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So the two pronged approach of "so where did the billion come from? Uh, my buddy, you don't know him, he's in Canada. Also he doesn't have a name so you can't look him up" and "as long as we have enough crime we'll hopefully look legitimate" which is pretty goddamn hilarious and amazing if I'm honest.
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Jan 13, 2024 01:37
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Boxturret posted:Every tether is fully backed by a dollar. sick dollar bro can I see it
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Jan 13, 2024 01:37
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Tether basically reinvented fractional reserve banking but don't ask them for proof of reserves or liquidity or any number of things that regulated banks have to demonstrate regularly to stay in business.
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Jan 13, 2024 01:40
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Ghost Leviathan posted:Not by all appearances, there was supposedly some mention of giving it a second look that the china watchers took as an immediate total backtrack and the official who proposed it being disappeared and sent to the gulag, with zero proof as far as anyone has seen. but they had *five* anonymous sources five!!!
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Jan 13, 2024 02:19
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My accounts summary stating "cash like instruments" is generating a lot of questions already answered by my accounts summary stating "cash like instruments."
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Jan 13, 2024 02:22
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tether ceo caught buying a game of monopoly, a photocopier, and reams upon reams of coloured paper
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Jan 13, 2024 02:24
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Boxturret posted:Every tether is fully backed by a dollar. They keep that dollar locked in their desk drawer. When tether fails, everyone can claim one billionth of a one dollar bill.
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Jan 13, 2024 02:27
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you can buy legally distinct playmoney that can be used with MonopolyTM, no need to keep buying whole sets.
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Jan 13, 2024 02:30
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Tether is the 2008 mortgage crisis on all the steroids and HGH
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Jan 13, 2024 02:45
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kw0134 posted:Tether basically reinvented fractional reserve banking but don't ask them for proof of reserves or liquidity or any number of things that regulated banks have to demonstrate regularly to stay in business. You don’t need to ask, it’s crimes all the way down. Everyone involved with crypto is cool with it anyway.
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Jan 13, 2024 03:00
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I don't understand why anyone bothered with algorithmic stable coin when you could just lie about them being backed with cash.
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Jan 13, 2024 03:21
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stab posted:Tether is the 2008 mortgage crisis on all the steroids and HGH I wouldn't think so? There was a huge portion of the market tied up in investment in mortgage funds or their derivatives. That doesn't seem to be happening w/ cryptocurrencies.
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Jan 13, 2024 03:49
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Boxturret posted:Every tether is fully backed by a dollar. LOL this one took me a minute
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Jan 13, 2024 03:54
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Strong Sauce posted:Karl Jobst. Ah gently caress, that's who I thought. That's unfortunate.
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Jan 13, 2024 04:27
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stab posted:Tether is the 2008 mortgage crisis on all the steroids and HGH Not really, there's like $85 billion tied up in Tether but the impact of the GFC was measured in trillions. Also only a tiny subset of economic activity has exposure to Tether (and a lot of that is illegal) whereas anyone who ever dealt with a bank was exposed to the GFC to some extent.
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Jan 13, 2024 05:23
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"$85" billion is also a laughably unsupported number and the impact is the cratering of the "valuation" of a bunch of internet pogs that generate no economic activity. It's going to be a complete non-event for all the chatter about crypto.
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Jan 13, 2024 05:27
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Not gonna be any regulatory action on crypto as long it's the new favourite toy of a lot of rich people. Flipside is once rich people start losing a lot of money in it, the law will move fast.
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Jan 13, 2024 06:14
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Hmm I should google before posting
exmachina fucked around with this message at 10:17 on Jan 13, 2024 |
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Jan 13, 2024 10:14
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Lammasu posted:I don't understand why anyone bothered with algorithmic stable coin when you could just lie about them being backed with cash. "Read the white paper" is apparently an effective advertisement to a chunk of technophiles with cash to burn. Lets them feel self-educated and therefore deserving of a reward, not just some sucker trying to get rich quick.
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Jan 13, 2024 14:13
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Ghost Leviathan posted:Not gonna be any regulatory action on crypto as long it's the new favourite toy of a lot of rich people. Flipside is once rich people start losing a lot of money in it, the law will move fast. This was kinda true pre FTX. Now, the SEC is involved in major lawsuits against Coinbase, Binance, and Kraken and is asserting that many tokens are securities.
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Jan 13, 2024 14:16
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My mother in law's friend with early dementia just put twelve $100 bills into a Bitcoin ATM and I guess then transferred it to who knows where. E: OMG, I was wrong, it was 120 $100 bills. cruft fucked around with this message at 02:22 on Jan 16, 2024 |
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Jan 16, 2024 02:20
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that must take some dedication
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Jan 16, 2024 02:31
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cruft posted:My mother in law's friend with early dementia just put twelve $100 bills into a Bitcoin ATM and I guess then transferred it to who knows where. I know people tend to mind their own business, but if an old person were standing in front of a Bitcoin ATM just shoveling in hundos, I think I'd at least ask if they're alright around the 60th bill, just as a courtesy.
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Jan 16, 2024 02:46
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what about the bank if she withdrew it from them? arent they suppose to make note of any large transactions?
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Jan 16, 2024 02:51
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Sure but it's still her money, it's hard to borderline illegal to just deny someone access to their money.
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Jan 16, 2024 03:04
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ranbo das posted:Sure but it's still her money, it's hard to borderline illegal to just deny someone access to their money. Didn't seem to bother the Canadian PM...?
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Jan 16, 2024 03:08
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PhazonLink posted:what about the bank if she withdrew it from them? arent they suppose to make note of any large transactions? The person running the scam is coaching the mark on what to say so that the bank doesn't catch on that you plan on paying the IRS through the bitcoin ATM. They might have told the mark that they're helping them out under the table and it's all very secret.
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Jan 16, 2024 03:09
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Most banks now have a program to try to catch the elderly being fleeced but the scammers try to counter it with plausible stories to feed to the suspicious people who really want to make sure they don't end up in front of a camera from the local ABC affiliate asking why the bank didn't stop grandma Jane from emptying her account. Also CTR (cash transaction reports) are filed but don't mean the transaction is stopped per se, only that it's reported to the department that handles Bank Secrecy Act compliance, who forwards it to places like OFAC and elsewhere.
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Jan 16, 2024 03:16
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the money's still there, you just have to break open the weak, fragile vending machine
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Jan 16, 2024 03:19
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cruft posted:My mother in law's friend with early dementia just put twelve $100 bills into a Bitcoin ATM and I guess then transferred it to who knows where. Jesus Christ - maybe consider calling the police? Last year some poor woman left me a voicemail trying to reach some guy named "Chris" who had apparently been spoofing my phone number, and ran some kind of scam on her. When I called her back she sounded freaked out, and said she was thinking of calling the police, probably because she still suspected I was in league with the scammer. When I strongly encouraged her to follow up with the police, and told her I would be happy to verify that my phone number had definitely not been used to contact her, I think it really sank in for her that she had been scammed. I hope she followed up with the authorities in some way, but I never heard anything else about it. 
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Jan 16, 2024 03:31
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I've got some more information. Apparently it was Apple tech support who called her, actually. So it's probably legit, I saw on the Internet that Apple tech support needs $12k money transfers all the time.
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Jan 16, 2024 03:54
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That's heartbreaking. When I was getting money for a rental deposit a couple years ago at a branch of my bank I'd never used before, I got questioned/lectured for the first time about online scams, though they quickly dropped it when I told them it was for housing.
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Jan 16, 2024 04:39
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cruft posted:I've got some more information. Apparently it was Apple tech support who called her, actually. So it's probably legit, I saw on the Internet that Apple tech support needs $12k money transfers all the time. poo poo what the hell did the even tell them would need $12k for? top end laptops are like $3k at most. I mean that's why Gov/tax office are more popular scams as at least there's plausible reasons why you might owe the government 12 grand.
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Jan 16, 2024 05:34
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A common one is the refund scam. There is variety in the setup, but it boils down to "Oh no, I refunded you $12,000 instead of $12. I'm going to lose my job and you are probably going to go to jail if we can't find a way to fix this."
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Jan 16, 2024 05:39
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For a few years I had a job at Walmart selling money orders and wiring money. A large portion of my job was telling people they were being scammed and getting yelled at because they think I’m lying. Like nobody finds it odd that the fbi is demanding payment in prepaid visa gift cards or that the dog they ordered from Senegal is being held hostage at an airport that’s demanding more money.
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Jan 16, 2024 06:17
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Lammasu posted:I don't understand why anyone bothered with algorithmic stable coin when you could just lie about them being backed with cash. A few stablecoins, like USDC, are backed by attestation reports performed by accounting/audit firms. Just a note that you can find them online and signed off on similarly to any other attestations of asset-backed stuff.
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Jan 16, 2024 06:36
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nomad2020 posted:A common one is the refund scam. I too have watched The Beekeeper.
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Jan 16, 2024 07:50
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Strong Sauce posted:Karl Jobst. If I recall he posted some "apology" or "explanation" for why his usage of the n-word and japanese slurs were "totally not racist guys" and taken out of cultural context or some bullshit of that nature. Naturally the community bought it, forgave him, and canonized him as divine figure of hardline gaming jounalism.
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Jan 16, 2024 09:59
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GentleReject posted:A few stablecoins, like USDC, are backed by attestation reports performed by accounting/audit firms. Just a note that you can find them online and signed off on similarly to any other attestations of asset-backed stuff. Last I heard those attestations amounted to something like "we attest that the managers of USDC showed us a document stating they pinky-promise all the money is definitely exactly where they say it is"
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Jan 16, 2024 12:14
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TheBlackVegetable posted:Last I heard those attestations amounted to something like "we attest that the managers of USDC showed us a document stating they pinky-promise all the money is definitely exactly where they say it is" Someone around here, I think maybe in the Trump thread in relation to his cooked books, explained the differences in these things, and yeah there's like different levels of this stuff. One where they methodically go through and actually do their own work and audit and account for all things and sign off on it, and another where they basically just check the math you give them and attest that it all looks correct but don't really dig any deeper, and this is probably the latter. It gives them a veneer of legitimacy to casuals and lay people who don't know any better, while not really meaning much beyond that. Or something.
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Jan 16, 2024 12:26
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