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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

#241

Post by MichaelCollins »

0cf8612b2e1e wrote: post #189
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 it is worth noting that Theranos went after people who investigated them. Used the enormous war chest and high profile backers to crush anyone who challenged the official narrative. How many nascent stories get killed because a broke reporter feels threatened?

How many "journalists" wrote glowing puff pieces about Holmes and Theranos, when they could have simply written about other companies and people instead? Quite a few as I recall.

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

#242

Post by factsarelolz »

amanaplanacanal wrote: post #233
factsarelolz wrote: post #162

Earlier quoted context omitted.

Uhhh you set a stop loss number. If it hits x sell. So if I was given a coin currently "worth" $15,000 for $5. I could set a stop loss of $6 and always make a profit since my initial investment was $5. Asleep, awake, doesn't matter.

Stop losses can fail when prices are falling quickly enough.

Set multiple stop losses? $6, $5.99, $5.75, etc, etc. if one fails one of the others will catch it. Hell as long as it sells before $5.01 I'm profitable. Simple as.

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

#243

Post by zmgsabst »

brookst wrote: post #212
zmgsabst wrote: post #151

Earlier quoted context omitted.

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?

Dominos is still terrible from a gourmet food perspective. They went from abysmal to merely bad. Which is fine at that price point and value prop.

That’s exactly my point:

We can both recognize the limits of mass market news and think that, eg, CNN is delivering a product below that standard.

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

#244

Post by bmitc »

Mistletoe wrote: post #96
themgt wrote: post #48

It's incredible that SBF was being touted by Sequoia, WEF, Fortune, chumming it up with Clinton and Blair in the Bahamas, getting meetings and kid glove treatment with the SEC, relatively glowing profile as a "do-gooder" by the NYT. All while FTX had a Chief Regulatory Officer who was basically a career white-collar criminal. It beggars belief that anyone who dug half an inch into this story wouldn't have seen 90,000…

The funny thing is Michael Lewis (Moneyball, Flash Boys, The Big Short) has been following Sam around for the last six months. He just got an incredible ending to his book.

Is there more to this? As in, he was actually in the Bahamas documenting things and Sam? This was not a red flag to anyone at FTX or involved with FTX?

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

#245

Post by arisAlexis »

shkkmo wrote: post #152
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.

You justify this title because of some other company hired an unrelated lawyer that worked on a case with another lawyer 15 years ago? Seriously now lol

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

#246

Post by BoardsOfCanada »

hn_throwaway_99 wrote: post #187
BoardsOfCanada wrote: post #154

Earlier quoted context omitted.

> 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.

I read about Friedberg's ties to the poker scandal in other sources last week. It's not exactly a "scoop" given that it's all a matter of public record and has been so for a long time. There was an editorial on CoinGeek in February casting doubt on SBF and pointing out the poker scandal: https://coingeek.com/ftx-ceo-sam-bankman-fried-isnt-who-you-...

Thanks for the link. This makes the WaPo & co puff pieces even more baffling.

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

#247

Post by amanaplanacanal »

factsarelolz wrote: post #242
amanaplanacanal wrote: post #233

Earlier quoted context omitted.

Stop losses can fail when prices are falling quickly enough.

Set multiple stop losses? $6, $5.99, $5.75, etc, etc. if one fails one of the others will catch it. Hell as long as it sells before $5.01 I'm profitable. Simple as.

That’s not how stop losses work. If things are falling fast enough, You could have one trade at $7, and the next trade at $4. Sorry, you still lost money.

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

#248

Post by gruez »

bitcharmer wrote: post #106
mariusio wrote: post #89

Earlier quoted context omitted.

Already gone, do you have a mirror?

Here you are: https://youtube.com/shorts/BVjZsLafkz8?feature=share

I don't get it. What's supposed to be outrageous/"Un fucking believable" about that video? I watched the video once, and checking the transcript, the things she said were:

1. "yeah absolutely could pull it off without my math degree I use very little math" - given that her position is a CEO (ie. leadership), it seems plausible that she doesn't use her math degree in the day to day. Also, the clip has zero context as to what the question actually was.

2. "being comfortable with risk is very important" - Would you rather have a hedge fund CEO that's not comfortable with risk?

3. "we tend not to have things like stop losses I think those aren't necessarily great risk management tool" - ...which is true. Stop losses are basically market orders that get placed when the price drops below a certain amount. It's true that they can stop losses, but it could also lead you to sell at the bottom and at the worst price.

4. "trying to think of a good example of a trade where I've lost a ton of money um well I don't know I probably don't want to go into specifics too much with" - This is one of these questions where you need to have a prepared answer for, because answering it any any honest/unprepared way would make you look bad. The closest real life example would be something "what is your greatest weakness" or "what was the biggest fuck up in your last job". Obviously she didn't have one prepared, hence the response.

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

#249

Post by MichaelCollins »

WeylandYutani wrote: post #200
headsoup wrote: post #147

Earlier quoted context omitted.

What a lovely democratic process it is, candidates weighing up which industry interest has done the best job at wooing them. SBF is another reminder of how far down the list of priorities integrity actually sits (not that he succeeded here, but that he's in good company in the approach).

And one of the great innovations of crypto is sending untraceable money to corrupt politicians. The Chinese banned it. Unfortunately Americans genuinely believe they are above corruption.

The average America has little personal experience with corruption. I wouldn't dare even suggest to a cop that he take a bribe to make my speeding ticket go away, while in many other countries that sort of low-grade corruption is standard. I think this experience leads many Americans to falsely believe that America is generally free of corruption, which of course isn't true in the higher rungs of society. Rich people in America commonly bribe politicians, universities, etc. It's a whole different game for them, they play by a different set of rules that most Americans have never been exposed to.

(I think it works this way across the anglosphere, not just America. The average Briton can't bribe the average British cop, but their royals/etc certainly pay to make crimes go away.)

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

#250

Post by yamtaddle »

hotpotamus wrote: post #158
ok123456 wrote: post #141

Earlier quoted context omitted.

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.

> it seems that there is little to no investigative reporting done by the conservative media

There is, but if you're ever exposed to it it's probably in the context of brutal point-by-point debunking. On account of how it tends to be hilariously bad. Like that recent Mules "documentary" from D'Souza, or various Sinclair must-run pieces. Typically they're just very-slanted advocacy masquerading as investigative reporting. Or they take the form of popular opinion-jockeys running special "exposé" episodes that are also mostly or entirely easily-dismissed-with-public-info BS. Collectively, these seem to sate the conservative demand for conservative-flavored investigative journalism, and are all much cheaper than doing actual investigation, especially since you'll always find something to "expose" and there are never any dead-ends wasting time and money (since there's no need for actual substance behind the whole exercise).

If you mean from actual newsrooms, sure, those don't do much investigative reporting, but then there aren't a lot of conservative newsrooms. And it's not like the non-conservatives ones do much, either, with a few exceptions.

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