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Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

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Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#101

Post by notch656c »

sandworm101 wrote: post #41
gonzo41 wrote: post #27

Earlier quoted context omitted.

I would be super worried about having a resume filled with ponzi schemes.

Just like every ponzi scheme, the trick is to get out in time. I wonder how many people worked for Madoff but left before it all fell apart. How many of them are now working in other financial jobs? or Lehman bros.

Fun fact, one of the biggest benificiaries of madoff's scheme is believed to be madoff's victim/investor Jeffry Picower.

Picower may have figured out it was a Ponzi and agreed to "invest" in the scheme when Madoff became desperate for liquidity. But there was plausible deniability as he was just a guy who bought in at times and sold off at others.

So maybe the actual trick is people like Picower, who identify these schemes and then leverage the scheme to their advantage while all along looking like another victim and never once speaking about their suspicions or getting involved in the mechanics. Which brings me to think perhaps the Picowers in SBF's scheme were some of his investors who figured out it was a scheme but believed they could cash out before it toppled.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#102

Post by akiselev »

danuker wrote: post #97
hn_throwaway_99 wrote: post #60

Earlier quoted context omitted.

> Majority here at HN seems to lack any intellectual curiosity on this topic though and are just rabidly opposed to anything crypto related. Ahh yes, the time honored "HN is so mean to crypto" complaint. The moment someone can show me realistic benefits to crypto that aren't total scams, happy to change my opinion. I mean, just look at the BTC community. Yes, they are generally the most conservative, but they are als…

Alternatives to PoW are centralization (i.e. Linden Dollars or national currencies) and proof-of-stake (Ethereum). With centralization, there is the problem of trust. The issuer can just dilute the currency supply, go bankrupt, get bribed, or shut down. With proof-of-stake, the tokens themselves are used to distribute trust. But during an interruption of service or a network split, if the two subnets diverge, there i…

In one ear, out the other.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#103

Post by [deleted] »

danuker wrote: post #97
hn_throwaway_99 wrote: post #60

Earlier quoted context omitted.

> Majority here at HN seems to lack any intellectual curiosity on this topic though and are just rabidly opposed to anything crypto related. Ahh yes, the time honored "HN is so mean to crypto" complaint. The moment someone can show me realistic benefits to crypto that aren't total scams, happy to change my opinion. I mean, just look at the BTC community. Yes, they are generally the most conservative, but they are als…

Alternatives to PoW are centralization (i.e. Linden Dollars or national currencies) and proof-of-stake (Ethereum). With centralization, there is the problem of trust. The issuer can just dilute the currency supply, go bankrupt, get bribed, or shut down. With proof-of-stake, the tokens themselves are used to distribute trust. But during an interruption of service or a network split, if the two subnets diverge, there i…

[deleted]

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#105

Post by kasey_junk »

sandworm101 wrote: post #93
kasey_junk wrote: post #61

Earlier quoted context omitted.

Lehman brothers wasn’t a Ponzi scheme.

Scheme no, but it was a company that fell apart quickly. Employees would be better served to get out and secure a new job the day before a crash rather than the day after.

That’s true of any company going out of business.

We don’t typically count it against employees for future hiring when that happens though.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#106

Post by louwrentius »

mschuster91 wrote: post #85
louwrentius wrote: post #38

Earlier quoted context omitted.

All of them are liars by definition. We know they are all insolvent. Crypto doesn’t create any value, like with an investment in a regular business. So that must mean any profit is just money from the latest “unfortunates” that were foolish or desperate enough to buy in.

> Crypto doesn’t create any value, like with an investment in a regular business. Generally, I agree that a lot of "cryptocoin" usages are basically fraudulent and scams. Some of them are nothing more than "bragging rights" aka "look at me, I'm rich enough to waste 100 bucks on an NFT by the 45th" or that time when Twitter allowed one to display an NFT as a profile picture. There is one legitimate usage for cryptocur…

Anonimity is a fantasy that makes no sense if you think for a few seconds about it. There is always another person, a company or bank at the other end.

The key issue isn’t anonimity but policy and politics. No technology can be above any law by definition.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#107

Post by latchkey »

sandworm101 wrote: post #96
para_parolu wrote: post #76

Earlier quoted context omitted.

Out of curiosity: why motorcycle without odomet?

A bike without an odometer is "true mileage unknown" (TMU) which makes selling/insuring/valuing it somewhat difficult. On a custom chopper that is normal. Many choppers don't even have speedometers. But on a normal bike missing such instruments is seen as a red flag that the bike is stolen and/or made from stolen parts.

odometer value is easily modified, even with digital ones. Even then, it is often not accurate at all, especially on motorcycles, due to the fact that it is usually driven by a cable attached to the front wheel (just disconnect the cable and number never goes up).

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#108

Post by ls15 »

0xAFFFF wrote: post #68
jrsj wrote: post #39

Earlier quoted context omitted.

Bitcoiners were also generally skeptical of this. BTC and crypto often gets lumped together but many of those who prefer Bitcoin have been skeptical about stuff like this from the beginning. Lightning Network also has some interesting capabilities & seems like it might actually evolve into something with real utility. Block is investing pretty significantly into that. The minority of Bitcoin enthusiasts in the crypto…

Bitcoin has failed as electronic cash (its intended purpose). Bitcoin has failed as a store of value. Bitcoin has failed as inflation hedge. The project is 13 years old at this point and has failed to provide any meaningful use, has failed in terms of mainstream appeal and isn't nowhere near revolutionary. All of this while being an environmental disaster, burning through electricity and producing e-waste like there'…

If you want to dispose of your failed BTC, I will happily provide an address.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#109

Post by MuffinFlavored »

PragmaticPulp wrote: post #49
MuffinFlavored wrote: post #47

Earlier quoted context omitted.

and yet Bitcoin is up 10% so far this year

I can’t tell if this is sarcastic or not But it’s incredibly fascinating to see how much the Bitcoin fans can ignore all of the fraud and the collapse of crypto markets, instead focusing on hypothetically perfect retroactive market timing. So much of the Bitcoin propaganda is different versions of “Well if you had bought Bitcoin on then you’d be up right now!”

I'm not a Bitcoin fan, I'm a Bitcoin critic.

I'm just saying Bitcoin is up 15% off of lows from 15,760. All of the bad news about it and people are clearly still buying it/most likely dollar cost averaging into it.

Re: Bulgarian law enforcement raids offices of cryptocurrency firm Nexo

#110

Post by MuffinFlavored »

DonHopkins wrote: post #99
MuffinFlavored wrote: post #47

Earlier quoted context omitted.

and yet Bitcoin is up 10% so far this year

Not sarcastic, just wrong. This is the guy who keeps asking ChatGPT and "MAGA crazed conspiracy theorist weirdos" to write his comments for him. https://news.ycombinator.com/item?id=34334535 https://news.ycombinator.com/item?id=34334993 https://news.ycombinator.com/item?id=34335017 https://news.ycombinator.com/item?id=34334902 >If ChatGPT doesn’t get a better grasp of facts, nothing else matters: https://www.fastcomp…

Wow, how is this behavior tolerated/allowed? Aren't you basically cyber-bullying at this point? Do I need to like... report you to a moderator or something? Would really not want to waste their precious time but like... how else can I get you to stop/leave me alone?

I was trying to prove (in a conversation how crypto isn't trustworthy) that some people commonly believe 1. the government isn't perfect in terms of being trustworthy (especially when it comes to money) and 2. neither can Wall Street.

Please, leave me alone. I'm asking nicely.

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