If you are testifying remotely, I suppose you are still under oath and have serious consequences for perjury ?
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Martha Stewart?
SBF scheduled to testify tomorrow at US House hearing on FTX collapse
51–60 of 204 posts
Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#52Earlier quoted context omitted.
No, not even remotely. FTX is a centralized exchange, and is the opposite of what crypto’s original philosophy is
Kind of like how git made tools for decentralized development widespread, so nobody uses centralized intermediaries to host their repositories any more. /s
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Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#53Having followed a lot of the SBF discussion since he keeps giving interviews, here's the FAQ-- 1) How did you lose $5ish billion of customer deposits? - They were deposited to Alameda, a totally independent hedge fund run by an unrelated party (my ex-girlfriend who lives with me). We credited Alameda without properly debiting Alameda on FTX. 2) Why didn't you track them? - There was a bug in the dashboard. I made a b…
> This is all actually just really complex and I don't remember all of it.
Saving that one for future use.
Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#54*remotely testify. https://www.reuters.com/legal/ftxs-sam-bankman-fried-says-he...
Mic in his ear that feeds him answers?
Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#55Binance waiting next in the queue? /s from reddit
Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#56Earlier quoted context omitted.
Kind of like how git made tools for decentralized development widespread, so nobody uses centralized intermediaries to host their repositories any more. /s
You make that comment sarcastically, but git has in fact made decentralized development easier, and is in fact used that way by some projects such as the Linux kernel. That many people choose to use it though centralized services such as Github doesn't diminish its power as a tool for decentralized software development compared with earlier tools such as cvs and svn. Likewise, Bitcoin and Ethereum also enable decentr…
However, pretty much only the Linux kernel.
Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#57SBF getting in character now and practicing his deception and manipulation skills in front of the mirror.
SBF should not be underestimated, he might be hard stuck in the silver league of LoL, but he is GM level or above at bullshit. Observing him dodging questions and managing to deflect the heat of relatively tenacious and seasoned journalists is a sight to behold. As irritating as it is impressive. Politics might have been a better fit for him.
That might work on George Stephanopoulos but it won't work against a seasoned prosecutor. It'll be interesting to see if he's allowed to plead the fifth for topics on which he's publicly spoken, repeatedly.
Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#58Does anyone else find it extremely ironical that FTX happened in crypto? Wasn't FTX one of the things crypto was meant to solve?
As someone else mentioned, going to and from fiat has always been an issue for crypto. So as a result, exchanges exist. Problem is with exchanges in order for settlement to happen the money has to be held somewhere where it can actually be used to settle trades. That is, users can't just keep the tokens in their own wallet until the trade is complete then pay up (or they could just not pay if eg; the trade was unfavorable... for example if they could get a better price now).
Since crypto transactions routinely take 15+ minutes you can't just pay right as you trade. And if using fiat to buy crypto then there's no getting around the exchange needing to hold your fiat.
All that said, exchanges need proper auditing and oversight. Building exchanges is a slow process. This is something that coinbase actually got right but alas they were outglossed by binance and FTX that offered very risky offerings like leverage, way more coins, etc.
Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#59Does anyone else find it extremely ironical that FTX happened in crypto? Wasn't FTX one of the things crypto was meant to solve?
No. "It's easier to fool a man than to convince him he's been fooled." Precision of language is important here. Where's the easiest place to defraud people? Directly adjacent to the place where it is mathematically impossible to be defrauded. Uninformed people stored their assets on FTX. Had they stored their funds on the blockchain, instead of entrusting them with SBF, it would have been impossible for SBF to abscon…
As I understand it, most people using FTX were not buy-and-hold investors who wanted FTX to "store their assets." It was a place where people loaned out their crypto, among other things.
It doesn't seem like there are ways to loan out crypto without risk. However, there are methods to mathematically guarantee that you will at least end up holding collateral that's worth much less than you thought it would after something bad happens.
Re: SBF scheduled to testify tomorrow at US House hearing on FTX collapse
#60Binance waiting next in the queue? /s from reddit
Probably. I think I am going to close all my "crypto" accounts because it is a scam as many of us thought it from the beginning. The only real value of blockchain is immutable history that is a pretty good thing in few cases.