbf never stops confessing on a zoom feat.kim dotcom the mafia can never sleep him with the fishes
― mark s, Sunday, 4 December 2022 20:01 (one year ago) link
tons of russian rich guys getting killed, crypto related or otherwise, russia was a haven for scammers, maybe theyre using the war as cover to get rid of some of them
― lag∞n, Monday, 5 December 2022 04:18 (one year ago) link
heh
"What money did you use to purchase those shares in Robinhood?""The first thing I'll say is dollar bills are generally fungible..."Listen to the full @fintechfrank x @SBF_FTX episode now: https://t.co/CGPPpvBxZF pic.twitter.com/RGP6Vw9fyk— The Scoop (@TheScoopPod) December 5, 2022
― lag∞n, Monday, 5 December 2022 15:10 (one year ago) link
tht sbf had grown a cool soulpatch there but it's a bit of gunk on the screen of my laptop
― mark s, Monday, 5 December 2022 15:14 (one year ago) link
seems normal
#Tether Launches Offshore Chinese Yuan (CNH₮) on #TronRead More: https://t.co/0lsOICZPP9 pic.twitter.com/ejlUKGojzi— Tether (@Tether_to) December 6, 2022
― lag∞n, Tuesday, 6 December 2022 19:03 (one year ago) link
NEW: The Justice Department is investigating Sam Bankman-Fried for market manipulation -- focused on whether trading by Sam Bankman-Fried's crypto hedge fund helped trigger the Luna collapse in May. w/ @FlitterOnFraud @MattGoldstein26 https://t.co/fbQONY4gmF— David Yaffe-Bellany (@yaffebellany) December 8, 2022
― lag∞n, Thursday, 8 December 2022 01:00 (one year ago) link
and that's May, once the Justice Department catches up to November they'll be really excited
― G. D’Arcy Cheesewright (silby), Thursday, 8 December 2022 01:14 (one year ago) link
these crypto companies are crazy for driving each other out of business theyre all cards in the house (of cards)
― lag∞n, Thursday, 8 December 2022 03:07 (one year ago) link
lol
Oh look FTX hosted all the NFTs minted on their platform using a web2 API and now all those NFTs have broken metadata and the links go to a restructuring website. pic.twitter.com/hsQgVru4BL— jac0xb.sol (@jacobdotsol) December 7, 2022
― lag∞n, Thursday, 8 December 2022 04:45 (one year ago) link
Quite possibly, my favorite NFT The SBF "Test" NFT that sold for 270k...It currently links to Kroll's FTX bankruptcy page.https://t.co/uFBQ52ubBF— StateCommon (@StateCommon) December 8, 2022
― lag∞n, Thursday, 8 December 2022 05:15 (one year ago) link
man you just can't make this shit up
― sleeve, Thursday, 8 December 2022 06:03 (one year ago) link
But you could warn people that exactly this was going to happen and have them insist you just didn’t understand
― longtime caller, first time listener (man alive), Friday, 9 December 2022 01:09 (one year ago) link
Today, Starbucks launched its web3 loyalty program, which could radically change the perception of NFTs. Here’s what it means for coffee lovers and the future of brand marketing: pic.twitter.com/JFAd4CbueA— Matt Smolin (@Estimatted) December 8, 2022
― lag∞n, Friday, 9 December 2022 13:35 (one year ago) link
I got an invite! Haven’t really explored though. I have low expectations.
― Jeff, Friday, 9 December 2022 14:27 (one year ago) link
acquire the coffee nfts and grow rich
― lag∞n, Friday, 9 December 2022 14:46 (one year ago) link
the level of corruption in crypto is frankly very high
CEO of crypto media outlet The Block resigns after it's revealed he took tens of millions in loans from Sam Bankman-FriedDecember 9, 2022https://t.co/n9cgpsi4I9 pic.twitter.com/apHWMHQYJm— web3 is going just great (@web3isgreat) December 10, 2022
― lag∞n, Saturday, 10 December 2022 00:08 (one year ago) link
ethics in crypto journalism!
― peace, man, Saturday, 10 December 2022 00:16 (one year ago) link
ohhhhh myyyyyy goooooood pic.twitter.com/Z7ia9ClRG3— mr. pussy (@nuns_on_film) December 7, 2022
social media has just not been good for criminals
― lag∞n, Saturday, 10 December 2022 01:24 (one year ago) link
i use an alt for crimes
― Clay, Saturday, 10 December 2022 01:33 (one year ago) link
common sense really
thats the way to do it name it like clay_crimes
― lag∞n, Saturday, 10 December 2022 01:37 (one year ago) link
bro dont give out my alt
― Clay, Saturday, 10 December 2022 01:41 (one year ago) link
my bad
― lag∞n, Saturday, 10 December 2022 01:46 (one year ago) link
all the big crypto guys have a group chat
It's frustrating that "cartel" is solely associated with powerful drug gangs because it's a very useful term https://t.co/vVpuYDf1iZ— Malcolm Harris (@BigMeanInternet) December 10, 2022
― lag∞n, Saturday, 10 December 2022 16:51 (one year ago) link
“My honest advice: stop doing everything. Put on a suit, and go back to DC, and start to answer questions,” Mr. Zhao told Mr. Bankman-Fried.
“Thanks for the advice!” Mr. Bankman-Fried replied, asking Mr. Zhao to clarify: “Did you attempt to accuse me of trying to depeg a stablecoin by doing a $250,000 trade?”
Mr. Ardoino eventually jumped in: “Just to be clear, we’ll redeem whatever amount of money comes to us. We’re solid.”
― lag∞n, Saturday, 10 December 2022 16:54 (one year ago) link
Argo is preparing for a bankruptcy on Monday, per a screenshot of a document sent my way (likely accidentally posted). https://t.co/aXmFuMNSXF pic.twitter.com/kQtLwZOKct— Will Foxley 🧭 (@wsfoxley) December 9, 2022
― lag∞n, Saturday, 10 December 2022 17:05 (one year ago) link
Jimmy Fallon, Gwyneth Paltrow, Justin Bieber, and other celebrities are being sued for endorsing NFTs and misleading their followers with undisclosed payments from Bored Ape: https://t.co/IQPDCsyx0k pic.twitter.com/w6Dwqz2Npw— Ryan Brown 🎮 (@Toadsanime) December 10, 2022
― lag∞n, Sunday, 11 December 2022 00:43 (one year ago) link