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tek
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#351

Post by tek »

Off Topic
As opposed to an Edelbrock manifold
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#352

Post by Gregg »

Bistromath
Bistromathics is the most powerful computational force known to parascience. A major step up from the Infinite Improbability Drive, Bistromathics is a way of understanding the behavior of numbers. Just as Einstein observed that time was not an absolute, but depended on the observer's movement through space, so it was realised that numbers are not absolute, but depend on the observer's movement in restaurants.

Nonabsoluteness
The first nonabsolute number is the number of people for whom the table is reserved. This will vary during the course of the first three telephone calls to the restaurant, and then bear no apparent relation to the number of people who actually turn up, or to the number of people who subsequently join them after the show/match/party/gig, or to the number of people who leave when they see who else has turned up.

The second nonabsolute number is the given time of arrival, which is now known to be one of those most bizarre of mathematical concepts, a recipriversexclusion, a number whose existence can only be defined as being anything other than itself. In other words, the given time of arrival is the one moment of time at which it is impossible that any member of the party will arrive. Recipriversexclusions now play a vital part in many branches of maths, including statistics and accountancy and also form the basic equations used to engineer the Somebody Else's Problem field.

The third and most mysterious piece of nonabsoluteness of all lies in the relationship between the number of items on the bill, the cost of each item, the number of people at the table and what they are each prepared to pay for. (The number of people who have actually brought any money is only a subphenomenon in this field.)

Numbers written on restaurant checks within the confines of restaurants do not follow the same mathematical laws as numbers written on any other pieces of paper in any other parts of the universe.
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#353

Post by Suranis »

Heeeeeeeeerrree goes Binance!

As is typical for coindesk is a very obtusly written article laden with buzz words, but if you read through it and chug through the long words, its fairly clear. basically, Binance has been sending off "loans" to various shell companies in what looks kind of like moving funds around in a way that could be trying to make people think they have more money than what they actually have. Which is kind of what FTX was doing.

The CEO of Binance has been responding to questions about this with Insults and shouting about FUD - Fear Uncertainty and Doubt. "You can only fail if you don't believe enough and anything else is FUD talk" is a cryptocult mantra.

https://www.coindesk.com/consensus-maga ... d-18b-usdc
Opinion
Binance Can’t Keep Its Story Straight on Misplaced $1.8B USDC
The FUD is coming from inside the building, says David Z. Morris, CoinDesk's chief insights columnist.
By David Z. Morris

A new and detailed investigation by Forbes has raised significant questions about the management and custody of customer assets and stablecoin collateral by Binance. There are many possible explanations for the nature and intent of certain on-chain transactions highlighted by Forbes, and they could be entirely innocuous. But Binance’s so far confused and sometimes contradictory responses to the findings do not inspire confidence, particularly in a post-FTX era of rightfully widespread suspicion of centralized custodians with off-chain balance sheets.

This article is excerpted from The Node, CoinDesk's daily roundup of the most pivotal stories in blockchain and crypto news. You can subscribe to get the full newsletter here.

Forbes reported this week that on a single day, Aug. 17, 2022, $1.78 billion worth of collateral moved out of Binance wallets intended to back stablecoins, particularly b-USDC, a wrapped version of Circle’s USDC. According to Forbes’ on-chain analysis, the facts of which Binance has not disputed, $1.2 billion of this was sent to trading firm Cumberland DRW, with other amounts going to now-collapsed hedge fund Alameda Research, Tron founder Justin Sun and crypto infrastructure and services firm Amber Group.

Crucially, according to Forbes, this outflow was not accompanied by a corresponding reduction in the circulating supply of b-USDC tokens.

Binance’s various attempts to offer an innocent explanation of Forbes’ findings have not provided a unified and consistent – much less entirely compelling – justification for what could, in the worst case, indicate the misuse of customer funds. Before publishing a more focused and detailed account Wednesday morning, Binance officials offered a number of differing, even contradictory explanations. Equally galling, Binance’s responses have continued the petulant and defensive tone of many of its previous dismissals of close investigative attention.
► Show Spoiler
Gee. I'm so shocked that SBF's biggest rival could have been playing the same shell games as the FTX fraud.

Rule of thumb for me, until the fraud explodes it generates more on paper income than a legitimate company. No-one can match a fraud, that's what makes a fraud attractive. Its when people look under the paper that they realize they were all being shown the same Dollar bill.

So, if Binance was beating FTX, then its pretty much a given that they were just as fraudulent. Anyone with any sense has had 6 months to pull their money out based on that alone. Of course, if they had any sense they wouldn't be in Crypto, so...
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#354

Post by Suranis »

Didn't read this next article but I assume its related to the above. And the headline is pretty much all you need to know anyway. In simpler English, they are worried that Binance's does not have enough cash to handle paying their investors if they decide to cash out.

A "Stablecoin" is a token that supposed to be the same value as Dollars, so people know what their investments are worth. They are functionally equivalent to Casino Tokens. In theory, they should be able to cash in their stash of Stable coins at any time, so its vital that Binance has enough money in stock to handle that. Or the system crunches to a halt and Binance files those Chapter 11 papers.
The CEO of Coinbase said on Wednesday the crypto exchange decided to suspend trading of stablecoin Binance USD (BUSD) because it had concerns about BUSD’s liquidity.

https://www.coindesk.com/business/2023/ ... -concerns/
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#355

Post by John Thomas8 »

FTX determines around $9 billion in customer funds are missing
Hope is dimming for FTX's allegedly ripped-off customers.

........

"It has taken a huge effort to get this far," said John J. Ray III, FTX's current CEO who took over amidst the bankruptcy, in a statement. "The exchanges' assets were highly commingled, and their books and records are incomplete and, in many cases, totally absent. For these reasons, it is important to emphasize that this information is still preliminary and subject to change. We believe it is more important to provide transparency to stakeholders by making this information public now than to wait until we can achieve certainty."


https://mashable.com/article/ftx-missing-customer-funds
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#356

Post by Gregg »

There is a very good argument that FTX, although it was always a fraud, was pushed off the cliff by the head of Binance tweeting that he was pulling out of a previously announced deal because of "things I found doing my due diligence".

But you all know me, I think all crypto is a ponzi scheme.
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#357

Post by Suranis »

The "Crypto bank" has imploded. Price of Tulips going down again

https://www.theverge.com/2023/3/8/23631 ... nouncement
Silvergate Bank, which had been a cornerstone in the crypto world, announced it’s closing and returning deposits. In a press release, the bank’s holding company, Silvergate Capital Corporation, said it made the decision to shut down “in light of recent industry and regulatory developments.”

It’s been clear for a while that the company was struggling along with some of its most high-profile clients like FTX and Genesis. In January, its earnings report revealed that it lost a billion dollars in one quarter after its customers withdrew $8.1 billion. Then, on March 1st, it filed a document saying its financials were even worse than the quarterly report had shown.

There are several concerns about what the crypto landscape will look like without Silvergate, especially when it comes to where companies will turn to get cash. My colleague Elizabeth Lopatto has done an excellent job summarizing a lot of them in this explainer. One of the major concerns is that crypto companies may turn to less regulated institutions for their banking needs, potentially making the space even riskier for everyone involved. In other words, if there isn’t a bank playing by the rules willing to do business with them, they may have to find a bank that doesn’t.

As for the next steps for the bank, it’s liquidating “in an orderly manner and in accordance with applicable regulatory processes” and is “considering how best to resolve claims and preserve the residual value of its assets, including its proprietary technology and tax assets.”

It also shut down its Silvergate Exchange Network, which let crypto exchanges like Coinbase, Gemini, and Kraken move money between themselves and other institutions earlier this month.

As all of this has been going down, companies like Coinbase, Crypto.com, and Paxos have started moving away from the bank. Even the Tether stablecoin took the opportunity to distance itself from the institution. Its list of allies was thin, and the government was scrutinizing it for its role in the FTX meltdown.

Silvergate’s collapse will almost surely draw scrutiny from lawmakers, especially those who are concerned about the crypto contagion reaching the traditional financial sector.

“Today we are seeing what can happen when a bank is overreliant on a risky, volatile sector like cryptocurrencies,” said Senator Sherrod Brown (D-OH), who is the chair of the Senate Banking, Housing, and Urban Affairs Committee. “I’ve been concerned that when banks get involved with crypto, it spreads risk across the financial system and it will be taxpayers and consumers who pay the price.”
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#358

Post by Sam the Centipede »

Gregg wrote: Sun Mar 05, 2023 4:53 pm But you all know me, I think all crypto is a ponzi scheme.
That's quite a charitable view!

I'd say a Ponzi scheme … or worse! I think some is theft, some is simple fraud, some is purposed only towards money laundering.
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#359

Post by Fiascoist »

:yeahthat: to both of you and to Suranis, also.
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#360

Post by neeneko »

Gregg wrote: Sun Mar 05, 2023 4:53 pm There is a very good argument that FTX, although it was always a fraud, was pushed off the cliff by the head of Binance tweeting that he was pulling out of a previously announced deal because of "things I found doing my due diligence".
A lot of crypto survived due to making lots of money and people not wanting to look too closely at it. But once the profits start scaling back, all the shady ways they got those numbers start getting attention.
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#361

Post by neeneko »

Sam the Centipede wrote: Thu Mar 09, 2023 6:06 pm I'd say a Ponzi scheme … or worse! I think some is theft, some is simple fraud, some is purposed only towards money laundering.
I think it is a lot closer to an MLM. You have to buy their product in order to keep the price up so that your purchase is worth something.

This really plays out in the web3/nft/games space, where the entire purpose of all of them is to prop up demand for the underlying crypto network. Manufacturing a demand fueled by 'investors' that hope all these things they buy that they don't actually want will be worth more later.
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#362

Post by keith »

Fiascoist wrote: Thu Mar 09, 2023 6:56 pm :yeahthat: to both of you and to Suranis, also.
Not so amazingly I find myself in violent agreement with you all.
Has everybody heard about the bird?
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#363

Post by Gregg »

I read a little blurb that Silvergate was going to miss their already extended deadline to file their quarterly numbers and I sold credit call spreads @ $5.50 - $6.50 last week for .35 a contract, they'll expire at zero later today.

Look at me, making money in crypto!

:thumbsup:
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#364

Post by Sam the Centipede »

neeneko wrote: Thu Mar 09, 2023 7:43 pm
Sam the Centipede wrote: Thu Mar 09, 2023 6:06 pm I'd say a Ponzi scheme … or worse! I think some is theft, some is simple fraud, some is purposed only towards money laundering.
I think it is a lot closer to an MLM. You have to buy their product in order to keep the price up so that your purchase is worth something.
Not really: the point of a fraudulent MLM (pyramid) scheme is that the product is largely irrelevant, that members of the scheme do NOT (and cannot) make significant income by selling product, they make money by recruiting more lower level members who pay an upfront fee. The scheme collapses when there are too few fresh recruits in the population so bottom level members cannot recoup their entry fees. Key point: recruitment of new members provides income to early investors.

I know there are a few MLM schemes that don't emphasize recruitment, but that's not the point; it's the fraudulent ones that relevant.

A classic Ponzi scheme is one that attracts investments by offering eye-wateringly high returns, but provides those returns to investors by siphoning off capital. Investors who withdraw their capital relatively early might get their money back, but eventually it becomes apparent (either through regulatory audit or other reasons) that the capital has gone and the scheme collapses. Key point: high returns are provided by using the investors' capital until the capital runs out.

In terms of the bubble effect, Crypto is more akin, I think, to other fads where investors have thought "hmm, people are making money, I ought to get in on this". Perhaps like Dutch tulips in the 1650s, the UK's South Sea Bubble in 1720, Scotland's Darien scheme around 1700, over-priced tech stocks around 2000.

Or perhaps like a "pump and dump" stock scheme? Except it's not one organization pumping, it's a whole community pumping, and the cleverer ones know when to dump.
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#365

Post by Slarti the White »

neeneko wrote: Thu Mar 09, 2023 7:43 pm
Sam the Centipede wrote: Thu Mar 09, 2023 6:06 pm I'd say a Ponzi scheme … or worse! I think some is theft, some is simple fraud, some is purposed only towards money laundering.
I think it is a lot closer to an MLM. You have to buy their product in order to keep the price up so that your purchase is worth something.

This really plays out in the web3/nft/games space, where the entire purpose of all of them is to prop up demand for the underlying crypto network. Manufacturing a demand fueled by 'investors' that hope all these things they buy that they don't actually want will be worth more later.
A multi-level marketing scheme has a product while crypto is supposedly a medium of exchange (NFTs are a product, true, but I don't think there is multi-level marketing of NFTs). Too, also, it's not the purchaser who needs to buy more product to keep the value of their purchase up, it's the next wave of purchasers -- who pay of the previous purchasers (at least the ones that are smart enough to cash out when their investment goes up)... which is a classic Ponzi scheme. In any case, I agree with Sam, the choices are pretty much theft, fraud, and/or money laundering. Although some of the people involved might be true believers that don't understand that it's all a scam.

I hope that the government can send a clear message to banks to stay the fuck away from crypto or be expelled from FDIC or some such -- we've had enough of privatizing profit and socializing loss with the mortgage based security crap. Any bank that needs to be bailed out when crypto collapses should be nationalized to protect their depositors and give their shareholders a Telly Savalas haircut.
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#366

Post by Gregg »

Or perhaps like a "pump and dump" stock scheme? Except it's not one organization pumping, it's a whole community pumping, and the cleverer ones know when to dump.
I could be convinced that the so-called stable coins are creating artificial demand and largely driving most of the growth. Read just a little about how Tether grows its own backing by buying enough BTC to cause its own holdings to grow to buy more BTC ad infinitum...

Pull a thread anywhere and all of crypto unravels.
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#367

Post by neeneko »

Sam the Centipede wrote: Fri Mar 10, 2023 4:12 am

Not really: the point of a fraudulent MLM (pyramid) scheme is that the product is largely irrelevant, that members of the scheme do NOT (and cannot) make significant income by selling product, they make money by recruiting more lower level members who pay an upfront fee. The scheme collapses when there are too few fresh recruits in the population so bottom level members cannot recoup their entry fees. Key point: recruitment of new members provides income to early investors.
Which is exactly how crytpo tends to work. You get recruited by evangelists of some type, you buy a bunch of crypto, then you try to convince your family and friends to buy crypto too. At least that is how the 'influencer' end of crypto works and is the core mechanic behind the alt coins.

In crypto, people generally don't want the crypto itself to use, it is their stake which, if they get more people to join, they can cash out. Youtube and tiktok are full of influencers trying to recruit others and once they are onboard they are told to go get more people to invest in crypto (or nfts, or some shitty game, etc)

Though yeah, it isn't exactly like any of the historical schemes. It is its own thing, that has borrowed from a bunch of existing shady practices... and differnt segments of the crypto space work on differnt social mechanics.
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#368

Post by humblescribe »

Gregg wrote: Fri Mar 10, 2023 4:07 am I read a little blurb that Silvergate was going to miss their already extended deadline to file their quarterly numbers and I sold credit call spreads @ $5.50 - $6.50 last week for .35 a contract, they'll expire at zero later today.

Look at me, making money in crypto!

:thumbsup:
Atta boy, Gregg! :dance:

Contracts were only 35¢?
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#369

Post by Gregg »

-100 SI $6.5 Call 3/10 Sell
Type
Limit Sell
Open
Filled
Mar 3, 2023, 2:05 PM EST
Filled Quantity
100 Contract at $1.06
+100 SI $7.5 Call 3/10 Buy
Type
Limit Buy
Open
Filled
Mar 3, 2023, 2:05 PM EST
Filled Quantity
100 Contract at $0.71
A quick $3500 for the Chili Dog Memorial Pupperoni Fund.
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#370

Post by RTH10260 »

Crypto bank Silvergate announces liquidation amid sector turmoil
Wind-down and liquidation plan follows mass withdrawal of deposits after collapse of FTX exchange

Dan Milmo and agency
Thu 9 Mar 2023 14.45 GMT

The cryptocurrency-focused US lender Silvergate is to wind down its operations after it was hit by customer withdrawals following the collapse of crypto exchange FTX.

The California-based bank had warned last week it was “less than well capitalised” after depositors demanding their money back, adding that it was evaluating its ability to operate as a going concern.

Silvergate said a voluntary liquidation of the bank was “the best path forward” in light of “recent industry and regulatory developments”. The failure of FTX sparked renewed volatility in the crypto markets. Silvergate also revealed it was being investigated by the US Department of Justice.

Its wind-down and liquidation plan includes full repayment of deposits, the bank added. Silvergate reported a $1bn (£840m) loss for the fourth quarter of 2022 after investors raced to withdraw more than $8bn in deposits, forcing it to incur losses as it sold assets to cover the cost of the withdrawals.

Multiple partners of the bank, including Coinbase, a crypto exchange, and Galaxy Digital, a crypto-focused financial services company, cut their links with Silvergate last week. FTX and its affiliated trading arm, Alameda Research, had Silvergate accounts.

After Silvergate’s statement, Coinbase said it had no client or corporate cash at the lender. Changpeng Zhao, the chief executive of Binance, the world’s largest crypto exchange, said his company did not have any asset losses at Silvergate.

Founded in 1988, Silvergate ventured into crypto in 2013. The bank had also operated a mortgage warehouse business, but announced in December it would be winding down that division, citing the rising interest rate environment and reduction in mortgage volumes.

Last week, the bank discontinued the Silvergate Exchange Network (SEN), its crypto payments platform and one of its most popular offerings. That network enabled round-the-clock transfers between investors and crypto exchanges, unlike traditional bank wires, which can often take days to settle.

While risks of contagion are minimal, given that Silvergate has said it will repay depositors and has performing loans, the loss of SEN is disappointing, said Ram Ahluwalia, the chief executive of Lumida Wealth, an investment adviser that specialises in digital assets.

“It’s more of a strategic loss of critical infrastructure for crypto,” he told Reuters.




https://www.theguardian.com/technology/ ... x-exchange
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#371

Post by Foggy »

“It’s more of a strategic loss of critical infrastructure for crypto,” he told Reuters.
He only said that because he's not allowed to say "Imaginary money is imaginary." :batting:
Out from under. :thumbsup:
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#372

Post by RTH10260 »

crossposting
Meta gives up on NFTs for Facebook and Instagram
/ Meta is moving on from more crypto projects, even though NFTs / digital collectibles were once pitched as part of its ‘metaverse’ future.

By JAY PETERS
Mar 13, 2023, 11:03 PM GMT+1

Meta is “winding down” its work with NFTs on Facebook and Instagram, Meta commerce and fintech lead Stephane Kasriel said in a Twitter thread on Monday. The decision means Meta will end its tests of minting and selling NFTs on Instagram as well as the ability to share NFTs on Instagram and Facebook in the coming weeks, Meta spokesperson Joshua Gunter confirmed in an email to The Verge.

“Across the company, we’re looking closely at what we prioritize to increase our focus,” Kasriel said. “We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses.” Instead, the company is focusing on “areas where we can make impact at scale,” like messaging and monetization on Reels and on improving Meta Pay.

Some product news: across the company, we're looking closely at what we prioritize to increase our focus. We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses. 🧵[1/5]
— Stephane Kasriel (@skasriel) March 13, 2023
The NFT integrations seem to be one casualty of CEO Mark Zuckerberg’s drive to make 2023 the “year of efficiency,” along with the Reels Play bonus program. But their end also follows the shutdowns of the Meta-backed cryptocurrency Diem and Meta’s Novi digital wallet last year.
Still, even as Meta exits NFTs, other companies are rushing into a market that collapsed in 2022 and shed billions in value after stratospheric levels of hype in early 2021. Reddit continues to promote its “digital collectible” avatars that are NFTs, Starbucks recently sold out a selection of 2,000 $100 NFTs in its Odyssey customer loyalty program, and Sesame Street just announced an NFT collaboration.



https://www.theverge.com/2023/3/13/2363 ... llectibles
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#373

Post by neonzx »

Neon approved move.

Visa/Mastercard paused their roll-out of crypto a couple weeks ago. It seems everyone is waking up to the fact that it is garbage currency.
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#374

Post by Gregg »

neonzx wrote: Wed Mar 15, 2023 1:18 pm Neon approved move.

Visa/Mastercard paused their roll-out of crypto a couple weeks ago. It seems everyone is waking up to the fact that it is garbage currency.
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#375

Post by Phoenix520 »

Did crypto play any role at all in the current SVB debacle?
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