OT: I am trying to figure out the FTX thing out..
- Thread starter GloryDawg
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Said on business network this morning that it was a 90-10 split. 90 D. 10 R.
Interviewed a couple of politicians that were on the way to the Capitol and questions about returning the money was met with word salad mish mash responses.
This is bigger than a Ponzi scheme. A lot of money came to him thru Ukraine and from him to the democrats. C'mon people. It's your tax money at work. That's what the mafia....err....democrats do.
Going to regret this, but can we have a link? All I see is FTX setting up a mechanism for people to donate to Ukraine...not for Ukraine to invest in FTX.
Lawmakers return FTX money
FTX executives contributed to dozens of lawmakers in the run-up to the 2022 midterms.
www.google.com
looks like a couple guys are giving it back.
Head ceo have 40 million to dems
Co-ceo gave 24 million to Reps
Hedging bets it seems
Looks like web site has gone Dark. (for me anyway)
Best bet might be Fed. Bankruptcy Court/Delaware.
Best bet might be Fed. Bankruptcy Court/Delaware.
I think this covers all the talking points. College drops outs are pushing crypto on social media, while Warren Buffett, Ben Bernanke, and Jamie Dimon say its worthless. Who are you going to listen to?
According to national news reports, he is in the Bahamas and our feds are in contact with authorities there talking about having him brought back. If Madoff got time in the pen, I expect this dude will too. Some criticism going Tom Brady's and Steph Curry's way for encouraging other sports folks to get involved. They made commercials for the guy.
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Link the articles.
Re: the TRUMPLOSE thing. There was also a TRUMPWIN.
www.coindesk.com
Re: the TRUMPLOSE thing. There was also a TRUMPWIN.
Analysis: FTX’s TRUMPLOSE Token Isn’t Proof of an FTX-Democrat-Ukraine Conspiracy
TRUMPLOSE was part of FTX’s prediction market, where degens made big bucks betting on — or against — Trump or Biden during the 2020 election. Curiously, it’s still on the company balance sheet.
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Simple, This generation that thinks windmills and solar panels can power your electric car all over, and people with penises can be women and people with vaginas can be men also think fake money is real.
Kinda interesting this didn’t come to light until after the midterms.
If you have a pension, you may want to do a little checking to see how much of it is invested in Crypto.
If you have a pension, you may want to do a little checking to see how much of it is invested in Crypto.
You mean like this?
It's a big nasty headline for sure... But it's also clickbait. The Ontario Teachers pension is a $240 billion dollar fund. Losing all of their $95 million dollar investment is a loss of less than 1/25th of 1%. It's the equivalent of an individual with $240k to invest buying less than $1.00 of crypto and losing it all... They'll survive.
If they had the entire fund invested in something "safe" like the S&P 500 this year, they would have lost $44 billion or approximately 500 times more than they actually lost on FTX.
Diversity is the name of the game folks. I'd argue that they had the perfect allocation into crypto/FTX. $.25 out of every $1000 allows you to tell all of your crypto bro members you have exposure, yet you never blink an eye at something like this.
The reality is that the Ontario Teachers Pension Plan (along with most other pension plans) is probably destroying the market right now. They are going to have a lot invested with hedge funds and a down year like this is when hedges shine. They haven't reported full year 22' yet, but they were up 1.2% in that first 6 months of 22' while the market was down about 20%.
Ontario Teachers Pension Plan Returns
I wonder was that 24 million to Republicans used to help put weak Republicans candidates on the ballot to make it easy for the Democrat to win that race. This guy comes from a really strong Democrat family. Now I wonder are the Democrats going to try to save him or are they going to run as far away from as possible.Lawmakers return FTX money
FTX executives contributed to dozens of lawmakers in the run-up to the 2022 midterms.
looks like a couple guys are giving it back.
Head ceo have 40 million to dems
Co-ceo gave 24 million to Reps
Hedging bets it seems
South Sea Bubble = Tulip Bubble = Crypto Bubble. It's basically the same thing. People become enamored with something that has no real worth and bid it up. That always attracts crooks. Something eventually happens to cast doubt on the thing being bid up and the whole house of cards comes crashing down. Hopefully it won't take down real things with it.
Probably so but he was pushing specific legislation that would subject crypto to some regulation but leave it relatively light. He thought this would boost credibility of crypto while also prevent strict regulation from strangling it (or I guess in hindsight from exposing certain exchanges or tokens or currencies as scams). So he probably was supporting some republicans that were already on board with the legislation he was pushing.
Your generation covered up beautiful hardwood floors with shag carpet. Pipe down.
You are
To bring this back to topic, there is no way that a future Hollywood movie about SBF will not include Ben Schwartz in the lead role.
As a member of said generation, that's well played. If you are going to talk generation smack at least be creative and funny. Well done, I have no idea what "we" were thinking. You can add the cut your own rubber backed "bathroom carpet" kit (available at Sears and other fine retailers) to cover the tile as well.
Well, having lived in a 1930's house with wood floors, I think one of the things they were thinking was I can't wait to not get frost bite on my feet walking to the pisser in the morning.
I'll never understand how a group of Reddit incels got so big and so powerful enough to influence the damn world over crypto. Governments around the world should be looking into this sort of thing and taking notes on how to steer sheep.
To be fair, that was our parents. We are the ones uncovering it.
This story has been best covered on twitter as that is where the most knowledgable crypto people are most active. Most of mainstream coverage of this has varied from "lacking critical facts" to that blatant puff piece about SBF (Sam Bankman-Fried) NY Times put out. SBF has invested a lot of money in some mainstream media outlets as well as other left leaning causes which probably explains a lot of the coverage. Compare his coverage to the hit piece on Coinbase CEO Brain Armstrong by The NY Times about having a hostile work environment for telling employees to keep politics out of work.
This is probably the best explanation of the time line and what went down pulled from a long multicast twitter thread:
threadreaderapp.com
This is more an issue of fraud by an overseas central exchange that has little regulatory oversight and resultant contagion rather than crypto itself. Defi was unaffected by this as it is transparent by nature and carries different risks. Ultimately, I think this will bring down Gary Gensler. The root cause of this is lack of any regulatory clarity by the SEC for crypto exchanges to operate in the U.S. and the resultant movement of capital to these less regulated, less transparent oversea operations. Instead, Gensler is having his enforcement people waste time taking random sh*tcoins no one has heard of to court over being securities. Gensler was also meeting with FTX officials about setting up a sweetheart deal to allow them to operate in the US and completely failing to do any due diligence. Interestingly, the CEO of Alameda (the FTX hedge fund)'s dad is Gensler's old boss at MIT so who knows what kind of inside deals were taking place especially given the degree of democratic political donations by SBF
This is probably the best explanation of the time line and what went down pulled from a long multicast twitter thread:
Read and Share Twitter Threads easily!
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threadreaderapp.com
This is more an issue of fraud by an overseas central exchange that has little regulatory oversight and resultant contagion rather than crypto itself. Defi was unaffected by this as it is transparent by nature and carries different risks. Ultimately, I think this will bring down Gary Gensler. The root cause of this is lack of any regulatory clarity by the SEC for crypto exchanges to operate in the U.S. and the resultant movement of capital to these less regulated, less transparent oversea operations. Instead, Gensler is having his enforcement people waste time taking random sh*tcoins no one has heard of to court over being securities. Gensler was also meeting with FTX officials about setting up a sweetheart deal to allow them to operate in the US and completely failing to do any due diligence. Interestingly, the CEO of Alameda (the FTX hedge fund)'s dad is Gensler's old boss at MIT so who knows what kind of inside deals were taking place especially given the degree of democratic political donations by SBF
This story has been best covered on twitter as that is where the most knowledgable crypto people are most active. Most of mainstream coverage of this has varied from "lacking critical facts" to that blatant puff piece about SBF (Sam Bankman-Fried) NY Times put out. SBF has invested a lot of money in some mainstream media outlets as well as other left leaning causes which probably explains a lot of the coverage. Compare his coverage to the hit piece on Coinbase CEO Brain Armstrong by The NY Times about having a hostile work environment for telling employees to keep politics out of work.
This is probably the best explanation of the time line and what went down pulled from a long multicast twitter thread:
Read and Share Twitter Threads easily!
Thread Reader helps you read and share the best of Twitter Threads
This is more an issue of fraud by an overseas central exchange that has little regulatory oversight and resultant contagion rather than crypto itself. Defi was unaffected by this as it is transparent by nature and carries different risks. Ultimately, I think this will bring down Gary Gensler. The root cause of this is lack of any regulatory clarity by the SEC for crypto exchanges to operate in the U.S. and the resultant movement of capital to these less regulated, less transparent oversea operations. Instead, Gensler is having his enforcement people waste time taking random sh*tcoins no one has heard of to court over being securities. Gensler was also meeting with FTX officials about setting up a sweetheart deal to allow them to operate in the US and completely failing to do any due diligence. Interestingly, the CEO of Alameda (the FTX hedge fund)'s dad is Gensler's old boss at MIT so who knows what kind of inside deals were taking place especially given the degree of democratic political donations by SBF
If trying to figure it out = I'd spend 20 minutes listening to someone do a decent job of explaining...
It was not my intention to devolve this into a democrat or republican post. I was pointing out how much money goes into elections which is absolutely 17ing ridiculous! How about just sharing some of that money with the rest of us non-politicians and let them pass, letting us make up our own damn mind. It's supposed to be a 50-50 split on the advertising according to the law, but it doesn't work out that way does it??
It's also important to note that most of that "D" money was being spent in the primaries to boost capital friendly Ds against labor friendly Ds. Once it was a corporate D against an R, SBF didn't care who won.
Yeah and mine had a floor gas furnace in the tiny hallway but you learn to walk around so it didn't burn your damn feet. I don't know if they still use the same furnace, but the house is still there.
Shag carpet, rules, piss off!**
That's one of the things they call a fad. You'll learn all about that once you get older and quit following them.
@dorndawg and I are in the subway tile generation. Our people will subway tile the 17ing ceiling if you give em the opportunity.
There were several dominos that fell that eventually exposed rampant fraud with FTX basically stealing customer deposits. The first domino though was taking large loans against the FTX exchange token, FTT, collateral. FTT has very little liquidity with only a small percent actually circulating/trading so any decent size sell would push price down.
Think of it like this:
If someone asked to borrow $1 from you in return for $2 worth of Chuck E Cheese tokens for you to hold as collateral, you'd be OK if they didn't pay you back as you could sell that small amount of Chuck E Cheese tokens and get at least your loan and probably a little more back in cash. Now if someone offered you $100,000 worth of Chuck E Cheese tokens for a $50,000 loan and chose not to pay you back, you'd be screwed as you would never get that much liquid cash trying to sell that amount of Chuck E Cheese tokens as the buyer pool is so small. Now imagine if you didn't loan that money to an individual but rather your local Chuck E Cheese franchise who has access to enormous amounts of those tokens and you sorta get the idea of what happened initially.
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