471–480 of 886 posts
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FTX is a brokerage not a bank. Furthermore, banks have strict regulations on the kinds of loans they are allowed to give. Also, bank accounts are secured by FDIC.
also my bank hasn't gone insolvent yet
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Nan, you probably would not. Do you have somebody in Vietnam or Venezuela, with a small army of mercenaries, and that you trust enough to hide those stashes of gold ?
With the amount of money that's missing, $10B, one could afford to pay a regiment of 1,000 men a salary of $100,000 for the next hundred years.
You're going to ask to see a cartel boss and tell him you have $10B in untraceable money, and you need a small army - you're willing to pay 1,000 men - $100,000 for the next 10 years ? They will most probably start to torture you to know where the money is, before you finish these words.
That's a fun mental exercise btw - imagine you have $1B now - let's say illegal money you need to keep. How do you proceed ?
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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…
People have successfully avoided fraud, theft, and the tyrannical seizure of their assets by arbitrary decisions of arbitrary government officials.
Billions of dollars worth of assets are stored on blockchains.
Unless you have a mathematical argument against the properties of a blockchain, I will continue to believe the properties are true."
Inevitable, but a lot of talking heads used the delay after FTX's collapse to sow doubt about corruption, media failure, etc. Feds were probably gathering evidence from Day 1, and the restructuring CEO seems to have found it: https://docs.house.gov/meetings/BA/BA00/20221213/115246/HHRG...
I skimmed the entire document and didn’t see any new information and in particular i didn’t see any evidence of a particular crime that could be pinned on SBF, other than negligence. (I’m sure he’s guilty of many crimes, i just didn’t see new evidence in this document)
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I remember a lot of people strongly believed that SBF would never get in trouble because he was a Democratic donor, and that this was all part of some vast corruption scandal. It turns out not everything is a conspiracy.
Well…: “SBF was the second-largest Democratic donor during the last election cycle, and he told Fong he gave about the same amount to Republicans. ” https://fortune.com/crypto/2022/11/29/sam-bankman-fried-poli...
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Dont forget the political donations as well…
The political donations that demonstrate high corruption within government and will prevent him from facing consequences…or something.
The same political conflicts of interest exist, regardless of whether the funding comes from a carbon Super-PAC, or a crypto con man... But you wouldn't be able to tell that from any of the blatantly partisan rhetoric around it. It's all very "We're not mad that campaign funding works the way it does, we're mad that the other guys got more of it."
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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…
This is most definitely a hot take.
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.
But, it doesn't, so it'll die! Which is the best possible outcome.
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He is a much bigger "prize" for the prosecution. She had low profile and not all that well known to the electorate. Plus, prosecuting her may not even look all that good, for identity politics reasons. If she cooperated first, there is a good chance of immunity or very low sentence.
> Plus, prosecuting her may not even look all that good, for identity politics reasons. Strongly disagree with this. Look at how they threw the book at Elizabeth Holmes (vs, say, Adam Neumann, or any other male founder from the last decade plus). If anything women have been getting it harder.
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Can you explain what makes this so clear?
As others have mentioned, there is circumstantial evidence in that she was photoographed recently at a Lower Manhattan Starbucks quite close to the Southern District of New York (who would handle any Federal prosectuion like this as it realtes to securities fraud). But you have to look at the larger picture: The Federal prosectuion conviction rate is 95%. The Federal government is very good at getting prosectuions in…
https://www.amazon.com/Chickenshit-Club-Department-Prosecute...