What the hell is (a) bitcoin?

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a_smith
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Re: What the hell is (a) bitcoin?

Post by a_smith »

Apparently Micheal Lewis has been shadowing the FTX guy for 6 months as he preps for a new book. Wow. That will be a fun read, and damn good timing on his part to be there for the meltdown.

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heyzeus
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Re: What the hell is (a) bitcoin?

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Anything Michael Lewis writes is worth reading. I’ll look for that.

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ghostrunner
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Re: What the hell is (a) bitcoin?

Post by ghostrunner »

I saw an ad for a set of digital baseball cards that sells for $1000. They come in a digital shiny metal box.

Best I can tell, you just log into their site to look at them and that's it. They look very similar to the digital "cards" you can earn for free on MLB the Show.

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Joe Shlabotnik
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Re: What the hell is (a) bitcoin?

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SBF arrested in the Bahamas. Justice Department working on extradition.

And he was supposed to appear at a Congressional hearing this week. Oh well.

AWvsCBsteeeerike3
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Re: What the hell is (a) bitcoin?

Post by AWvsCBsteeeerike3 »

Joe Shlabotnik wrote:
December 12 22, 7:04 pm
SBF arrested in the Bahamas. Justice Department working on extradition.

And he was supposed to appear at a Congressional hearing this week. Oh well.
SBF has been talking and talking and talking.

I don't understand a lot of it, but it's interesting.

Arthur Dent
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Re: What the hell is (a) bitcoin?

Post by Arthur Dent »

I was assured that the Democratic Party was going to protect this guy. Shocking that prediction was wrong.

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Re: What the hell is (a) bitcoin?

Post by AWvsCBsteeeerike3 »

Listened to a chunk of the congressional hearing where John Ray, who took over as CEO of FTX to handle the Chapter 11 stuff, has been testifying. Sure sounds like all sorts of illegal things went down.

Namely:
FTX broke its terms of service and used customers' deposits for speculative investments.
Senior management had access to customer funds.
SBF lied, on twitter no less, as to the health of the company's finances.

This has all been reported before. But, it's being confirmed as we speak in front of congress and under oath by the guy that knows as much as anyone with the possible exception of SBF himself and possibly a few other people.

ETA: AFAIK, the SEC has charged that he defrauded investors. Sounds like criminal charges of all types of fraud are coming down as well.

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Joe Shlabotnik
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Re: What the hell is (a) bitcoin?

Post by Joe Shlabotnik »

AWvsCBsteeeerike3 wrote:
December 13 22, 12:30 pm

ETA: AFAIK, the SEC has charged that he defrauded investors. Sounds like criminal charges of all types of fraud are coming down as well.
And I love this:
At a news conference in Manhattan, Damian Williams, the U.S. attorney for the Southern District of New York, said the investigation “is very much ongoing, and it is moving very quickly.” He added: “This is our first public announcement, but it will not be our last.”

Williams, addressing anyone who has participated in wrongdoing who has not yet come forward, said “I would strongly encourage you to come see us before we come see you.”
Get 'er done, boss!

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Joe Shlabotnik
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Re: What the hell is (a) bitcoin?

Post by Joe Shlabotnik »

Binance under investigation by the SEC for mishandling customer funds and lying to regulators. Accused of sending customer funds to a separate company controlled by Binanace's founder Changpeng Zhao.

Nothing to see here I'm sure.

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BottenFieldofDreams
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Re: What the hell is (a) bitcoin?

Post by BottenFieldofDreams »

Joe Shlabotnik wrote:
June 5 23, 9:38 am
Binance under investigation by the SEC for mishandling customer funds and lying to regulators. Accused of sending customer funds to a separate company controlled by Binanace's founder Changpeng Zhao.

Nothing to see here I'm sure.

Is that exactly what FTX did? We can't trust government regulated currencies but we can trust each other plus algorithms!

Meanwhile Bitcoin has been trending upward the last few months.

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