As if crypto wasn’t useless enough, it’s always at the center of endless scams. What’s it gonna take for people to walk away from this poison?
A new poison? Crypto is the latest promise of fast, easy money. There will be new ones.
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
#52It'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…
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.
Re: FTX collapse, Tether operations have links to online-poker cheating scandals
#53It’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.
What's collapsing again and again are the companies that try to force TradFi ideas onto the DeFi ecosystem. So, in terms of "crypto scam," there's nothing to see here.
Except those are the same companies bringing in all the buyers of crypto that prop up the price. Without scammers, the price drops like a rock.
Re: FTX collapse, Tether operations have links to online-poker cheating scandals
#54It’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.
A very large pool of people have skin in the BTC game, some of them are billionaires with market manipulation power, like the Winklevoss twins.
> billionaires with market manipulation power, like the Winklevoss twins
The Winkelvoss’s net worth [1] is less than half of FTX’s shortfall alone [2]. These folks didn’t get rich by giving their money away.
[1] https://www.celebritynetworth.com/richest-businessmen/tyler-...
[2] https://www.bloomberg.com/news/articles/2022-11-10/sam-bankm...
Re: FTX collapse, Tether operations have links to online-poker cheating scandals
#55Earlier quoted context omitted.
> 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"
Incorrect. There was less violence overall in the wild west. Modern America has insane violence at much larger scales (inner city gang violence in Chicago, millions of civilians killed over the past 2 decades via Iraq, Drone programs, etc).
The wild west was only wild because Hollywood needed a narrative.
Re: FTX collapse, Tether operations have links to online-poker cheating scandals
#56I wonder if there are cases of large scams where the perpetrators are smart enough to avoid being caught. Not all criminals end-up behind bars. I suspect that some scams can go unnoticed for long enough. I also suspect that scam opportunities are exploding.
It's not that they are smart. It seems more to me like governments don't want to take financial crimes (specifically fiditiary duty) seriously, as it would make precedent for bankers who do the same crimes, just less visibly (bailouts).
More likely it's a question of resource. I expect there's more crimes than people available to prosecute.
Re: FTX collapse, Tether operations have links to online-poker cheating scandals
#57It’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.
It's likely that market makers are holding the ~$15k floor to prevent a liquidation cascade.
Market makers aren't in the business of keeping prices up.
Market participants that do this aren't market makers anymore.
Re: FTX collapse, Tether operations have links to online-poker cheating scandals
#58There 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.
Reminds me of the American phrase "What exactly were you expecting?!"
Re: FTX collapse, Tether operations have links to online-poker cheating scandals
#59Re: FTX collapse, Tether operations have links to online-poker cheating scandals
#60This has nothing to do with Tether the author added it jut as a sauce, hilarious
Tether has similarly been caught in the past using the funds behind their supposedly "fully backed" tokens for highly speculative investment. So far it's just such a big scam that no one has been able to create a large enough run to topple it... so far.