Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

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

poker.org

Post reply on HN
Print view View original

41–50 of 350 posts

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

#41

Post by mberning »

HebericNewt wrote: post #34
mberning wrote: post #4

It’s amazing to me that enough people still believe in the crypto scam to keep pumping BTC above $15k. I guess they are still managing to mint fools at a fast enough pace to keep the price up.

If someone offered you 1BTC for $10k right now you would bite their hand off. At $14k it would be still some of the easiest money you've made in your life. Even if you have the most cynical opinion of cryptocurrency, you must admit it's alive and well. It is as long as there are enough people who believe that it is - and your honest answer to the above would reveal that you know that to still be very true.

Sure, I’m not stupid. I would turn around and sell it to some other fool. And thats the problem. There is honestly no price I could buy it at where I would be willing to hold.

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

#42

Post by bombcar »

joecasson wrote: post #30
linuxftw wrote: post #18

Earlier quoted context omitted.

> perpetrators are smart enough to avoid being caught. IMO, many startups are scams on some level. VC A funds company X. VC A also funds company Y. Company Y 'decides' to use company X's hot new product and has a lofty enterprise license. This happens a few more times. Company X now has very large revenues, VC's friends at big-nation-bank decide it's time to IPO and cash out.

I wish a VC's recommendation or direction was all it took to get a deal done. Getting a "lofty Enterprise license" through procurement is so much harder than you are stating. They can make an introduction, sure, but very few VCs are micromanaging to the point of determining a portfolio company's tech stack. Source: a decade of VC funded Enterprise saas company selling experience

However there have been cases of a product being used internally because a board member recommended it. I’ve seen small versions of it myself.

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

#43

Post by threeseed »

louwrentius wrote: post #20
theCrowing wrote: post #3

There is a German saying: "Wo ein Trog ist kommen die Schweine." roughly translates to "Where there is a trough - the pigs will come." Rather fitting for all the crypto meltdowns in the last years.

Crypto has attracted almost every type of criminal under the sun, to the detriment of 'regular' people who got conned into this stuff and is now left holding the bags. That German saying is on point and really sad.

> Crypto has attracted almost every type of criminal under the sun

This is actually quite a profound statement.

Is there actually anything in human history that can come close to rivalling this ?

We have everyone from teens promoting shitcoins on TikTok, to household celebrities like Matt Damon, to white collar criminals, to arguably VCs, all the way to nation states like Iran and North Korea.

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

#44

Post by [deleted] »

thejosh wrote: post #6
theCrowing wrote: post #3

There is a German saying: "Wo ein Trog ist kommen die Schweine." roughly translates to "Where there is a trough - the pigs will come." Rather fitting for all the crypto meltdowns in the last years.

Also "schadenfreude" :-). (pleasure derived by someone from another person's misfortune).

[deleted]

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

#45

Post by blantonl »

threeseed wrote: post #43
louwrentius wrote: post #20

Earlier quoted context omitted.

Crypto has attracted almost every type of criminal under the sun, to the detriment of 'regular' people who got conned into this stuff and is now left holding the bags. That German saying is on point and really sad.

> Crypto has attracted almost every type of criminal under the sun This is actually quite a profound statement. Is there actually anything in human history that can come close to rivalling this ? We have everyone from teens promoting shitcoins on TikTok, to household celebrities like Matt Damon, to white collar criminals, to arguably VCs, all the way to nation states like Iran and North Korea.

The western United States was pretty wild for a while until it was "tamed"

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

#46

Post by d3nj4l »

candiddevmike wrote: post #35
mberning wrote: post #4

It’s amazing to me that enough people still believe in the crypto scam to keep pumping BTC above $15k. I guess they are still managing to mint fools at a fast enough pace to keep the price up.

Tether keeps BTC above 15k IMO. They keep printing more anytime it starts to dive. Will tether survive the bank runs?

I've seen a lot of people say this (and I'm sure you're all correct!) but I never understod the link between BTC and Tether. Multiple attempts to explain it have gone over my head. Am I just stupid?

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

#47

Post by throwawaysleep »

louwrentius wrote: post #20
theCrowing wrote: post #3

There is a German saying: "Wo ein Trog ist kommen die Schweine." roughly translates to "Where there is a trough - the pigs will come." Rather fitting for all the crypto meltdowns in the last years.

Crypto has attracted almost every type of criminal under the sun, to the detriment of 'regular' people who got conned into this stuff and is now left holding the bags. That German saying is on point and really sad.

No post body was provided.

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

#48

Post by themgt »

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 watt flashing red warning signs.

Crypto turned into a haven for replaying every form of financial fraud ever invented on an epic speedrun against retail "investors", and a whole lot of powerful people and institutions have dirty hands. The idea all of this could be adequately explained by stupidity rather than malice strains credulity.

https://www.nytimes.com/2022/05/14/business/sam-bankman-frie...

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

#49

Post by bamboozled »

flanked-evergl wrote: post #14
mberning wrote: post #4

It’s amazing to me that enough people still believe in the crypto scam to keep pumping BTC above $15k. I guess they are still managing to mint fools at a fast enough pace to keep the price up.

https://www.ft.com/content/428c7800-c72d-4c59-9940-4376fea6e... > Sam Bankman-Fried stormed on to the US political scene with multimillion-dollar donations that led lawmakers, particularly Democrats, to believe he was ushering in the next generation of donors. But in a matter of days, his business empire collapsed into bankruptcy and the prospect of millions more in donations evaporated. https://fortune.com/2022/11/1…

Sorry, why is this comment relevant to the parent?

Because he donated money to Democrats it makes people still want to invest in cryptos, is that the message?

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

#50

Post by pibechorro »

louwrentius wrote: post #20
theCrowing wrote: post #3

There is a German saying: "Wo ein Trog ist kommen die Schweine." roughly translates to "Where there is a trough - the pigs will come." Rather fitting for all the crypto meltdowns in the last years.

Crypto has attracted almost every type of criminal under the sun, to the detriment of 'regular' people who got conned into this stuff and is now left holding the bags. That German saying is on point and really sad.

3rd party exchanges and banks.. basically like it always has. Crytpo, aka your keys, are still fine.
Post reply on HN