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Old 14th November 2022, 11:27     #1161
Ab
A mariachi ogre snorkel
 
Quote:
Originally Posted by Ajax
Dishonorable mention goes to crypto.com, which is looking shaky right now.
While I haven't seen any evidence on the internets of malfeasance, they certainly seem to be lacking in the "preventing accidental transactions" department.
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Old 14th November 2022, 16:43     #1162
Lightspeed
 
Laugh

Larry David played both sides.
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Stay shook. No sook.
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Old 14th November 2022, 17:20     #1163
Ajax
Architeuthis
 
Quote:
Originally Posted by Ab
While I haven't seen any evidence on the internets of malfeasance, they certainly seem to be lacking in the "preventing accidental transactions" department.
I'm not going to vouch for this info but it's potentially concerning:


https://mobile.twitter.com/chainsawd...93317138784256
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Old 14th November 2022, 18:29     #1164
Ab
A mariachi ogre snorkel
 
I’m losing track of my crypto-exchange meltdowns. Anyway.

There’s a lot of qanon-level conspiracy theorising on the net right now, but Mark Pesce is a smart dude. If he’s going “wtf?” That means there’s something to wtf about.

https://twitter.com/mpesce/status/1592033452970237952
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Old 14th November 2022, 18:43     #1165
Lightspeed
 
I think these meltdowns are examples of the status quo in finance. Running a grift is the default agenda.

What's fantastic about the blockchain is it's all there for everyone to see. There's no pretending there wasn't a scam being perpetrated, which is what we see with banks.

Another difference with crypto is regulations can be built into and enforced by the infrastructure, rather than the situation with banks where even if you catch onto a scam, finding someone to enforce regulations can be an exercise in futility.
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Old 14th November 2022, 19:31     #1166
Ajax
Architeuthis
 
Michael Lewis, the guy who wrote The Big Short and Moneyball, has reportedly been following SBF around for the last 6 months and is in the process of writing a book about him. Can scarcely imagine a more perfect project for Lewis. It’s going to have a quite an ending.
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Old 14th November 2022, 19:35     #1167
Ajax
Architeuthis
 
Source:

https://theankler.com/p/hwood-ftx-fr...-michael-lewis
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Old 14th November 2022, 21:54     #1168
Ab
A mariachi ogre snorkel
 
Oh man that will be awesome.
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Old 14th November 2022, 22:37     #1169
DrTiTus
HENCE WHY FOREVER ALONE
 
I love it when my DCA is negative but I'm a fan boy anyway.

Because keeping buying.

That's how it works right, not just buying at 1200, selling at 1600 and laughing at you m0f0s.
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Old 15th November 2022, 14:24     #1170
Know me.
 
Michael Lewis following you around for 6 months. A bad omen for sure. His best book is Liars Poker if you haven't read it.
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Old 15th November 2022, 15:06     #1171
Know me.
 
Quote:
Originally Posted by Lightspeed
I think these meltdowns are examples of the status quo in finance. Running a grift is the default agenda.

What's fantastic about the blockchain is it's all there for everyone to see. There's no pretending there wasn't a scam being perpetrated, which is what we see with banks.

Another difference with crypto is regulations can be built into and enforced by the infrastructure, rather than the situation with banks where even if you catch onto a scam, finding someone to enforce regulations can be an exercise in futility.
There's been plenty of pretending but since everyone's been getting paid including the players the games been allowed to continue. Regulating the exchanges will bring to light the part they have had to play in the run up of prices over the years.
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Old 16th November 2022, 02:26     #1172
Ab
A mariachi ogre snorkel
 
Fascinating podcast “oral history” of the past month or so at FTX from an FTX employee.

https://overcast.fm/+N79cZkGyA
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Old 17th November 2022, 10:09     #1173
Ab
A mariachi ogre snorkel
 
In which a surprisingly candid Sam Bankman-Fried drops the mask and basically admits to being a sociopath

https://www.vox.com/future-perfect/2...s-philanthropy

"yeah all that schmoozing to regulators, that was bullshit, fuck those guys... oh yeah and all that altruism stuff was fake too"
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Old 18th November 2022, 10:44     #1174
Ab
A mariachi ogre snorkel
 
Quote:
In a stinging court filing posted on Thursday John Ray III, the new boss of the bankrupt crypto exchange FTX, said the company had suffered an “unprecedented and complete failure of corporate controls”.

Ray has overseen some of the biggest bankruptcies ever, including the collapse of the energy giant Enron, and has 40 years of experience in restructuring companies. He said he had never seen anything as bad as FTX.

He wrote in a filing with the Delaware bankruptcy court: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.

“From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”
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Old 18th November 2022, 11:45     #1175
Ajax
Architeuthis
 
Good grief, what a shitshow.
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Old 18th November 2022, 15:26     #1176
Ab
A mariachi ogre snorkel
 
Highlights from a FT journo covering the filings:

https://twitter.com/kadhim/status/1593246720686981123

Quote:
Sam Bankman-Fried's hedge fund lent billions to... Sam Bankman-Fried

FTX says the "fair value" of all the crypto that FTX international holds is a mere $659K!
Remember that SBF has been marking it at $5.5bn

FTX says that Bankman-Fried didn't include customer liabilities in FTX's financial statements (!)

"The FTX Group did not maintain centralized control of its cash. Cash management procedural failures included the absence of an accurate list of bank accounts and account signatories"

corporate funds of the FTX Group were used to purchase homes and other personal items for employees and advisors

"what may be very substantial transfers of Debtor property in the days, weeks and months prior to the Petition Date"

FTX, FTX US and Alameda "do not have an accounting department"

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Old 18th November 2022, 17:04     #1177
Know me.
 
Accountants?, pfffft, its all on the blockchain mate.
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Old 19th November 2022, 15:56     #1178
Lightspeed
 
This one's good:

Federal regulators when Crypto investors come calling for help (after losing their money in a scheme meant to circumvent federal regulations)
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Old 20th November 2022, 12:40     #1179
kRAdENkO
 
Not sure if genuine or not, but I've heard that there is a sex tape....
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Old 20th November 2022, 14:25     #1180
Ab
A mariachi ogre snorkel
 
oh god I so do not care.
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Old 1st December 2022, 14:31     #1181
Ajax
Architeuthis
 
The Australian Stock Exchange cancels its blockchain project, writes off $250 million in costs. Ouch.

https://www.afr.com/companies/financ...0221117-p5bz24

“When you are driving in the desert and your life depends on it, you need a diesel Landcruiser and not a hybrid Ferrari”
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Old 1st December 2022, 16:48     #1182
Know me.
 
Sounds like a good use of blockchain. Nows a good time to dump projects like this. They probably found out that not everyone wants everyone else to see who owns what. Lot of people make a lot of money out of inefficiencies.

Last edited by Know me. : 1st December 2022 at 16:50.
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Old 1st December 2022, 16:52     #1183
Ab
A mariachi ogre snorkel
 
But a proprietary closed-source database based on DAML on VMWare is the future! A software vendor wouldn't lie to us!

TBH I'm amazed the client only took a 250M haircut, that's pretty benign by Accenture consulting-rate standards.
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Old 2nd December 2022, 13:34     #1184
Ab
A mariachi ogre snorkel
 
This is weird:

https://twitter.com/coinbasewallet/s...54819735031809

Apple has blocked the Coinbase wallet app from the app store because... gas fees on transactions... are payments... and thus attract the 30% in-app transaction tax by the App Store... and so 30% of the gas fee must go to Apple and fuck I don't know
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Old 2nd December 2022, 16:07     #1185
Ajax
Architeuthis
 
It seems like a convenient way for Apple to evict Coinbase from the App Store and avoid the fallout when Coinbase inevitably implodes.
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Old 2nd December 2022, 17:11     #1186
Ab
A mariachi ogre snorkel
 
Yeah, but this isn't the Coinbase trading app we're talking about. It's the wallet app. It's just... a wallet.
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Old 2nd December 2022, 18:16     #1187
Ajax
Architeuthis
 
Well, I'd say it's likely the trading app will also be removed before long.
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Old 3rd December 2022, 23:54     #1188
Ab
A mariachi ogre snorkel
 
Still doesn’t explain why Apple is doing this. It makes no sense. This is like... me killing some mobs in an iPhone RPG, collecting dropped items, taking them back to town, and selling them to an NPC... and Apple demanding that I pay 30% of my in-game gold to Apple since it's an an-app transaction.
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