281–290 of 498 posts
SBF decided to testify against CZ to try to save his own ass, giving justice dept and sec something to fine CZ with. Govt collects a big crypto fine, fine makes the big losers in FTX whole, problem solved. CZ should have just bought FTX and closed the deal and made people whole, woulda saved himself some drama.
It would have failed eventually. FTX was fundamentally unstable.
SBF decided to testify against CZ to try to save his own ass, giving justice dept and sec something to fine CZ with. Govt collects a big crypto fine, fine makes the big losers in FTX whole, problem solved. CZ should have just bought FTX and closed the deal and made people whole, woulda saved himself some drama.
he has infinite supply of money to pay any fine, i dont really understand the fine amount, whats the porpouse of it, u either force them to destroy the whole exchange or just try to make their complete reputation go down but this looks like the govt getting some pocket money and letting them keep doing nasty things overseas and thats it?
most people criticize fines as a mere check for the offender belonging to some moneyed elite and nothing else.
fines are not replacement for civil law. if anyone think they were wronged, that's the only way. not a magically proactive government becoming their patents.
Earlier quoted context omitted.
CZ is much smarter, he didn't have any number 2s that could testify against him, and had already moved to a non-extradition country years ago. SBF thought he was cleverer than everybody and testified himself straight into a 8x10 cell for the foreseeable future.
Every move SBF made after his fall seemed extremely poorly thought out. Not a hater, just processing the dichotomy of his genius image with his ingeniously ungenius self-immolation. Lesson: Looking like you make lots of money makes you look very smart.
Perhaps this was the final takedown necessary to pave the way for BTC ETF approval.
Why does BTC need an ETF at all, doesn’t that defeat the purpose of owning one’s own wallets? Also… exchanges defeating the purpose of decentralization…
Commodities are similar. People might invest in pork bellies even if they don't personally eat bacon.
SBF decided to testify against CZ to try to save his own ass, giving justice dept and sec something to fine CZ with. Govt collects a big crypto fine, fine makes the big losers in FTX whole, problem solved. CZ should have just bought FTX and closed the deal and made people whole, woulda saved himself some drama.
I actually can't believe he didn't get jail time given the severity of what was uncovered.
Earlier quoted context omitted.
While I can see how it helps clear the bad image of the industry, the two are not directly related. The ETF was/is going to get approved regardless.
How does it help clear the bad image? There are seemingly no large crypto orgs left that are untouched by criminal convictions.
I'm absolutely astonished by this. He lives in the Middle East, which does not have any extradition treaties with America. Granted, he might transit a country that has a treaty, but I'm really shocked that he would give him. What did they have over him? Maybe it was China…
> He lives in the Middle East, which does not have any extradition treaties with America. He lives in Dubai, within one of the US's closest allies in the region. I'd be worried.
Dubai has a lot to lose by damaging its reputation as a safe haven for wealthy exiles. My 2c.
I just saw the headlines that Binance knowingly let ISIS, Hamas, Al Qaeda and Iran use their platform to launder money. Hot take: that doesn't seem great.