Bitcoin, Blockchain, Battlestar Galactica

Discussion in 'Politics & Current Events' started by Cascarino's Pizzeria, Feb 5, 2019.

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  1. spejic

    spejic Cautionary example

    Mar 1, 1999
    San Rafael, CA
    Club:
    San Jose Earthquakes
    #701 spejic, Nov 22, 2022
    Yeah, but FTX was just the middleman to some other trader. So SBF was just constantly getting his clock cleaned. Boy genius my ass.

    And because of his position he was doing things like buying new coins before the initial offerings on FTX. That's insider trading. That's criminal. And he still lost money. That's pathetic. How long he spends in jail will depend on how much his parents spring for his lawyer.

    Here is a good video on some of this:

     
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  2. The Jitty Slitter

    The Jitty Slitter Moderator
    Staff Member

    Bayern München
    Germany
    Jul 23, 2004
    Fascist Hellscape
    Club:
    FC Sankt Pauli
    Nat'l Team:
    Belgium
    #702 The Jitty Slitter, Nov 22, 2022
    It seems somewill stile 400m and then the Bahamian government locked down the remaining assets.
     
  3. The Jitty Slitter

    The Jitty Slitter Moderator
    Staff Member

    Bayern München
    Germany
    Jul 23, 2004
    Fascist Hellscape
    Club:
    FC Sankt Pauli
    Nat'l Team:
    Belgium
    #703 The Jitty Slitter, Nov 22, 2022
    Last edited: Nov 22, 2022
    Yeah but as a trader, if you always got these great trades on FTX you'd trade more there ... you don't know that FTX is basically on the other side of the trade with its alameda hat on

    I suspect this is more the classic ponzi where SBF just robbed the store. So the liquidity pouring in was what he stole, but like a classic ponzi the whole thing was losing money everywhere.

    As long as traders thought they were making money on FTX it works
     
  4. The Jitty Slitter

    The Jitty Slitter Moderator
    Staff Member

    Bayern München
    Germany
    Jul 23, 2004
    Fascist Hellscape
    Club:
    FC Sankt Pauli
    Nat'l Team:
    Belgium
    #704 The Jitty Slitter, Nov 22, 2022
    Grayscale looks to be in huge trouble

    Not sure how long they can keep up the pretence that everything is fine. Matt Levine seems to think that seeing they are regulated in the US coinbase probably does hold the BTC, but maybe it has been pledged as security somehow?

     
  5. The Jitty Slitter

    The Jitty Slitter Moderator
    Staff Member

    Bayern München
    Germany
    Jul 23, 2004
    Fascist Hellscape
    Club:
    FC Sankt Pauli
    Nat'l Team:
    Belgium
    #705 The Jitty Slitter, Nov 22, 2022
    This reinforces the Epsilon post. SBF wanted clearing so he could keep the Ponzi going effectively forever

     
  6. Q*bert Jones III

    Q*bert Jones III The People's Poet

    Feb 12, 2005
    Woodstock, NY
    Club:
    DC United
    #706 Q*bert Jones III, Nov 22, 2022
    The funniest part is that the integral nature of a bubble is that nobody knows if it's going to pop. But in this case, EVERYBODY was poking it and wondering if that would be the thing that popped it.
     
  7. Cascarino's Pizzeria

    Cascarino's Pizzeria Member+

    Apr 29, 2001
    New Jersey, USA
    #707 Cascarino's Pizzeria, Nov 22, 2022
    SBF spent lavishly on food in the Bahamas. This quote is gold:

    Sam Bankman-Fried, the former CEO of crypto exchange FTX, often spent thousands of dollars on lunches at a bistro in the Bahamas, staff at the restaurant told Fox Business.

    He often spent $2,500 on lunch for himself and FTX staff, workers at Cocoplum, which is located a short walk from FTX's headquarters in Nassau, told the outlet.

    Soup, the restaurant's cheapest appetizer, costs $14 a bowl and entrees cost up to $75. Wine starts at $12 a glass.

    Restaurant staff said FTX employees used to bring guests for lunch meetings. But they never returned for happy hour, a bartender told Fox Business, adding: "They're geeks man. They don't hang out."

    https://news.yahoo.com/staff-bahamian-restaurant-said-sam-114622709.html
     
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  8. song219

    song219 BigSoccer Supporter

    Apr 5, 2004
    La Norte
    Club:
    DC United
    Nat'l Team:
    Vanuatu
    #708 song219, Nov 22, 2022
    So wake me when people start jumping off skyscrapers.
     
  9. spejic

    spejic Cautionary example

    Mar 1, 1999
    San Rafael, CA
    Club:
    San Jose Earthquakes
    #709 spejic, Nov 22, 2022
    As Blackadder once said, "God is very quick these days".

    Core Scientific released their quarterly financials today. "We anticipate that existing cash resources will be depleted by the end of 2022 or sooner."

    https://finance.yahoo.com/news/bitc...-scientific-131745460.html?fr=sycsrp_catchall
     
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  10. spejic

    spejic Cautionary example

    Mar 1, 1999
    San Rafael, CA
    Club:
    San Jose Earthquakes
    #710 spejic, Nov 22, 2022
    The Jitty Slitter and rslfanboy repped this.
  11. The Jitty Slitter

    The Jitty Slitter Moderator
    Staff Member

    Bayern München
    Germany
    Jul 23, 2004
    Fascist Hellscape
    Club:
    FC Sankt Pauli
    Nat'l Team:
    Belgium
    #711 The Jitty Slitter, Nov 22, 2022
    Cascarino's Pizzeria repped this.
  12. chaski

    chaski Moderator
    Staff Member

    Mar 20, 2000
    redacted
    Club:
    Lisburn Distillery FC
    Nat'l Team:
    Turks and Caicos Islands
    #712 chaski, Nov 22, 2022
    Alameda is going down the tube.

    [​IMG]
     
  13. spejic

    spejic Cautionary example

    Mar 1, 1999
    San Rafael, CA
    Club:
    San Jose Earthquakes
    #713 spejic, Nov 22, 2022
    For a long time I though they were based there or at least started there. The former naval air station is a good place for a startup. I guess they only wanted the Bay Area-adjacent proper noun mixed with a Bay Area-adjacent verb to fool the banks.

    I still go there once in a while to visit the USS Hornet.
     
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  14. Cascarino's Pizzeria

    Cascarino's Pizzeria Member+

    Apr 29, 2001
    New Jersey, USA
    #714 Cascarino's Pizzeria, Nov 22, 2022
  15. JohnR

    JohnR Member+

    Jun 23, 2000
    Chicago, IL
    #715 JohnR, Nov 22, 2022
    I understand the reference.
     
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  16. spejic

    spejic Cautionary example

    Mar 1, 1999
    San Rafael, CA
    Club:
    San Jose Earthquakes
    #716 spejic, Nov 22, 2022
    In the bankruptcy proceedings we got a chart of where the FTX clients come from.

    qwdan5n79k1a1s.jpg

    So 53% of the customers comes from shell accounts made on higgledy-piggledy islands famous for nothing but tax avoidance, like the Caymans, the Bahamas, and Great Britain. FTX had a lot of customers, so I'm sure there are plenty of retail people suffering from losing their savings, but most of the people, which means a vast majority of the actual money, was tax dodging and maybe worse.
     
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  17. chaski

    chaski Moderator
    Staff Member

    Mar 20, 2000
    redacted
    Club:
    Lisburn Distillery FC
    Nat'l Team:
    Turks and Caicos Islands
    #717 chaski, Nov 22, 2022
    That’s where I went the last time I was in Alameda.:thumbsup:
     
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  18. Smurfquake

    Smurfquake Moderator
    Staff Member

    Aug 8, 2000
    San Carlos, CA
    Club:
    San Jose Earthquakes
    Nat'l Team:
    United States
    #718 Smurfquake, Nov 22, 2022
    When my kid was in the cub scouts, we spent the night on the Hornet - they have an overnight program for Scouts which includes evening tours, sleeping in the bunks and getting breakfast in the mess. Not recommended if you like sleep - for some weird reason, cub scout aged kids (6-10) don't go to bed on time when they're hanging out on an aircraft carrier all night. And there were no showers and the breakfast was horrible. I was cranky as hell in the morning and that was the last overnight scout activity Mrs. Murfquake did. But it wasn't as bad as the submarine, the USS Pampanito which is docked in San Francisco - that one was a lot more cramped and there was no way to turn off the lights so people on the upper bunks were right under bare light bulbs all night.
     
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  19. Cascarino's Pizzeria

    Cascarino's Pizzeria Member+

    Apr 29, 2001
    New Jersey, USA
    #719 Cascarino's Pizzeria, Nov 22, 2022
    I know it as home of (Berman voice) The Raidaz!

    st,small,507x507-pad,600x600,f8f8f8.jpg
     
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  20. chaski

    chaski Moderator
    Staff Member

    Mar 20, 2000
    redacted
    Club:
    Lisburn Distillery FC
    Nat'l Team:
    Turks and Caicos Islands
    #720 chaski, Nov 22, 2022
    Oakland — City of Champions
     
  21. Cascarino's Pizzeria

    Cascarino's Pizzeria Member+

    Apr 29, 2001
    New Jersey, USA
    #721 Cascarino's Pizzeria, Nov 23, 2022
    Hey, sorry bros, he tells employees in a letter. Things got away from me. Still buds, right?

    In douchebro fashion he's still referring to himself as SBF.

    Maybe there still is a chance to save the company. I believe that there are billions of dollars of genuine interest from new investors that could go to making customers whole. But I can't promise you that anything will happen, because it's not my choice. In the meantime, I'm excited to see some positive steps being taken, like LedgerX being turned back on.

    I'm incredibly thankful for all that you guys have done for FTX over the years, and I'll never forget that.

    —SBF"

    https://www.cnbc.com/amp/2022/11/23...-sam-bankman-fried-sent-to-ftx-employees.html
     
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  22. JamesA

    JamesA Member+

    Dec 7, 2004
    Victoria
    Club:
    Manchester United FC
    #722 JamesA, Nov 23, 2022
    GB is shockingly high IMO.
     
  23. chaski

    chaski Moderator
    Staff Member

    Mar 20, 2000
    redacted
    Club:
    Lisburn Distillery FC
    Nat'l Team:
    Turks and Caicos Islands
    #723 chaski, Nov 24, 2022
  24. Cascarino's Pizzeria

    Cascarino's Pizzeria Member+

    Apr 29, 2001
    New Jersey, USA
    #724 Cascarino's Pizzeria, Nov 24, 2022
  25. Cascarino's Pizzeria

    Cascarino's Pizzeria Member+

    Apr 29, 2001
    New Jersey, USA
    #725 Cascarino's Pizzeria, Nov 25, 2022
    The marks are pissed at this. But since he never committed an actual crime that we know of (like a former P&CE poster used to bang on about in the 2008 collapse), they should just STFU and lick their wounds, right?

    "Millions of dollars and is now speaking at a summit as a free man? Make it make sense.”

    That was Twitter user @WSBChairman responding to a late Wednesday tweet by disgraced FTX founder Sam Bankman-Fried, who confirmed that he will participate in the New York Times’ DealBook Summit in November, where he will be interviewed by journalist Andrew Ross Sorkin.

    “Scam man. I lost everything because of you,” anotherTwitter user @Alexand56464660 replied to SBF.

    https://www.marketwatch.com/story/w...york-times-dealbook-11669295184?mod=home-page
     
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