1) not paying super close attention this, reading every article, subtweet That said, I think the antipathy stems more from a feeling/impression that this story is being presented in support of a broader “crypto is a scam / people for what they had coming” narrative as opposed to focusing on a rogue sociopath degenerate who stole people’s money. Like Madoff’s story wasn’t reported/presented as an indictment against equity markets and def was more sympathetic to his victims - despite the underlying fundamental crookedness being similar between the two’s scams (nonsensical outlier returns with little info as to how they’re made). And I’m not saying it’s unfair or incorrect to draw conclusions and report these correlations between bad actors and their inherent ability to thrive in the crypto space, but those who are “true believers” prob feel slighted that it’s not being presented/reported as one off incidents/actions of each crook as they would be in regulated markets.
Did you even read the article? Not a single mention of fraud or all the illegal shit he did. Talks about his effective altruism, his plans to give away billions, him stopping eating meat so he could stop harming animals. His collapse upending his philanthropic goals. it’s all bullshit. He never had those goals in the first place. He used all that nonsense to run a ponzi and defraud millions of people. The article is gross, and the fact you keep looking for an angle to defend the coverage is disgusting also.
If someone stabbed this guy 59 times in his sleep, the world would be better. that’s my only take on this matter. Carry on with the pedantry
He definitely should but also let me introduce you to our mostly terrible media. I also would not bet on a rich white guy receiving harsh punishment.
Politicians on both sides received tens of millions of dollars from SBF and his top execs. The fact they haven’t returned that stolen money yet is bad. Same goes for all the non-profits sbf funded. It’s money stolen from customers.
because the CFTC is largely toothless was a smart move to try to keep the dream casino alive longer by all the big crypto players
No surprise a centralized exchange is crumbling while the decentralized exchanges like uni and sushiswap are holding up well with their native tokens and providing proof of reserves or to keep it simple don’t use centralized exchanges or leave your crypto on any exchange/website
Good call out The general point is not your keys, not your wallet. Centralized platforms and VCs are the ones fumbling the bag
Proof of reserves is the standard moving forward. It uses the blockchain to confirm the assets the exchange or platform has.
On a plane right now. They announced their BTC reserves, I believe. And $2 billion in backup/secondary BTC reserves. I think they are working on ETH and other reserves on chain but I’m not sure of the issue.
Two markets are hurting from the crypto collapse: The resale market of premium cars: Resale value of a Mercedes Benz G-Wagon has fallen as much as 50%. Miami’s club scene: Popular Miami night club e11even’s crypto transactions fell from $6M in 2021 to $10,000 in the past three months (99% drop).
I was listening to the Behind the Bastards podcast on FTX. The said they were doing 15% at one time but I can't find it. They were doing 8% this year though. https://www.investing.com/news/cryp...fered-8-interest-on-usd--btc-deposits-2942355 nm found it, it was Alameda https://www.theblock.co/post/186187/alameda-promised-high-returns-with-no-risk-in-2018-pitch The 2018 Alameda deck shows the investment opportunity included a 15% annualized fixed rate loan, with higher rates available to investors willing to park more with the firm. "These loans have no downside — we guarantee full payment the principal and interest, enforceable under U.S. law and established by all parties' legal counsel," the deck reads. "We are extremely confident we will pay this amount. In the unlikely case where we lose more than 2% over a month we will give all investors the opportunity to recall their funds." The deck also boasted of Alameda's returns during the course of that year, which they claim clocked in more than 110% annualized returns between March to October 2018.
Yeah that’s an Alameda deck from like 2019, pretty different for a trading firm to offering a number like that than an exchange. Offering it and claiming it’s risk free is hilariously stupid though.
There are trading firms that produce that, but lol at calling it guaranteed. Every few years (even in normal times) one of them goes belly up - see Ronin and Infinium as recent examples.and the weren't trading made up funny money.