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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

#151

Post by zmgsabst »

brookst wrote: post #87
AlexandrB wrote: post #82

Earlier quoted context omitted.

With every crypto collapse there seems to be an associated failure by the media to do any real digging. The same thing happened with Theranos where, with a few exceptions, the media fawned over Elizabeth Holmes. It's hard to tell if the media has gotten worse at their jobs or they've always been this bad and I'm just getting older. There are plenty of earlier scams and bubbles (Enron, dot-com bubble) that slipped und…

“The media” is mostly just a bunch of 20-40 year olds with liberal arts bachelors degrees, trying to make ends meet and feed their families. Serious investigative reporters with the smarts and experience to dive deep were always the exception, maybe a handful in the world at any given time. So IMO, “they’ve always been this bad” is the answer, but it’s not entirely fair. Kind of like saying the cooks at McDonald’s ha…

Dominos would be my counterpoint: their pizza was just bad and they could do better. And they did.

I think it’s entirely possible that an industry with low competition and high nepotism could just be doing their jobs poorly.

Isn’t that why Joe Rogan is more popular than CNN?

Re: FTX collapse, Tether operations have links to online-poker cheating scandals

#152

Post by shkkmo »

arisAlexis wrote: post #28

This has nothing to do with Tether the author added it jut as a sauce, hilarious

> Stuart Hoegner, another former UB lawyer, holds a similar regulatory-compliance post with rival crypto firm Tether

Both Tether and FTX hired former white collar criminals from the same company to head their regulator compliance.

Re: FTX collapse, Tether operations have links to online-poker cheating scandals

#153

Post by loceng »

teh64 wrote: post #132
loceng wrote: post #88

Is there truth to the U.S. sending money to Ukraine -> Ukraine funding FTX -> FTX being 2nd largest donor to Democratic party in the U.S.? Timeline: - April 25, 2019: Biden announces his presidential campaign. - 13 days later, Sam Bankman-Fried, son of Barbara Fried (co-founder of political fundraising organizations), launched FTX crypto exchange. - The exchange is an overnight success. Sam Bankman-Fried (SBM) become…

Here is an actual source: https://cointelegraph.com/news/ukrainian-government-launches... Quote: “Aid For Ukraine shows how the global crypto community and the traditional financial system can work together,” said Solana Labs co-founder Anatoly Yakovenko. “Crypto donations to the DAO are stored and governed on-chain, then transferred to FTX, a centralized exchange, to be sold for fiat USD sent via SWIFT to the Ukrain…

How can we know who sent it though? You can't state the truth as one way or another, at least not yet.

Re: FTX collapse, Tether operations have links to online-poker cheating scandals

#154

Post by BoardsOfCanada »

hn_throwaway_99 wrote: post #123
AlexandrB wrote: post #82

Earlier quoted context omitted.

With every crypto collapse there seems to be an associated failure by the media to do any real digging. The same thing happened with Theranos where, with a few exceptions, the media fawned over Elizabeth Holmes. It's hard to tell if the media has gotten worse at their jobs or they've always been this bad and I'm just getting older. There are plenty of earlier scams and bubbles (Enron, dot-com bubble) that slipped und…

I think this is an odd take, given that it was the WSJ that broke the Theranos story and CoinDesk that broke the FTX story. Yes, true investigative reporting is rare (and expensive), but good work is still being done. For the media at large, given the volume of stuff you can read, much of it is plain "story-telling" or "narratives", and I do think the media is more likely to go with things that fit the narrative of t…

> Yes, true investigative reporting is rare (and expensive), but good work is still being done.

Still, it's weird to have to read about this at poker.org first instead of any "respected" news source.

Re: FTX collapse, Tether operations have links to online-poker cheating scandals

#155

Post by boole1854 »

loceng wrote: post #88

Is there truth to the U.S. sending money to Ukraine -> Ukraine funding FTX -> FTX being 2nd largest donor to Democratic party in the U.S.? Timeline: - April 25, 2019: Biden announces his presidential campaign. - 13 days later, Sam Bankman-Fried, son of Barbara Fried (co-founder of political fundraising organizations), launched FTX crypto exchange. - The exchange is an overnight success. Sam Bankman-Fried (SBM) become…

U.S. sending money to Ukraine: True

Ukraine funding FTX: Mostly false. This appears to be a confusion related to the fact that Ukraine launched a website accepting cryptocurrency donations that were processed via FTX [1]. However, as far as I can tell, there was no funding of FTX by Ukraine other than possibly FTX earning transaction fees for processing the donations.

FTX being 2nd largest donor to Democratic party in the U.S.: Semi-true. SBF was the 2nd largest donor, not FTX the company. [2]

[1] https://www.coindesk.com/policy/2022/03/14/ukraine-partners-...

[2] https://fortune.com/2022/11/10/sam-bankman-fried-ftx-joe-bid...

Re: FTX collapse, Tether operations have links to online-poker cheating scandals

#156

Post by shkkmo »

new2this wrote: post #71

Clickbait title. Tether is only vaguely mentioned and there is nothing related to Tether operations- only to an employee at Tether. While this article covers an interesting topic, the title is clearly an attempt to bandwagon on the "Tether is next" narrative while contributing nothing substantial to the conversation

Tether is pretty specifically, if briefly mentioned. What is vague is the description of what provable role Stuart Hoegner had with UB's lawbreaking.

Re: FTX collapse, Tether operations have links to online-poker cheating scandals

#157

Post by hef19898 »

headsoup wrote: post #143
zozbot234 wrote: post #52

Earlier quoted context omitted.

Wait, wasn't the NYT supposed to take a very critical look at everything in "tech", as a matter of editorial policy? Why were they giving such a glowing (no pun intended!) endorsement of crypto, of all things? Something doesn't add up here.

The dollars add up, every time.

Not for Wirecard, or FTX.

Re: FTX collapse, Tether operations have links to online-poker cheating scandals

#158

Post by hotpotamus »

ok123456 wrote: post #141
hotpotamus wrote: post #128

Earlier quoted context omitted.

Doesn't Fox News make tons of money? Do you think they could capitalize on this failure of what you describe as the papers of record and start doing investigative journalism into financial and tech businesses?

Fox News is primarily a cable news network that republishes some of their work as articles. Television isn't really a medium that lends itself to long form investigative journalism. Why would they bother with it when what they're doing is way more profitable? They also have a reputation for being the partisan press. They'd have to completely rebrand to get into a less lucrative area.

I'm told that all press is the partisan press of one side or the other, but it seems that there is little to no investigative reporting done by the conservative media - I wonder if it's an opportunity.

Re: FTX collapse, Tether operations have links to online-poker cheating scandals

#159

Post by yonaguska »

pjc50 wrote: post #146
lzooz wrote: post #111

Earlier quoted context omitted.

Sam Bankman-Fried donated $40M to the Democratic Party, making him the second-biggest donor of the party.

Like most political donors, he gave to both sides. https://www.forbes.com/sites/zacheverson/2022/11/11/checks--... " The $69 million spent by Bankman-Fried and his deputies on the 2022 midterms likely would’ve done little to plug FTX’s reported financial hole, but it couldn’t have hurt. Bankman-Fried told Forbes last month that “in the end, I care about policy more than politics,” adding that “my giving has been bipa…

I'd be interested to know exactly which primaries he donated to. The two sides are not Democrat/Republican, it should be finally obvious to everyone else after these midterms that the sides are actually Trump Republicans vs Democrats+GOP.

Re: FTX collapse, Tether operations have links to online-poker cheating scandals

#160

Post by mikeyouse »

MichaelCollins wrote: post #108
brookst wrote: post #87

Earlier quoted context omitted.

“The media” is mostly just a bunch of 20-40 year olds with liberal arts bachelors degrees, trying to make ends meet and feed their families. Serious investigative reporters with the smarts and experience to dive deep were always the exception, maybe a handful in the world at any given time. So IMO, “they’ve always been this bad” is the answer, but it’s not entirely fair. Kind of like saying the cooks at McDonald’s ha…

> “The media” is mostly just a bunch of 20-40 year olds with liberal arts bachelors degrees, trying to make ends meet and feed their families. Sounds like the "Yuppie Nuremberg Defense" from Thank You For Smoking , in which a tobacco lobbyist excuses himself by saying he has a mortgage to pay.

So the onus on reporters to ferret out fraud has the same moral weight as tobacco lobbyists? Except they make $35k/year, get fired every 6 months as their newsrooms undergo layoffs due to lack of clicks, and get sued for investigating anyone powerful enough to matter? Can't imagine why more people don't sign up for that.
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