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

[byates1]

Cathie Wood said today she predicts BTC will be a million dollars each by 2030...

Said that like year plus ago
I'm fine w that.

[byates1]

Would be rad if she, like McAfee, said she'll suck her own box if it isn't..

[J. Barron DeJong]

uhhh…



https://twitter.com/ryangrim/status/...wWr64mtIZPNzng

[byates1]

https://thecryptobasic.com/2022/11/2...ved-trademark/

Interesting timing. Ftx blows up, jp Morgan gets BTC wallet. Huh. /Tin foil

[bennymac]

https://thecryptobasic.com/2022/11/2...ved-trademark/

Interesting timing. Ftx blows up, jp Morgan gets BTC wallet. Huh. /Tin foil

sounds like it's a crypto wallet - kinda disingenuous to call it a "BTC wallet"

[4matic]

JPM probably has big clients that need a repository to get the stank off their year end statements.

[ex-powderbroker]

The new Matt Taibbi (without the Russian hookers?)?

[simple]

uhhh…



https://twitter.com/ryangrim/status/...wWr64mtIZPNzng

Can Tucker Carlson's face be any more punchable?

[summit]

Even that Russian shill things this is fucky.

[Cono Este]

I’m just catching up on this sbfcharacter and what a joke.

Other than a couple yrs at jane street the guy had no experience. There is no fucking way, anyone, can get a handle on trading derivatives, risk, etc without a serious mentor during that time. I also don’t see anyone on his team having come from anywhere that would give him that experience. Never mind the complete lack of ethics.

Seems this Almeda capital was trading a simple BTC arb in the beginning, what he learnt at jane street, but eventually that Arb was squeezed to nothing. So then they start making markets in derivatives on ftx with no experience. Let me tell you, I could train someone in a week to not fuck that up, the theoretical edge they probably had, because they had no completion, should have been pretty beefy, but these clowns probably never knew what they were doing on day 1. and that ugly broad was probably taking naked positions on crypto when there was no easy Arb left to do.

As a former risk and derivative professional I find this all very hilarious. But that’s rich people for you. They give their Money to the country club stooge who tickles their feathers the most.

Don’t even get me started on the political donation, to both parties. Really should be an eye opener for everyone.

[byates1]

^ prob bc of all the heavy political donations this is all swept under the rug. Nothing to see here ppl.

[JimmyCarter]

^ prob bc of all the heavy political donations this is all swept under the rug. Nothing to see here ppl.

His dad is part of Stanford’s corporate governance center and yet was a key part of the biggest corporate governance failure in history.

At least the media folks who got paid out aren’t just going along with his bullshit still…
https://news.bitcoin.com/new-york-ti...albook-summit/

[Cono Este]

It’s a pretty standard model here of trying to create and internalize your own order flow. Make your own markets on your own dumb clients. Free trades, but we screw you on price everytime. Then a step further with your own token. Wow.

It’s like whack a mile for regulators. Your clamp down on mortgage swaps, and the rodents go find another cheese to get a better risk\return.

[Toadman]

So many suckers being born. It's a baby boom of suckers, I tellz ya!

[dunfree]

His dad is part of Stanford’s corporate governance center and yet was a key part of the biggest corporate governance failure in history.

At least the media folks who got paid out aren’t just going along with his bullshit still…
https://news.bitcoin.com/new-york-ti...albook-summit/

It’s only a failure if you think this wasn’t the desired result.

anyways incoming house #3 emmer (who’s district has fuck all interest in crypto afaik), decided after a $2million+ donation to the congressional committee by FTX, that he’d suggest to the SEC they stop investigating crypto (incl FTX) because it was “intrusive” and “stifling innovation”. Which is also how that’s supposed to work

[Cono Este]

His dad is part of Stanford’s corporate governance center and yet was a key part of the biggest corporate governance failure in history.

At least the media folks who got paid out aren’t just going along with his bullshit still…
https://news.bitcoin.com/new-york-ti...albook-summit/

That’s is amazing. Fucking amazing.

I think we’re going to be in for a wild follow along here as this one unfolds. Screaming children, mafia hitmen, and everything. Kid should hurry up and surrender like Madoff.

[JimmyCarter]

It’s only a failure if you think this wasn’t the desired result.

anyways incoming house #3 emmer (who’s district has fuck all interest in crypto afaik), decided after a $2million+ donation to the congressional committee by FTX, that he’d suggest to the SEC they stop investigating crypto (incl FTX) because it was “intrusive” and “stifling innovation”. Which is also how that’s supposed to work

How is Emmer supposed to focus on financial crimes when he’s been so busy “strengthening” the SEC?

It’s a comical level of disrespect coming from the legislature, the press, and everyone else who collected a buck towards the victims.

[liv2ski]

This

So many suckers being born. It's a baby boom of suckers, I tellz ya!

And this

How is Emmer supposed to focus on financial crimes when he’s been so busy “strengthening” the SEC?

It’s a comical level of disrespect coming from the legislature, the press, and everyone else who collected a buck towards the victims.

That guy should be in jail today. I know I would be.

[MultiVerse]

^ prob bc of all the heavy political donations this is all swept under the rug. Nothing to see here ppl.

I think folks are missing the fact FTX is a Bahamian domiciled company and subject to regulatory oversight in the Bahamas. The US Securities and Exchange Commission, Commodity Futures Trading Commission and the Department of Justice are investigating SBF's FTX US subsidiary within existing legal frameworks. People might move on from the story but those investigations will continue and charges will almost certainly be filed.

FTX did what banks have done for hundreds of years. This is the Gen-Z version of the same old thing. The political donations were probably intended to influence future crypto regulation in America but that regulation, except for a handful of states, doesn't exist yet.

[dunfree]

How is Emmer supposed to focus on financial crimes when he’s been so busy “strengthening” the SEC?

It’s a comical level of disrespect coming from the legislature, the press, and everyone else who collected a buck towards the victims.

You mean Gensler?

The only decent ideas I can come up with why he isn’t yet in jail are 1) the best evidence against him right now is all the stuff he’s tweeting out and 2) it appears from the court filings company records are so shambolic other evidence might not be there and 3)he’s in the Bahamas

edit to add: the FBI went to Madoff’s home, whereupon he confessed to them, and corroborated the information they’d gotten from three other people. Which is kinda a slam dunk. So he surrendered same day.

[JimmyCarter]

You mean Gensler?

Gensler is his own type of special uselessness,I was thinking more of

https://emmer.house.gov/press-releas...F-7ECBD15B1731

The only decent ideas I can come up with why he isn’t yet in jail are 1) the best evidence against him right now is all the stuff he’s tweeting out and 2) it appears from the court filings company records are so shambolic other evidence might not be there and 3)he’s in the Bahamas

edit to add: the FBI went to Madoff’s home, whereupon he confessed to them, and corroborated the information they’d gotten from three other people. Which is kinda a slam dunk. So he surrendered same day.

I’d assume it’s some combination of the Bahamian registry and the lack of understanding at the US level of how any of it ties together. Will be interesting to see it unwind.
At the very least I’d be shocked if they couldn’t hit him on a tax issue around the personal loans/etc.

[MultiVerse]

One of the big outstanding questions is how did FTX receive banking licensees in most states except NY? Banks can legally make loans based on existing funds some of which are retail deposits. Banks however don't lend customer funds directly, instead it's an accounting relationship of debit and credits to finance loans. What FTX did is not that. FTX dipped into customer funds directly to enrich thenselves. That's fraud.

[Cono Este]

I think folks are missing the fact FTX is a Bahamian domiciled company and subject to regulatory oversight in the Bahamas. The US Securities and Exchange Commission, Commodity Futures Trading Commission and the Department of Justice are investigating SBF's FTX US subsidiary within existing legal frameworks. People might move on from the story but those investigations will continue and charges will almost certainly be filed.

FTX did what banks have done for hundreds of years. This is the Gen-Z version of the same old thing. The political donations were probably intended to influence future crypto regulation in America but that regulation, except for a handful of states, doesn't exist yet.

Wire fraud. Etc. not a lawyer, but that’s how they took down the owners of an Antiguan sports book i was familiar With. They will never be able to return without some charge waiting for them.

[stalefish3169]

Gensler absolutely deserves a lot of blame for letting the FTX fraud occur on his watch by failing to provide clear regulations for the crypto industry. The lack of clarity caused many companies and groups to stay offshore. Additionally, it's plausible that a sizable chunk of money would've been put into a highly-regulated BTC spot ETF had one been approved, rather than other investments, which are now worth zero. He should resign or be forced to step down.

Sent from my Pixel 6 Pro using Tapatalk

[MultiVerse]

So much for crypto eliminating counterparty risk. What's even the point if crypto maxis like stalefish are calling for regulation? If crypto wants to be part the regulated government banking system then why not just use fiat?