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Super Jay Mann posted:Isn't this literally how that one really old British bank went belly up? Cause one of their traders was pulling this crap and nobody noticed until it was too late? As usual with crypto it is much stupider than it initially appears. It is a million times more shady than banks for a few reasons but the most glaring reason is they create their own imaginary currency out of thin air they can can manipulate
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Nov 11, 2022 17:59
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slidebite posted:So is crypto horseshack going to jail and the whole shitcoin scam finally going away? everybody's losin', everybody's ruined baby funky little shack
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Nov 11, 2022 18:11
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Diva Cupcake posted:He literally wrote that FTX US was unaffected yesterday lol Very minor point here but that is not what loving modulo means. Okay I guess it's possible that it somehow does work on modulo because it's cryptoshit but I'm pretty sure it doesn't
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Nov 11, 2022 18:13
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plot twist: tether is going to end up being the last one standing, aren't they double plot twist: because they are laundering money for organized crime or something and insolvency would attract unwanted attention
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Nov 11, 2022 18:23
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Agents are GO! posted:This is not how I remember that part of the Bible. lmao
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Nov 11, 2022 19:06
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big black turnout posted:Very minor point here but that is not what loving modulo means. It's a semi-misuse of the jargon.txt term. ESR's stupid-rear end website posted:modulo: /mod�yu�loh/, prep.
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Nov 11, 2022 19:06
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*man carrying 8 billion dollars in cash stumbles, spilling the pile into a sewer drain* Hm..you know his vocabulary could use some improvement.
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Nov 11, 2022 19:23
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https://twitter.com/kris/status/1590155368914903040 No irresponsible lending. That means lending.
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Nov 11, 2022 20:04
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HappyHippo posted:https://twitter.com/kris/status/1590155368914903040 Crypto.com, like all the other exchanges, also invented themselves a shitcoin (CRO) which is down >90% this year and 10% just today. The top holder of the coin is naturally crypto.com itself, which surely couldnt cause any problems
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Nov 11, 2022 20:17
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Armitage_Shanks posted:Lets be clear now. There is not nearly as much protection as a nutshell would provide. They busted that nut, for sure.
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Nov 11, 2022 20:22
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HappyHippo posted:No irresponsible lending. Their portfolio is HIGHLY diversified. Into a large number of various crypto holdings and crypto investments. The funniest part of that statement is that they're using customer funds to mint/prop up their own shitcoin: "Cronos (CRO) is the native token of Crypto.com's all-in-one cryptocurrency platform and the Crypto.org Chain" Where have we seen this before? Like I'd be suspicious if Bank of America got involved in printing their own "BOA bucks" to the tune of billions and telling me it's OK, my USD funds are safe while being converted into this currency. Rad Russian fucked around with this message at 20:30 on Nov 11, 2022 |
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Nov 11, 2022 20:25
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https://twitter.com/bitcoinmagazine/status/1460701940615204870 there's also some rando goon that used extra steps to pay for his chipotle.. wonder where he is now?
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Nov 11, 2022 20:29
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FTX CEO ladies and germs https://twitter.com/HowieBTC/status/1590905563692806144
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Nov 11, 2022 20:35
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Strong Sauce posted:https://twitter.com/bitcoinmagazine/status/1460701940615204870 I could do that with tap to pay and my phone or watch in a fraction of the time it took that transaction to go through. Welcome to the future.
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Nov 11, 2022 20:36
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Strong Sauce posted:https://twitter.com/bitcoinmagazine/status/1460701940615204870 i cant believe this was only 2021, it feels like an eternity ago
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Nov 11, 2022 20:38
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Chromatics posted:i cant believe this was only 2021, it feels like an eternity ago Does that mean the transaction finally just completed?
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Nov 11, 2022 20:48
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i just found a new lol from that video. he sent the payment over tor? lol no one gives a poo poo you bought a beer ya dummies.
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Nov 11, 2022 20:52
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Strong Sauce posted:i just found a new lol from that video. he sent the payment over tor? lol no one gives a poo poo you bought a beer ya dummies. making my beer purchase look sus 'cause it's good for bitcoin
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Nov 11, 2022 20:54
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Strong Sauce posted:https://twitter.com/bitcoinmagazine/status/1460701940615204870 Oh my god I don’t think I’ve ever had the sound on when watching that before. He is commenting on how slow it is while doing it. And then acts all happy in the end like it wasn’t a nightmare.
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Nov 11, 2022 21:05
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A truly exceptional video about forcing a square peg into a round hole.
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Nov 11, 2022 21:13
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God drat. So what did alameda research do? Because these exchanges were just trading coins back and forth right? gently caress you d think it would be easy to run an exchange, dont make your own coin, dont loan out coins, keep a % of coins in cold storage, do what that bank retard did and lobby for regulations. (USER WAS PUT ON PROBATION FOR THIS POST)
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Nov 11, 2022 21:14
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could have drank that same beer in the time it took to buy it, goddamn
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Nov 11, 2022 21:15
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Ups_rail posted:God drat. Here is my rough understanding: Alameda wanted to "invest" in a variety of shitcoins. They were doing this and making money as crypto was going up, so they doubled down and borrowed 6 billion in USD from FTX. In order to balance the books they gave them collateral which was in the form of FTT, a token invented by FTX. Later the market went down and Alameda lost most of the money. Even later FTX revealed by accident that most of their money was in FTT and they had very little USD. This caused people to realize they could never get their money out, and so people tried to be the first to withdraw and cash in their FTT and other coins. This led to a situations where all the USD was gone from FTX and they couldn't cash out any withdrawls, Meanwhile they can't get the money back from Alameda because they lost it all betting on shitcoins. All that's left is a pile of FTT which is completely worthless because nobody wants to buy it.
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Nov 11, 2022 21:20
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When you consider that Alameda and FTX are functionally the same entity ran by the same person its easier to understand. FTX took a bunch of peoples money to use on the exchange. They bet it all at the casino and lost it, and now when people go to withdraw their funds its impossible.
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Nov 11, 2022 21:25
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Ups_rail posted:God drat. heres the thing about sociopaths/rich people, they always want more. there is never enough profit, never enough return. couple that with an environment where everyone around them is telling them constantly that theyre geniuses with diamond hands or whatever dumb crypto poo poo they come up with, and youve set the stage for some people who lucked into a vast fortune heading back to the table to gamble it all away.
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Nov 11, 2022 21:27
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Strong Sauce posted:FTX CEO ladies and germs to be fair there's very little high level math (like the kind you'd get a math degree for) involved in finance. maybe in prediction models etc, but most of that is statistical analysis and depends on huge datasets, not like, the kind of stuff you'd be studying in a math degree program. you're not talking about graph theory and riemann surfaces in finance
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Nov 11, 2022 21:31
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I think you guys are being very uncharitable. Everyone makes mistakes. SBF just did an oopsies.
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Nov 11, 2022 21:32
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big black turnout posted:Very minor point here but that is not what loving modulo means. But even there it says that people use modulo informally, so w/e
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Nov 11, 2022 21:35
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So my history is old but you had MTGOX. there is clearly a demand for crypto trading just be the platform and not the bank/fed....oh god crypto is funny.
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Nov 11, 2022 21:42
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https://twitter.com/unusual_whales/status/1591121315955900416 Live now
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Nov 11, 2022 21:42
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@AutismCapital
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Nov 11, 2022 21:44
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Rad Russian posted:Their portfolio is HIGHLY diversified. Into a large number of various crypto holdings and crypto investments. Well, if the portfolio is just reflecting their aggregate users' balance, it should come as no surprise their portfolio is a collection of garbage. As long as the users are able to withdraw the amount of garbage in their account, everything is fine. I think crypto.com is US based right? in that case they are under at least some forms of regulation
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Nov 11, 2022 21:46
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Paladinus posted:@AutismCapital lol
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Nov 11, 2022 21:49
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The pro-crypto guy talking about it is about to cry.
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Nov 11, 2022 21:49
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Strong Sauce posted:FTX CEO ladies and germs Well you've convinced me to invest, Lady Nerdlinger. Who could resist giving money to someone who has never, ever lost money?
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Nov 11, 2022 21:51
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ymgve posted:I think crypto.com is US based right? in that case they are under at least some forms of regulation FTX US is US based. Didn't stop them from funneling all the money into the various Caribbean subsidiaries run either by Mr Bankman or by his "friend from college" in the video linked earlier who became the CEO of multi-billion dollar investment company with the qualification of being bad at math and being Bankman's friend. Rad Russian fucked around with this message at 21:58 on Nov 11, 2022 |
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Nov 11, 2022 21:55
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I just wanted to say it's really great to see SBF following through on his promise to give his entire fortune away.
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Nov 11, 2022 22:03
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ThinkTank posted:I just wanted to say it's really great to see SBF following through on his promise to give his entire fortune away. and not just his!
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Nov 11, 2022 22:08
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Rad Russian posted:FTX US is US based. Didn't stop them from funneling all the money into the various Caribbean subsidiaries run either by Mr Bankman or by his "friend from college" in the video linked earlier who became the CEO of multi-billion dollar investment company with the qualification of being bad at math and being Bankman's friend. I thought all the funneling was from the non-US part of FTX, though
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Nov 11, 2022 22:08
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ymgve posted:I thought all the funneling was from the non-US part of FTX, though officially yeah let's wait till monday to see what the new ceo says
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Nov 11, 2022 22:11
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