21–30 of 127 posts
Earlier quoted context omitted.
Crypto has a strong reputation as a haven for money laundering, drug sales... So if any of the Mexican/South American drug cartels lost a lot of money Sam and the other top management of those companies could end up dead.
Serious Q, but what incentive would they have in killing him? Would that get them their money back? Wouldn't they lose more than they could gain?
This is a story of a corrupt CEO. The main crypto part of it is that FTT was seen as actual money on its balance sheets. This individual stealing people's money sheds light on how regulations exist for a reason, especially when handling billions of USD. Doesn't really speak positively or poorly on cryptocurrency as a technology though.
This is a story of a corrupt CEO. The main crypto part of it is that FTT was seen as actual money on its balance sheets. This individual stealing people's money sheds light on how regulations exist for a reason, especially when handling billions of USD. Doesn't really speak positively or poorly on cryptocurrency as a technology though.
Banking regulations exist to counterbalance the personal incentive to abuse any authority you have and take off which what you can take.
In the absence of regulations, everyone does exactly that... eventually.
The irony is that the guy didn't even plain steal and embezzle it, he was so full of himself he thought he could just increase it with his magic trading firm.
Earlier quoted context omitted.
Crypto has a strong reputation as a haven for money laundering, drug sales... So if any of the Mexican/South American drug cartels lost a lot of money Sam and the other top management of those companies could end up dead.
Serious Q, but what incentive would they have in killing him? Would that get them their money back? Wouldn't they lose more than they could gain?
Earlier quoted context omitted.
Crypto has a strong reputation as a haven for money laundering, drug sales... So if any of the Mexican/South American drug cartels lost a lot of money Sam and the other top management of those companies could end up dead.
Serious Q, but what incentive would they have in killing him? Would that get them their money back? Wouldn't they lose more than they could gain?
This is a story of a corrupt CEO. The main crypto part of it is that FTT was seen as actual money on its balance sheets. This individual stealing people's money sheds light on how regulations exist for a reason, especially when handling billions of USD. Doesn't really speak positively or poorly on cryptocurrency as a technology though.
A big argument against cryptocurrency was that those governments and institutions had developed financial oversight for a reason.
This has been some of the funniest few days in recent memory. Even my crypto true-believer HODL maximalist friends are questioning the entire ecosystem and its value. I think it’s funny that so many people have been hypnotized by get-rich-quick schemes and promises of a utopian monetary system while forgetting what the original —actual— value proposition of crypto was: Buying heroin. As a corollary to “not your keys…
> the original —actual— value proposition of crypto was: Buying heroin. That's totally unfair. It was buying all kinds of drugs, and weapons, and child porn, and stolen credit cards, and hiring assassins. The assassins invariably turned out to be working for the FBI, of course.
It's a tool that can be used for good or evil, just like the personal automobile, which was also abused in early years for malicious ends - just as telephony, the internet, and a number of other technologies were.
Criminals are early adopters of new & emerging technologies, that doesn't make those technologies inherently evil.
Also, why lump drug transactions in with weapons / CSAM / cc fraud / assassinations? Most drug buyers are not hurting anyone.