Bitcoin, Blockchain, Battlestar Galactica

Agreed.

Setting aside the scammy nature of these "exchanges" for a bit, I've been convinced that the underlying "securities" are worthless to begin with. While it might be cool that these mining rigs can solve ever-more complex mathematical problems, why does that provide value? And while crypto fanboys decry fiat currencies, how does crypto serve as a stable store of value?

Far smarter people than I, from Charlie Munger, to Jamie Dimon, to Warren Buffett have all failed to conclude that cryptocurrencies have any value whatsoever. So, I guess I'm saying what you're saying, in that cryptocurrencies simply turn real money into heat coming out of computers.

 

The funniest thing about Madoff was that not only did he not do the trades, he just stuck hundreds of millions in a Chase Private Client business account.

I have a Chase Private Client business account. You get a debit card and a direct line to customer service. They waive most of the nickel and dime fees that the poors have to pay. If you want to refinance, they offer some low interest financing. That's about all a Chase Private Client business account gets you.

But, yeah, sure, he was a financial genius.

 

Just want to say that I really enjoy this thread.

Some of you are really good at understanding and explaining stuff that makes my eyes glaze over. (I actually have an economics degree and I work in public accounting and crypto is still pretty much Greek to me)

Really helpful reading from you all.

 

While I know you're not directing such compliments in my direction, I might still suggest the wonderful Crypto Island podcast.

 

That's the frustrating thing. They are so obviously a scam even pro-crypto people admit it. But there's no way to prove it until it falls apart, and that could take a long time. They are very good at playing their game. They make it very hard to move large amounts on the open market, and don't let their coins get caught up in bankruptcies. It's probably the other big supposedly-backed-by-hard-money stablecoins that are going to fail first.

 

Binance really isn't long for this world. The run is only getting bigger and there are some weird shenanigans going on with stablecoins behind the scenes. Really massive movements in and out. The guess is that most of the people putting money into Binance were Chinese (they were based there originally until crypto was curtailed in that country) and they are trying to get their money out but in dollars or anything not yuan. So Binance is doing some major shifting to try and find dollars.

We have no idea where Binance is currently located and who the executives are besides CZ. This will be interesting. FTX failing was a disaster for crypto. Binance failing would be a cataclysm.

 

for some definitions of “cataclysm”

 

SBF is being held in a prison called Fox Hill. This is one of the worst prisons on Earth. It is grossly overcrowded and there is essentially no sanitation, healthcare, or prisoner protection from violence or rape from other inmates. There is most likely some sort of situation going on between him and corrupt elements of the Bahama government that he may have tried to influence at an earlier time (recall the situation with the "hacker" that isn't yet explained). Is he even going to make it to US custody? This isn't the kind of place you put someone if you want to guarantee that happening.

 

Reality TV stars are turds:

https://markets.businessinsider.com...-binance-put-exchange-out-of-business-2022-12

Why he's still a believer in any of this shit is a mystery to me. There's no intrinsic value in any of crypto, whatsoever.

And yes, here's a foxbusiness link as well:

https://www.foxbusiness.com/politic...s-cryptocurrency-largest-ponzi-scheme-history

But hey, he was on "The O.C.!"

 

The guy from the OC is correct about the fraud though.
It's Kevin from shark Tank who is the mark-I mean,investor.

 

CAUGHT: Maxine Waters appears to blow a kiss at FTX’s chief fraudster Sam Bankman-Fried at a Congressional hearing while the cameras were still rolling

She’s the one who’s supposed to grill SBF next month?

pic.twitter.com/qxWXuNsyuK

— Benny Johnson (@bennyjohnson) November 18, 2022

here is the Chair of the House Financial Services Committee Maxine Waters blowing a kiss to the second largest donor to the Democrats in the past election cycle, Sam Bankman-Fried

 

and you are gonna take his word for it?
SBF has a reputation as an honest man?

 

yes , I’m sure he have to the GOP too… but only Soros gave more to Left causes in the last cycle

until we get actual numbers, it seems his donations to the GOP were more of a ‘token’ variety