latinotwink1997 posted:

Paying double my rent because of gas fees. Seems like a totally winning system.

numberoneposter posted:

im preparing my taxes but i dont know where to declare mined BTC on there??? is there a form i can request?

repiv posted:

hmm

Strong Sauce posted:

there is an hour+ video about harry potter (and why its bad), and also a 3 hour, 33 minute 33 second video about deus ex human revolution. both are very entertaining to watch. you don't have to watch the whole thing in one sitting dawg

BigBadSteve posted:

A sensitive, heartfelt post I just made in the "Celebs promoting NFTs" thread:

smellmycheese posted:

Somebody managed to gently caress over the granddaddy of all the ape scammers

https://twitter.com/lorenzofb/status/1518626162817355777

Grouchio posted:

1000 posts of Bitcoin in a week; what gigantic schad did I miss?

Shaman Tank Spec posted:

It is extremely worth quoting his reply as well: this was him making fun of crypto people, and at least one nationally famous crypto moron still believed it.

https://twitter.com/jon_bois/status/1524588619603886080

ELTON JOHN posted:

the replies to this are funny to me

https://twitter.com/CryptoBigsky/status/1524741457730441217

Deptfordx posted:

I am an Old, and had never heard of Tether till I idly wandered into this thread to see what the hell was happening with crypto.

This

is literally in the second paragraph of Tether's wiki article.

Literally WTF people?!?

Guze posted:

Its Shrutebucks and StanleyNickels all the way down.

Chef Boyardeez Nuts posted:

Eighty percent of innovation in the last two decades was "an app that allows you to avoid existing regulation."

priznat posted:

The depth of scamming is breathtaking

https://twitter.com/Bitfinexed/status/1525149709056331777

Guze posted:

Going to leave work and exchange some FIAT for beer.

Chinatown posted:

https://twitter.com/baldridgecpa/status/1525276552900100097

Rad Russian posted:

Finally convinced my close friends last year to sell all their ARK stuff by linking an interview where she says that Jesus tells her every day what to buy and sell in her private conversations with him and God. Apparently, the name ARK wasn't a clue enough that she's a crazy fundie who got very lucky with Tesla.

HolHorsejob posted:

Can they dodge legal liability for quitting after poo poo hits the fan? As a party intended to lend a veneer of credibility to the company, can they be considered liable for rubber-stamping what is essentially securities fraud?

Goodpancakes posted:

12 million new memberships required before you can buy the dog. Hmmm

zedprime posted:

I want a time machine to 2000 to be the crazy guy with a sandwich board saying "Beeple's Twitter hacked to scam NFTs to capitalize on Madonna's vagina centipedes."

What the gently caress is wrong with history right now. God's activated the simulation cheat codes and is having a bit of fun before doomsday.

repiv posted:

https://twitter.com/morebuttertv/status/1529151981792727040

bobjr posted:

I’m also seeing way more commercials advertising Bitcoin as a normal banking thing.

The weirdest has got to be one where it was like your normal bank commercial about saving for retirement, but dropped terms like “He wants to know Stonks” and “What apes to buy” just super causally.

Serious_Cyclone posted:

We're going to throw a Koosh ball around the room, and whoever catches it has to give the team an example of a good thing that Hitler did

Donovan Trip posted:

hi guys, i haven't posted since december 2020 in this very thread. Since then I turned 8k into enough for a new car, a house, a restaurant, to start a family, and built a huge network leading me to take my first role at a crypto company in April. I hope you all had as great a time as I did!

Donovan Trip posted:

Sigh.

I will check back in another two years and let you know how it went, <3

Scratch Monkey posted:

quote:

Celsius, the crypto trading platform that halted all withdrawals a month ago and filed for bankruptcy yesterday, has a $1.2 billion sized hole in its balance sheet, according to a bankruptcy filing and new report from the Financial Times. What does that mean for users? You’re probably not getting all your money back, if you see some at all.

Celsius lists $5.5 billion of liabilities in its bankruptcy filing, $4.7 billion of which is owed to Celsius users. The problem is that Celsius lists just $4.3 billion of assets, many of it illiquid, and that’s even assuming those have been calculated properly. A large part of Celsius’s holdings is in its own crypto token, also known as Celsius, which has taken a nosedive in the past year. And roughly $1 billion of assets are tied up in the company’s bitcoin mining center.

Celsius was notorious for offering absurdly high interest rates on crypto—as high as 18% in some cases—but it has to make increasingly risky bets to pay those off. Where did all the money go? Celsius explains in the filing that the company made bad gambles.

“Some of Celsius’ crypto is tied up in long term and illiquid crypto deployment activities; some of Celsius’ crypto assets have been loaned to third parties; and some of Celsius’ crypto assets have been pledged in support of borrowings or sold to generate cash used to acquire Bitcoin mining equipment and the GK8 storage business,” the filing reads.

“Because of the variety of asset deployment strategies the Company engaged in, including the terms and length of time those strategies ‘lock’ the assets, and due to the drop in value of digital assets, Celsius was unable to both meet user withdrawals and provide additional collateral to support its obligations,” the filing continues.

The bankruptcy filing notes that users who signed up for Celsius all agreed to terms of service that allowed Celsius to just stop withdrawals at any time. And it’s honestly a bit shocking to see it all laid out in the bankruptcy paperwork in such stark terms:

The terms of use that form the basis of the contract between Celsius and its users explicitly state that in exchange for the opportunity to earn rewards on assets, users transfer “all right and title” of their crypto assets to Celsius including “ownership rights” and the right to “pledge, re-pledge, hypothecate, rehypothecate, sell, lend, or otherwise transfer or use” any amount of such crypto, whether “separately or together with other property”, “for any period of time,” and “without retaining in Celsius’ possession and/or control a like amount of [crypto] or any other monies or assets, and to use or invest such [crypto] in Celsius’ full discretion.” A version of this statement has been in every version of Celsius’ “Terms of Use” since 2018. And since 2019, the Company has been clear that it might “experience cyber-attacks, extreme market conditions, or other operational or technical difficulties which could result in immediate halt of transactions either temporarily or permanently.”

Did you catch all that? You weren’t buying crypto and having Celsius hold it for you. You were transferring “right and title” of your crypto to the company.

One thing you won’t see in the bankruptcy filings is how much Celsius executives cashed out of their own crypto token over the past few years. Celsius co-founder and CEO Alex Mashinsky sold about $44 million worth of Celsius crypto since the company was founded, according to a recent report by the Financial Times.

Where does all of that leave users? Nobody knows for sure. But they’re in a long line of creditors, all hoping to salvage something from the Celsius mess. Oddly enough, Celsius says it wants to reorganize and bounce back as a company after all of this is done. But it’s tough to imagine anyone wanting to invest their money in a place that just made so many billions of dollars disappear.

halokiller posted:

Jeffrey where's our GoonCoin™?, you know we will throw our money away for it.

quote:

Washington D.C., July 21, 2022 —
The Securities and Exchange Commission today announced insider trading charges against a former Coinbase product manager, his brother, and his friend for perpetrating a scheme to trade ahead of multiple announcements regarding certain crypto assets that would be made available for trading on the Coinbase platform.

The SEC’s complaint alleges that, while employed at Coinbase, Ishan Wahi helped to coordinate the platform’s public listing announcements that included what crypto assets or tokens would be made available for trading. According to the SEC’s complaint, Coinbase treated such information as confidential and warned its employees not to trade on the basis of, or tip others with, that information. However, from at least June 2021 to April 2022, in breach of his duties, Ishan repeatedly tipped the timing and content of upcoming listing announcements to his brother, Nikhil Wahi, and his friend, Sameer Ramani. Ahead of those announcements, which usually resulted in an increase in the assets’ prices, Nikhil Wahi and Ramani allegedly purchased at least 25 crypto assets, at least nine of which were securities, and then typically sold them shortly after the announcements for a profit. The long-running insider trading scheme generated illicit profits totaling more than $1.1 million.

"We are not concerned with labels, but rather the economic realities of an offering," said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. "In this case, those realities affirm that a number of the crypto assets at issue were securities, and, as alleged, the defendants engaged in typical insider trading ahead of their listing on Coinbase. Rest assured, we’ll continue to ensure a level playing field for investors, regardless of the label placed on the securities involved."

“In nearly a year, the defendants collectively earned over $1.1 million in illegal profits by engaging in an alleged insider trading scheme that repeatedly used material, nonpublic information to trade ahead of Coinbase listing announcements,” said Carolyn M. Welshhans, Acting Chief of the Enforcement Division’s Crypto Assets and Cyber Unit. “As today’s case demonstrates, whether in equities, options, crypto assets, or other securities, we will vindicate our mission by identifying and combatting insider trading in securities wherever we see it.”

The SEC’s complaint, filed in federal district court in Seattle, Washington, charges Ishan Wahi, Nikhil Wahi, and Ramani with violating the antifraud provisions of the securities laws and seeks permanent injunctive relief, disgorgement with prejudgment interest, and civil penalties. In a parallel action, the U.S. Attorney’s Office for the Southern District of New York today announced criminal charges against all three individuals.

The SEC’s investigation, which is ongoing, was conducted by Michael Brennan, Jennie B. Krasner, and Gregory Padgett, with assistance from Patrick McCluskey and Donald Battle. The case was supervised by Paul Kim, Joseph Sansone, Chief of the Market Abuse Unit, and Ms. Welshhans. The litigation will be led by Daniel Maher and Peter Lallas and supervised by Olivia Choe. The SEC appreciates the assistance of the U.S. Attorney’s Office for the Southern District of New York and the FBI.

an iksar marauder posted:

I like selling enough to recoup the initial investment so everything more is bonus money

Blotto_Otter posted:

anyway, the one CFTC commissioner who really loves shitcoins is pissed at the SEC for (correctly) trying to put some shitcoins under their purview, because she would prefer that they (incorrectly) remain under her purview, where she could continue to do nothing about them
https://twitter.com/leereiners/status/1550164974433193988