Quote from: xhomerx10 on Today at 03:38:51 PM

Quote from: suchmoon on November 15, 2022, 04:48:03 PM

Quote from: cAPSLOCK on November 15, 2022, 03:55:59 PM

Quote from: cAPSLOCK on November 10, 2022, 09:47:06 PM

So ...

Just flow with me here for a sec... What if this whole FTX thing was really a set-up. Powers that be come in... got SB-F hooked on SOMETHING. Have you seen the videos of him vibrating like a diesel engine? Then nudge him further and further into the red 'till they set up the collapse. Have legislation ready in the countries they control to try to bring the whole thing down over a few weeks...

Nah. Just a ponzi prolly.

I'm just going to quote this from time to time until I either come out dead wrong, or...

Well let's hope for dead wrong.

Occam's razor says that greed and stupidity of hoi polloi is far more powerful than any lizard conspiracy could hope to be.

Not this time.

I just read an article about this "Effective Altruism" movement and I don't think you can even dissect this particular event with Occam's razor without cutting yourself in the process. The "hoi palloi" got nothing on these fuckin' unstable freaks-on-crank trying to maximize "good" without even knowing what "good" looks like. Not only did they belong to an elitist organization (who, for the most part, look specifically like turtles with bad teeth rather than the more general "reptilian" description) but they were also able to garner a membership into a global cabal of other "reptilians" who consider themselves "elite" in order to pull this off (referring to the "invite only" WEF here). They were able to gain credibility and influence by linking themselves with other well-known members of that organization publicly to gain the trust of the "hoi palloi", steal their money and use it to buy themselves even more influence and a private jet so they could do "good" at a frenetic pace.

Spoiler alert: The final paragraph of the article below and they don't even say he's a sociopathic fraudster (on meth)... it's as if they're making excuses for his behaviour and the author implies that Sam will be back.

Bankman-Fried once said that hed got into cryptocurrency only to make money as quickly as possible and help finance the main goals of the effective-altruism movement. He was a proponent of the longtermist ethos, in which prediction and speculation are often indistinguishable and obligations to a probabilistic future outweigh those to the material present. Effective altruism is ultimately a gamble. Bankman-Fried placed his bet. For now, he has lost.
archived full version:
https://archive.ph/8gTiJ

Even though there seem to be political connections to this story, I doubt that this is only political, even though I believe that they were greedy, sloppy and thinking that they could keep the Ponzi going long enough in order to be able to escape unscathed.. and yeah, what exactly would have been the escape route? Maybe they had not thought that far out?.. but I suppose they should have known that it would unwind at a certain point, even though they likely had enough hubris to believe that they could keep it going... and of course, we will continue to find out more in regards to the various ways that the scheme should have been more obvious than it seems to have appeared in terms of being able to run something like this for more than 3 years and to be largely stealing from client funds the whole time.. including that they did not own any actual BTC.., which should really tell a lot about their concerns for making sure that they were sustainable.. .. just think of their many clients who thought that they were buying BTC exposure, and sure they were buying BTC exposure, but those BTC were not backed up by any actual BTC. How could that be either sustainable or even having any kind of good faith attempt to make sure that they were backed up by actual assets that could go up in value... and they needed to be able to pay BTC if clients withdrew BTC to cold wallets, no?

Quote from: jojo69 on Today at 02:38:15 PM

Quote

Chief Executive Officer Derar Islim admitted that withdrawal requests exceeded current liquidity at Genesis Global Capital, the lending arm; but made it clear that Genesis's spot and derivatives trading and custody businesses remain fully operational.

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The contagion of Genesis lending issues has already hit one large firm, as Gemini Trust Co., the cryptocurrency platform run by the Winklevoss brothers, has halted withdrawals from its Earn program:

I tried logging into my Gemini account, and it is "temporarily grounded" at the moment... Looks like it has been down for about an hour so far, so it is not anything to get overly worried about, yet... Hopefully, Gemini has NOT overly gambled with their client's funds too.....even if they may well have lost a lot of funds that were in such "earn" product. So many folks believe that they need to "earn yield" on their coins.. which seems to be a slippery slope into shenanigans.. even tough we likely know that there should also be legitimate ways to "earn" so long as the "earning" is actually put into some product that is actually something other than a ponzi scheme and has actual collateral backing it up.