151–160 of 255 posts
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Even those who aren't informed enough to know better than to be taken advantage of?
They were going to lose their money either way. The funny bit isn't people who were taken advantage of, but that the one taking the advantage actually sees some negative consequences of it.
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To answer that question you first have to figure out who they are. Tether mostly moves around, people don't hold it. That is to say, exchanges like Binance are heavily dependent on USDT. Those are the only venues you as an individual have to exchange tethers for USD (of course this is not the same as a redemption which is solely at Tether's discretion). Why would the exchanges ever come to Tether for the cash knowing…
HN has been talking about how Tether is a scam and how it will blow up AnyMomentNow(TM) for two years. Meanwhile, there was no talk on HN about Luna or FTX being a scam before they imploded. In finance, when everybody "knows" something, it's 99% likely to be false. Because there is a lot of money to be made knowing actual facts in finance.
Tether managed to come back from the brink of death (user loss of confidence) by co-mingling funds with Bitfinex and getting a third-party to provide an 'attestation' based on money they didn't actually have. This was only discovered years after the fact, and were it not for this deception they would have collapsed ages ago, much like FTX.
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Leniency is a relative term. It's relative to the size of the harm, number of victims, her centrality to it, etc. If there's a for sure bet to be made here, it's that she will be spending many years in prison for this. Just not her whole life. That's what leniency here means.
I think she'll probably do 36 months or so. Not nothing but also not life-destroying.
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Well, when this particular exchange is operating legally in the US and its CEO is respected enough to have a sit at the table with Maxine Waters, the hardest-ass congressperson when it comes to the financial sector, it's much harder than some guy yelling about his exchange on TikTok or Instagram?
Considering the fact that we now know that Maxine Waters got bamboozled by a 20something crypto bro, has your opinion of her being a competent regulator of the finance industry changed at all? It’s fascinating when people think of politicians like sports teams and not public employees with a mandate of competence.
What a Queen. Massively connected and after destroying the life of thousands of working class chumps she gets to walk free after getting her wrist slap.
> she gets to walk free That still remains to be seen.
All these cases are hard to prosecute (or so prosecutors think) because it is often hard to prove intent. So prosecutors have to be aggressive in getting people to flip (and in the media, and building patterns of prosecutions for a novel offence) which often leads to wildly inconsistent sentencing.
I don't think I have seen a group of offences in this area where the sentencing seemed right across the board. It often makes no sense at all (even the decision of who to prosecute seems wrong, there was a case in the UK where a witness to an insider trading case was literally in court, giving evidence and admitted to crimes...nothing happened...he also walked from any prosecution in that case despite him netting tens of millions from insider trading).
I agree, they should reduce her punishment from 250 years to just 150 years if she cooperates.
The negotiation will be more beneficial with a scale, based on traded info, that more resembles:
"Your life is over"
"Your life is over until you are retirement age"
"Your life is over until after you go through menopause"
"Your life can restart before you're 30"
Or, you know, just hang tough and get no dirt.
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Queen of WSB and yolo record are not a good thing... that is a subreddit that mocks bad risk management by ironically celebrating it. They know exactly what she is over there.
Hah maybe at one point was that sub ironic, it's been unironic for years now.
She’s the queen of wallstreetbets. I think she’ll hold the yolo record for a long time. I wish we knew what the fateful market play was that sunk her ship. She mentioned she’s not a fan of stop losses, so I wonder if she went to bed with an open market position and woke up to negative three billion. Also I wonder if the entity on the other side of that trade realized they were making someone insolvent. It’ll be inter…
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If “Money lost” means stock valuation decline or overpaying for another company, that he may be able to salvage. And not yolo on meme stonks and realize all the losses.
If you dramatically overpay for an asset you have lost money. It’s not just logically correct, it’s also gaap mark-to-market accounting.
She’s the queen of wallstreetbets. I think she’ll hold the yolo record for a long time. I wish we knew what the fateful market play was that sunk her ship. She mentioned she’s not a fan of stop losses, so I wonder if she went to bed with an open market position and woke up to negative three billion. Also I wonder if the entity on the other side of that trade realized they were making someone insolvent. It’ll be inter…