Adverse Event said:Absolute disbelief pic.twitter.com/QjoZrWlz8v
— Howie (@HowieBTC) November 11, 2022
People trusted that with billions
Crypto-trading thread
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Last: 2 days ago by Yukon Cornelius
People trusted that with billions
She wasn't necessarily wrong, but the way she answered shouldn't have inspired confidence in anyone that she knew what she was doing.
Also, it appears that SBF has hacked his own platform to steal whatever was left before the bankruptcy process could play out.
Also, it appears that SBF has hacked his own platform to steal whatever was left before the bankruptcy process could play out.
Just checking in on the crypto bois.
Must watch
ON FTX 1 MONTH AGO:
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) November 12, 2022
Everything reads like this thing is a complete scam. 🤨 pic.twitter.com/I1c2otzz9U
Utter corruption at the SEC.
— Ser Jeff Garzik (@jgarzik) November 11, 2022
Gensler and cronies should offer their resignations immediately. https://t.co/GEJzoOwaRv
What bitcoin’s detractors don’t understand is monetary economics, computer science, software engineering, network protocols, and electrical systems.
It ain't much, but it's honest Proof of Work.
It ain't much, but it's honest Proof of Work.
And look who got promoted by Gary recently: His Senior Counselor who was meeting with FTX: Gary seems to have been thrilled with their work. https://t.co/AP3BV3IUqp pic.twitter.com/jRuzPhrLG4
— stefan huber 🔥🦅🔥 (@Leerzeit) November 11, 2022
Furlock Bones said:
Must watchON FTX 1 MONTH AGO:
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) November 12, 2022
Everything reads like this thing is a complete scam. 🤨 pic.twitter.com/I1c2otzz9U
I love the HedgEye guys. Their material is top notch
Why is that corrupt? If cryptos want legitimacy through securities law they will need a registration and custodial process.
tysker said:
Why is that corrupt? If cryptos want legitimacy through securities law they will need a registration and custodial process.
Agreed. The twitter poster is trying to manufacture a controversy about a guy he's mad at because he wouldn't approve a spot ETF. There's nothing nefarious in his observations though.
I'm prepared for lots of blame game conspiracies over the next few weeks as desire for heads to roll supersedes logic.
As someone who has defended Gensler, I'm aware that he's rubbed some people across the "crypto" space the wrong way and they are going to use this collapse as an opportunity to bring him down. Will be interesting to see if it works.
Why do some folks have information before the media? How do some folks know what's happening before others?
The answer is what will eventually reveal all the bad actors.
Oh, anybody notice I posted SBF or someone was removing funds yesterday, and that people would begin talking to avoid lengthy jail sentences. Just wait. The coals are just getting stoked so be prepared for some bbq.BBQ.
Edit: not suggesting I know anything, but that some people involved are using back channels to release information to avoid any possible cover up or oversight.
The answer is what will eventually reveal all the bad actors.
Oh, anybody notice I posted SBF or someone was removing funds yesterday, and that people would begin talking to avoid lengthy jail sentences. Just wait. The coals are just getting stoked so be prepared for some bbq.BBQ.
Edit: not suggesting I know anything, but that some people involved are using back channels to release information to avoid any possible cover up or oversight.
ThunderCougarFalconBird
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Business Bankruptcy lawyer weighing in here. Not involved (yet, probably) in the FTX case.
BK is unforgiving and you have to tell the public everything.
What is shocking to me is that when I left the office yesterday, the only thing on the docket were the petitions for relief.
A case like this would almost always at least be filed with a CRO appointed and a set of first day motions ready to go. That didn't happen here. Which tells me the executive management was obsessed with the smell of their own farts to the bitter end and was/is trying to get out of the building with the copper wire in the walls.
For those not looking at massive financial losses, enjoy the absolute **** show.
BK is unforgiving and you have to tell the public everything.
What is shocking to me is that when I left the office yesterday, the only thing on the docket were the petitions for relief.
A case like this would almost always at least be filed with a CRO appointed and a set of first day motions ready to go. That didn't happen here. Which tells me the executive management was obsessed with the smell of their own farts to the bitter end and was/is trying to get out of the building with the copper wire in the walls.
For those not looking at massive financial losses, enjoy the absolute **** show.
ThunderCougarFalconBird said:
Business Bankruptcy lawyer weighing in here. Not involved (yet, probably) in the FTX case.
BK is unforgiving and you have to tell the public everything.
What is shocking to me is that when I left the office yesterday, the only thing on the docket were the petitions for relief.
A case like this would almost always at least be filed with a CRO appointed and a set of first day motions ready to go. That didn't happen here. Which tells me the executive management was obsessed with the smell of their own farts to the bitter end and was/is trying to get out of the building with the copper wire in the walls.
For those not looking at massive financial losses, enjoy the absolute **** show.
I am quite excited for the unraveling of the greed and deception. I love a good **** show.
ThunderCougarFalconBird said:
Business Bankruptcy lawyer weighing in here. Not involved (yet, probably) in the FTX case.
BK is unforgiving and you have to tell the public everything.
What is shocking to me is that when I left the office yesterday, the only thing on the docket were the petitions for relief.
A case like this would almost always at least be filed with a CRO appointed and a set of first day motions ready to go. That didn't happen here. Which tells me the executive management was obsessed with the smell of their own farts to the bitter end and was/is trying to get out of the building with the copper wire in the walls.
For those not looking at massive financial losses, enjoy the absolute **** show.
What many are missing and unfortunately will never be apart of the takeaway is that is has less to do with crypto than people realize.
It didn't involve BTC, ADA, ETH, LINK, etc. It was a bunch of VCs giving money to a centralized network of power hungry former TradFi trader lying kids with an agenda who happen to control a crypto exchange.
Decentralization is a pillar of crypto and yet centralized entities are causing all the harm outside hackers.
ThunderCougarFalconBird
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Best I can tell, they haven't hired a claims and noticing agent. That's the company that maintains the case, adversary, and claims docket for free publicly and also provides information about the case. Again completely unheard of for a case this size.
Are you a bankruptcy attorney?
God this keeps getting nuttier and nuttier.
What bitcoin’s detractors don’t understand is monetary economics, computer science, software engineering, network protocols, and electrical systems.
It ain't much, but it's honest Proof of Work.
It ain't much, but it's honest Proof of Work.
ThunderCougarFalconBird
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yesSea Speed said:
Are you a bankruptcy attorney?
I'm curious about the funds donated to campaigns. Do those end up getting clawed back in some way?
Oh boy....
Very very likely that multiple VC firms (that gave FTX money) created tokens to sell and then dump on unsuspecting buyers.
We know SBF caused Luna collapse along with many other legitimate tokens. We know he double dipped by using investors money to invest through Alameda. We know they were over leveraged. We know he was running a ponzi. We know he used loopholes to move funds and backdoor to avoid detection.
How much did the SEC know and how much will they acknowledge as their fault for not digging deeper into this....and it has nothing to do with crypto, just bad actors, irresponsible VCs and a negligent regulation body...AND lots of CRIMINAL activity by all.
Very very likely that multiple VC firms (that gave FTX money) created tokens to sell and then dump on unsuspecting buyers.
We know SBF caused Luna collapse along with many other legitimate tokens. We know he double dipped by using investors money to invest through Alameda. We know they were over leveraged. We know he was running a ponzi. We know he used loopholes to move funds and backdoor to avoid detection.
How much did the SEC know and how much will they acknowledge as their fault for not digging deeper into this....and it has nothing to do with crypto, just bad actors, irresponsible VCs and a negligent regulation body...AND lots of CRIMINAL activity by all.
Marc Cohodes went on Hidden Forces' podcast and described his process in calling out SBF starting late in 2021. Pretty incredible so far but it's paywalled.
Question #1: Is Gary Wang a CCP operative?
I totally forgot that the "crypto-billionaire" that went on the Odd Lots (bloomberg) podcast and laid out how yield farming is a ponzi back in April was.... SBF.
https://www.bloomberg.com/news/articles/2022-04-25/sam-bankman-fried-described-yield-farming-and-left-matt-levine-stunned
https://www.bloomberg.com/news/articles/2022-04-25/sam-bankman-fried-described-yield-farming-and-left-matt-levine-stunned
Quote:
SBF: You just get liquidated eventually.
Crypto.com looks to be the next ponzi to fail as CRO their coin is crashing
Matt Levine is the GOAT of finance writers.
Quote:
Matt: (27:13)
I think of myself as like a fairly cynical person. And that was so much more cynical than how I would've described farming. You're just like, well, I'm in the Ponzi business and it's pretty good.
ThunderCougarFalconBird said:yesSea Speed said:
Are you a bankruptcy attorney?
Awesome. Thanks in advance for taking point on explaining everything happening to us. Looking forward to your commentary.
ThunderCougarFalconBird
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for big BK cases, the debtor hires what is called a "claims and noticing agent" that hosts the entire case docket for free for the public. That hasn't happened yet in this case. So (1) I can't tell you much yet and (2) is completely unheard of for a case of this magnitude. I've never seen anything like this before.Sea Speed said:ThunderCougarFalconBird said:yesSea Speed said:
Are you a bankruptcy attorney?
Awesome. Thanks in advance for taking point on explaining everything happening to us. Looking forward to your commentary.
And I assume my duties are in exchange for a ride along when your long term professional goals come to their fruition?
How does this have nothing to do with crypto? This is exactly the kind of behavior you should expect in a decentralized and unregulated market. If crypto becomes subject to oversight of a central authority or regulatory oversight, doesn't that break the whole thesis?
ETA: my position is that you will need something like FTX that isn't a fraud for crypto to ever see anything close to mainstream adoption. Asking people to create a physical manifestation or their own personal offline digital storage in order to ensure the safety of their assets is something that 99% of people won't have the willingness or ability to do.
ETA: my position is that you will need something like FTX that isn't a fraud for crypto to ever see anything close to mainstream adoption. Asking people to create a physical manifestation or their own personal offline digital storage in order to ensure the safety of their assets is something that 99% of people won't have the willingness or ability to do.
ThunderCougarFalconBird said:for big BK cases, the debtor hires what is called a "claims and noticing agent" that hosts the entire case docket for free for the public. That hasn't happened yet in this case. So (1) I can't tell you much yet and (2) is completely unheard of for a case of this magnitude. I've never seen anything like this before.Sea Speed said:ThunderCougarFalconBird said:yesSea Speed said:
Are you a bankruptcy attorney?
Awesome. Thanks in advance for taking point on explaining everything happening to us. Looking forward to your commentary.
And I assume my duties are in exchange for a ride along when your long term professional goals come to their fruition?
Deal! I was duck hunting with one of those guys this morning.
jh0400 said:
How does this have nothing to do with crypto? This is exactly the kind of behavior you should expect in a decentralized and unregulated market. If crypto becomes subject to oversight of a central authority or regulatory oversight, doesn't that break the whole thesis?
ETA: my position is that you will need something like FTX that isn't a fraud for crypto to ever see anything close to mainstream adoption. Asking people to create a physical manifestation or their own personal offline digital storage in order to ensure the safety of their assets is something that 99% of people won't have the willingness or ability to do.
1. Crypto didn't fail these people.
2. FTX was no different than a traditional bank as it was not decentralized, but run by one person with a few buddies and no checks and balances .
3. Too many conflicts of interests that went unchecked and/or unnoticed.
4. Irresponsible investing by VCs.
5. SEC failure to dig deep into FTX but is up XRP 's colon. *see #3
Crypto at its core eliminates those issues. Look at BTC, Cardano, and exchange Binance.
I wouldn't run a victory lap w Binance yet
A lot of the crypto market is driven by finding greater fools and fomo.
It was bound to all come crashing down.
Not to mention these clueless kids with no risk management running ponzis and scams with untenable leverage.
These exchanges are being run by greedy kids with no experience.
It was bound to all come crashing down.
Not to mention these clueless kids with no risk management running ponzis and scams with untenable leverage.
These exchanges are being run by greedy kids with no experience.
DubFalls said:
Crypto.com looks to be the next ponzi to fail as CRO their coin is crashing
Yeah that whole ecosystem was centered around debit card rewards and what not. That whole system has been slashed bigly.
Crypto will be a scapegoat but can't help that massive runs are coming all over the place.
Cyp0111 said:
I wouldn't run a victory lap w Binance yet
Not what I meant and you probably know that.
Binance handled their business very differently. They didn't spend hundreds of millions on advertising and sponsors. That alone saved their coffers. I also doubt they are over leveraged. A run on them is certainly possible due to fear on the market.
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