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SEC Charges Hex Founder Richard Heart with Misappropriating Millions of Dollars

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Re: SEC Charges Hex Founder Richard Heart with Misappropriating Millions of Dollars

#61

Post by mrguyorama »

artursapek wrote: post #36
rlt wrote: post #34

Earlier quoted context omitted.

Among other crimes against humanity is his incredibly gaudy sense of style https://twitter.com/RichardHeartWin/status/15402954048178831... https://sybershel.com/he-invented-the-crypto-that-gives-inte...

This guy was famous for posting these photos flaunting how much money he was wearing. It blows my mind to think someone could be this open about doing this

You can rent a fancy car, take a selfie with it, post it on instagram saying "DM me for a ONCE IN A LIFETIME investment" and take home $100k no problem. Some people have no idea how money works.

Re: SEC Charges Hex Founder Richard Heart with Misappropriating Millions of Dollars

#62

Post by everfree »

Retric wrote: post #40
iancarroll wrote: post #37

Earlier quoted context omitted.

The article mentions at least 2 million Ethereum, which is certainly liquid enough to be a couple orders of magnitude above $10 million.

There’s a fair amount of liquidity, but trying to withdraw 1 billion in Eth is going to impact it’s valuation.

Ethereum's daily trading volume is $7 billion, so it's likely that $1 billion would hardly affect its valuation.

Re: SEC Charges Hex Founder Richard Heart with Misappropriating Millions of Dollars

#63

Post by spaceman_2020 »

Retric wrote: post #40
iancarroll wrote: post #37

Earlier quoted context omitted.

The article mentions at least 2 million Ethereum, which is certainly liquid enough to be a couple orders of magnitude above $10 million.

There’s a fair amount of liquidity, but trying to withdraw 1 billion in Eth is going to impact it’s valuation.

Even on Uniswap, swapping 10,000 ETH ($18.5M) has just 0.9% slippage.

There is pretty decent liquidity for ETH and BTC at least, both on and off-chain.

Re: SEC Charges Hex Founder Richard Heart with Misappropriating Millions of Dollars

#64

Post by arcticbull »

everfree wrote: post #62
Retric wrote: post #40

Earlier quoted context omitted.

There’s a fair amount of liquidity, but trying to withdraw 1 billion in Eth is going to impact it’s valuation.

Ethereum's daily trading volume is $7 billion, so it's likely that $1 billion would hardly affect its valuation.

Now subtract out the wash trading. I'm not saying it would or wouldn't affect the valuation, I'm saying that the top-line volume is a known fiction. Remember when "Coinbase Employee A" traded some 99% of the entire global LTC volume between two bots at Coinbase? Sure it's old news, but that's the most reputable exchange. [1, 2]

Much of the crypto market is a digital Potemkin village designed to make you feel like you're not nearly as alone as you are.

[1] https://www.cftc.gov/PressRoom/PressReleases/8369-21

[2] https://news.bitcoin.com/ipo-coinbase-pays-cftc-6-5-million-...

Re: SEC Charges Hex Founder Richard Heart with Misappropriating Millions of Dollars

#65

Post by arcticbull »

latchkey wrote: post #45
Retric wrote: post #40

Earlier quoted context omitted.

There’s a fair amount of liquidity, but trying to withdraw 1 billion in Eth is going to impact it’s valuation.

ETH has a $223b market cap, so 1b is .45%.

Market cap is not market depth, you can't withdraw $223B from a speculative asset with a $223B market cap. Just look at SafeMoon lol. Market cap isn't a bank account. It's determined at the margin by the last transaction price multiplied by the number of units outstanding. Bringing it up in this context is just misleading.

Re: SEC Charges Hex Founder Richard Heart with Misappropriating Millions of Dollars

#66

Post by loeg »

Analemma_ wrote: post #5

Apart from maybe Coinbase, I just take as a given that every single actor in crypto is a criminal, and so far this assumption has been pretty much bang-on accurate.

Just to expand a bit on the "maybe," it seems pretty clear that the SEC's opinion is that most of Coinbase's business model is being an unregistered securities broker (except for perhaps allowing trading bitcoin and ethereum), which is illegal.

Re: SEC Charges Hex Founder Richard Heart with Misappropriating Millions of Dollars

#67

Post by Retric »

everfree wrote: post #62
Retric wrote: post #40

Earlier quoted context omitted.

There’s a fair amount of liquidity, but trying to withdraw 1 billion in Eth is going to impact it’s valuation.

Ethereum's daily trading volume is $7 billion, so it's likely that $1 billion would hardly affect its valuation.

Daily trade volume doesn’t represent what it used to as market makers/HFT algorithms get into and out of positions several times a day. What matters for estimating impact is essentially the net flow across the day/week/whatever not the transaction volume. It’s unlikely to precipitate a sell off but a 1+% dip in the short term isn’t unrealistic.

Re: SEC Charges Hex Founder Richard Heart with Misappropriating Millions of Dollars

#68

Post by FireBeyond »

everfree wrote: post #62
Retric wrote: post #40

Earlier quoted context omitted.

There’s a fair amount of liquidity, but trying to withdraw 1 billion in Eth is going to impact it’s valuation.

Ethereum's daily trading volume is $7 billion, so it's likely that $1 billion would hardly affect its valuation.

One transaction accounting for at least 15 per cent of the trading volume for a day absolutely is going to affect its valuation.

Re: SEC Charges Hex Founder Richard Heart with Misappropriating Millions of Dollars

#69

Post by everfree »

Retric wrote: post #67
everfree wrote: post #62

Earlier quoted context omitted.

Ethereum's daily trading volume is $7 billion, so it's likely that $1 billion would hardly affect its valuation.

Daily trade volume doesn’t represent what it used to as market makers/HFT algorithms get into and out of positions several times a day. What matters for estimating impact is essentially the net flow across the day/week/whatever not the transaction volume. It’s unlikely to precipitate a sell off but a 1+% dip in the short term isn’t unrealistic.

Ethereum has 1% dips regularly, on the hourly. In crypto, that’s generally considered very stable.

Re: SEC Charges Hex Founder Richard Heart with Misappropriating Millions of Dollars

#70

Post by codyb »

rlt wrote: post #34
bhouston wrote: post #8

Thank god, that guy was incredibly obnoxious.

Among other crimes against humanity is his incredibly gaudy sense of style https://twitter.com/RichardHeartWin/status/15402954048178831... https://sybershel.com/he-invented-the-crypto-that-gives-inte...

Wow imagine spending 80,000 dollars to look that bad.
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