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(Most) trading's not done on chain, it's settled later. Alameda could absolutely trade faster than that.
Doesn’t that just mean the trading is done by a trusted third party? Fine until the third party goes belly up.
Honest question: How do you determine that something like this was an honest mistake? Once, when I was much younger, I had a side gig dealing poker at an underground club in NYC. One morning at the end of 10 hours dealing, I accidentally exposed a burn card which turned out to be something one of the players was representing (bluffing), with about $10k on the table. It was an honest mistake - literally a fat finger m…
In interactions of bluff, bluff, and double bluff suspicion never dies.
Quitting indignantly on principal is either a sure sign of innocence or a true con artist cutting and putting distance from a 'scam', staying can be just as ambiguous.
I'm not doubting your innocence here, just doubting that there was any action you could take that would convince a suspicious mind that you were clean.
I dare say had you stayed then eventually something else would have happened around you down the track (that's just life). Parting ways and moving on saved you from that at least.
Honest question: How do you determine that something like this was an honest mistake? Once, when I was much younger, I had a side gig dealing poker at an underground club in NYC. One morning at the end of 10 hours dealing, I accidentally exposed a burn card which turned out to be something one of the players was representing (bluffing), with about $10k on the table. It was an honest mistake - literally a fat finger m…
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> the total (ostensible) value of all coins that have been mined in a given cryptocurrency. These values should be taken with a hefty grain of salt, as they are considerably larger than the total value that could be realized if holders of a currency decided to try to cash out.
You realize that this is how valuations for publicly-traded companies are calculated, right? Also the networths of people whose vast majority of wealth is tied to publicly-traded shares.
Similarly, printing a billion tokens and trading one for a dollar doesn't give you a billion dollar market cap, even though "all the stocks do it!" Those stocks also back productive systems, have financial statements, forecasts, and a million other things that make them a billion dollar (or larger) market capped company.
> The story of how a misplaced decimal point at Alameda Research caused a market crash that echoed around the world Hang on a second. It caused a dip in the price of Bitcoin, that is not a "market crash". Bitcoin is a toy and not a real market, its price is set almost entirely by bullshit wash trades and other forms of fraud.
Celsius lost millions in dumb mistakes like that too. Someone at Celsius manually approved a bogus transaction on a hacked website... https://www.coindesk.com/markets/2021/12/03/crypto-lender-ce... Badger later reimbursed Celsius with inflation on their token that would be released slowly over several years. "restitution". Someone at Celsius thought that they could sell that restitution token and ended up forfeiting…
That moment where they got scammed by a hacked frontend was when I realised they were extremely incompetent and told everyone to get their funds out immediately. Moving millions of dollars customer funds around via a browser wallet is insanely bad, they should have had well tested scripts that interact with the smart contracts directly.
Perhaps the title could be updated to reflect that this article is not referring to the city?
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Would you mind explaining the second story? I don't play casino blackjack. Isn't the goal of the house to get blackjack? So if the dealer had Ace face up and King down, isn't he assured to win the hand and collect all the stakes?
If the house starts with a blackjack they collect the initial wagers from anyone who doesn't also have a blackjack.
Honest question: How do you determine that something like this was an honest mistake? Once, when I was much younger, I had a side gig dealing poker at an underground club in NYC. One morning at the end of 10 hours dealing, I accidentally exposed a burn card which turned out to be something one of the players was representing (bluffing), with about $10k on the table. It was an honest mistake - literally a fat finger m…
Funny that the top comment here is about poker - there's a rumor in the poker world that SBF was a whale in some of the biggest private app games, and owed the game runners north of $10m when he went down, which the winners in that game (apparently including legend of the game Dan "Jungleman" Cates) are now never going to see.
A lot of the "genius" credit given to FTX, Alameda, Sam are all during a time when crypto was soaring, probably partially because people were home more and got free checks in the mail. The fact that a single person could absolutely tank the entire company with a single trade shows how reckless they all were. But it worked because the market was going up. That's it. The market slumped for like a week and their behavio…
The hype cycle marketing was targeted by geography and social class.