Crypto - Bitcoin XRP ETH DarkMoon NFTs

[Rolodex]

Forgot this little tidbit that came down tonight. Judge denies the defense testimony from 2 FBI agents. Not sure what's up with what they would say or how the defense would use them, but still. Notice the Judge - Kaplan. Yep, the same Kaplan that was the judge in the E. Jean Carroll v Trump case (known as Carroll 2 in which the jury found that Trump had raped her and was guilty of defamation).

[NewMexGirl]

Not sure this is the right topic, but oh, well.

Jesus, these Bankmans and Fried’s are entitled:

They are super annoying.

I read the Michael Lewis book and finished it without really having any understanding whatsoever of who Sam Bankman-Fried is or how his academic parents failed so catastrophically to figure that out, either. And I say that as one who spent a lifetime among academics, with all their egocentricities and eccentricities. All children are considered “special” these days—nothing wrong with that—but it’s as though they celebrated Sam’s weirdness, his otherness, to the extent that he never learned, as we said in the Olde Tymes, “to behave himself” in the society in which we all live.

I should mention that the millennial-speak essay is very funny. Also cringe. Thanks for the link, which I accidentally deleted.

[Rolodex]

I read the Michael Lewis book and finished it without really having any understanding whatsoever of who Sam Bankman-Fried is or how his academic parents failed so catastrophically to figure that out, either. And I say that as one who spent a lifetime among academics, with all their egocentricities and eccentricities. All children are considered “special” these days—nothing wrong with that—but it’s as though they celebrated Sam’s weirdness, his otherness, to the extent that he never learned, as we said in the Olde Tymes, “to behave himself” in the society in which we all live.

I should mention that the millennial-speak essay is very funny. Also cringe. Thanks for the link, which I accidentally deleted.

I read a review/summary of the Lewis book, but I had listened to a podcast about FTX/SBF to understand the company and what happened. It didn't have a lot of SBF background, but there have been several articles floating around about them.

I was intrigued particularly because his mom is a law professor specializing in ETHICS. That first made me wonder how SBF had gone so far off the rails. Their whole thing was Effective Altruism. No one doesn't think altruism isn't a good and noble goal. SBF and co. made it all about making as much money as possible to be able to be as altruistic as possible.
But...it turns out that EA, as it was originally theorized/described at Oxford (where the concept originated - although, tbh, it's not a novel idea for most people who try to do good things for others) is about creating projects that provide the most good for the most beneficiaries. EA is all about why do some charities do great and others not so much. Definitely a field worthy of study.

But afaik, the FTX crew never gave any of their millions away to charitable orgs or projects. Local and international ngos/nonprofits are where I volunteer my time, so it's a topic close to my heart.

But - back to SBF's mom/ETHICS - in learning more about her, it turns out she's kind of an "ends justifies the means" kind of "ethics." That seems awfully "privelige-y" to me. Are you really doing good if you hurt folks along the way?

I have a kid that takes Adderal (he calls them "study beans" LOL) but that doesn't mean I let him be a jerk. I was pre-disposed to feeling a kinship with disappointed parents, but the more I learn about them, the more I think they may be just as odious as their son.

The whole lot of them is...cringe.

[Foggy]

Truedat.

[chancery]

Sam Bankman-Fried is guilty on all counts. The jury was out for 4 1/2 hours.

[AndyinPA]

Seems like that was a slam dunk. I didn't follow this closely, but Stephanie Rhule explained it very well o Chris Hayes's show tonight.

[Rolodex]

Seems like that was a slam dunk. I didn't follow this closely, but Stephanie Rhule explained it very well o Chris Hayes's show tonight.

I followed it pretty closely. The defense sounded scattered and too technical. The feds had a great sounding close - easy to understand. This is all based on the live tweeting. Sentencing has been set for March, I think, so now the question will he be released until sentencing or stay at the Brooklyn lock up.

[John Thomas8]

[NewMexGirl]

of the video.

Jeebus. I’m speechless.

Thanks for the vid!

[John Thomas8]

I haven't looked to see if Stanford has fired those two nutjobs.

[pipistrelle]

I haven't looked to see if Stanford has fired those two nutjobs.

Since their son was arrested in January, Bankman and Fried have kept a low public profile. Fried now has emerita status at Stanford Law School; she has stepped back from teaching. Bankman is on leave. A Stanford spokesperson said they both remain on the faculty.

[John Thomas8]

Interesting. The dismissal process for folks at that level I'm guessing isn't simple, or quick.

[NewMexGirl]

Interesting. The dismissal process for folks at that level I'm guessing isn't simple, or quick.

It is extremely difficult to get rid of tenured faculty members, witness John Yoo, still on the faculty at Berkeley. In the case of Bankman and Fried, Fried has stepped back, but Bankman, according to the Stanford Daily, although not teaching, is attending committee meetings, etc., participating in the non-teaching duties that he did prior to the downfall.

Being a long-term faculty member at most law schools is not just a job. It is an all-encompassing family bubble. A former dean of the law school partnered with Fried in setting up the eleventy-bazillion dollar political PAC. Another former dean stepped up and posted part of the bond to keep Sam Bankman-Fried from spending all of his pre-trial days in the pokey. Bankman and Fried live on the Stanford campus, their home is on land owned by the university.

I’m ashamed to say that I can give no citation for the Stanford Daily article from which this information comes. It was a while ago.

[John Thomas8]

Coffeezilla went to the trial:

[neonzx]

[RTH10260]

Crypto giant Binance admits to money laundering and agrees to pay $4.3bn
CEO Changpeng Zhao will resign and pay a $50m individual fine as part of a plea deal with the US Justice Department

Edward Helmore in New York and agencies
Wed 22 Nov 2023 00.12 CET

Changpeng Zhao, founder of Binance, the world’s largest cryptocurrency exchange, agreed to resign from the company and plead guilty to money laundering on Tuesday.

As part of a guilty plea, Zhao agreed to pay a $50m fine and would be barred from any involvement in the business. Binance too agreed to plead guilty, accept the appointment of a monitor and pay a criminal fine of nearly $1.81bn as well as a $2.51bn order of forfeiture to settle three criminal charges. The US Justice Department had charged the company with conducting an unlicensed money transmitting business, a conspiracy charge and violating the International Emergency Economic Powers Act.

Zhao wrote in a tweet, “Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself … I can’t see myself being a CEO driving a startup again.”

The attorney general Merrick Garland said at a press conference that the total of $4.3bn in fines Binance and Zhao had agreed to pay as part of guilty pleas was one the largest penalties the justice department had ever obtained from a criminal matter.

According to Garland, Zhao had “willfully violated federal law that guards against money laundering and terrorist financing”. The Binance chief, he said, had entered a guilty plea in person on Tuesday in Seattle.

“From the very beginning, Zhao and other Binance executives had engaged in a deliberate and calculated effort to profit from the US market without implementing the controls that are required by US law,” Garland said. The US attorney general identified millions in transactions from the US to Iranian users, users in Syria and Russian-occupied Ukraine, and terrorist groups including Isis.

“Binance willfully enabled hundreds of millions of dollars in transactions between American users and users subject to US sanctions. Its platform accommodated criminals across the world who used Binance to move stolen funds and other criminal proceeds,” he added.




https://www.theguardian.com/business/20 ... o-exchange

[GlimDropper]

CoffeeZilla on the same topic:



Interesting question. How much of the money (crypto) moving through Binance when it was that unregulated will continue to move through Binance when it is operating under a consent decree?

[RTH10260]

Bitcoin rises as its volatile year continues ahead of an expected ETF approval

PUBLISHED THU, JAN 4 202412:41 PM ESTUPDATED THU, JAN 4 20241:37 PM EST
Tanaya Macheel

KEY POINTS

• Bitcoin rose on Thursday, recovering some of its losses from the previous day.
  The flagship cryptocurrency was last higher by about 3% at $43,870.01, according to Coin Metrics.
  A bitcoin ETF decision by the SEC is widely expected to come as soon as next week.

Bitcoin rose on Thursday, recovering some of its losses from the previous day, when the cryptocurrency sold off on concerns about the potential of a bitcoin exchange-traded fund approval that many expect as soon as next week.

The flagship cryptocurrency was last higher by about 3% at $43,870.01, according to Coin Metrics. On Wednesday it fell as much as 6% as short-term traders speculated that a bitcoin ETF would not be approved by the U.S. Securities and Exchange Commission and liquidated overleveraged positions.

“This bitcoin bounce comes after a healthy wipeout of leveraged positions,” said Sam Callahan, lead analyst at bitcoin services firm Swan Bitcoin. “The bounce is likely related to investors positioning themselves for the imminent approval of multiple spot Bitcoin ETFs, which could be a large catalyst for bitcoin’s price in 2024 and for many years to come.”


https://www.cnbc.com/2024/01/04/bitcoin ... -soon.html

[raison de arizona]

Oops.

This is so stupid.

The @SECGov X account gets hacked, falsely claims Bitcoin ETFs have been approved, Bitcoin surges, wiping out people who have used options to short Bitcoin.

Then the SEC announces the hack a few minutes later, reversing the claim, & Bitcoin falls, also wiping out people who have used options to go long on Bitcoin.

Total failure of SEC cybersecurity imposes billions of pointless losses on investors.
Do better, @GaryGensler

The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.

[Suranis]

If these idiots would not jump on every whisper trying to get that microsecond edge over one another this would not happen. Oh sorry, free market, my bad.

[Dave from down under]

Breaking news!!!

Gamblers Lose!!!

[Rolodex]

I think the SEC decision is supposed to be announced Wednesday (1/10). We bought Bitcoin probably 8 years ago, so keeping an eye on this!

[RTH10260]

Historical snippet when a different vehicle got launched 40 years ago, not ETF but EFT

[RTH10260]

The SEC has approved bitcoin ETFs. What are they and what does it mean for investors?
The SEC has given the green light to 11 exchange traded funds for bitcoin, opening the door to cryptocurrencies for many new investors

Jonathan Yerushalmy
Thu 11 Jan 2024 04.47 CET

The US securities regulator has approved the first US-listed exchange traded funds (ETF) to track bitcoin, in a watershed moment for the world’s largest cryptocurrency and the broader crypto industry.

The announcement came at the end of a tumultuous 24 hours for the popular cryptocurrency, which saw a tweet sent from the account of the Securities and Exchange Commission (SEC) announcing the approval of the long-awaited ETFs on Tuesday, leading the price of bitcoin to spike by more than $1,000. Soon after, the SEC said its account had been “compromised” and that the tweet was “unauthorised”.

By Wednesday however, the SEC had approved the ETFs – this time for real – adding that it remained sceptical about cryptocurrencies.

What has been approved?

The SEC has given the green light to 11 ETFs for bitcoin in the US, opening the door to cryptocurrencies to many new investors who don’t want to take the extra steps involved in buying actual bitcoin.

An ETF is an easy way to invest in assets or a group of assets without having to directly buy the assets themselves. For example, the SPDR Gold Shares ETF allows anyone to invest in gold without having to find a place to store a bar or protect it.

ETFs can also be easily traded on stock exchanges.

Since bitcoin’s inception, anyone wanting to own one would either have to adopt a digital wallet or open an account at a crypto trading platform like Coinbase or Binance. Cryptocurrency advocates say the development will thrust the once niche and nerdy corner of the internet even further into the financial mainstream.

The decision to approve the ETFs is a major win for huge fund managers like BlackRock, Fidelity Investments and Invesco who will manage the funds – and have pushed hard to get the SEC to approve them.

Some products are expected to begin trading as early as Thursday, kicking off a fierce competition for market share.

What has the SEC said?

Despite approving the new ETFs, the SEC said it was still deeply skeptical about cryptocurrencies and that its decision did not mean it approves or endorses bitcoin.

“Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto,” said Gary Gensler, the agency’s chairman.

Other commissioners expressed alarm that the SEC agreed to approve the funds.

“I am concerned that these products will flood the markets and land squarely in the retirement accounts of US households who can least afford to lose their savings to the fraud and manipulation that appears prevalent in the spot bitcoin markets,” Commissioner Caroline Crenshaw said in her dissent.




more at https://www.theguardian.com/technology/ ... ator-tweet

[neeneko]

Wait.. so their account was hacked to announce something they did a day later anyway?

Though colour me surprised at how many people are still dumping money into cyrpto. I guess getting a slice of all that money laundering is just too lucrative.