This just reminded me that cryptocurrencies is a thing, this has not been a prominent topic here for some time, I would say. Is the entire cryptocurrencies stuff eventually on the way out or would that be a misperception? Just checked Google trends, that also indicates a downward trend for terms like Bitcoin, cryptocurrency, NFT or Ethereum for the last year or two.
Three Arrows Capital co-founder Zhu arrested in Singapore airport
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Re: Three Arrows Capital co-founder Zhu arrested in Singapore airport
#12This just reminded me that cryptocurrencies is a thing, this has not been a prominent topic here for some time, I would say. Is the entire cryptocurrencies stuff eventually on the way out or would that be a misperception? Just checked Google trends, that also indicates a downward trend for terms like Bitcoin, cryptocurrency, NFT or Ethereum for the last year or two.
I work in this area and to me, the tech is still super interesting. In particular, things like zero knowledge proof and related scaling/privacy solutions are at the forefront of cryptography in my opinion.
Re: Three Arrows Capital co-founder Zhu arrested in Singapore airport
#13Serious question from a crypto outsider: is four months long enough to deter future grifts? Will Zhu’s detention increase likelihood of further prosecutions?
> after he failed to comply with court orders to cooperate with the liquidation investigation. this procedural issue isn’t really related to crypto its someone that didnt show up
Well...usually it is the procedure of finding out what exactly they did wrong, which tends to have something to do with them running away from that particularly procedure.
Re: Three Arrows Capital co-founder Zhu arrested in Singapore airport
#14This just reminded me that cryptocurrencies is a thing, this has not been a prominent topic here for some time, I would say. Is the entire cryptocurrencies stuff eventually on the way out or would that be a misperception? Just checked Google trends, that also indicates a downward trend for terms like Bitcoin, cryptocurrency, NFT or Ethereum for the last year or two.
I work in this area and to me, the tech is still super interesting. In particular, things like zero knowledge proof and related scaling/privacy solutions are at the forefront of cryptography in my opinion.
We just need to find some non-speculative and non-scammy uses for that tech.
Re: Three Arrows Capital co-founder Zhu arrested in Singapore airport
#15This just reminded me that cryptocurrencies is a thing, this has not been a prominent topic here for some time, I would say. Is the entire cryptocurrencies stuff eventually on the way out or would that be a misperception? Just checked Google trends, that also indicates a downward trend for terms like Bitcoin, cryptocurrency, NFT or Ethereum for the last year or two.
It’s not going to just vanish because crypto has become the tool of choice for online scams and crime.
Here’s just one recent example, a small Kansas bank that collapsed entirely because its CEO got involved in a crypto scam:
“The chief executive officer of Heartland Tri-State Bank asked if the client would lend him $12 million so he could get his money out of a cryptocurrency investment. He promised he’d pay him back 10 days later, offering $1 million in interest to make it worth his while.”
https://www.bloomberg.com/news/articles/2023-09-27/crypto-sc...
Billions are being stolen annually using crypto. It’s the only use case with any traction.
For the same reason, governments are increasingly cracking down on crypto.
The conditions that created the 2011-2021 crypto booms were a combination of lack of regulation and zero interest rates, which made investors look for increasingly speculative investments. Those days aren’t coming back.
Re: Three Arrows Capital co-founder Zhu arrested in Singapore airport
#16This just reminded me that cryptocurrencies is a thing, this has not been a prominent topic here for some time, I would say. Is the entire cryptocurrencies stuff eventually on the way out or would that be a misperception? Just checked Google trends, that also indicates a downward trend for terms like Bitcoin, cryptocurrency, NFT or Ethereum for the last year or two.
I work in this area and to me, the tech is still super interesting. In particular, things like zero knowledge proof and related scaling/privacy solutions are at the forefront of cryptography in my opinion.
I gave the "industry" a pretty thorough deep dive; I learned Solidity, wrote a bunch of smart contracts, tried a lot of DeFi, and listened to ~100 episodes of the Zero Knowledge podcast.
My impression on the other end of it is that the "tech" is interesting in a purely academic sense but most of the participants are building things they know have no use and engaging in a lot of motivated reasoning about the future to justify drawing money in from the outside.
Like, it can all be a lot of fun! And some techniques, like all ZK folding schemes, are mathematical magic. But, no one wants code to be law and pretty much no one should be managing private keys tied to money.
It's a very cool but failed idea.
Re: Three Arrows Capital co-founder Zhu arrested in Singapore airport
#17SBF down, Do Kwon down, Su Zhu down, many many more to go... I've been amazed at how slow the law seems to be in apprehending the most egregious scammers from that era.
“The wheels of justice turn slowly, but grind finely”
Indeed. "Egregious" in the court of public opinion isn't the same thing as a legal case put together rigorously by prosecutors arguing against the finest defense lawyers that scammers' money can buy.
Re: Three Arrows Capital co-founder Zhu arrested in Singapore airport
#18Earlier quoted context omitted.
> after he failed to comply with court orders to cooperate with the liquidation investigation. this procedural issue isn’t really related to crypto its someone that didnt show up
Well...usually it is the procedure of finding out what exactly they did wrong, which tends to have something to do with them running away from that particularly procedure.
yeah I think we all got that
Re: Three Arrows Capital co-founder Zhu arrested in Singapore airport
#19Serious question from a crypto outsider: is four months long enough to deter future grifts? Will Zhu’s detention increase likelihood of further prosecutions?
Spending 4 months anywhere in Singapore without air-conditioning would deter me from pretty much anything. I imagine the experience in a prison cell is worse.
The prison is next to the airport - both named Changi after the original kampong village nearby.
So hot, humid and noisy.
Re: Three Arrows Capital co-founder Zhu arrested in Singapore airport
#20This just reminded me that cryptocurrencies is a thing, this has not been a prominent topic here for some time, I would say. Is the entire cryptocurrencies stuff eventually on the way out or would that be a misperception? Just checked Google trends, that also indicates a downward trend for terms like Bitcoin, cryptocurrency, NFT or Ethereum for the last year or two.
So far, crypto has gone through multiple market cycles lasting about four years each. At the peak people get euphoric and think it will solve all the world's problems, then in the trough people think it's all on its way out - that it will slowly fade out of public consciousness until it's forgotten. I believe the reality is somewhere in between.
But one thing is for sure: during the trough of every cycle, there's always someone posting that they wonder if crypto is dead and never coming back.