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Mimesweeper posted:bitcoin is crashing!! sell sell sell!!!! lfg 
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Aug 19, 2022 07:26
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Number19 posted:The candles on cryptowat.ch are wild right now. Crazy volatility going on. This is obviously good for butts and is part of a triple underhanded spinning slingshot pattern which is taking it straight to the moon! aggr.trade is aggregated data updated realtime. It's even crazier but watching it too much will stress anyone out.
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Aug 19, 2022 08:32
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priznat posted:Didn’t they pay up front (in USD)for a long term? The stadium owners are no dummies. I wonder if stadium naming rights are liquidated like any other asset during a bankruptcy.
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Aug 19, 2022 08:38
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PhazonLink posted:isnt this literally all stadium renamings? like even for companies that still exist like staples. Much like building a new corporate headquarters, its very red flag. Just absolute money pit paid for purely for a ceo/board member/owners ego
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Aug 19, 2022 08:42
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My reserves are very real and they're super cool and my commercial paper is the most commercial https://twitter.com/DeItaone/status/1560604571134599173
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Aug 19, 2022 13:51
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Can we see them?
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Aug 19, 2022 13:59
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Just out of frame are my many billions in real currency.
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Aug 19, 2022 14:17
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I wonder if I can start my own stablecoin if I yell loud enough I'm totally backing it with real money. Somewhere. Honest.
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Aug 19, 2022 14:28
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OzyMandrill posted:Can we see them? no, but here's a report from e: SettingSun posted:I wonder if I can start my own stablecoin if I yell loud enough I'm totally backing it with real money. Somewhere. Honest. Blotto_Otter fucked around with this message at 14:32 on Aug 19, 2022 |
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Aug 19, 2022 14:29
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 I feel meta just preparing for a world where we can't go outside due to climate disasters/plague. Simulating normalcy while the world crumbles outside of your bunker.
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Aug 19, 2022 14:52
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Zuck is grasping at straws because Apple flipped a switch and cost facebook billions of dollars
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Aug 19, 2022 14:58
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sporklift posted:
That’s literally the context for the idea and term “metaverse” as it was coined in the dystopian sci-fi novel Snow Crash.
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Aug 19, 2022 15:02
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HappyHippo posted:Zuck is grasping at straws because Apple flipped a switch and cost facebook billions of dollars Now he's wasting a few billions more on this harebrained idea and VR headsets.
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Aug 19, 2022 15:04
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fuking lol
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Aug 19, 2022 15:26
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gregday posted:That’s literally the context for the idea and term “metaverse” as it was coined in the dystopian sci-fi novel Snow Crash. None of these people (Zuck, Musk, etc.) have read Snow Crash, instead they're all trying to speedrun Ready Player One. But they all forgot the literal cover of that book was a dystopia of stacked trailer homes.
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Aug 19, 2022 15:30
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HappyHippo posted:Zuck is grasping at straws because Apple flipped a switch and cost facebook billions of dollars also tiktok is eating instagrams lunch and he can't just buy it because it's chinese
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Aug 19, 2022 15:32
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Party Ape posted:I wonder if stadium naming rights are liquidated like any other asset during a bankruptcy. Possible goon gofundme project?
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Aug 19, 2022 15:34
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priznat posted:Possible goon gofundme project? We'd probably lose to a kickstarter that wants to name it Stadium McStadiumface.
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Aug 19, 2022 15:42
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So Tether's first "report" from "BDO Italia" is out, and if any of you care about the accounting/audit/attestation nerd angle of all this, there's a few interesting changes from the previous reports under other accounting firms. (I'll caveat here that I'm familiar with American audit and assurance standards, not so much with international standards.) https://twitter.com/Tether_to/status/1560603494411030528 1) The use of "independent auditor's report" and "independent auditor" is extremely (and presumably deliberately) misleading. As always, this is not an audit report, these accountants are not acting as auditors. Now, Tether has always tried to make people think that this is like an audit, so them tweeting like this is not new. What is new is that the accountants are also going out of their way to be misleading - BDO Italia's report refers to themselves as "independent auditors", despite them not actually acting as auditors in this engagement. Under American standards, I believe it is prohibited to describe yourself in a report as "auditors" when you are not doing an audit. I don't know if this is permissible under international standards, but I'm skeptical as it seems very misleading. Interestingly, the previous accountants (MHA Cayman) did it how I would expect it - they issued their reports under the same professional standards as this report, but they (appropriately) refer to themselves as "independent accountants", not "independent auditors". 2) Their heavy use and framing of "BDO, a top 5 accounting firm" is also extremely (and presumably deliberately) misleading. While the big accounting firms typically have some kind of umbrella organization for all of their international operations, each member firm in each country is its own independent legal entity. BDO Italia is a separate legal entity from BDO LLP (in the US), with a separate organizational structure and, presumably, a separate client acceptance and quality control structure. The fact that a $65 billion hedge fund/wildcat bank with an uncertain jurisdictional situation (the Caymans? Hong Kong? Bermuda??) is seeking out a smaller Italian firm that shares branding with a big American firm to issue an English-language report on a business that is almost entirely denominated in US dollars... is weird! This all stinks to me, and I'll be curious to see if this starts drawing unfavorable attention at some point from other BDO firms. 2a) FWIW, the hollering about "top 5 accounting firm" is funny PR nonsense to those in the industry. Big accounting firms around the world fall into two groups: the Big Four, and everyone else. The big firms in the "everyone else" category are constantly jockeying to find whatever arbitrary metric says they're "bigger" than the others so they can claim they are "top 5", "top 15", etc etc. 3) The actual report issued by BDO Italia is longer, more detailed, and... weirder and more self-conflicting than previous reports. The "auditors responsibility" section (which doesn't make sense - this wasn't an audit!) suggests they performed some procedures you might perform in an audit (such as documenting internal controls, getting bank confirmations, testing asset valuations). But those procedures seem unnecessary and incidental to the nature of the engagement, and the "scope limitations" section seems to refute some of those procedures by saying they disregarded all activity before and after June 30. So they refer to themselves as "auditors", state they did some things that seem audit-ish... and then state that they did not do such audit-ish things. What?? Again, I'm not an expert on international attestation standards, but just going by the content of report, this all seems very weird and inconsistent and shoddy. 4) This should go without saying, but: as with all previous reports from Tether, this thing is so limited and qualified and full of caveats and cherry-picking and misleading elements that it is useless as anything other than propaganda for Tether's PR operation. 5) I didn't spend much time looking at the actual content of Tether's reserve report (because it is clearly unreliable bullshit), but as before, it is inconsistent with other evidence we have about Tether's business activities and holdings. As before, it lists no direct crypto holdings, even though we've learned through Celsius bankruptcy court filings that it held roughly a billion in cryptocurrency as collateral for loans made just to Celsius. tl;dr: this report seems even weirder than their (bad, weird) reports prior to now, Tether has found some accountants that seem willing to push the envelope more than ever on misleading assurance reports that are very much not audits, and I wonder if this "BDO Italia" outfit is wildin' out in a way that might draw some negative attention from the greater BDO collective some day. Blotto_Otter fucked around with this message at 16:03 on Aug 19, 2022 |
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Aug 19, 2022 15:53
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If you really have $80 billion in a bank account you don’t need to keep paying people to put out PR releases talking about it you can just pay people when they ask you for the money and then sit on an island and relax.
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Aug 19, 2022 16:14
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Rotten Red Rod posted:None of these people (Zuck, Musk, etc.) have read Snow Crash, instead they're all trying to speedrun Ready Player One. But they all forgot the literal cover of that book was a dystopia of stacked trailer homes. They do know, and they think it's good
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Aug 19, 2022 16:20
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Yeah anyone who isn't PWC, EY, Deloitte or KPMG is playing a very different game as international big deal accountants. However the report does state they have obtained 'reasonable assurance' which is the same level you get in an audit report. It is still not an audit report. The one you want to watch out for is 'limited assurance' which is exactly as caveated as it sounds.
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Aug 19, 2022 16:24
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I have "High Assurance' that bitcoin is a complete and total scam.
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Aug 19, 2022 16:31
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For an entity trying to seem transparent, it is suspect to show so proudly this weaselly "audit".
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Aug 19, 2022 16:36
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LifeSunDeath posted:I have "High Assurance' that bitcoin is a complete and total scam. I would go so far as to say Crypto Currency is a complete and total scam
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Aug 19, 2022 16:54
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Strategic Tea posted:However the report does state they have obtained 'reasonable assurance' which is the same level you get in an audit report. It is still not an audit report. Actually, I went back and re-read it again, and... I think that technically it doesn't actually say that! It says they were "engaged to perform a reasonable assurance engagement" (which is strange phrasing), and that they followed the standards required for obtaining "reasonable assurance"... but they don't explicitly state the magic phrase that they obtained evidence necessary to support a reasonable basis for their assurance opinion. (Compare with the last MHA Cayman report, which does say that clearly). Again, I'm no expert in international standards, but the form and language of this report seems weird and inconsistent, even in comparison to the previous reports they've gotten. All that aside, the level of assurance doesn't fuckin' matter if the thing you are passing assurance on is irrelevant bullshit. The accountants state that "the reserves report is presented in accordance with... the criteria in the reserves report." It's circular: all they're saying is that "this report says what this report says." There's no validation or verification of the reserves report against any evidence, there's no consideration of whether or not the reserves report fairly states financial information. It's all just fancy wordplay on official letterhead that's meant to give the vague impression of an audit, without doing any of the actual testing and collection of evidence.
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Aug 19, 2022 17:27
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sporklift posted:
Is this real? There’s now way this is real . . . Is it?
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Aug 19, 2022 17:29
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Cyrano4747 posted:Is this real? There’s now way this is real Not the twin towers bit, but Zuck did indeed post the image outside of that as though it isn’t incredibly offputting
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Aug 19, 2022 17:39
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Rotten Red Rod posted:None of these people (Zuck, Musk, etc.) have read Snow Crash, instead they're all trying to speedrun Ready Player One. But they all forgot the literal cover of that book was a dystopia of stacked trailer homes. RPO was just a less subtle Snow Crash, a book who's main character was Hiro Protagonist.
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Aug 19, 2022 17:49
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The twin towers were very real. The blockchain never forgets.
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Aug 19, 2022 18:02
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Neito posted:RPO was just a less subtle Snow Crash, a book who's main character was Hiro Protagonist. What's even funnier is Ready Player Two is a straight up rip off of The Matrix and Sword Art Online. So much so that a character even points this out in the story. This is literally a line of dialogue: "Christ! Haven't any of you rewatched The Matrix lately? Or Sword Art Online?"
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Aug 19, 2022 18:21
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LifeSunDeath posted:The twin towers were very real. The blockchain never forgets. Nice try terrorists. You failed to account for the fact that those buildings and the souls within were already minted as NFTs. You fools.
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Aug 19, 2022 18:24
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Rotten Red Rod posted:What's even funnier is Ready Player Two is a straight up rip off of The Matrix and Sword Art Online. So much so that a character even points this out in the story. This is literally a line of dialogue: gently caress me sideways. I didn't exactly hate RPO when I read it, but that just makes me angry. Especially since someone might commit the greatest anime sin of all: Thinking SAO is worth watching.
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Aug 19, 2022 18:31
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Neito posted:gently caress me sideways. I didn't exactly hate RPO when I read it, but that just makes me angry. Especially since someone might commit the greatest anime sin of all: Thinking SAO is worth watching. Not only that, but worth being studied as a cultural artifact in 2045.
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Aug 19, 2022 18:32
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Gutcruncher posted:Nice try terrorists. You failed to account for the fact that those buildings and the souls within were already minted as NFTs. You fools. so do NFTs of the twin towers also include the outside world inside the NFT, or are the peeps in there trapped inside the towers? is it like scp 1733 - the basketball game tape?
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Aug 19, 2022 18:32
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So the GameStop CEO rugpulled the SuperStonk crowd with a $BBBY pump and dump. Went from $15 to $28....to $11.
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Aug 19, 2022 18:50
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PhazonLink posted:so do NFTs of the twin towers also include the outside world inside the NFT, or are the peeps in there trapped inside the towers? https://mobile.twitter.com/web3isgreat/status/1550853220972503040
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Aug 19, 2022 18:55
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Gutcruncher posted:Nice try terrorists. You failed to account for the fact that those buildings and the souls within were already minted as NFTs. You fools. Try telling that to the blockchain fork where jet fuel can't melt steel beams
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Aug 19, 2022 18:57
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Blotto_Otter posted:Actually, I went back and re-read it again, and... I think that technically it doesn't actually say that! It says they were "engaged to perform a reasonable assurance engagement" (which is strange phrasing), Apologies, I had opened up the the MHA Cayman report by mistake 
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Aug 19, 2022 19:06
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The Lord of Hats posted:Not the twin towers bit, but Zuck did indeed post the image outside of that as though it isn’t incredibly offputting I like how it's clear absolutely no one at Facebook can say no to him, especially telling him to stop putting his lizard face on the brand. Like Halo Infinite got dragged for weeks for one poorly made enemy model and here's Zuck putting out that into the world for free.
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Aug 19, 2022 19:19
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