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Post by smoothpete on Dec 12, 2022 9:04:25 GMT
There's a great, in depth interview with coffeezilla on a recent Lex Fridman podcast / video in case anyone cares. It's interesting (but very long)
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Post by Jambowayoh on Dec 13, 2022 15:18:52 GMT
Aaaaaaaaaand he's been arrested in Barbados. As usual never fuck around with rich people's money.
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Post by smoothpete on Dec 13, 2022 15:24:20 GMT
The day before he was due to testify before a congressional committee... He's hired Ghilaine Maxwell's lawyer too.
Additionally Binance has paused USDC withdrawals.
Fun times!
Apparently SBF and his exec mates had a chat group called "Wirefraud" 😂
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Post by 😎 on Dec 13, 2022 18:20:01 GMT
Congress are absolutely tearing apart not just this nonsense but crypto in general. Suggests some tight regulations are going to be incoming.
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Post by smoothpete on Dec 13, 2022 19:14:06 GMT
His statement or whatever that he was going to deliver was leaked / released. It starts with “I fucked up”
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Post by Trowel 🏴 on Dec 13, 2022 19:33:56 GMT
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Post by smoothpete on Dec 14, 2022 10:29:50 GMT
The House Financial Services Committee hearing with John Ray is absolutely damning. Very, very long but jeezo...
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askew
Full Member
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Post by askew on Dec 14, 2022 11:27:33 GMT
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Post by Chopsen on Dec 16, 2022 11:15:14 GMT
So can someone explain this to an old fart like me:
What was the point of FTX?
I always thought that the point of cryptocurrencies was it was decentralised. It was an elaborate application of private/public key authentication to verify transactions . Your wallet was your private key granting you access to transact too and from the funds held against that key on the blockchain. The whole idea was I though there was no third party that you needed to trust implicitly (like a conventional bank).
So why the need to have something like FTX to give your money to?
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Post by drhickman1983 on Dec 16, 2022 11:30:08 GMT
Trump has released $99 dollar NFT "trading cards". Surprised it took him this long to jump onto the bandwagon. (Unless he did some previously)
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Post by smoothpete on Dec 16, 2022 12:15:24 GMT
So can someone explain this to an old fart like me: What was the point of FTX? I always thought that the point of cryptocurrencies was it was decentralised. It was an elaborate application of private/public key authentication to verify transactions . Your wallet was your private key granting you access to transact too and from the funds held against that key on the blockchain. The whole idea was I though there was no third party that you needed to trust implicitly (like a conventional bank). So why the need to have something like FTX to give your money to?
Fundamentally so you can swap magic beans with other retards. Also, some exchanges were paying you interest in crypto to hold your funds with them (staking). Also, FTX had their own token which was like Nectar points more or less, which provided preferential trading benefits if you owned a bunch of them.
Smart people would have used exchanges to buy their magic beans then move them offline to their bean wallet. But then smart people wouldn't have bought magic beans in the first place I suppose
(hashtag not an expert)
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Post by smoothpete on Dec 16, 2022 12:55:49 GMT
The current conspiracy (which I kinda believe is true) is that the Democrats organised for SBF to be arrested before the hearing because they basically don't want to have to give his campaign donations back. Seems fairly likely he'll get Epsteined in the near future too. That prison is apparently one of the worst in the world
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Post by technoish on Dec 16, 2022 13:13:56 GMT
I doubt it given it was based on separate indictments by various agencies.
Also he gave more I think to GOP related?
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Bongo Heracles
Junior Member
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Post by Bongo Heracles on Dec 16, 2022 13:37:03 GMT
So can someone explain this to an old fart like me: What was the point of FTX? I always thought that the point of cryptocurrencies was it was decentralised. It was an elaborate application of private/public key authentication to verify transactions . Your wallet was your private key granting you access to transact too and from the funds held against that key on the blockchain. The whole idea was I though there was no third party that you needed to trust implicitly (like a conventional bank). So why the need to have something like FTX to give your money to?
Fundamentally so you can swap magic beans with other retards. Also, some exchanges were paying you interest in crypto to hold your funds with them (staking). Also, FTX had their own token which was like Nectar points more or less, which provided preferential trading benefits if you owned a bunch of them.
Smart people would have used exchanges to buy their magic beans then move them offline to their bean wallet. But then smart people wouldn't have bought magic beans in the first place I suppose
(hashtag not an expert)
It also removed a huge complication hurdle and made the process of buying and selling crypto very easy, which is another reason it was hugely popular. As we have talked about before, Pete, you place one barrier in front of me and I’m out which is why I never got into crypto in the first place. The intention was to make this the Robin Hood, the trading app, of crypto and make it something your gran could do.
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Post by Trowel 🏴 on Dec 16, 2022 18:41:37 GMT
Fundamentally so you can swap magic beans with other retards. Also, some exchanges were paying you interest in crypto to hold your funds with them (staking). Also, FTX had their own token which was like Nectar points more or less, which provided preferential trading benefits if you owned a bunch of them. Smart people would have used exchanges to buy their magic beans then move them offline to their bean wallet. But then smart people wouldn't have bought magic beans in the first place I suppose Can I just point out that the infamous magic beans actually worked in the story.
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Post by khanivor on Dec 16, 2022 22:48:02 GMT
Yeah, some of his charges relate to campaign finance and him donating loads of money to Republicans illegally. He’s stated as much, basically, noting it wasn’t as helpful to his desired public image to give money to them as opposed to Democrats.
End of the day tho he was bribing both sides to keep the leash off crypto.
While removing barriers of entry was a function of FTX, I think the intention was to steal loads of money from loads of people. Unfortunately my brother was one of them. He out much of his retirement into FTX. He’s 61. He’s kinda fucked.
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Goban
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Post by Goban on Dec 16, 2022 23:05:13 GMT
Eeeek, that's not good. But I suppose there's probably a lot in his position.
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Frog
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Post by Frog on Dec 17, 2022 6:40:24 GMT
It's funny we don't get anyone in here telling us how great crypto is anymore.
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Post by Chopsen on Dec 17, 2022 10:12:51 GMT
I'm sure you could still find an obliging lunatic on Reddit without trying too hard.
Remember when Sunak wanted the Royal Mint to make NFTs? That was less than a year ago.
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Post by khanivor on Dec 17, 2022 19:34:37 GMT
It's funny we don't get anyone in here telling us how great crypto is anymore. I wonder how much he who shall not be named put into FTX One can hope…
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Post by Resident Knievel on Dec 17, 2022 20:32:05 GMT
Binance making similar noises to FTX before they collapsed.
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Post by khanivor on Dec 18, 2022 18:34:00 GMT
Mazars, the accounting company which was shoot to keep its name attached to Trump’s taxes and balance sheets, just dropped Binance and a few other crypto clients
Make of that what you will
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Post by Resident Knievel on Dec 20, 2022 12:31:27 GMT
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Post by smoothpete on Dec 22, 2022 9:02:49 GMT
Interesting times! - SBF now in US custody, having probably decided that US jail > Bahamas jail - His ex-colleagues Caroline Ellison and Gary Wang plead guilty and are in the process of spilling their guts Should be fun to watch this all unfold further www.bbc.co.uk/news/business-64036615
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Post by simple on Dec 29, 2022 17:39:57 GMT
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malek86
Junior Member
Pomegranate Deseeder
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Post by malek86 on Dec 29, 2022 19:43:34 GMT
I guess being able to use these NFTs as tax write-offs is more than those peope deserve, but whatever, as long as the fad is over.
Crypto in general seems to be in a bad place now. Maybe we can go back to things that actually make sense someday.
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Post by simple on Dec 30, 2022 0:41:22 GMT
I suppose all ponzi schemes run out of marks eventually
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Blue_Mike
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Post by Blue_Mike on Jan 10, 2023 22:01:13 GMT
Piece of shit turns out to be piece of shit:
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Post by Jambowayoh on Jan 10, 2023 22:10:28 GMT
Piece of shit turns out to be piece of shit:
I've been following this and the guy needs better management because some of the shit he's been saying are just career ending for anyone else. He only backed down from suing Coffeezilla despite being incredibly bullish about it was that defamation of character is extremely difficult to prove in court and his argument that recording people without two party consent does not apply in Coffeezilla's home state of Texas. But what do you expect from a piece of shit individual like Logan Paul.
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sport✅
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Post by sport✅ on Feb 7, 2023 5:25:58 GMT
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