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Old 19th September 2022, 18:22     #1121
_indigo1
 
Do you lot not think lightning is going to impact the transactability of BTC and ETH (and whatever else) ?
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Old 19th September 2022, 18:24     #1122
Ab
A mariachi ogre snorkel
 
Quote:
Originally Posted by _indigo1
Do you lot not think lightning is going to impact the transactability of BTC and ETH (and whatever else) ?
I'm not really across it.
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Old 19th September 2022, 18:32     #1123
Lightspeed
 
Layer 2 and beyond are in the "to be seen" space. What's most technically appropriate isn't necessarily what ultimately wins out. I think it's all still very stochastic.
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Old 21st September 2022, 17:12     #1124
Lightspeed
 
This stuff is great:

Hacker claims 400 ETH bug bounty

Bug in an L2 implementation, the article goes over the exact code and exploit.
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Old 26th September 2022, 15:13     #1125
Ab
A mariachi ogre snorkel
 
US SEC asserts that all transactions on the Ethereum blockchain by anyone anywhere technically take place in the USA

https://decrypt.co/110107/sec-ethereum-us-jurisdiction
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Old 9th November 2022, 01:13     #1126
DrTiTus
HENCE WHY FOREVER ALONE
 
A little bit of contagion from FTX/FTT

https://theunhedgedcapitalist.substa...-crypto-lehman
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Old 9th November 2022, 02:06     #1127
Ab
A mariachi ogre snorkel
 
Sure seems to be some sort of beef between CZ and SBF. Weird, considering that investment from Binance is one of the things that got FTX off the ground in the first place.
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Old 9th November 2022, 06:54     #1128
Ajax
Architeuthis
 
So, uh, FTX got into a spot of liquidity trouble and it seems SBF is trying to unload it to CZ/Binance in a fire sale. Wtf! The sale doesn’t appear to apply to Alameda though, which has billions in liabilities. VCs and other major creditors about to get reamed. Not to mention all the little guys.
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Old 9th November 2022, 10:07     #1129
Ab
A mariachi ogre snorkel
 
That’s some Machiavellian shit from CZ right there. Invest in a startup, watch it get successful and become a competitor, exit with a huge profit, then crash the competitor and pick up its assets.
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Old 9th November 2022, 17:11     #1130
Ajax
Architeuthis
 
Excellent breakdown of the FTX/Alameda situation:

https://mobile.twitter.com/jonwu_/st...99676744646656
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Old 9th November 2022, 17:52     #1131
Ab
A mariachi ogre snorkel
 
Quote:
Originally Posted by Ajax
Excellent breakdown of the FTX/Alameda situation:

https://mobile.twitter.com/jonwu_/st...99676744646656
Quote:
jonwu.eth
@jonwu_

So how does this all break?

Well, the low float and constant buy pressure from FTX means the only thing that could make $FTT go down is if there were some huge, exogenous $FTT sale.

And this is where CZ comes in.
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Old 9th November 2022, 18:13     #1132
Ajax
Architeuthis
 
That's some Bond villain dastardly plotting right there
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Old 9th November 2022, 18:29     #1133
Ab
A mariachi ogre snorkel
 
CZ sitting there like Michael Corleone at the end of The Godfather after he has eliminated the heads of the Five Families.
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Old 10th November 2022, 10:24     #1134
Ab
A mariachi ogre snorkel
 
Exclamation

Quote:
Binance’s nonbinding letter of intent for the takeover – announced Tuesday as FTX’s financial position appeared to be spiraling out of control – hinged on Binance performing due diligence. Roughly half a day into that process of reviewing FTX’s internal data and loan commitments has led Binance to strongly lean against completing the transaction, the person said.

https://www.coindesk.com/business/20...-books-source/
Twisting the knife
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Old 10th November 2022, 10:34     #1135
DrTiTus
HENCE WHY FOREVER ALONE
 
Wow, just woke up, the FTX site isn't even working, then it was with prices way out of whack compared to tradingview/coinmarketcap, then it wasn't again.

Such a glorious day. $1.1k!

Buy the derp! :P

Uh oh
Quote:
Originally Posted by Binance
As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of http://FTX.com.
Next move - investigations into crypto + regulations imposed, and Tether unravels?
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Old 10th November 2022, 11:03     #1136
DrTiTus
HENCE WHY FOREVER ALONE
 
Quote:
Originally Posted by DrTiTus
I think sub 16k is a definite by the end of [this] year [of our Lord 2022].
Quote:
Originally Posted by Lightspeed
It's cute when toddlers walk around yelling "I am great". It's sad when adults do it, short them actually being at the end of some great achievement.
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Old 10th November 2022, 11:33     #1137
Nich
 
Thumbs up

not your keys, blah blah.

Buy time.
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Old 10th November 2022, 12:35     #1138
Ab
A mariachi ogre snorkel
 
It's always buy time!

But not Solana, obviously
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Old 10th November 2022, 13:03     #1139
Nich
 
If you're feeling adventurous, FTT is still has a long way to go to reach $0.00
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Old 10th November 2022, 16:25     #1140
Ajax
Architeuthis
 
I was watching the T20 World Cup semi last night and noticed FTX sponsorship all over the stadium and in TV graphics. Gonna be an awkward final.
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Old 10th November 2022, 16:35     #1141
Lightspeed
 
Wacked

Quote:
Originally Posted by DrTiTus
[urk]https://drtitus.xyz/img/IAmGreat.png[/url]
https://forums.nzgames.com/showpost....87&postcount=1

🤷
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Old 10th November 2022, 17:55     #1142
DrTiTus
HENCE WHY FOREVER ALONE
 
Wink

Once upon a time there was a Miser who used to hide his gold at the foot of a tree in his garden; but every week he used to go and dig it up and gloat over his gains.
A robber, who had noticed this, went and dug up the gold and decamped with it. When the Miser next came to gloat over his treasures, he found nothing but the empty hole.
He tore his hair, and raised such an outcry that all the neighbours came around him, and he told them how he used to come and visit his gold.
“Did you ever take any of it out?” asked one of them.
“Nay,” said he, “I only came to look at it.”
“Then come again and look at the hole,” said a neighbour; “it will do you just as much good.”
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Old 10th November 2022, 17:56     #1143
Lightspeed
 
facepalm

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Old 10th November 2022, 18:09     #1144
Lightspeed
 
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Old 10th November 2022, 18:54     #1145
DrTiTus
HENCE WHY FOREVER ALONE
 
While you make a point, I will just point out:

1. Nice log scale you got there. In absolute numbers, these drops are awful. Do you look at the log of your bank balance, or the absolute numbers?

2. That entire period consists of a time where interest rates were "abnormally low" - which is to say, money was unrealistically cheap/available, and it had to go somewhere. While it looks good historically, it appears we're trying to bring the economy back to reality, so "past performance does not suggest future performance". This ain't no Dr Phil shit.
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Old 10th November 2022, 18:59     #1146
Lightspeed
 
“Dwell on the beauty of life. Watch the stars, and see yourself running with them.”
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Old 10th November 2022, 23:18     #1147
Ab
A mariachi ogre snorkel
 
This is starting to smell an awful lot like the Terra Labs/LUNA meltdown. Man, Sam Bankman-Fried has lost a lot of powerful people a lot of money. I'd be changing my name and becoming a mute fisherman on a remote island somewhere if I were him.
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Old 11th November 2022, 10:59     #1148
Nich
 
Quote:
Originally Posted by Ab
This is starting to smell an awful lot like the Terra Labs/LUNA meltdown. Man, Sam Bankman-Fried has lost a lot of powerful people a lot of money. I'd be changing my name and becoming a mute fisherman on a remote island somewhere if I were him.
That's excellent advice if you were his legal team, but I want to see him in jail, and on proper suicide watch.

It's worse than Terra Labs / LUNA. LUNA's stablecoin was non-fraudulent (as far as I could tell) but its mechanism could be Soros'd and many people publicly pointed it out before someone rich enough executed the exploit. FTX / Alameda OTOH was criminal in that the exchange (FTX) gambled with user funds via secret investment arm (Alameda). Then fixed the balance sheet with it's FTT shitcoin.

It's worse than Mt Gox in scale (2020/21 bullrun newbies both retail and institutions), and FTX proved it did not hold enough reserves in each crypto when people started bank run. Even after lengthy court battles Mt Gox users could get a portion of their Bitcoin back... FTX / Alameda OTOH straight up gambled with exchange reserves, filled the void with FTT. My take is there's bugger all Bitcoin / Ethereum to return to users this time.

As Andreas says: "Crypto exchanges are like public bathrooms. Get in, do your business, then get out."

The worst part is highlighted in the latest Bankless episode where they discuss the cleanup required now. Reiterating the following to clueless regulators who will react to this, and make it all worse:
-DeFi is not CeFi
-FTX is more closely related to Wall Street (everything is a casino), than to crypto
https://www.youtube.com/watch?v=aK8RIYO802w
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Old 11th November 2022, 11:14     #1149
Ab
A mariachi ogre snorkel
 
Yeah. My thinking has morphed from "wow, EVE-Online-style takedown of a rival by CZ" to "holy shit FTX was a scam from top to bottom, literally taking customer money and secretly giving it to someone else".

This wasn't incompetence, it was criminality pure and simple.
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Old 11th November 2022, 14:27     #1150
Ajax
Architeuthis
 
(Loss of funds may occur)


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Old 11th November 2022, 14:40     #1151
DrTiTus
HENCE WHY FOREVER ALONE
 
1 FTT = 1 FTT

Few understand.
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Old 11th November 2022, 14:50     #1152
DrTiTus
HENCE WHY FOREVER ALONE
 
He's really destroying the good reputation of Jewish money changers.
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Old 12th November 2022, 13:53     #1153
Ab
A mariachi ogre snorkel
 
As well as being a 30-something polyamorous manbaby, Sam Bankman-Fried is now insolvent, his personal wealth going from USD 16 billion to zero in the space of 48 hours. Insane.
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Old 12th November 2022, 21:43     #1154
Nich
 
it gets worse.

Looks like SBF has a new business model:
- withdraw user funds at a price
- do it via DeFi
- tell everyone it's a "hack" on their app and website

FTX Faces Potential Hack, Sees Mysterious Outflows Totaling More than $600M
https://www.coindesk.com/business/20...ore-than-380m/

And vultures like @Algodtrading paid someone for Bahamas KYC, then proceeded to scoop up people's FTX accounts offering 0.1 their account balance value (expectation of recovering funds is THAT low), then offers bribes to FTX to expidite HIS withdrawal.
https://twitter.com/algodtradingexp/...-VbT-AaRg_NYBg

What a shitstorm. You can bet the only takeaway for law makers is going to be: crypto bad, more regulation fixes this.
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Old 13th November 2022, 11:21     #1155
Ajax
Architeuthis
 
Largest frauds still operating in crypto:

1. Bitfinex/Tether

2. Binance

3. Justin Sun’s various companies and shitcoins.
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Old 13th November 2022, 13:33     #1156
Ab
A mariachi ogre snorkel
 
Yesterday: “FTX US is a separate company, not connected, business as usual, trade yourself here freely, full freedom”

Nek minit

FTX US files for bankruptcy after mystery hack

Weird eh
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Old 13th November 2022, 18:07     #1157
Ab
A mariachi ogre snorkel
 
wtf, Bankman-fried donated HOW MUCH of OTHER PEOPLE’S MONEY to the US Democratic Party?
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Old 13th November 2022, 18:15     #1158
Ajax
Architeuthis
 
Quote:
Originally Posted by Ajax
Largest frauds still operating in crypto:

1. Bitfinex/Tether

2. Binance

3. Justin Sun’s various companies and shitcoins.
Dishonorable mention goes to crypto.com, which is looking shaky right now.
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Old 14th November 2022, 10:15     #1159
Ab
A mariachi ogre snorkel
 
Reuters re: FTX

Quote:
The financial discovery process also unearthed a “back door” in FTX’s books that was created with “bespoke software.”

The two sources speaking to Reuters described it as a way that ex-CEO Bankman-Fried could make changes to the company’s financial record without flagging the transaction either internally or externally.
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Old 14th November 2022, 10:42     #1160
DrTiTus
HENCE WHY FOREVER ALONE
 
Crypto Confidence Soars After CEO Defrauds Customers Just Like Real Bank (The Onion)
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