131–140 of 437 posts
> Most news accounts seem to portray the scale of the bankruptcy as relatively small. This is a key point. They lost $16B in customer deposits. LTCM lost $4.6B in investor funds. Enron lost $11B in shareholder capital. Interestingly, while Madoff is widely quoted as having lost $65B, that was almost all fabricated paper wealth, actual losses were around $18B and $14.4B of that was recovered and returned. All of these…
Earlier quoted context omitted.
If you had been following this whole saga at all you would know that Twitter anons have been a way better source of information than anyone else. The on-chain anaylsis, digging and commentary done by people on Twitter has been insanely insightful.
Twitter might provide more information than the NYT, but there's a reason NYT doesn't publish it - because the NYT wants to be reliable. They want their claims to actually stand up to scrutiny and be an accurate portrayal of the events we know happened. Whereas big chunks of this article are just pure speculation. The whole section about how Alameda might have had a rogue algo are just made up out of whole cloth. Is…
Earlier quoted context omitted.
But the author makes it very clear in the second par "our claims only remain tentative at best". Isn't it much more useful to write something which actually tries to answer the question of what happened, albeit with appropriate caveats, than something which doesn't advance the understanding of the reader at all?
There's so much rampant speculation in this article... for me it lost a degree of credibility around the point he fixated on the drug aspect. Despite all the disclaimers. Yes, it paints one picture of how the losses could have added up, but I'm looking forward to more exhaustively investigated reports grounded in more than heresay and gossip.
Earlier quoted context omitted.
Actually it's almost the opposite. This piece speculates very strongly about SBF's stimulant usage degradating his cognitive abilities. Eg: > If the above observations about SBF’s personality and competence are even half true, that would go a great deal toward explaining Alameda’s losses. The entire article goes into much further depth. But it doesn't even speculate about malice.
"their systems became unprofitable" - "Alameda & FTX jointly continued to lose large amounts of money" - "uncompetitive market-making strategies, risky lending practices" - "erratic behavior and unprofitable gambling". > losing all the money accidentally rather than malice (far more likely) They sound an awful lot like trading / accidental losses than malice to me.
Earlier quoted context omitted.
If you know how to torrent you can download an image of his iPhone or iPad taken from that same laptop.
Why would I need to torrent it? And how do I know it's legitimate? I had assumed that the big news about its contents would break any day now. All I've ever seen is people talking about what people told them that they totally saw on it.
> Most news accounts seem to portray the scale of the bankruptcy as relatively small. This is a key point. They lost $16B in customer deposits. LTCM lost $4.6B in investor funds. Enron lost $11B in shareholder capital. Interestingly, while Madoff is widely quoted as having lost $65B, that was almost all fabricated paper wealth, actual losses were around $18B and $14.4B of that was recovered and returned. All of these…
I can't think of any possible reason. https://fortune.com/2022/11/10/sam-bankman-fried-ftx-joe-bid...
Earlier quoted context omitted.
What fraud does Binance do besides evading U.S. regulations? note: This is an actual question.
I'm sure they are doing (or at least were doing) fractional reserve banking as well. They have their own token just like FTX, wihch is a bad sign. Maybe right now they are working on fixing it. Kraken is one of the few exchanges that provide proof of reserves, which is basically just a Merkel tree of all user assets which users can use to check that the exchange holds their money. This is not just trivial to implemen…
Until these crypto companies are audited by actual recognized auditors I would just assume that everything they say is suspect.
Earlier quoted context omitted.
If you had been following this whole saga at all you would know that Twitter anons have been a way better source of information than anyone else. The on-chain anaylsis, digging and commentary done by people on Twitter has been insanely insightful.
Twitter might provide more information than the NYT, but there's a reason NYT doesn't publish it - because the NYT wants to be reliable. They want their claims to actually stand up to scrutiny and be an accurate portrayal of the events we know happened. Whereas big chunks of this article are just pure speculation. The whole section about how Alameda might have had a rogue algo are just made up out of whole cloth. Is…
Earlier quoted context omitted.
Never heard of them, I've been in the crypto space for many years. Their social media looks like it's run by a teenager and I'm not not being facetious, it literally reads like a 14 year old boy runs the account. The person also writes so many tweets they'd hardly have time for serious work. Over 90% are jokes, memes and rumors. https://nitter.cz/0xfbifemboy Not sure how this stuff makes it to the top on HN.
Yikes he posted a screenshot of your comment on Twitter. I agree with you about the tone and despise reading meme filled articles or tweets.
> Most news accounts seem to portray the scale of the bankruptcy as relatively small. This is a key point. They lost $16B in customer deposits. LTCM lost $4.6B in investor funds. Enron lost $11B in shareholder capital. Interestingly, while Madoff is widely quoted as having lost $65B, that was almost all fabricated paper wealth, actual losses were around $18B and $14.4B of that was recovered and returned. All of these…
Most of that wealth was manufactured in the crypto bubble, not actual money people worked for and put into crypto, just early stage ponzi investors that kept rolling their investment. The wealth, while apparently substantial, was never actually there, I think most understand that the mirage would have collapsed anyway if most investors would have attempted to exit earlier.
Basically, any early holder of Bitcoin today, while losing 70% or so of the peak value, is still a bazzillion basis points in the black, because they can get real dollars for what is essentially an early and rudimentary shitcoin with arcane limits, slow transaction times and extreme volatility, which is only used in the real world for speculation, money laundry and trading other shitcoins. Pretty ironic that's the "gold standard" of the crypto world, followed by an entire brown spectrum of shittier and scammier tokens.