Bitcoin: no angel investors, only Faustian bargains

The Something Awful Forums > Main > General Bullshit > Bitcoin: no angel investors, only Faustian bargains

PhazonLink: Jul 17, 2010

"buttcoin is independent of stonk movement and is inflation proof"

*does things that contradict the above in the most hilariously fin. ruinous way*

# ? Dec 14, 2022 15:29

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# ? May 27, 2024 00:27

Durzel: Nov 15, 2005

Crypto rises on better than expected inflation news, wherever that may be (US yesterday, UK today). Bitcoin is highly correlated with the NASDAQ, even though people delude themselves that it is a hedge against inflation.

I would not expect anything dramatic to happen to Binance, Coinbase, et al. There is still a huge groundswell of belief that crypto is the future, even though Bitcoin has been around since 2009 and has achieved basically no penetration in anything except the minds of those that believe forever that it is the future.

This shared belief is what props the likes of Binance up and gives it self-sustaining credibility. FTX was formed in 2019 and only collapsed this year. Such is the nature of these things that Binance could endure for years or collapse in the space of a week, if there were sufficient momentum or doubt. Ponzi schemes can run for years and due to their nature investors can get in and out at fortuitous times, before it collapses, and to them it has the appearance of something legitimate.

# ? Dec 14, 2022 15:44

Kerbtree: Sep 8, 2008; BAD FALCON!
LAZY!

Deki posted:

His adderall dosage is pretty reasonable at least assuming "every 4 hours" doesnt mean hes constantly on it all day, no idea how it interacts with anything else but I know a few people who take twice that.

MAOI�s effectively boost amphetamines.
Recommendation when in combo with a MAOI is to run at around half your standard dose.

Or, to put it another way, ya boi�s tweakin�

# ? Dec 14, 2022 16:06

Ghost Leviathan: Mar 2, 2017; Exploration is ill-advised.

TCC taught us all years ago that nothing is a better anti-drug message than seeing nerds do them.

# ? Dec 14, 2022 16:20

Salt Fish: Sep 11, 2003; Cybernetic Crumb

https://twitter.com/molly0xFFF/status/1603052799243288578

Finally now that the fraud is endemic we can finally go back to normal.

# ? Dec 14, 2022 17:11

drk: Jan 16, 2005

# ? Dec 14, 2022 17:31

Paladinus: Jan 11, 2014; heyHEYYYY!!!

Conveniently not mentioning his shady GOP donations, of course.

# ? Dec 14, 2022 17:37

kw0134: Apr 19, 2003; I buy feet pics🍆

The ones he probably actually got busted for since while he talked up his Dem contributions the Republican ones were done on the sly.

# ? Dec 14, 2022 17:42

Arsenic Lupin: Apr 12, 2012; This particularly rapid💨 unintelligible 😖patter💁 isn't generally heard🧏‍♂️, and if it is🤔, it doesn't matter💁.

Rectal Death Adept posted:

the rules lawyering is definitely peak bitcoin

"No, I didn't abuse drugs or take them improperly. I have a prescription. All of my employees had private, official prescriptions. ~~I mean I had a company doctor handing out prescriptions to everyone~~ I am not at all hiding behind "private medical issues" and the sanctity of a prescription to cover for a doctor's pad I paid for. Ignore the former employees telling everyone about how the company encouraged them all to get the same prescriptions. I simply can't get through a court appearance without suffering withdrawals and needing special permission to go coat myself in Adderall and Parkinson's medications. "

He is right that the patch form of whateveritis is sold as a depression drug,, not a Parkinson's drug. On the other hand, MAO inhibitors are a very last resort for depression, because of the extreme dietary limitations required.

e:f, b

# ? Dec 14, 2022 17:53

LifeSunDeath: Jan 4, 2007; still gay rights and smoke weed every day

Arsenic Lupin posted:

He is right that the patch form of whateveritis is sold as a depression drug,, not a Parkinson's drug. On the other hand, MAO inhibitors are a very last resort for depression, because of the extreme dietary limitations required.

e:f, b

that explains the thousands of vegan shrimp a week.

# ? Dec 14, 2022 18:00

Zero One: Dec 30, 2004; HAIL TO THE VICTORS!

Salt Fish posted:

https://twitter.com/molly0xFFF/status/1603052799243288578

Finally now that the fraud is endemic we can finally go back to normal.

Love that the kid from The OC is testifying to congress on Bitcoin

# ? Dec 14, 2022 18:05

Mercury_Storm: Jun 12, 2003; *chomp chomp chomp*

It's almost like the whole 'industry' is built upon a foundation of fraud! Better not do anything about it though, that might undermine the fraud.

# ? Dec 14, 2022 18:55

Squiggle: Sep 29, 2002; I don't think she likes the special sauce, Rick.

What happens in one of these hearings if one of the people told O'Leary and Sinema "you sound bought"?

# ? Dec 14, 2022 19:06

Dang It Bhabhi!: May 27, 2004; ASK ME ABOUT
BEING
ESCULA GRIND'S
#1 SIMP

Squiggle posted:

What happens in one of these hearings if one of the people told O'Leary and Sinema "you sound bought"?

Nothing happens at all.

# ? Dec 14, 2022 19:18

ymgve: Jan 2, 2004; Offensive Clock

ultrafilter posted:

https://twitter.com/TheStalwart/status/1602663836598865927

"why isn't SBF arrested yet? the system is corrupt!!!!"

*SBF gets arrested*

"they arrested SBF to hide their crimes!"

can't win with these people

# ? Dec 14, 2022 19:27

Lazyfire: Feb 4, 2006; God saves. Satan Invests

Zero One posted:

Love that the kid from The OC is testifying to congress on Bitcoin

It's been one of the most interesting career twists in a while. Guy's been on TV consistently for like 20 years and decides that crypto is just such an incredibly obvious scam that he takes a break from acting to become an independent journalist covering the industry. Now he's giving testimony to Congress.

# ? Dec 14, 2022 19:42

nachos: Jun 27, 2004; Wario Chalmers! WAAAAAAAAAAAAA!

do we know if he tried meditation and gratitude journaling before going on MAOIs

# ? Dec 14, 2022 19:45

Squiggle: Sep 29, 2002; I don't think she likes the special sauce, Rick.

Dang It Bhabhi! posted:

Nothing happens at all.

solid

# ? Dec 14, 2022 20:07

CharlestheHammer: Jun 26, 2011; YOU SAY MY POSTS ARE THE RAVINGS OF THE DUMBEST PERSON ON GOD'S GREEN EARTH BUT YOU YOURSELF ARE READING THEM. CURIOUS!

Famously, after you arrest someone, you never speak to them again

# ? Dec 14, 2022 20:10

Enos Cabell: Nov 3, 2004

Zero One posted:

Love that the kid from The OC is testifying to congress on Bitcoin

I thought you were joking at first, but hot drat that really is him.

# ? Dec 14, 2022 20:39

zedprime: Jun 9, 2007; yospos

CharlestheHammer posted:

Famously, after you arrest someone, you never speak to them again

If the arrested guy knows what's good for them, yes.

Good news about learning things from Fried Bankmans though.

# ? Dec 14, 2022 20:44

Dinosaurs!: May 22, 2003

Lazyfire posted:

It's been one of the most interesting career twists in a while. Guy's been on TV consistently for like 20 years and decides that crypto is just such an incredibly obvious scam that he takes a break from acting to become an independent journalist covering the industry. Now he's giving testimony to Congress.

Unless I�m mixing up actors he has an econ degree from the University of Virginia.

# ? Dec 14, 2022 21:43

busalover: Sep 12, 2020

Lazyfire posted:

It's been one of the most interesting career twists in a while. Guy's been on TV consistently for like 20 years and decides that crypto is just such an incredibly obvious scam that he takes a break from acting to become an independent journalist covering the industry. Now he's giving testimony to Congress.

lol wut

# ? Dec 14, 2022 22:11

PITY BONER: Oct 18, 2021

twerking on the railroad posted:

I'm waiting for the prosecution of SBF's parents to begin cause ...

https://www.seattletimes.com/business/the-parents-in-the-middle-of-ftxs-collapse/

Lol. Way to put your own names on the $16.4 million Bahamas property

Reading this puts his SBF's lovely, enabling parents into a much harsher light than just being educated people who raised a weirdo son.

quote:

Bankman and Fried supported their son�s work, although Fried expressed concerns about his lifestyle. �The sleep worries me,� she said in an interview with The New York Times in May. �I just hope that it�s not exacting a high price on him.�

LOL, that's what this idiot was worried about? I can't wait until the have the greasy, stinky, disgusting details of his orgy group thrown at them.

quote:

Sanon worked with Bankman on a financial literacy initiative for low-to-moderate-income adults enrolled in education programs. As part of the collaboration, students who did not have bank accounts could open one linked to FTX�s platform, giving them the option to spend their money on cryptocurrency. Nobody was pushed to buy digital currencies through FTX, Sanon said, but one participant chose to do so.

In Washington, Bankman-Fried invoked the Florida program as he pressed for legislation to make the United States more hospitable to the crypto industry, testifying to a House committee that the initiative would help low-income people �build savings.�

After FTX collapsed, however, Sanon informed Bankman that some participants in the FTX initiative may have lost funds they had stored on the platform (including money that students had received as a stipend for joining the program).

LMAO. These loving ghouls.

quote:

Still, many people in the family�s social circle view the situation through a sympathetic lens, according to interviews with more than a dozen friends and colleagues. They insist that Bankman and Fried couldn�t have known about any wrongdoing at FTX, while acknowledging that Bankman may have been naive in his embrace of crypto.

�It�s like a Greek tragedy,� said John Donohue, a colleague who has attended Sunday dinners at Bankman and Fried�s home. �The story of flying too close to the sun, and having your wings singed.�

Yeah, the lawyer that flew to the Bahamas once a month and put his name on a $16 milly mansion for his son's ponzi scheme had no idea what was going on. Totally unable to figure it out while helping the company with legal matters and sitting in the office with all the unwashed dweebs. The mom, who happily used as many FTX "donations" as possible for her effective altruism cult, was also totally unaware. Totally.