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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

#291

Post by Throwawayaerlei »

MomoXenosaga wrote: post #290
TacticalCoder wrote: post #204

Earlier quoted context omitted.

It's the media's fault if they cannot be bothered to Google for two minutes that the chief lawyer at Alameda/FTX happens to be involved in a big poker scandal which... defrauded players. Especially when there were tweets as old as 2018 at the very least describing the very scam Alameda/FTX/SBF was pulling. @bitfinex'ed, a Twitter account which exposes tether for the scam it is since maybe a decade (and tether shall e…

You are missing the fact that we are dealing with an audience that WANTS TO BE FOOLED. Going against the narrative is brave but it doesn't pay the bills. Besides would it even matter? Does anyone on r/cryptocurrency even care what the MSM writes?

Aren't there a whole lot more people who are wondering what this crypto is and whether they should invest in it?

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

#292

Post by [deleted] »

amanaplanacanal wrote: post #247
factsarelolz wrote: post #242

Earlier quoted context omitted.

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.

[deleted]

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

#293

Post by brookst »

ChainOfFools wrote: post #273
pjc50 wrote: post #142

Earlier quoted context omitted.

> 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. Correct answer. People dramatically underestimate the extent to which reporters are stenographers: they go to relevant people, get quotes, write some background around the quotes (which itself is derived from previous statements), and hit publish. Almost every busine…

I wonder if there's a viable market for a news outlet which has as its distinguishing core principle the guarantee that it will never use any material from press releases (or equivalently unsolicited, self-interested messaging) as unqualified sources, except for narrow cases when no other source was available. And in such cases it is accompanied by an unambiguous indication (really unambiguous, like a different color…

I don't think that model is compatible with news, where one of the value props is being fast.

As you shade over from news to analysis, there are outlets like that. The Economist comes to mind; I don't think I've ever felt that their content was written from press releases. But it's also at least a day, usually a week, later than the actual news.

There's probably a project management style triangle here: fast, accurate, and, um. Some third thing. Pick two.

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

#294

Post by brookst »

mattbrewsbytes wrote: post #140
brookst wrote: post #83

Earlier quoted context omitted.

If there’s a moral obligation to fully vet the industry and operations of a company before accepting a short contracting job from them, why would one’s bank balance matter?

Does everyone fully vet their companies executive suite, board of directors and operations before accepting a job? Or the bank they use? Or the owner of the coffee shop they frequent? Everyone walks around with a computer in their pocket built in a factory where people were to have known to be treated poorly, possibly to the point of suicide and then they use that device to type in comments about moral superiority.

Yes. And wait until you hear about how US railroads, which we in the US all depend on, were built.

Civilization is a story of gradual improvement. Insisting that anything be completely beyond reproach overnight is not a productive view. And yet some people can't resist.

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

#295

Post by LastTrain »

throwawaysleep wrote: post #237
LastTrain wrote: post #85

Earlier quoted context omitted.

It's all scams and frauds and you are upset... because you weren't in on it?

If laws do not matter, I am not willing to follow laws.

Right. When we talk about laws not getting enforced leading to people doing bad things, we're talking about you. You seem alright with that, which I've already noted.

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

#296

Post by [deleted] »

settrans wrote: post #64
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.

In case you're not being facetious, Sam was the single second largest donor to the Democratic Party.

[deleted]

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

#297

Post by [deleted] »

lzooz wrote: post #111
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…

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

[deleted]

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

#298

Post by bmitc »

Mistletoe wrote: post #275
bmitc wrote: post #244

Earlier quoted context omitted.

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?

No he was writing a book about SBF before all this went down. Probably about how awesome he was. Although you could be right and I’m sure he had some hunches it was all a mess after digging deeper. Then he got an incredible M. Night Shyamalan twist at the end. SBF and crew were probably basking in their own genius too much to realize how most Michael Lewis books end up. They probably thought they were more Moneyball…

It will be interesting to see/read what comes out his investigations and research. It's almost a certainty that a dark comedy drama will come out of this ala Don't Look Up and The Big Short.

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

#299

Post by pasc1878 »

cguess wrote: post #198
pasc1878 wrote: post #186

Earlier quoted context omitted.

But who collects the stories for the agencies - it used to be the local reporters who are the ones gone. This is the point of the statistic I am in UK and look at my local papers - the number of stories is massively down and the report numbers are much smaller. One reporter now for several London boroughs when there used to be several for one. Who is looking at local government now?

No one, and (though I'm not sure this is true in the UK as well, though I imagine it is) it's pretty much 100% private equity's fault. They bought up every local paper they could, saddled them with the debt (how that's a thing that's allowed in accounting I will never understand), and then claimed the Internet killed them. Yes, news orgs could have adapted faster, but most privately held papers were in the black. Onl…

Agreed about privat equity in general but the UK papers are all owned by media groups I think so no PEs fault here.

The issue is lack of advertising revenue. No local classified adds or local firms. All gone to Facebook.

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

#300

Post by ogogmad »

gruez wrote: post #248
bitcharmer wrote: post #106

Earlier quoted context omitted.

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…

> we tend not to have things like stop losses I think those aren't necessarily great risk management tool

It seems to me that you need to have a stop loss to prevent blowing up when you have leverage. This sounds like one of those strategies that might work most of the time, but will eventually lead to bankruptcy, like picking up pennies in front of a bulldozer.

I haven't read Mark Spitznagel's latest book, but it's all about problems like this.

It also suggests that this hedge fund was run by amateurs that hadn't learnt the lessons of other overleveraged funds like LTCM.

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