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#251

Post by Gregg »

I can't even talk about crypto with anyone under 60 anymore.

The next 20 something who dropped out of his classical film program at Cincinnati State who looks at me and tries to say I don't understand how money really works is going to need a stretcher. :cantlook:


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#252

Post by neonzx »

Crypto Is Flowing Out of Exchanges: 'Severe' Outflows From Gemini, OKX and Crypto.com, Says JP Morgan
Analysts at the investment bank have also noted that the stablecoin market is taking a beating.

https://decrypt.co/114942/gemini-okx-cr ... s-jpmorgan
Investors are pulling funds out of major crypto exchanges as a result of the collapse of FTX, JPMorgan analysts have said.

In a note to investors Wednesday, analysts at the investment bank noted that all major exchanges experienced outflows last week but Gemini, OKX and Crypto.com had the most “severe” draining of funds.

Analysts also said that the stablecoin market is getting smaller—and this may continue to hurt the price of other major cryptocurrencies like Bitcoin. :snippity:
Oh well... :violin:


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#253

Post by RTH10260 »

Polyamory, penthouses and plenty of loans: inside the crazy world of FTX
After the crypto firm collapsed, the executive who handled the Enron debacle was brought in – and said he’d never seen anything like it

Alex Hern UK technology editor
Sat 19 Nov 2022 13.00 GMT

Casual observers could be forgiven for thinking the collapse of the cryptocurrency exchange FTX is another typical tale of financial mismanagement. That’s how its founder, Sam Bankman-Fried, terms it: a liquidity crisis that tipped over into a solvency one.

FTX had deposits and loans and when depositors tried to get their money back, FTX didn’t have it to hand. Sure, the loans were in fancy digital money, rather than stale dollars, but at first glance, it appears like just another big company failure.

Then you look closer, and it becomes clear that the whole edifice is in fact the corporate equivalent of three children in a trenchcoat pretending to be a fully grown man.

It is a story that encompasses a financial black hole inside a company once valued at $32bn (£27bn), a byzantine group structure with unclear lines of ownership, and a leadership with a highly unconventional approach to governance and interpersonal relations.


That chaos was laid out in excoriating terms in a bankruptcy filing submitted on Thursday by John Ray III, who replaced Bankman-Fried as FTX’s chief executive after its collapse on 11 November. “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” he wrote. Bear in mind this is the man parachuted in to oversee the collapse of energy company Enron after its fraud was revealed.

“From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented,” Ray added.

The company, he said, did not have a simple liquidity crisis, or even a simple insolvency one. On Wednesday, Bankman-Fried claimed the “semi-liquid” assets of FTX.com were still worth $5.5bn, a significant chunk of the outstanding $8bn it owes depositors. Ray gave a different valuation for those assets: $659,000. All of FTX’s holdings combined, including $1bn of “stablecoins” and $483m of cash, were in fact worth less than $2.5bn.

But FTX.com is only part of the business. The wider group is formed of a sprawling network of more than 100 related companies, all shared through the common ownership of Bankman-Fried and two of his co-founders, Gary Wang and Nishad Singh. No single investor other than the co-founders owns more than 2% of the equity of any of the four main “silos” that make up the group: FTX’s US crypto exchange, its hedge fund Alameda, its venture capital arm, and its international exchange.




and much more details at the link https://www.theguardian.com/technology/ ... rld-of-ftx


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#254

Post by RTH10260 »

Opinion
I Was the Head of Trust and Safety at Twitter. This Is What Could Become of It.

Nov. 18, 2022
By Yoel Roth (Mr. Roth is a former head of trust and safety at Twitter.)

This month, I chose to leave my position leading trust and safety at Elon Musk’s Twitter.

My teams were responsible for drafting Twitter’s rules and figuring out how to apply them consistently to hundreds of millions of tweets per day. In my more than seven years at the company, we exposed government-backed troll farms meddling in elections, introduced tools for contextualizing dangerous misinformation and, yes, banned President Donald Trump from the service. The Cornell professor Tarleton Gillespie called teams like mine the “custodians of the internet.” The work of online sanitation is unrelenting and contentious.

Enter Mr. Musk.

In a news release announcing his agreement to acquire the company, Mr. Musk laid out a simple thesis: “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated.” He said he planned to revitalize Twitter by eliminating spam and drastically altering its policies to remove only illegal speech.

Since the deal closed on Oct‌. 27‌‌, many of the changes made by Mr. Musk and his team have been sudden and alarming for employees and users alike, including rapid-fire layoffs and an ill-fated foray into reinventing Twitter’s verification system. A wave of employee resignations caused the hashtag #RIPTwitter to trend on the site on Thursday — not for the first time — alongside questions about whether a skeleton crew of remaining staff members can keep the service, now 16 years old, afloat.

And yet when it comes to content moderation, much has stayed the same since Mr. Musk’s acquisition. Twitter’s rules continue to ban a wide range of lawful but awful speech. Mr. Musk has insisted publicly that the company’s practices and policies are unchanged. Are we just in the early days — or has the self-declared free speech absolutist had a change of heart?

The truth is that even Elon Musk’s brand of radical transformation has unavoidable limits.

Advertisers have played the most direct role thus far in moderating Mr. Musk’s free speech ambitions. As long as 90 percent of the company’s revenue comes from ads (as was the case when Mr. Musk bought the company), Twitter has little choice but to operate in a way that won’t imperil the revenue streams that keep the lights on. This has already proved to be challenging.

Almost immediately upon the acquisition’s close, a wave of racist and antisemitic trolling emerged on Twitter. Wary marketers, including those at General Mills, Audi and Pfizer, slowed down or paused ad spending on the platform, kicking off a crisis within the company to protect precious ad revenue.

In response, Mr. Musk empowered my team to move more aggressively to remove hate speech across the platform — censoring more content, not less. Our actions worked: Before my departure, I shared data about Twitter’s enforcement of hateful conduct, showing that by some measures, Twitter was actually safer under Mr. Musk than it was before.

Marketers have not shied away from using the power of the purse: In the days following Mr. Musk’s acquisition, the Global Alliance for Responsible Media, a key ad industry trade group, published an open call to Twitter to adhere to existing commitments to “brand safety.” It’s perhaps for this reason that Mr. Musk has said he wants to move away from ads as Twitter’s primary revenue source: His ability to make decisions unilaterally about the site’s future is constrained by a marketing industry he neither controls nor has managed to win over.

But even if Mr. Musk is able to free Twitter from the influence of powerful advertisers, his path to unfettered speech is still not clear. Twitter remains bound by the laws and regulations of the countries in which it operates. Amid the spike in racial slurs on Twitter in the days after the acquisition, the European Union’s chief platform regulator posted on the site to remind Mr. Musk that in Europe, an unmoderated free-for-all won’t fly. In the United States, members of Congress and the Federal Trade Commission have raised concerns about the company’s recent actions. And outside the United States and the European Union, the situation becomes even more complex: Mr. Musk’s principle of keying Twitter’s policies on local laws could push the company to censor speech it was loath to restrict in the past, including political dissent.

Regulators have significant tools at their disposal to enforce their will on Twitter and on Mr. Musk. Penalties for noncompliance with Europe’s Digital Services Act could total as much as 6 percent of the company’s annual revenue. In the United States, the F.T.C. has shown an increasing willingness to exact significant fines for noncompliance with its orders (like a blockbuster $5 billion fine imposed on Facebook in 2019). In other key markets for Twitter, such as India, in-country staff members work with the looming threat of personal intimidation and arrest if their employers fail to comply with local directives. Even a Musk-led Twitter will struggle to shrug off these constraints.




https://www.nytimes.com/2022/11/18/opin ... -musk.html


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#255

Post by RTH10260 »



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#256

Post by John Thomas8 »



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#257

Post by keith »

Gregg wrote: Mon Nov 14, 2022 7:36 pm
Foggy wrote: Mon Nov 14, 2022 7:19 pm
Gregg wrote: Mon Nov 14, 2022 6:57 pm The only utility of all of it, every digital dollar of it, is for criminals. It's great for drug dealers, easier to launder than dirty $20 bills, and not hard to turn dirty $20 bills into.
Too also, a lot of email threats (we have vídeo, we have your password, pay or we ruin your life) demand bitcoin because it's unpossible slightly harder than a personal check to trace.
FIFY
:yeahthat:

You Ninja'd me.

Here's a couple of articles about it:

Leaked FBI Docs Show Just How Easily They Track Bitcoin - And The Untraceable Coin They're Frustrated With...

How to Trace Bitcoin Transactions


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#258

Post by RTH10260 »

from down under
$1.4b in superannuation tied up in 'wild west' cryptocurrency as the FTX fallout continues

The Business / Emilia Terzon
Posted 1h ago

Sharon and Alan Saul have a quarter of the self-managed super fund (SMSF) tied up in a cryptocurrency broker that's frozen accounts.

Mum and dad investors including pensioners are facing big losses on their superannuation and savings, after investing in the largely unregulated "wild west" of cryptocurrency markets.

Brisbane-based couple Sharon and Alan Saul are among the "scared" investors.

The self-employed pair in their 60s have about one quarter – or $50,000 – of their superannuation tied up in a Brisbane-based cryptocurrency broker, Digital Surge.

Digital Surge froze everybody's accounts earlier this month as it works through liquidity issues. This means Sharon and Alan can't touch their funds.

"What happens now? What are we going to do with our money?" Sharon told ABC News.

"I am really worried about what's going to happen next."

The woes being experienced by Digital Surge are tied to the collapse of the global crypto exchange FTX.

FTX allowed people to trade in the non-state-backed market in a centralised way, like investing in shares.

The company, once promoted by stars like Larry David and Tom Brady, declared bankruptcy in early November after revelations about its business practices led to a bank run by customers.

Here in Australia, people who had funds in FTX are at a loss about the next steps, with ABC News being told some individuals are facing losses upwards of $500,000.

Meanwhile, values of the so-called coins at the centre of cryptocurrency markets are continuing to crash, as they were doing even before tech wunderkind Sam Bankman-Fried's FTX collapsed.

Australians who invested in the FTX cryptocurrency exchange are unable to withdraw their funds as the company's local arm goes into voluntary administration.

Digital Surge's current woes show the ripple effect being felt around the world. The broker says it had digital assets – presumably crypto – with FTX.

"Digital Surge has some limited exposure to FTX," it says on its website.




https://www.abc.net.au/news/2022-11-29/ ... /101708328


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#259

Post by neonzx »

RTH10260 wrote: Mon Nov 28, 2022 3:07 pm from down under
"What happens now? What are we going to do with our money?" Sharon told ABC News.

"I am really worried about what's going to happen next."
What money is it that they are talking of? Money is what? Greedy people bought into a scheme and got screwed.


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#260

Post by RTH10260 »

Crypto lender BlockFi files for bankruptcy after FTX collapse
BlockFi announces Chapter 11 bankruptcy filing in US as fall of FTX continues to reverberate across industry

Alex Hern UK technology editor
Mon 28 Nov 2022 17.28 GMT

The crypto lender BlockFi has become the sector’s latest big operator to declare bankruptcy, as the fallout of the collapse of offshore cryptocurrency exchange FTX continues to spread.

BlockFi, which operates in a similar fashion to a conventional bank, paying interest on savings and using customer deposits to fund lending, says it has $256.9m cash in hand. According to court documents, its creditors include FTX itself, to which it owes $275m, and the US Securities and Exchange Commission (SEC), to which it owes $30m.

In a statement announcing its Chapter 11 bankruptcy filing, BlockFi said: “This action follows the shocking events surrounding FTX and associated corporate entities and the difficult but necessary decision we made as a result to pause most activities on our platform.

“Since the pause, our team has explored every strategic option and alternative available to us, and has remained laser-focused on our primary objective of doing the best we can for our clients.

“These Chapter 11 cases will enable BlockFi to stabilise the business and provide BlockFi with the opportunity to consummate a reorganisation plan that maximises value for all stakeholders, including our valued clients.”

The SEC levied a $100m fine on the company in February for violating securities laws, arguing that the investment products the company offered qualified as unregistered securities. The outstanding $30m debt is apparently the unpaid portion of that fine.

BlockFi has already stumbled close to bankruptcy once already this year, in the wake of spring’s crypto crash.



https://www.theguardian.com/technology/ ... x-collapse


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#261

Post by Gregg »

I think Binance is insolvent. They're trying way too hard to make everything look fine.


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#262

Post by Gregg »



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#263

Post by John Thomas8 »

Bitcoin: The biggest scam in history.

BT Barum is giggling his ass off.


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#264

Post by pipistrelle »

John Thomas8 wrote: Wed Nov 30, 2022 10:57 pm Bitcoin: The biggest scam in history.

BT Barum is giggling his ass off.
Wishing he'd been around to think of it.


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#265

Post by Gupwalla »

Gregg wrote: Tue Nov 29, 2022 5:59 am I think Binance is insolvent. They're trying way too hard to make everything look fine.
And as long as they can convince the bottom rung of suckers that everything is fine, everything will be fine.

That’s the way ponzi pyramids work - they do until they don’t. And I’ve yet to see one that just slowly drifted into insolvency or irrelevancy — when the engine runs out of gas it just explodes, spectacularly.


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#266

Post by jcolvin2 »

I think part of the problem with some of the crypto exchange operators is that they were not content to operate like a stock brokerage and only earn transaction fees (or possibly earn money on the float). Instead, they saw a potential upside in attempting to set up a stable coin and/or pay “interest” in crypto to account holders. This vastly increased the greedy exchanges’ exposure and magnified the impact of the market downturn.


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#267

Post by busterbunker »

Bitfront shut down, Kraken is shutting down, and it sounds like the door dashing is going down.

https://www.sfchronicle.com/tech/articl ... 621747.php
Cryptocurrency exchange Bitfront is shutting down, the latest casualty during a time of major turmoil for the industry.

The Palo Alto-based company is backed by Japanese messenger app maker Line Corp. It said its closure was unrelated to “certain exchanges that have been accused of misconduct,” in what appeared to be a reference to FTX, the company that filed for bankruptcy earlier this month and is the target of multiple government investigations.

It wasn’t clear how many employees Bitfront has.
https://www.sfchronicle.com/tech/articl ... 621523.php
Food delivery giant DoorDash and Kraken, one of the world’s largest cryptocurrency exchanges, both announced job cuts Wednesday as economic headwinds and layoffs continue to batter the tech industry and confidence in crypto continues to falter.

Kraken’s CEO Jesse Powell wrote in a blog post on the company’s site, that the company would lay off approximately 1,100 people, or 30% of the company’s workforce worldwide “in order to adapt to current market conditions.”

In another blog post, DoorDash CEO Tony Xu told employees that the San Francisco company would cut 1,250 jobs, although he claimed “our business remains strong and continues to grow.”

Xu, the DoorDash CEO, said in his post that the company hired quickly during the pandemic as opportunity and demand for delivery increased. He said many investments paid off. “We were not as rigorous as we should have been in managing our team growth. That’s on me. As a result, operating expenses grew quickly.”
Losers.


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#268

Post by Gregg »

jcolvin2 wrote: Thu Dec 01, 2022 12:17 am I think part of the problem with some of the crypto exchange operators is that they were not content to operate like a stock brokerage and only earn transaction fees (or possibly earn money on the float). Instead, they saw a potential upside in attempting to set up a stable coin and/or pay “interest” in crypto to account holders. This vastly increased the greedy exchanges’ exposure and magnified the impact of the market downturn.
The underlying problem is they tried to make money trading psuedo-securities that have no underlying value in transactions that serve no economic purpose other to enrich traders.

Yes, the screwed up because they couldn't make money as an honest exchange, but they were trading ponzi schemes.


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#269

Post by RTH10260 »

FTX billionaire Sam Bankman-Fried funneled dark money to Republicans
The crypto entrepreneur was thought to be a big donor to Democrats but now acknowledges he gave equally to GOP
Bankman-Fried said most of his donations to Republicans were not publicly disclosed.

Dominic Rushe
Wed 30 Nov 2022 17.20 GMT

The fall of crypto billionaire Sam Bankman-Fried has been painted as a big blow to the Democratic party, whose candidates were major beneficiaries of his largesse. But in a new interview, Bankman-Fried has claimed he gave equally large amounts of money to Republicans.

“I donated to both parties. I donated about the same amount to both parties,” Bankman-Fried told the crypto commentator and citizen journalist Tiffany Fong.

“All my Republican donations were dark,” he said, referring to political donations that are not publicly disclosed. “The reason was not for regulatory reasons, it’s because reporters freak the fuck out if you donate to Republicans. They’re all super liberal, and I didn’t want to have that fight.”

Bankman-Fried’s undisclosed donations were made possible by the supreme court’s 2010 decision in the Citizen’s United case, which allowed donors to give anonymously and has led to more than $1bn being poured into federal elections since 2010.

The revelation comes as a political battle over the collapse of FTX, Bankman-Fried’s crypto exchange, is shaping up in Washington.

Bankman-Fried was the second-largest donor to Democratic politicians in the last election cycle. The Republican senator Ted Cruz has called FTX “a Bernie Madoff style fraud that cost investors BILLIONS”.



https://www.theguardian.com/technology/ ... epublicans


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#270

Post by Suranis »

This is a few months old but it is worth watching. This is basically the first serious crypto crash this year. A Three Arrows Capital caused the implosion of the Crypto prices around June this year by... well watch the video. Its really easy to understand.

And it happened simply because Crypto did not keep rising. When it started trending down, the company could not meet its interest from the massive loans it took on buying Crypto. Including Mafia Money. And they were just 2 idiots that made lots of money and people thought they were geniuses and threw money at them, which they used to buy more crypto, that they used to pay off their loans and then buy more Crypto, and on and on it went as long as Crypto was going up.

Until it stopped.



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#271

Post by Suranis »

https://www.coindesk.com/business/2022/ ... ute-north/
Bitcoin Miner Marathon Expects to Recover Less Than Half Its Deposit From Bankrupt Compute North

Marathon Digital (MARA), one of the largest publicly traded bitcoin miners, expects to recover only $22 million of the $50 million it deposited with bankrupt bitcoin miner and data center provider Compute North.

Marathon – which doesn’t own its mining facilities and uses third-party data centers to park its computers – previously said that it paid about $50 million in operating deposits to Compute North. In its update on Tuesday, the company said it has now written off $8 million of that total, and expects to recover about $22 million of the $42 million still remaining.

That would leave $20 million of the deposit still unaccounted for, and Marathon said it continues "to work with the various parties involved to determine [its] ultimate recoverability."

In addition to that $50 million deposit, Marathon previously said that it invested $10 million in convertible preferred stock and $21.3 million in an unsecured senior promissory note in different entities within Compute North.

Read more: Troubled Data Center Compute North Struggled With Crypto Winter. Then Its Relationship With a Major Lender Soured

Compute North filed for bankruptcy protection last month, citing the severe bear market, supply issues and trouble with its largest lender. Marathon is one of Compute North's largest customers, placing its heavy-duty bitcoin mining rigs in Compute North's data centers for a fee.


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#272

Post by Gregg »

Suranis wrote: Fri Dec 09, 2022 12:35 am This is a few months old but it is worth watching. This is basically the first serious crypto crash this year. A Three Arrows Capital caused the implosion of the Crypto prices around June this year by... well watch the video. Its really easy to understand.

And it happened simply because Crypto did not keep rising. When it started trending down, the company could not meet its interest from the massive loans it took on buying Crypto. Including Mafia Money. And they were just 2 idiots that made lots of money and people thought they were geniuses and threw money at them, which they used to buy more crypto, that they used to pay off their loans and then buy more Crypto, and on and on it went as long as Crypto was going up.

Until it stopped.

Gee, it's almost like they were running a Ponzi scheme.

Future of Money! :thumbsup:


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#273

Post by Danraft »

there was a link to @Jack on Twitter responding to Elon’s claim that Jack didn't act against pedophilia…

Jack’s Twitter homepage has pinned Tweets promoting Bitcoin. He is a BIG crypto guy. The most recent posts were promoting African crypto… maybe those haven’t crashed yet. My read?… he is pumping this African crypto to make money and he did the same when it looked much more viable.

Point? Jack of Twitter is after money. He has the disease to earn more money in a month than one could ever spend in a lifetime.


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#274

Post by neonzx »

Danraft wrote: Sat Dec 10, 2022 12:39 am there was a link to @Jack on Twitter responding to Elon’s claim that Jack didn't act against pedophilia…

Jack’s Twitter homepage has pinned Tweets promoting Bitcoin. He is a BIG crypto guy. The most recent posts were promoting African crypto… maybe those haven’t crashed yet. My read?… he is pumping this African crypto to make money and he did the same when it looked much more viable.

Point? Jack of Twitter is after money. He has the disease to earn more money in a month than one could ever spend in a lifetime.
I've bitched before that Jack's CashApp app pushes Crypto. I don't like that and there is no way to disable the crypto link in the settings. I don't use CashApp, or haven't in probably a year.

But yeah, it is just about money. But, Elon also is a promoter of crypto so they are two of a kind on that front.


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#275

Post by Suranis »

Ya I think Jack was in that Livestream with Elon that I talked about a few days back. I didn't know who he was at the time, but I saw a picture of him a few days after and I thought "hang on, what was he doing in that Crypto stream with the guy that's wrecking the company he built."


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