FTX to file for U.S. bankruptcy, CEO resigns

Post by nunez » Fri, Nov 11, 2022, 9:04 PM UTC

RetpolineDrama wrote: post #546

thwayunion wrote: post #491

Earlier quoted context omitted.

> can we STOP the blind short-term speculation on the promise of extreme wealth I first played around with blockchain in 2011 or so and I still don't know what actual utility this technology is supposed to have. I have never -- never -- encountered a value-producing use case for cryptocurrency that can't be solved by either signed git commits or a SQL database. Around 2015 a lot of people I thought were smart enough…

>I have never -- never -- encountered a value-producing use case for cryptocurrency that can't be solved by either signed git commits or a SQL database. I've heard a lot of people used it to buy drugs on the internet.

Post by saurik » Fri, Nov 11, 2022, 9:05 PM UTC

tptacek wrote: post #146

thiscatis wrote: post #108

Too bad Jonah Hill will be too old once the movie comes out about this whole saga. He would have aced it as SBF.

What about this story seems cinematic to you? This is a Ponzi scheme participant who didn't even deny being a Ponzi scheme participant in interviews.

Post by clemensley » Fri, Nov 11, 2022, 9:09 PM UTC

VHRanger wrote: post #703

null0pointer wrote: post #697

Earlier quoted context omitted.

This is pretty clearly not a failure of cryptocurrency. Bitcoin et al. are still chugging along just fine. This is, once again, a failure of a centralized business in which people placed way too much trust. I hope SBF, and other "crypto" company execs, are held accountable for misleading customers about their offerings. Specifically calling it crypto when it's not.

Bitcoin failed, though? All the proposed usecases except speculation and censorship resistant wealth transfers (eg. getting money out of Russia) have been abandoned.

Post by olalonde » Fri, Nov 11, 2022, 9:13 PM UTC

Animats wrote: post #743

twblalock wrote: post #528

This has been a wonderful social experiment, enabling people who didn’t live in the 19th century to see what happens when banking and investing is treated like the wild west. Maybe something could have been different this time? In the end it wasn’t, and it proves the necessity of regulation and institutions. There aren’t very many other aspects of our society where we get to have that kind of experiment and find out…

So what happens to crypto now? A reasonably likely possibility is that the SEC starts sending letters to every issuer and exchange that sells to US persons. If you're an issuer, you have to register as a security or get a no-action letter that says yours is a utility token. If you're an exchange or a broker, you have to register as an exchange or a broker. Sign up for FINRA regulation and pay SIPC premiums. They did…

Post by nunez » Fri, Nov 11, 2022, 9:14 PM UTC

chx wrote: post #637

luckylion wrote: post #580

Earlier quoted context omitted.

Fast, cheap money transfer (theoretically) not requiring trust in any middle man, cutting out bank's control, i.e. "digital cash". I don't know if it's revolutionary, but it has a lot of potential and is great when it works.

Here are the steps you need to take to move money with crypto"currency": 1. Establish a presence at an exchange (you need to do this only once) 2. The receiver needs to establish presence at their exchange (every receiver of yours need to do this) 3. Transfer money to the exchange 4. Buy coins and move them and the receiver exchanges back them to money 5. The receiver needs to move money from the exchange to their ba…