Bitcoin....who's gotten into it?

[garyfromterrace]

has anyone pointed out that Larry David was right?

^ Somebody posted the commercial upstream a few days ago saying it didn't age well and I remember thinking actually it did, Larry was right in the end.

OK, I'll write this slow for you guys.

It didn't age well because Larry David got PAID to do a commercial FOR FTX. It was supposed to make you not want to miss the boat, and be like Larry who missed the boat on all of the major discoveries. But, in the end (hahaha) this commercial didn't age well because alas, Larry (in his scripted dialogue which he did for MONEY from FTX) was RIGHT hahahaha. So perhaps we are all correct. It didn't age well because it was a commercial trying to make you buy FTX.... AND it didn't age well because Larry (in his paid for, scripted dialogue hahaha), said FTX (and the wheel, and, and, and etc) would fail.

[m2711c]

i can't read that fast, could you draw me diagram of the main plot points?

[MultiVerse]

OK, I'll write this slow for you guys.

Irony is not something with metal in it. Irony is juxtaposing Larry David predicting FTX’s demise in a commercial ironically paid for by FTX meant to imply success was inevitable in order to illicit FOMO. This is like double-irony.

Sounds like we agree. I just think the transparency should be mandatory and somebody needs to be empowered to require it and enforce it. You talk a lot of shit about naïveté…. But it kills me that you imagine that voluntary transparency might be an effective control. It’s absolutely adorable.

Who said anything about voluntary transparency alone? Industries routinely set rules & standards in addition government regs. But because your mind is weak like clock radio speakers maybe you missed the earlier posts about state banking licenses and multiple liability.

The fact is FTX was subject to government banking regulation and yet it still didn't prevent fraud from happening. So, so what if crypto riskiness discourages some people from investing in crypto–why is that bad?

[yeahman]

BTC ski off at bbi this year

It's just the standard TRG argument about nothing between people who agree but start calling each other dumbasses so they can't stop.

[MultiVerse]

For the casual observer, recently there have been lots of people calling for government to more closely regulate the crypto industry beyond existing laws and regulations in order to protect investors.

I'm not sure that's a good idea because 1) fraud is already illegal and 2) there's little evidence crypto threatens the banking system. So protecting crypto investors via specific additional regulations may well endanger the system by encouraging outsized investment in the area due to implicit government guarantees.

In a nutshell: new additional regulation will likely cause more and bigger problems than it solves.

[garyfromterrace]

Irony is not something with metal in it. Irony is juxtaposing Larry David predicting FTX’s demise in a commercial ironically paid for by FTX meant to imply success was inevitable in order to illicit FOMO. This is like double-irony.

Yes, yes. The dumb fuck from Terrace gets this!

[bennymac]

According to an insider, CEO of Alameda explained how they lost it all.

https://twitter.com/WhaleChart/statu...UBZ_48OiQ&s=19


"All-Hands meeting:

At the all hands meeting, Caroline revealed the truth. A little over a year ago, FTX started spending a lot of money. Various investing shell companies set up w/ FTX or Alameda names were created, some known most unknown, that invested in various illiquid assets that no one in the firm or FTX knew about. FTX Ventures was a large money sink. These various illiquid assets were also money sinks. I think one of the investments was like 1bb on a crypto mining company that went bankrupt? Alameda had also bought out Binance's stake in FTX for ~1-2bb.

FTX was buying luxury apartments in the Bahamas, building an office in the Bahamas and then currently in the middle of building a newer, costlier office that would be in the shape of an F. Stadium naming rights, advertisements, endorsements also aren't cheap. It's important to note that at this point in time, none of the user funds had been touched and this had all come from mainly from Alameda loaning FTX money and being given FTT as collateral. Alameda was able to loan so much money to FTX partly because they just had a lot of money, but also because they had many loans themsevles from lenders such as Genesis. Getting loans at that time was generally pretty easy. There is where the hole in the balance sheet came from.

Around 6 months ago, LUNA crashed to 0, sending reverberations across the crypto world as they wiped out -800bb in market value. Alameda didn't actually lose much money directly from Luna crashing, in fact they were probably net short at the time of the crash. However, the Luna crash caused many firms to become liquidated, the most notable one being 3 Arrows Capital(3AC). 3AC had taken out a ton of loans(see point above about loans being easy to get), and 3AC defaulting caused a lot of these loaners to go bankrupt. This event created what is known as the "credit crunch". In the credit crunch, many loaners suddenly recalled all of their loans just to see who was still liquid. Alameda lost a lot from giving out loans to firms who defaulted.

Alameda was now also on the hook for money they didn't have, since they had given a lot of the loan money to FTX or had lost it loaning to now bankrupt counterparties. SBF had two choices at this point, let Alameda get liquidated or send user money from FTX to ensure Alameda's survival. As you read online, SBF chose the latter. From this point onwards, it was just a ticking time bomb before the truth was found out and both FTX and Alameda liquidated. No one at FTX or Alameda knew how much was spent and that FTX user funds had been used to save Alameda All the credit crunch did was expedite how quickly FTX/Alameda's frivolous spending would be found out.

Caroline painted Alameda and FTX getting liquidated as a likely event rather than a tail event (which would've been helpful to know before they hired me...). It was also revealed at this time that Binance had stepped away from their deal to acquire FTX, citing that the hole in the balance sheet was too big to fill."

[neufox47]

A timely industry assessment per the argument calling for transparency on the previous page: "Proof of Reserves and related market-based transparency policies are not a panacea for malfeasance, but they clearly represent net positive low-hanging fruit for the digital assets industry to deploy."

Oh the irony of the “usd is a scam, they can just print more money” tribe now wanting regulated crypto exchange. Part of me feels like the message should be, “want a stable reliable money exchange? Use USD, the funny money exchanges are not the responsibility of the Government other than to enforce our current laws.”

[neckdeep]

Rogue traders snorting coke is just so boomer.

Millennial rogue traders and effective altruists combine work and play with a cocktail of amphetamines and brain stimulating Parkinson's medication patches. Apparently, off label use can result in loss of impulse control, extreme libido and delusional behavior.

Folks, this is going to be a very, very interesting movie.

[subtle plague]

Soo this extreme Libido thing. The female traders are hot ....right?

[JimmyCarter]

Soo this extreme Libido thing. The female traders are hot ....right?

Depends. Did you ever jerk off to Zelda Rubinstein?

[byates1]

Snap..

[bennymac]

lengthy (14,000 words) article written by Sequoia Capital writer fawning over SBF - no salacious orgies mentioned. More like nerds playing video games while moving billions around and trying to maximise the good they do. So much for that legacy.

Sequoia is trying to scrub the article but you can find it cached.

Sam Bankman-Fried Has a Savior Complex—And Maybe You Should Too

https://web.archive.org/web/20221027...ied-spotlight/

[4matic]

Genesis Trading having solvency issues. The parent company is DCG, which is also the parent company of Grayscale who holds $11b worth of #Bitcoin

[MashedPotatoes]

Interesting to see celebrities like Steph Curry and Tom Brady now getting sued over their FTX endorsements (can we add Matt Damon though??). Doubt it goes anywhere but maybe it'll knock some of the shine off.

https://www.mercurynews.com/2022/11/...d-by-investor/

[4matic]

It was disappointing seeing Steph join the shill.

[MashedPotatoes]

^^ seriously.

[Cono Este]

Tom Bradys Dad is a legit financial advisor. Probably one of the reasons Brady had such a smooth ride in the beginning. His family looks after him, sisters too.

Old man Brady must be pretty embarrassed.

[subtle plague]

Tom Bradys Dad is a legit financial advisor. Probably one of the reasons Brady had such a smooth ride in the beginning. His family looks after him, sisters too.

Old man Brady must be pretty embarrassed.

Great and you're ok with him potentially starting ww3 by scamming some poor Russians?


Edit: this thread needed more cono Logic

[J. Barron DeJong]

Apologies. I made a mistake yesterday. It turns out Genesis was next:



https://twitter.com/ben_mckenzie/sta...TWQ9-QySkGA2Zw

[Timberridge]

Looks like the movie about all this is gonna be boring, unfortunately...
__________

"Since FTX’s collapse, rumors have spread on Twitter that many FTX employees took prescription stimulants, including Adderall, to enhance their productivity and work longer hours.
But Dr. Lerner disputed that characterization. He said that some FTX employees may have been given prescription medications to treat A.D.H.D., but that the “rate of A.D.H.D. in the company was in line with most tech companies.” He said that he wrote some prescriptions to FTX employees, but only those he treated as part of his personal practice.

Details about the romantic pairings reported by CoinDesk last week led some gossips on Twitter to dub FTX a “polycule,” a term for a web of non-monogamous relationships.
But Dr. Lerner rejected that idea, saying the company’s culture was far from orgiastic.
“It’s a pretty tame place,” Dr. Lerner said. “The higher-ups, they mostly played chess and board games. There was no partying. They were undersexed, if anything.”

[garyfromterrace]

^^
Ha!
One man's prescription is another man's enhanced productivity!
One man's undersexed is another man's orgiastic.
Bring on the drugged out nerd orgy film!

[MultiVerse]

As crazy as it sounds, Michael Lewis recently spent months interviewing SBF for his latest book. Since this saga is the 2008 financial crisis 2.0 but with crypto and cargo shorts he can even recycle old book/movie titles:

Contagion
The Undoing
The Big Cargo Short
Flash Boys
The Blind Side
Moneyfall

[neckdeep]

Check out SBF interview on Vox.

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

Fucking delusional sociopath. Comes right out and admits his guru philanthropist schtick was all an act. Basically shrugs off stealing his customers accounts by claiming all crypto exchanges are doing it. Then alternately claims that Alemeda negligently commingled $8B fof FTX funds over years of accounting errors so he didn't really know what he was doing. Claims he could have solved everything with another round of fundraising.

SBF is a complete piece of shit and seems to be vacillating between denial and just plain ol' not giving a fuck about other people.

Small wonder the performance coach/therapist doesn't want to face up to his malpractice.. This is pure proof that no one should ever hire him again. He will be in the movie, for sure.

[J. Barron DeJong]

^^
Ha!
One man's prescription is another man's enhanced productivity!
One man's undersexed is another man's orgiastic.
Bring on the drugged out nerd orgy film!

https://twitter.com/edzitron/status/...TWQ9-QySkGA2Zw

(I don’t condone threatening people with unauthorized release of sex tapes, even if the people being threatened are absolute garbage.)