The FTX scam, Sam Bankman-Fried, the Clintons and the Democrats

To be fair most people who lost money invested in crypto. Have you met the type of people who invest in crypto? People who invest in crypto are more susceptible to scams similar to grandma on the internet.

 

I don’t think you understand crypto or what happened here. The majority of people have lost in crypto because it’s a highly volatile market, and sold. I’m not commodore brain dead about it being the solution to all but individuals are investing in an asset , and like assets tend to fluctuate in a volatile market your perceived $$$ value will too. Some average joes buy it but I would say the majority of crypto folks are at least versed in block chain.

most people do not keep their assets on **** holes like FTX etc. The large exchanges won’t list certain coins because they’re prone to the type of BS above, but at the same time that’s where the 1 billion % returns aka shib lay. To get those, you basically have to venture into said **** holes which actually takes more knowledge than the average person using Coinbase. It’s not stupidity or being susceptible to scams…it’s greed.

I think btc etc will be fine but If this reveals anything it’s that this **** has to be regulated at this point.

 

These are now usually useless.... but who again? So freaking outdated.

"The Senate Agriculture Committee will hold a hearing Thursday with a top financial regulator focused on how the federal government can get a clearer view into the cryptocurrency industry and prevent future incidents like the FTX blowup.

...
The CFTC and Securities and Exchange Commission both oversee various parts of the cryptocurrency industry. But neither has the sole legal authority to investigate and regulate certain cryptocurrency companies, such as exchanges like FTX, because of the unique ways cryptocurrencies blur the lines between securities, commodities and futures contracts.

Several top members of the Agriculture Committee, which has jurisdiction over the CFTC, released a bill earlier this year, the Digital Commodities Consumer Protection Act (DCCPA), that would give the agency greater authority to oversee crypto firms. The bill, however, was championed by Bankman-Friend and FTX and seen by some crypto advocates as an attempt by the company to shape regulations to its liking."

 

To add, FTX was not crypto. The term crypto has been watered down to mean anything that is a digital asset. But you are correct, most people were not playing around on FTX.

The issue is SBF went on a fund raising tour to raise billions and advertised heavily in the United States into his offshore 'casino'. This was a casino, not an exchange. He was printing his own chips and taking the legal tender to squander on who knows what.

He has admitted as much to having 'clients' wire money into Alameda (the casino) and then crediting paper bitcoin on FTX (the exchange).

A key takeaway is that this has nothing to do with Bitcoin anymore than silk roads had to do with Bitcoin.

 

Ftx was a platform to exchange crypto. So yes it is very much related to crypto and like most crypto scams it was nothing more than a pump and dump ponzi scheme.

The only reason why this is making massive news is that it was pushed and endorsed by the "establishment" and mainstream media giving investors more undeserved confidence and trust in the exchange.

 

There is a Senate Banking Comttittee but it sounds like the Ag committee has jurisdiction becasue Crypto is considered a comodity.
From the original article:
"The CFTC and Securities and Exchange Commission both oversee various parts of the cryptocurrency industry. But neither has the sole legal authority to investigate and regulate certain cryptocurrency companies, such as exchanges like FTX, because of the unique ways cryptocurrencies blur the lines between securities, commodities and futures contracts."

 

right... thus, so outdated! Maybe just add a new catg and put it under digital finance.

 

This whole saga reminds me of a SBF quote I read awhile back that I thought was pretty true...though in retrospect, it appears quite self-serving ( LOL ):

"The bigger piece of this, frankly, is a trust thing where I don’t want to have to worry when I’m doing a deal about whether the other side is going to try and f*** me in 20 ways I’m not anticipating. Because if that’s true, just doing the deal becomes f***** impossible, right?

I want to set a standard, like, “Look, we’re just not going to try and f*** you, we’re gonna try and be reasonable, we’re going to try and be generous when we can. Let’s just try to work reasonably together and consider things from what is good for the sum-of-us perspective and then we can think about splitting the pie.”

Lack of trust is an enormous transaction cost, and I underestimated this when I first got into business."

Cached interview:
https://webcache.googleusercontent....man-fried-interview/&cd=1&hl=en&ct=clnk&gl=us

 

The average Joe doesn’t have an international business structure that insulates them… there’s a reason a lot of scammers tend to incorporate in the Caribbean.

Let’s not be naive and pretend that the US government isn’t working to bring justice, it’s just a complicated case.

 

THE LAW
Why Hasn’t Sam Bankman-Fried Been Arrested Yet?

https://nymag.com/intelligencer/2022/12/why-hasnt-sam-bankman-fried-been-arrested-yet.html

On December 11, 2008, Bernie Madoff was arrested and criminally charged with one of the biggest financial frauds in history — an audacious, long-running Ponzi scheme that resulted in tens of billions of dollars in lost investor funds. At the time, the scandal sparked a national conversation about the gross deficiencies of our country’s white-collar enforcement regime, but ever since the initial revelations about the problems at FTX and about Sam Bankman-Fried’s criminal exposure, the Madoff case has resurfaced as a point of comparison for Bankman-Fried’s alleged misdeeds — and as a rallying cry for people who believe he should already have been locked up by U.S. prosecutors.

…

Prosecutors at the Justice Department cannot — and do not — simply indict people based on what they read in the press, no matter how damning it may seem. Even if they desperately want to charge someone, prosecutors have to conduct their own investigation to develop robust, admissible evidence of criminal misconduct, which requires gathering and reviewing documents and data, speaking with witnesses, and — perhaps above all — time.

 

Madoff Confessed.....

 

right, most ppl aren’t aware or forgot

his son turned him in

 

Lol. Elon showing his true colors after Dems gave him all those subsidies, that factory, and looking the other way when he was doing shady financial stuff.

Fair and balanced news from Elon! Why SBF isn’t in jail has already been explained.

 

SBF had the right idea with buying politicians, he just didn’t do it on the down-low like the real, seasoned crooks like the Koch brothers.

 

Maxine waters has no ****ing shame. Anybody kidding themselves or deflecting about why this dude is walking free is deluding themselves

 

I think technically SBF can exchange creditors money with. ...( candy, emails, shoes,sands etc) and get away legally, hence "..Bitcoin also "does not generate cash flow (like real estate) or dividends (like equities), cannot be used productively (like commodities) or provide social benefits (like gold). The market valuation of bitcoin is therefore based purely on speculation,” ..


even experts in this field like C.Cheese agree

https://ca.finance.yahoo.com/news/chuck-e-cheese-coins-more-010004977.html

 

These guys remind me young kids that think they have it all figured out. This air of arrogance.

Only to find out they didn't even have an accounting department. Know it alls that don't know jack sh**t

I have a pretty low bar as far as chicks I would bone and this chick doesn't pass.
She reminds me of those primordial dwarves.