Bitcoin: no angel investors, only Faustian bargains

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

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

Pham Nuwen posted:

Youtube still probably has like $70 from a video I made because they won't cut a check until it hits $100 or something like that. That was annoying bullshit, and I was aware it was happening! I'd be pretty loving mad if somebody was "collecting donations" on my behalf without my knowledge, especially if they don't pay out until it hits $100.

I got a check from Google for $40 after like 5 years of not meeting the minimum for their ad network. They will send you the money eventually.

# ¿ Dec 25, 2018 20:37

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# ¿ May 14, 2024 02:20

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

Twitter hack: state sponsored attempt to steal private messages or dumb teen who wanted bitcoins?

https://twitter.com/wflaryan/status/1289269345277812737?s=21

# ¿ Jul 31, 2020 20:36

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

Central Florida has it's own bitcoin brain genius criminal. A Florida county tax collector (an elected position that handles property taxes, car registration, and driver's licenses) who has already been charged with various other crimes had an idea... a blockchain idea!
https://www.orlandosentinel.com/new...qmhe-story.html

quote:

Former Seminole Tax Collector Joel Greenberg billed his own office $65,860 last year to buy computer servers for a private company he started to capitalize on blockchain technology, records show.

Greenberg and his company, Government Blockchain Systems LLC, eventually returned the money to the public office through a series of checks, though it�s unclear what prompted the refunds.

In an e-mail on Feb. 11, Greenberg wrote to the Tax Collector�s Office accounting supervisor, �40,860 will arrive tomorrow via check to make up the balance of 65,860 minus 25,000 already refunded.� That is the same month the office brought in Brian Bieber, a white collar criminal defense attorney with GrayRobinson, to represent the office in a federal investigation.
Greenberg, 35, was indicted in June on multiple federal charges of stalking a political opponent and using his office to steal old driver�s licenses as well as create fake identifications. He resigned from office the next day.

The transactions between Greenberg�s company and the public office will be part of an in-depth forensic audit Seminole County Government ordered this week to look for evidence of fraud as well as investigate questionable purchases and hiring decisions by Greenberg.

�We have to protect the taxpayers and the taxpayers� money,� said Commission Chairman Jay Zembower regarding the audit, which will cost $25,000 and be performed by MSL CPAs & Advisors of Orlando beginning early next month.

Records show the now-dissolved Government Blockchain Systems, which was started by Greenberg in July 2019, billed the Tax Collector�s office $65,860 on Sept. 9, 2019 for 20 servers. The next day the public office run by Greenberg cut a check for that amount to Greenberg�s private company.

Of course sex with minors was involved:

https://twitter.com/orlandosentinel/status/1296847814820089856

He also tried to ransom his own country government for $500k in bitcoin!

https://twitter.com/robertjdenault/status/1367628247786262528

He faces 14 federal charges, including stalking, identity theft and sex trafficking of a minor.

Plus he violated his bond conditions the other day trying to stalk his wife across the state in the middle of the night.
https://twitter.com/orlandosentinel/status/1367210538531446792

# ¿ Mar 6, 2021 15:56

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

drk posted:

Supposed capture of the blog before they deleted everything:

You see, our customers aren't "investing", they're lending in exchange for interest payments

I imagine their lawyer running into their office yelling "gently caress gently caress gently caress" to tell them to delete this like that crow-lawyer comic.

Maybe their lawyer is that crow.

# ¿ Sep 8, 2021 17:35

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

https://www.orlandosentinel.com/business/tourism/os-bz-dogecoaster-iaapa-announcement-20211119-ggvz3ploqzdklb3p76mblboguy-story.html

quote:

Dogecoaster, billed as the world�s first cryptocurrency-based roller coaster, promises to take riders �to the moon� alongside their favorite memes in early 2022.

Announced this week at the IAAPA Expo in Orlando, the roller coaster�s lifts and drops will be based on the historically volatile performance of Dogecoin in the cryptocurrency market, its creator Dennis Voronin said. �To the moon� is a phrase used by investors when the price of a cryptocurrency skyrockets.

https://www.youtube.com/watch?v=LRU9YpI7Ebw

# ¿ Nov 19, 2021 19:06

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

There Bias Two posted:

"Your funds are safe." is an incredibly ominous error message.

I am not convinced that the funds are, in fact, safe.

My "Your funds are safe" warning pop-up is raising questions already answered by the warning pop-up.

# ¿ May 12, 2022 18:26

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

Guze posted:

Mr. Musk please I beg you tweet "pee pee poo poo fart cum" my life savings depends on it.

Mr. Musk please pump me in my dumper!

# ¿ May 12, 2022 20:31

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

ultrafilter posted:

Fun fact: New York's Supreme Court is not the highest court in the state. That honor goes to the New York Court of Appeals. I have no idea whether they'd hear an appeal for this case, but I don't doubt one will be filed.

Law & Order taught me that!

Thanks Jack McCoy!

# ¿ May 17, 2022 05:03

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

Chef Boyardeez Nuts posted:

Also your obsolete fiat currency will be perfectly safe in a _{Cayman Islands based} bank_{that we own.}

Can�t wait to get access to Cayman Bank software admin panel and Mastercard admin panel!

# ¿ Jun 14, 2022 05:29

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

I just saw a job posting at a legit audit firm for a Crypto Risk Manager. With my traditional financial experience and this thread I totally qualify.

Should I apply, get the job, and advise they never touch the poop anytime I get asked to review something? Seems like the easiest job ever.

# ¿ Jun 30, 2022 23:41

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

https://jalopnik.com/no-one-bought-chevrolets-2023-corvette-z06-nft-1849130754

quote:

The Corvette Z06 NFT that Chevrolet tried to auction off received a total of zero bids during a four-day bidding period, from June 20-24. This was Chevy�s first attempt to break into the boom market of non-fungible tokens, but not even a real-life 2023 Corvette Z06, which was included in the auction, could redeem this NFT.

We could chalk it up to Chevrolet�s bizarre choice to only accept bids in coins of Ethereum � a cryptocurrency with a value that crested at $4,800. According to Corvette Blogger, the value of Ethereum was $1,160 per coin when bids opened for the Corvette NFT, and bidding had started at 206 ETH. That put the starting price of the �Vette at $238,960, which is a lot more than the $90,000 the 2023 Corvette Z06 will reportedly cost.

So, even though the real-life Corvette that the NFT came with had exclusive paint, a Z07 performance package, carbon wheels and a cheesy commemorative plaque, the price to �own the color� was still too high.

The auction�s host, SuperRare, claimed some people missed their chance to bid due to �the craziness of NFT.NYC,� an � oh, God � cryptocurrency conference where some folks reportedly caught COVID-19. SuperRare extended the auction by 24 hours after it closed for the first time with zero bids, and it closed for a second time with zero bids.

# ¿ Jul 1, 2022 04:33

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

https://twitter.com/reuters/status/1545124310964117504?s=21&t=QA0EGbtCv8WqbSS_850Scg

# ¿ Jul 8, 2022 13:21

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

LifeSunDeath posted:

Do these people realize how many slurps a day it's gonna take to pay back 1.8 Billion dollars?

You slurp 16 apes, what do you get?
Another day older and deeper in debt
St. Peter, don't you call me 'cause I can't go
I owe my soul to the Celsius store

# ¿ Jul 14, 2022 22:51

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

HappyHippo posted:

Well yeah the blockchain has no concept of real money to begin with.

Although from the sounds of that description it seems like coinbase actually put the coins in his account? And will effectively "sell" them again to undo the transaction? Should be interesting if the price moves significantly between now and when the transaction is undone.

Edit:

This is how real brokerages operate. A trade error cannot just be "reversed". The other side of the trade was legit and that seller isn't going to be responsible for undoing the trade.

If they need to bust a trade due to an error, they place a market trade in the opposite direction. If the market went the right way the brokerage will pocket the profit. If it went the wrong way then it depends on the cause of the error. If the broker was responsible they will eat the cost. If the client is responsible they will need to pay the difference.

Now a good brokerage will have some guardrails in place so a client can't easily buy $35k worth of something if they dont have the cash or margin to cover it. Because if they don't cover then the broker is still on the hook for paying. They can send a client to collection if they don't pay but they have to make sure the cash is sent to the selling party on time.

# ¿ Jul 26, 2022 21:35

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

Update

https://www.reddit.com/r/ethereum/comments/w8shhs/update_on_accidental_35000_ether_purchase/

quote:

I chatted with coinbase and they said they couldn�t do anything because they can�t reverse transactions. loving CHASE BANK ACCEPTED THE PURCHASE. I am now negative $35,000 in my bank account, I�m freaking out. I�m on the phone with chase opening a dispute.

# ¿ Jul 26, 2022 21:41

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

https://twitter.com/secgov/status/1554143753354584064?s=21&t=0iXyuaQe4yQXpO-IGGTxMQ

# ¿ Aug 2, 2022 00:18

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

resistentialism posted:

oh whoops
https://twitter.com/nytimes/status/1554574270038249476

At the end of that article.

quote:

Also on Tuesday, the New York State Department of Financial Services announced it was fining Robinhood�s crypto operation $30 million over violations of its anti-money laundering and cybersecurity regulations.

�As its business grew, Robinhood Crypto failed to invest the proper resources and attention to develop and maintain a culture of compliance,� Adrienne A. Harris, the superintendent of financial services, said in a statement.

Crypto AML violations? :cop:

# ¿ Aug 3, 2022 01:43

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

VitalSigns posted:

What is that. They don't give Nobel prizes for attempted chemistry do they.

https://www.youtube.com/watch?v=XjpkoPEn0cI

# ¿ Nov 15, 2022 14:45

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

https://www.cnbc.com/2022/11/21/sam-bankman-fried-tries-to-broker-ftx-bailout-from-his-bahamas-home.html

quote:

NASSAU, Bahamas � Despite being pushed out of the cryptocurrency giant he founded, Sam Bankman-Fried told CNBC he is trying to lock down a multibillion-dollar deal to bail out FTX, which filed for Chapter 11 bankruptcy protection earlier this month.

In a brief interview with CNBC late Friday, the FTX founder declined to give details about the downfall of his crypto conglomerate, or what he knew beyond liabilities being �billions of dollars larger than I thought.� Bankman-Fried declined an on-camera interview or broader discussion on the record. He said he was focused on retrieving customer funds and is still on a quest to secure a deal.

�I think we should be trying to get as much value to users as possible. I hate what happened and deeply wish that I had been more careful,� Bankman-Fried told CNBC.

Bankman-Fried also maintained that there are �billions� of dollars in customer assets in jurisdictions �where there were segregated balances,� including in the U.S., and said �there are billions of dollars of potential funding opportunities out there� to make customers whole.

quote:

Despite losing access to his corporate email and all company systems, Bankman-Fried maintains that he can play a role in the next steps. Venture capital investors have told CNBC the 30-year-old had been calling to try and secure funding in recent weeks. Still, investors said they couldn�t imagine any firm with a large enough balance sheet or risk appetite to bail out the beleaguered FTX.

A long-shot, Bankman-Fried-brokered deal would be viewed in the same way as any competitive bailout offer, according to legal experts.

�He�s no different than any third-party suitor at this point, other than the fact that he�s a majority FTX shareholder,� said Adam Levitin, a Georgetown University law professor and principal at Gordian Crypto Advisors. �He could come into Delaware with an unsolicited offer, and say I want to buy out all the creditors for a price. But that would have to be approved by the bankruptcy court -- he can�t force a deal.�

No you can totally trust me with your billions of dollars this time!

# ¿ Nov 21, 2022 18:35

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

Ghost Leviathan posted:

Now if you want real inexplicable 90s Disney stuff, The Mighty Ducks cartoon is barely even explained by Disney wanting their own TMNT.

It makes sense when you understand that Michael Eisner bought an NHL team because his son played hockey. And that corporate synergy was really huge at the time.

# ¿ Nov 22, 2022 15:47

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

BRB, starting a new Bitcoin exchange in the Yellowstone Zone of Death.

It's foolproof.

# ¿ Dec 1, 2022 18:55

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

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

FTX founder Bankman-Fried sent back to Bahamas jail in day of courtroom chaos

https://www.cnbc.com/2022/12/19/ftx-founder-bankman-fried-sent-back-to-bahamas-jail-.html

quote:

FTX founder Sam Bankman-Fried was sent back to a Bahamas jail Monday after a reported plan for him to waive his extradition to the U.S. stalled.

Reports over the weekend indicated that Bankman-Fried would consent to extradition, but the former crypto billionaire told a different story Monday, demanding to see a copy of his federal indictment before agreeing to return to the U.S. He will return to Fox Hill jail rather than surrendering himself to U.S. custody.

Bankman-Fried�s legal team signaled that they would fight extradition last week. CNBC and several other outlets reported that Bankman-Fried had changed his mind and would instead submit himself for extradition on Monday.

In open court, chaos reigned. Bankman-Fried, dressed in a blue suit and white button down, was visibly shaking. His Bahamian defense attorney told the court that he was �shocked� that Bankman-Fried was in court.

�I did not request him to be here this morning,� the attorney said. Franklyn Williams KC, the Bahamian prosecutor, said that he �understood that [Bankman-Fried] intended to waive extradition,� according to an NBC News producer present in the courtroom.

The FTX founder arrived at Bahamian court in a convoy of police vehicles, heavily guarded, just after 10 A.M. Eastern Time.

The move comes just days after he was remanded to the medical unit of Bahamas� notorious Fox Hill prison.

The State Department in a 2020 report called the conditions at Fox Hill Prison �harsh,� citing �overcrowding, poor nutrition, inadequate sanitation, poor ventilation, and inadequate medical care.�

Medical care in particular is spotty at the Bahamian prison, the report said. The former billionaire was transported from one of his several multi-million dollar penthouse homes to the prison last week � though Bankman-Fried was entitled to his own room in the medical wing, Bloomberg reported.

Sam Bankman-Fried faces life in federal prison, without the possibility of supervised release, if convicted on just one of eight offenses that prosecutors have charged him with.

His sentence could be reduced by mitigating factors. Trial lawyers and former prosecutors say that, in practice, many white-collar defendants are given lesser sentences than what the guidelines dictate. So, even in large fraud cases, you can see life sentences drastically reduced.

Chaos Reigns

# ¿ Dec 19, 2022 21:00

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

Exclusive video from the Bahamas courtroom today: https://youtu.be/7vN_PEmeKb0

# ¿ Dec 19, 2022 23:49

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

Remember in the 2000s when all the mortgage companies said that these loans they made were great and had amazing value? Then it turned out that the loans were actually worthless and they had just been lying about the value?

Same thing. Finance never changes.

# ¿ Dec 28, 2022 21:08

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

https://decrypt.co/118041/sbf-filing-details-546-million-purchase-of-robinhood-shares

quote:

Ex-FTX CEO Sam Bankman-Fried and ex-FTX CTO Gary Wang took out loans from Alameda Research to buy stock in the publicly traded exchange Robinhood, according to documents released on Tuesday by the Eastern Caribbean Supreme Court.

Ownership of the Robinhood shares is being contested in federal court by crypto lending platform BlockFi, who say Bankman-Fried�s shares were promised to them.

In the affidavit, Bankman-Fried says he and Wang formed a new company, Emergent, to acquire shares in Robinhood Markets Inc, better known as Robinhood, totaling $546.4 million.

"I borrowed the sum of $491,743,563.39, and Gary borrowed the sum of $54,638,173.71 from Alameda [Research]," Bankman-Fried said in the filing. "All of the sums evidenced by the promissory notes were capitalized into Emergent as working capital so that it could purchase the shares in Robinhood."

Bankman-Fried says the pair took out four loans from Alameda Research: $316,667,182.50 and $35,185,242.50 on April 30, 2022, and $175,076,380.89 and $19,452,931.21 on May 15, 2022.

In the affidavit, Bankman-Fried says the loans were not all taken at the same time but were paid out in tranches over days before and after the dates listed on the filing. This would affect calculations of the total value of shares acquired, he explained.

Bankman-Fried is facing eight charges of wire and bank fraud, conspiracy, and money laundering stemming from the collapse of FTX and Alameda Research. Regulators accuse Bankman-Fried of funneling customer funds from FTX to Alameda Research to cover trades.

Complicating matters in the case is a claim from crypto lender BlockFi that Bankman-Fried pledged his shares in Robinhood to them. In November 2022, the Financial Times reported that the newly bankrupted BlockFi sued Bankman-Fried to obtain shares of Robinhood he allegedly pledged to the company as collateral earlier that month.

Bankman-Fried first bought his 7.6% stake in Robinhood in May 2022, according to a filing with the U.S. Securities and Exchange Commission. BlockFi alleges Bankman-Fried promised his stake in Robinhood as collateral to help BlockFi through its liquidity issues.

In its lawsuit, according to the Financial Times, BlockFi says that Bankman-Fried's Emergent defaulted on its obligations under the pledge agreement and failed to satisfy its obligations.

FTX filed for bankruptcy on November 11, 2022, after rival cryptocurrency exchange Binance announced that it would liquidate its position in FTT, FTX's native token.

# ¿ Dec 28, 2022 23:42

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

SBF used $100 million in customer funds to buy Dave.

And another $100 mil in some other crypto thing.

https://www.cnbc.com/2022/12/28/ftx-used-200-million-of-customer-funds-for-two-venture-investments.html

Best part of the article is Dave insisting they have no obligation to pay the stolen money back. Good luck with that, Dave.

quote:

�The note issued to FTX is due for repayment in March 2026,� the company said in a statement. �No terms contained in the note trigger any current obligation by Dave to repay prior to the maturity date.�

# ¿ Dec 29, 2022 19:26

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

Speaking of Celsius...

quote:

A bankruptcy judge has dashed the dreams of investors hoping to retrieve their crypto funds from Celsius. It turns out, assets placed in the now-defunct crypto exchange�s high interest �Earn Accounts� belong to Celsius, not the account holders, according to a Wednesday ruling from Judge Martin Glenn.

The decision came down to an �unambiguous provision� in one section of Celsius� terms of use, wrote the judge. �All right and title to such Eligible Digital Assets, including ownership rights,� is held by Celsius, said version 8 of the company�s terms, which 99.86% of Earn Account holders agreed to, noted Glenn. Celsius� incredibly shady terms of service also stated to signatories that �you may not have any legal remedies or rights,� to get your money back�which the company has previously argued protects them from legal complaints.

In practice, Judge Glenn�s ruling effectively confirms that stance, and means the company has no immediate obligation to repay about 600,000 investors amid the exchange�s ongoing bankruptcy proceedings. The more than $4.2 billion that was frozen in Celsius accounts last June doesn�t belong to the people who put it there, it�s the property of the company that squandered it.

https://gizmodo.com/crypto-celsius-earn-accounts-alex-mashinsky-1849957843

# ¿ Jan 6, 2023 20:32

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

VitalSigns posted:

It's magical thinking. If we all buy a meme stock and never sell the price will only go up up up and each of us will have a portfolio with a market cap of billions and we'll all buy women and lambos.

No thought to what happens next: to get the money out of the stock so they can buy the lambos they all have to sell, and if they were the ones doing all the buying, who is there to sell to. Who is going to come along with an 11-figure bank account wanting to make a bunch of reddit nerds into billionaires in exchange for a failing big box store chain, with full knowledge that the stock price has been manipulated to an unreasonable high.

Also that the stock price (in a pump situation like this) is not connected to the success of the company as a going concern. They could pump the stock to a billion dollars but if BBBY can't make a profit they're going to be bankrupt.

And stockholders are always the ones to get wiped out in bankruptcy.

Zero One fucked around with this message at 21:47 on Jan 6, 2023

# ¿ Jan 6, 2023 21:44

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

biglads posted:

Springtime for Bitcoin and Bankman-Fried

# ¿ Jan 29, 2023 05:21

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

ullerrm posted:

This guy has spent the last two years repeatedly investing his entire life in zany get-rich schemes.
And may have narrowly dodged causing an ecological disaster.

https://old.reddit.com/r/BestofRedditorUpdates/comments/108enh7/tifu_by_importing_bees_to_uruguay/

It reminds me of Casey Serin from the subprime mortgage days.

I'm a former resident of Oklahoma, and currently one of the largest beekeepers in Uruguay by hive volume.

# ¿ Jan 30, 2023 22:19

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

SettingSun posted:

That man is an up and coming entrepreneur, trying to get his illegal Turkish ice cream juggling business off the ground while he couch surfs/sleeps in the park in the Netherlands during Nordic winter.

There's lots to take in from his posts but I love his plan for living semi-legally* in the NL: just go to London for the day and then come back with his second passport. A plan no immigration official has ever seen before and is totally untrained to detect.

*not at all legally

# ¿ Jan 31, 2023 00:11

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

Thesaurus posted:

https://twitter.com/FoldableHuman/status/1621561946079379456

lol

https://twitter.com/FoldableHuman/status/1621561966925070336?s=20&t=JpbWIgA1kO6LBJGvJcshXw

# ¿ Feb 4, 2023 02:00

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

MarcusSA posted:

I was just going through his Wells Fargo business account statements and there was a line for cash deposit fee.

Banks nickel and dime business accounts for every little transaction because they can get away with it and businesses just write it off as a cost of doing business.

Personal accounts don't do that because consumers have grown to expect no fee accounts.

# ¿ Feb 5, 2023 23:39

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

Fish Appreciator posted:

I don't think y'all understand. Crypto adoption IS inevitable.

Source: vibes.

https://twitter.com/SadiqoJN/status/1070995854272675840?s=20&t=sXKnXH2GqFULdOuG96KiXQ

# ¿ Feb 9, 2023 16:04

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

The US Government: well known for its limited resources.

Reminds me of something that happened when I was young... a company had built a big hotel near a residential area in suburban Detroit. They promised the community they would only build the one. Then they decided to build a second next door. They thought they could get away with it because the people living nearby didn't have the resources to fight in court.

Except that one of the residents was good friends with Bill Ford... heir of the Ford family. He hired my dad's law firm (the biggest in Detroit) and gave them unlimited resources to sue on behalf of the neighborhood. The company ended up paying a huge settlement.

# ¿ Feb 14, 2023 19:35

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

https://www.youtube.com/watch?v=EUaU4W6loFo

Skip to 19:20 for the only real use for bitcoin atms.

Scamming old ladies out of their money

# ¿ Feb 25, 2023 02:46

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

Silvergate is a real bank. Member FDIC and everything.

But their customers are mostly crypto firms.

# ¿ Mar 2, 2023 18:19

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

drk posted:

For a little more info, Silvergate filed with the SEC a notice they would be unable to file their 10-K (annual report) on time.

They expanded on why here (bolding mine):

Basically FTX and others left them with huge losses last year, leaving them potentially "less than well capitalized", which is not a statement you want to be making as a bank. "Other-than-temporary impairment on the securities portfolio" is also a masterful turn of phrase since what it actually means is many of their customers recently went bankrupt after losing a massive of money in the course of doing various crimes.

quote:

including the sale of additional investment securities beyond what was previously anticipated and disclosed in the Earnings Release primarily to repay in full the Company�s outstanding advances from the Federal Home Loan Bank of San Francisco.

Sounds like they had to quickly repay loans that they shouldn't have taken.

# ¿ Mar 2, 2023 19:13

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# ¿ May 14, 2024 02:20

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

Prelminary Analysis of Shortfalls at FTX.com https://www.scribd.com/book/629154802

$9 billion is missing

# ¿ Mar 3, 2023 20:10

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

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