FTX collapse, Tether operations have links to online-poker cheating scandals
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Re: FTX collapse, Tether operations have links to online-poker cheating scandals
#2> The second near-failure of UB occurred when the site was riddled by extensive credit-card fraud during its first year or so of operations. That led parent company ieLogic to develop an antifraud software suite called ieSnare that was so effective that the company was able to license it to other online concerns.
That’s a pretty interesting little side story.
Re: FTX collapse, Tether operations have links to online-poker cheating scandals
#3There is a German saying: "Wo ein Trog ist kommen die Schweine." roughly translates to "Where there is a trough - the pigs will come." Rather fitting for all the crypto meltdowns in the last years.
Re: FTX collapse, Tether operations have links to online-poker cheating scandals
#4It’s amazing to me that enough people still believe in the crypto scam to keep pumping BTC above $15k. I guess they are still managing to mint fools at a fast enough pace to keep the price up.
Re: FTX collapse, Tether operations have links to online-poker cheating scandals
#5There is a German saying: "Wo ein Trog ist kommen die Schweine." roughly translates to "Where there is a trough - the pigs will come." Rather fitting for all the crypto meltdowns in the last years.
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Re: FTX collapse, Tether operations have links to online-poker cheating scandals
#6There is a German saying: "Wo ein Trog ist kommen die Schweine." roughly translates to "Where there is a trough - the pigs will come." Rather fitting for all the crypto meltdowns in the last years.
Also "schadenfreude" :-).
(pleasure derived by someone from another person's misfortune).
Re: FTX collapse, Tether operations have links to online-poker cheating scandals
#7I wonder if there are cases of large scams where the perpetrators are smart enough to avoid being caught.
Not all criminals end-up behind bars.
I suspect that some scams can go unnoticed for long enough.
I also suspect that scam opportunities are exploding.
Re: FTX collapse, Tether operations have links to online-poker cheating scandals
#8Larry was right for once [1].
Re: FTX collapse, Tether operations have links to online-poker cheating scandals
#9> The second near-failure of UB occurred when the site was riddled by extensive credit-card fraud during its first year or so of operations. That led parent company ieLogic to develop an antifraud software suite called ieSnare that was so effective that the company was able to license it to other online concerns. That’s a pretty interesting little side story.
Feels sort of nonsensical honestly. Credit card anti fraud is entirely reactionary, there’s no magic bullet, you’re just papering over the cracks of an absolutely broken payment system. Every service will see different fraud, it will always be changing, there’s no one fits all solution. Very frequently the “rules” of the systems aren’t solid and everybody trying to exploit them knows that.
Re: FTX collapse, Tether operations have links to online-poker cheating scandals
#10It’s amazing to me that enough people still believe in the crypto scam to keep pumping BTC above $15k. I guess they are still managing to mint fools at a fast enough pace to keep the price up.
It's likely that market makers are holding the ~$15k floor to prevent a liquidation cascade.