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

SBF Arrested by Bahamian Authorities

twitter.com

Post reply on HN
Print view View original

431–440 of 886 posts

Re: SBF Arrested by Bahamian Authorities

#431

Post by siftrics »

polygamous_bat wrote: post #352
siftrics wrote: post #305

Earlier quoted context omitted.

Those all occurred because users could not or did not read the source code and prove to themselves that their funds cannot be stolen. Why prevent people from using math to prove their assets cannot he stolen?

So am I to assume you have read the entire source code of any cryptocurrency you put money in to prove to yourself there is no "backdoor"? And you argue every user of cryptocurrency should do the same? i.e. "don't put money in X if you have not read and verified the source code of X and committed to reading every code for every future update of X, and also verified that the nodes you are talking to are running the sa…

Never argued blockchains should fully replace traditional finance.

Banks are extremely valuable to me and probably always will be.

Blockchains have certain properties which make them extremely desirable in a specific set of use-cases. That set was greatly exaggerated by ignorance and insanity in the bull market. Still, the true set is nonzero.

Stop being an ideologue. It spreads ignorance.

Re: SBF Arrested by Bahamian Authorities

#432

Post by cycomanic »

siftrics wrote: post #78
Gigachad wrote: post #62

Time to put all these frauds in jail and wrap up the crypto saga. Good practical demonstration why regulation and traditional finance work the way they do.

He could not have stolen the deposits in the manner he did if this was on-chain and the users self-custodied. Yes, DEXs exist.

If it wasn't for the goldrush enabled to large part by the exchanges cryptocurrencies would still be some technology used by some nerds in their basements to pay each other for pizza. Let's be real, almost nobody uses crypto as an actual payment method. It's all just get rich schemes too good to be true.

So why you're correct in principle, it would be of no relevance if everyone self-custodied (also let's not ignore the bugs crypto contracts)

Re: SBF Arrested by Bahamian Authorities

#433

Post by vkou »

rjbwork wrote: post #4

Much sooner than I expected. Figured it'd be a couple of years before the AG was secure enough in their case to bring charges. This is MUCH faster than Madoff or Holmes. Then again, he's been much more out in the open about everything. He pretty much laid the prosecution's case out to the public for them.

Madoff was arrested within days.

Re: SBF Arrested by Bahamian Authorities

#434

Post by rogers18445 »

saeranv wrote: post #407
rogers18445 wrote: post #292

Earlier quoted context omitted.

Prisoner's dilemma has a Nash equilibrium where defection is the best move regardless of anything else that happens. If you change the game to be a repetitive 'prisoner's dilemma' with the same actors the best strategy would be tit for tat.

If I recall correctly, the best strategy for repetitive prisoners dilemma *with communication*, is cooperation though.

'with communication' does a lot of work here. tit for tat is a strategy where you start with the positive-for-both-parties strategy and then just copy whatever the other party did last time.

Re: SBF Arrested by Bahamian Authorities

#436

Post by doliveira »

fullshark wrote: post #337
woeirua wrote: post #262

This is good for Crypto. Seriously. Because SBF is probably going to help the US make their case against Binance and that will flush out all the bad actors. Many coins will go to zero. The entire ecosystem will wither and die, but if Crypto survives it will be because there is some fundamental value to it besides digital beanie babies.

Illegal transactions and money laundering isn't going to disappear. A generation of engineers obsessed with crypto will not suddenly stop caring even if a bunch of coins go to zero. The potential prize (control of a global currency/commodity) at the cost of just writing a bunch of code is too potentially lucrative to make people stop trying.

Crypto was much more legitimate when it was used just for illegal transactions. But it was not the "not your wallet, not your coins" folk that made valuation skyrocket, it was these scams.

Re: SBF Arrested by Bahamian Authorities

#437

Post by [deleted] »

dahdum wrote: post #320
tomp wrote: post #145

Earlier quoted context omitted.

Hm... does that mean she gets away scot-free? Not sure that's fair, she seems very complicit.

I haven’t seen any evidence Alameda itself committed any crime, only that they were terrible traders and lost many billions on margin through FTX, who gave them special treatment for collateral. SBF then tried to bail them out with FTX customer funds since he owned both. I think Ellison will get off scot free since she only controlled Alameda, and not entirely. Her crimes are probably minor and worth forgiving for he…

[deleted]

Re: SBF Arrested by Bahamian Authorities

#439

Post by root_axis »

siftrics wrote: post #422
root_axis wrote: post #410

Earlier quoted context omitted.

> Billions of dollars worth of assets are stored on blockchains. Nah. As FTT and FTX shows, the marketcap for blockchain tokens means nothing.

I agree, some subset of tokens created on a permissionless blockchain are or will be worthless. In fact, I bet that subset is >99%. I don't see what your point is.

My point is that the amount of value "stored" in blockchains is manipulated and vastly overstated.

Re: SBF Arrested by Bahamian Authorities

#440

Post by vkou »

richwater wrote: post #384
buitreVirtual wrote: post #333

Earlier quoted context omitted.

She must have known where the bailout money was coming from (FTX customer funds). Yet she accepted it. That makes her appear as complicit.

Beyond a reasonable doubt?

From public knowledge, no, it's all speculative.

But it's quite possible that after the DOJ finishes twisting enough thumbs, they will have a stronger case against her than you or I do.

Post reply on HN