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SBF Arrested by Bahamian Authorities

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Re: SBF Arrested by Bahamian Authorities

#691

Post by siftrics »

EamonnMR wrote: post #687
siftrics wrote: post #371

Earlier quoted context omitted.

I'm not claiming banks don't serve a good purpose. I'm not claiming anyone should hold all their net worth on a blockchain. But blockchains do have extremely desirable properties in preventing fraud _on the chain_. I would love to have mathematical proof that my government is not fraudulently misusing my tax dollars, at least at some level. Who wouldn't? I would love to hold some portion of my assets in a way that no…

I don't buy this 'bitcoin saves you from tyranny' argument. Tyrannical governments are able to threaten your physical security. All the tokens in the world are no good if they've imprisoned you. As this Sam character has just learned, the hard way.

Yes but it improves the odds of escaping with your livelihood.

Good luck getting your assets out of the legacy financial system. It's much harder than memorizing a seed phrase or transporting minuscule hardware.

Re: SBF Arrested by Bahamian Authorities

#692

Post by siftrics »

polygamous_bat wrote: post #682
siftrics wrote: post #578

Earlier quoted context omitted.

Yes, I do not hold assets in contracts which I have not personally verified. Yes, I strongly recommend everyone do the same. If it's a "yield vault" or an "LP pool" then you really truly should read every line of code and understand all the risks, because it is extremely likely that there is some catastrophic exploit, given the current near non-existent scaffolding regarding formal verification of smart contracts.

Great! At least we agree on one count. Now, from what you say, I see only two possible logical conclusions: 1. People only deposit their crypto on LP pools they can read and verify, on chains whose code they can read and verify. Since people with such technical know-how is very limited, there is not much liquidity in the "liquidity pools" and thus the DEXes are virtually unusable. 2. People deposit their money to DEX…

You make a good point. We need to figure out how to make it easier to use blockchains correctly.

It could be that there is no good answer and blockchains are simply hard to use and we should advise the general public to exercise extreme caution when using them, if at all.

Re: SBF Arrested by Bahamian Authorities

#693

Post by therealdrag0 »

TacticalCoder wrote: post #565
jusonchan81 wrote: post #481

So now I’m wondering who else will SBF take down with him. There is a pretty good chance he has knowledge of similar situations in Binance or Tether. This should be an interesting trial.

> I haven’t seen any evidence Alameda itself committed any crime Three very rich crypto millionaires (or billionaires?) have died mysteriously in the past weeks. One, 30 years old, in his sleep. One in a helicopter which blew (not far from where I live) after a mysterious passenger cancelled his flight at the last minute. And another one who drowned (after having tweeted that "they" were after him). If SBF has dirt o…

Source?

Re: SBF Arrested by Bahamian Authorities

#695

Post by newbieuser »

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.

your imagination is too wide.

Re: SBF Arrested by Bahamian Authorities

#696

Post by tibbydudeza »

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…

She is highly intelligent but not street smart it seems - one does not win maths prizes for being stupid - just think she was either in over her head and was controlled by SBF and his cult to do rather dodgy stuff.

Did she get any special loans or other gifts from FTX like SBF's parents got a free condo in the Bahamas ???.

Re: SBF Arrested by Bahamian Authorities

#697

Post by mayankkaizen »

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.

When in deep shit, keep your mouth shut. - not SBF

Re: SBF Arrested by Bahamian Authorities

#698

Post by pempem »

tempsy wrote: post #664
iudqnolq wrote: post #599

Earlier quoted context omitted.

> But DOJ would have needed someone who had the receipts (who could also explain it all) to be able to act this quickly. Citation needed? I'm not a lawyer, but it seems plausible to me that SBF's public admissions of crimes, plus the full records of his company, are sufficient.

I mean obviously receipts help. and SBF didn’t admit to any intentional wrongdoing publicly. I’m sure he was more truthful in private signal or telegram chats amongst executives

Its a legal case. Receipts not only help, they are required. AGs prefer cases they know they'll win.

Re: SBF Arrested by Bahamian Authorities

#699

Post by dantheman »

dheera wrote: post #656
TuringNYC wrote: post #588

Earlier quoted context omitted.

>> 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, banks have capital leverage ratios they need to abide by. FTX had no concept of leverage ratios or haircutting assets by liquidity.

> Also, banks have capital leverage ratios they need to abide by. I mean yes, but it's just a band-aid for a shitty system in which they allow banks to lend money they don't have, so they needed some ratio to control the mess they created. In in ideal system nobody lends money that isn't their own. Period.

In an ideal system they don't lend out demand deposits, but lend out money from cds and other instruments.
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