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Posted
  On 11/12/2022 at 7:53 PM, Viking said:

I had the same thought. These two:

SBF-Caroline-Ellison-1668176050.webp.f0fac38590a874a743a10a0709f827a3.webp

are going on the lam to south america with 1-2 billion USD worth of shitcoin to their names.

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If they have a kid it's gonna look like this

 

C4BD6D37-6C53-47A9-B943-8A1F54E581A5.jpeg.c6cdeeb8d6ce7cc9695cd6242ceac5db.jpeg

  • Drool 1
Posted
  On 11/14/2022 at 2:18 AM, RDCanecutter said:

At least none of the disappeared/hacked/stolen funds belonged to people like cartels, trying to launder money.

Right?

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Or Russian oligarchs because everything is going swell over there according to GRUHorn.  And we know how understanding those Russian oligarchs are in tough times.

Posted
  On 11/12/2022 at 6:59 PM, RDCanecutter said:

So this guy with his baby-robot voice probably not knowing a word of Spanish, is going to blend in Argentina. Where the monthly wage is about like Mexico. And he's wanted by the Zillionaires he ripped off as well as all the small fry, SOME of whom may very well BE in Argentina scraping by on Mexico wages when one day, at the bus stop, they hear a baby-robot voice buzzing out OK Spanish, like, nothing like Buenos Aires Spanish, mind you, but passable Duolingo Spanish.

And they're standing there with their shopping bag of onions, duct tape, and a sock full of demonetized coins that you need for the bus, and the wheels start turning. Cousin's got an empty store with a backroom. How much would a Zillionaire pay for this baby-robot-voice guy?

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  On 11/12/2022 at 7:53 PM, Viking said:

I had the same thought. These two:

SBF-Caroline-Ellison-1668176050.webp.f0fac38590a874a743a10a0709f827a3.webp

are going on the lam to south america with 1-2 billion USD worth of shitcoin to their names.

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Posted
  On 11/14/2022 at 3:54 AM, Anastasis said:

His political usefulness must have expired. 

Sam Bankman-Fried’s fall cuts off big source of funds for US Democrats

https://www.ft.com/content/428c7800-c72d-4c59-9940-4376fea6e263

 

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So the expectation is that all of the morally flawed and corrupt individuals in our society are GOP donors? And when one is a Dem donor, it is newsworthy?  Let Me Think GIF by Gerbert!

 

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Posted
  On 11/14/2022 at 2:25 PM, chainsaw said:

Is it too late to rename it the Staples Center?

How about Phil Jackson California Memorial Center?

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Considering the season the Lakers are having, I think keeping it named the crypto.com arena is pretty appropriate lol

 

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Posted
  On 11/14/2022 at 4:45 PM, Chuckie Finster said:

I genuinely don't think I care about anything as much as you folks care about Hunter Biden.

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The people/Republicans who are upset/obsessed with Hunter Biden are upset over the size of his dick.  

They probably all have small dicks, like 6 inches or less.  He triggers them,

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Posted
  On 11/14/2022 at 4:55 PM, atomheartbevo said:

The people/Republicans who are upset/obsessed with Hunter Biden are upset over the size of his dick.  

They probably all have small dicks, like 6 inches or less.  He triggers them,

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That's unironically his saving grace. All discussions of his supposed transgressions are immediately derailed by comments about his dong.

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Posted

It's a money laundering pump and dump ponzi scheme.  How the fuck is this a 19 page cloakroom thread?  Oh, wait, some of y'all actually gave money to these grifters.....didn't you?

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Posted
  On 11/14/2022 at 5:09 PM, Bateshorn said:
It's a money laundering pump and dump ponzi scheme.  How the fuck is this a 19 page cloakroom thread?  Oh, wait, some of y'all actually gave money to these grifters.....didn't you?

Oh, that’s a bingo gif.

Seriously, once the initial dust settled and it became clearer what was happening….yeah. It was obvious. But not the crypto-bro super brain geniuses, nope, they knew that up was really down, etc.
Till they didn’t.
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Posted
  On 11/14/2022 at 5:24 PM, Brisketexan said:


Oh, that’s a bingo gif.

Seriously, once the initial dust settled and it became clearer what was happening….yeah. It was obvious. But not the crypto-bro super brain geniuses, nope, they knew that up was really down, etc.
Till they didn’t.

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don't you understand? THIS is different!

  • Hook 'Em 2
Posted
  On 11/14/2022 at 5:09 PM, Bateshorn said:

It's a money laundering pump and dump ponzi scheme.  How the fuck is this a 19 page cloakroom thread?  Oh, wait, some of y'all actually gave money to these grifters.....didn't you?

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IT WAS THE BEST WAY TO BUY MCDONALDS IN EL SALVADOR, OKAYYYY?

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Posted (edited)
  On 11/15/2022 at 9:03 PM, Humble Beast said:

Why would the NYT do this? Weird.

 

 

 

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Reading through the article.... I disagree with your outrage bait. The author is pretty up-front with SBF moving specifically to avoid regulation and oversight that he would be subject to in the US. It included a single paragraph about his charity efforts, and quickly followed it up with all the other shit he's been doing too (including helping to fund elmo's twitter takeover)

I get it, NYT bad because orange man says bad. But cmon tovarich, at least try to have an original thought for yourself

Edited by Captainant
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Posted

What is the commercial utility for bitcoin? Seriously, can anyone explain how bitcoin adds value? Let me be clear, I do not mean blockchain, that is an old technology that has been around for a while. 

 

 

Posted
  On 11/17/2022 at 2:34 PM, Neonmoon said:

What is the commercial utility for bitcoin? Seriously, can anyone explain how bitcoin adds value? Let me be clear, I do not mean blockchain, that is an old technology that has been around for a while. 

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It can be used for illegal transactions and isn't subject to dilution from money printing like fiat currency - but mostly illegal transactions ...

Posted
  On 11/17/2022 at 2:34 PM, Neonmoon said:

What is the commercial utility for bitcoin? Seriously, can anyone explain how bitcoin adds value? Let me be clear, I do not mean blockchain, that is an old technology that has been around for a while. 

 

 

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What do you mean by commercial utility? Also, adds value or has value?

Posted

Have a group text with some old law school and adjacent tailgating buddies.  A couple of tech guys, a development exec in the O&G space, a bankruptcy lawyer, etc..  It usually covers important topics: Sark sucks, Beard rules, got some of my favorite mexican food today, we're all getting old and my knee hurts....you know, the usual.  But we do talk interesting business news and cases from time to time.  FTX has come up in discussion, bankruptcy buddy and exec have read some of the filings for shits and giggles.  Some commentary:

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One, giant pyramid scheme.

Most benign form is speculation- gambling on what other speculators will do. After that it is just a Ponzi scheme whose value is ultimately denominated in dollars.

This is wild shit. These admissions by FTX give rise to lots of liability and veil-piercing theories but there is 1 glaring issue - the alleged conduct is so bad that D&O carriers will deny coverage.

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MAGA.

Brexit.

Crypto.

Elon and Twitter.

 

I wonder when these guys who champion all these things will get tired of being horrifically wrong.  Probably never.

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Posted

Obviously SBF was running a giant pyramid scheme. He was funneling money without permission, payment, or recordation from FTX to Alameda to "invest" aka gamble on other digital beanie babies. 

My question, which most people can't seem to answer, is what is the commercial utility of Bitcoin? Even Deloitte is have troubling making a good argument here

https://www2.deloitte.com/us/en/pages/audit/articles/corporates-using-crypto.html

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What can crypto do for your company?

To spark your company’s thinking about crypto, here are some of the rationales behind why some companies are currently using crypto:

  • Crypto may provide access to new demographic groups. Users often represent a more cutting-edge clientele that values transparency in their transactions. One recent study found that up to 40% of customers who pay with crypto are new customers of the company, and their purchase amounts are twice those of credit card users.
  • Introducing crypto now may help spur internal awareness in your company about this new technology. It also may help position the company in this important emerging space for a future that could include central bank digital currencies.
  • Crypto could enable access to new capital and liquidity pools through traditional investments that have been tokenized, as well as to new asset classes.
  • Crypto furnishes certain options that are simply not available with fiat currency. For example, programmable money can enable real-time and accurate revenue-sharing while enhancing transparency to facilitate back-office reconciliation.
  • More companies are finding that important clients and vendors want to engage by using crypto. Consequently, your business may need to be positioned to receive and disburse crypto to assure smooth exchanges with key stakeholders.
  • Crypto provides a new avenue for enhancing a host of more traditional Treasury activities, such as:
    • Enabling simple, real-time, and secure money transfers
    • Helping strengthen control over the capital of the enterprise
    • Managing the risks and opportunities of engaging in digital investments

Crypto may serve as an effective alternative or balancing asset to cash, which may depreciate over time due to inflation. Crypto is an investable asset, and some, such as bitcoin, have performed exceedingly well over the past five years. There are, of course, clear volatility risks that need to be thoughtfully considered.

 

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Most of the Deloitte article is made up bullshit. Crypo is great because young people like it!

 

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Posted

Worse than Enron.  Let that sink in.

 

https://www.theverge.com/2022/11/17/23464445/ftx-bankruptcy-sam-bankman-fried-enron-help

 

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The thing that’s under-appreciated about lawyers — largely because they are so annoying — is that they are also writers and often talented ones. And so, in the spirit of literary appreciation, let’s all do a close read of the absolute banger filed today by John J. Ray III in the FTX bankruptcy case.

Who’s Ray? He’s the guy running FTX now, and in the filing, he writes:

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I have over 40 years of legal and restructuring experience. I have been the Chief Restructuring Officer or Chief Executive Officer in several of the largest corporate failures in history. I have supervised situations involving allegations of criminal activity and malfeasance (Enron). I have supervised situations involving novel financial structures (Enron and Residential Capital) and cross-border asset recovery and maximization (Nortel and Overseas Shipholding). Nearly every situation in which I have been involved has been characterized by defects of some sort in internal controls, regulatory compliance, human resources and systems integrity.

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Quite the windup. Here’s how he pays it off, emphasis mine:

Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here. From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.

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The Enron guy says it’s worse than Enron. Enron.

Okay, but what does he think of Alameda Research? Well, it’s not promising:

Alameda Research LLC prepared consolidated financial statements on a quarterly basis. To my knowledge, none of these financial statements have been audited. The September 30, 2022 balance sheet for the Alameda Silo shows $13.46 billion in total assets as of its date. However, because this balance sheet was unaudited and produced while the Debtors were controlled by Mr. Bankman-Fried, I do not have confidence in it and the information herein may not be correct as of the date stated.

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  Reveal hidden contents

 

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Posted
  On 11/17/2022 at 8:31 PM, Neonmoon said:

Obviously SBF was running a giant pyramid scheme. He was funneling money without permission, payment, or recordation from FTX to Alameda to "invest" aka gamble on other digital beanie babies. 

My question, which most people can't seem to answer, is what is the commercial utility of Bitcoin? Even Deloitte is have troubling making a good argument here

https://www2.deloitte.com/us/en/pages/audit/articles/corporates-using-crypto.html

Most of the Deloitte article is made up bullshit. Crypo is great because young people like it!

 

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You keep conflating bitcoin and crypto. 
 

It’s surprising to no one that an unregulated offshore crypto casino engaged in fraud. They’re just the worst yet.

 

Also, what do you mean by commercial utility?  

  • Fuck You 2
Posted

No doubt that will be the talking point going forward.  "That money didn't go to Ukraine, it was laundered through crypto companies straight into George Soros' pockets!!!  Hrrr!"

Idiots.

Posted

Funny I haven't heard much about SBF and his troll GF since they apparently fled the Bahamas headed for Argentina last weekend. Are they gone like a fart in the wind?

Posted
  On 11/18/2022 at 4:54 PM, C-Man said:

Funny I haven't heard much about SBF and his troll GF since they apparently fled the Bahamas headed for Argentina last weekend. Are they gone like a fart in the wind?

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I'm waiting till Dog the Bounty Hunter weighs in.  Because this timeline.

Posted (edited)
  On 11/18/2022 at 4:54 PM, C-Man said:

Funny I haven't heard much about SBF and his troll GF since they apparently fled the Bahamas headed for Argentina last weekend. Are they gone like a fart in the wind?

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Don’t know where the gf is. He was spotted in the Bahamas just a couple days ago. Still not under arrest. 
 

Argentina was false alarm. 

Edited by Humble Beast
  • Fuck You 1
Posted
  On 11/18/2022 at 4:57 PM, Humble Beast said:

Don’t know where the gf is. He was spotted in the Bahamas just a couple days ago. Still not under arrest. 
 

Argentina was false alarm. 

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Gotcha. Hadn't seen an update since the plane was being tracked to South America.

I imagine there are a lot of people that would like to see SBF dead-as-disco after this shit.



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