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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

#81

Post by eigenket »

mikhailfranco wrote: post #19
eigenket wrote: post #7

Earlier quoted context omitted.

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.

Interesting fact, Changi was a fairly brutal prisoner of war camp where allied forces were kept by the Japanese during world war 2. My grandfather's brother was kept there during the war.

Re: Three Arrows Capital co-founder Zhu arrested in Singapore airport

#82

Post by tkz1312 »

pavlov wrote: post #15
danbruc wrote: post #11

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.

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 bac…

Stablecoins came close to moving as much value as visa in 2022 [1].

The use case for crypto has always been clear. There is a lot of demand for digital cash, some from people who operate outside of the law, but also from people who lack access to good banking and payments infrastructure (think activists, sex workers, citizens of nations with unreliable monetary systems).

Now that the speculative mania finally seems to have died down, what remains is what actually provides real value: a robust, modern and reliable financial infrastructure that provides privacy and does not make arbitrary decisions about who has access.

1: https://cryptopotato.com/stablecoins-settled-as-much-value-a...

Re: Three Arrows Capital co-founder Zhu arrested in Singapore airport

#84

Post by Alupis »

dheera wrote: post #67
ohdannyboy wrote: post #59

Earlier quoted context omitted.

Let's say I have something like $1M to my name (total assets) and I'm accused of a serious crime. I'm ready to spend it all to not go to prison for decades, but the AGI of the prosecutor is like 1/3 of my respectable private attorney. State prosecutors make garbage so this isn't far fetched. I now have to fund the government and give a significant percent of my assets just to defend myself? Making somebody fund their…

> I'm ready to spend it all to not go to prison You said you were ready > give a significant percent of my assets just to defend myself So why not? Or get a cheaper lawyer yourself that's more fair to the other side. There's a lot of rich people out there who get away with some really bad crimes just because they have really clever private attorneys.

We've seen in just recent years so very clearly that if the government wants to get you, they will spend nearly unlimited resources to do so. It doesn't matter how big or small the individual prosecutor's salaries might be - they can outlast you and outspend you every single time.

The deck is already stacked against most defendants.

Re: Three Arrows Capital co-founder Zhu arrested in Singapore airport

#85

Post by emodendroket »

b112 wrote: post #39
johnloeber wrote: post #4

SBF 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.

To be fair, "era" usually means "hundreds or thousands" of years ago, or millions. Not just a year or two. Justice, especially for complex things, which require investigation, is seldom fast. It probably wouldn't be fair otherwise.

Era is commonly used to refer to much shorter periods than that. The “post-War era” was a few decades, not millions of years

Re: Three Arrows Capital co-founder Zhu arrested in Singapore airport

#86

Post by eigenket »

sneak wrote: post #80
wmf wrote: post #14

Earlier quoted context omitted.

We just need to find some non-speculative and non-scammy uses for that tech.

Cheap and safe payments are of tremendous utility. The problem is that anonymous payments are essentially illegal under current regulations designed to protect the large incumbent businesses. Cryptocurrencies could render paywalls and signupwalls a thing of the past, allowing you to pay a fraction of a penny for a page view automatically in browser without an account. Such systems are illegal.

There are some pretty big, obvious reason why true anonymous payments are illegal under a lot of regulations in different countries. Supporting current big businesses is pretty damn far down the list.

Re: Three Arrows Capital co-founder Zhu arrested in Singapore airport

#87

Post by sneak »

eigenket wrote: post #86
sneak wrote: post #80

Earlier quoted context omitted.

Cheap and safe payments are of tremendous utility. The problem is that anonymous payments are essentially illegal under current regulations designed to protect the large incumbent businesses. Cryptocurrencies could render paywalls and signupwalls a thing of the past, allowing you to pay a fraction of a penny for a page view automatically in browser without an account. Such systems are illegal.

There are some pretty big, obvious reason why true anonymous payments are illegal under a lot of regulations in different countries. Supporting current big businesses is pretty damn far down the list.

Yes, the reasons are big, but they aren't valid or useful unless you are a large incumbent (or the state itself).

Re: Three Arrows Capital co-founder Zhu arrested in Singapore airport

#88

Post by phatfish »

lurker919 wrote: post #34
grotorea wrote: post #28

Earlier quoted context omitted.

Well, there's always the possibility that this time it will be the last. Maybe the last peak is when it reaches global awareness and there's no new people to bring into the system. And I suspect it already reached that in the last cycle with Superbowl ads and Filipinos working in Axle Infinity. Although, I feel cryptocurrency is already too big to ever end completely.

The new people in the next cycle are the freshly graduated high schoolers and new grads who weren't following the news previously and have their joining bonuses and RSUs waiting in the bank.

Can they pump Crypto as high as a good proportion of the "western" population widdling their thumbs for 6 months or more during COVID?

I say western because they were the people with the disposable income and living under governments that could support furlough/stimulus payments.

Re: Three Arrows Capital co-founder Zhu arrested in Singapore airport

#89

Post by _2d30 »

mousetree wrote: post #40
johnloeber wrote: post #4

SBF 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.

Waiting for Tether

Unfortunately, Tether now operates as one of the single greatest businesses of all time and is probably (from now) operating completely legitimately. No one is happy to hear this except for Tether themselves.

Re: Three Arrows Capital co-founder Zhu arrested in Singapore airport

#90

Post by callalex »

sneak wrote: post #80
wmf wrote: post #14

Earlier quoted context omitted.

We just need to find some non-speculative and non-scammy uses for that tech.

Cheap and safe payments are of tremendous utility. The problem is that anonymous payments are essentially illegal under current regulations designed to protect the large incumbent businesses. Cryptocurrencies could render paywalls and signupwalls a thing of the past, allowing you to pay a fraction of a penny for a page view automatically in browser without an account. Such systems are illegal.

Any payment that can’t be reversed after a dispute is inherently unsafe.
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