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Blueace Surrounded by weirdoes from The End Of the World Since: Dec, 2010 Relationship Status: Chocolate!
Surrounded by weirdoes
#1901: Nov 24th 2022 at 4:53:09 PM

And the time has come to prove they are criminals, I guess.

Wake me up at your own risk.
M84 Oh, bother. from Our little blue planet Since: Jun, 2010 Relationship Status: Chocolate!
Oh, bother.
#1902: Nov 25th 2022 at 12:00:21 AM

The Coffeezilla vid even brings up the complicity in the end. He brings up one guy who actually figured out that SBF was full of shit back in July. The guy claimed he brought the story to Bloomberg...and the people at Bloomberg turned him down. They even supposedly outright said they didn't want to lose access or something.

The Coffeezilla vid ends with him mentioning that for the sake of fairness he reached out to Bloomberg for a response and they gave no response.

Disgusted, but not surprised
VampireBuddha Calendar enthusiast from Ireland (Wise, aged troper) Relationship Status: Complex: I'm real, they are imaginary
Ramidel Since: Jan, 2001
#1904: Nov 28th 2022 at 12:32:22 PM

I think Queen sang it best.

Another one bites the dust.

AngelusNox Warder of the damned from The guard of the gates of oblivion Since: Dec, 2014 Relationship Status: Married to the job
Warder of the damned
#1905: Nov 28th 2022 at 2:39:28 PM

Criptobros: It is totally safe to invest and make money! Trust me guys!

Reality: Not sure about that.

Edited by AngelusNox on Nov 28th 2022 at 9:07:26 AM

Inter arma enim silent leges
Blueace Surrounded by weirdoes from The End Of the World Since: Dec, 2010 Relationship Status: Chocolate!
Surrounded by weirdoes
#1906: Nov 28th 2022 at 3:01:15 PM

Should the screams of "TIMBER" start, or we wait till the rest of the fallout?

Wake me up at your own risk.
MorningStar1337 The Encounter that ended the Dogma from 🤔 Since: Nov, 2012
The Encounter that ended the Dogma
#1907: Nov 28th 2022 at 3:34:38 PM

I say wait. Crypobros are like cockroaches forming the tissues of a hydra in their tenacious delusion. I predict four heads will pop up where the 2 were slain

Fighteer Lost in Space from The Time Vortex (Time Abyss) Relationship Status: TV Tropes ruined my love life
Ultimatum Disasturbator from The Wiggle Room (Old as dirt) Relationship Status: Who needs love when you have waffles?
Disasturbator
#1909: Nov 28th 2022 at 4:07:03 PM

[up][up]

We need to destroy the body..somehow!

have a listen and have a link to my discord server
AngelusNox Warder of the damned from The guard of the gates of oblivion Since: Dec, 2014 Relationship Status: Married to the job
Warder of the damned
#1910: Nov 28th 2022 at 4:08:23 PM

[up]Regulate cryptocurrencies like fiat money is regulated and suddenly it will lose all its appeal.

Inter arma enim silent leges
thok That's Dr. Title, thank you! (4 Score & 7 Years Ago) Relationship Status: Non-Canon
That's Dr. Title, thank you!
#1911: Nov 28th 2022 at 6:20:27 PM

At the very least, Binance is unlikely to tumble in the current round of crypto fallout, given that they helped to trigger it. (FTX was going to fall apart at some point, but Binance help to speed up the process.)

M84 Oh, bother. from Our little blue planet Since: Jun, 2010 Relationship Status: Chocolate!
Oh, bother.
#1912: Nov 30th 2022 at 11:27:10 PM

Legal Eagle did a vid on FTX's legal issues. Spoiler alert: it's a huge ol' mess.

Disgusted, but not surprised
dRoy Professional Writer & Amateur Scholar from Most likely from my study Since: May, 2010 Relationship Status: I'm just high on the world
Professional Writer & Amateur Scholar
#1913: Dec 2nd 2022 at 3:14:42 AM

Heh, I just uploaded that vid on the LE thread on New Media. [lol]

Man, am I a bad person to watch the collapse and all the L's in the cryptoworld and getting massive kicks out of all these? evil grin

Continuously reading, studying, and (hopefully) growing.
M84 Oh, bother. from Our little blue planet Since: Jun, 2010 Relationship Status: Chocolate!
Oh, bother.
#1914: Dec 2nd 2022 at 4:52:29 AM

I feel bad for the people who actually invested real money with FTX. Sure, a lot of people were smart enough to realize early on that SBF was full of shit, but FTX did a lot of work to make themselves seem legit.

They got Larry David to do a Superbowl commercial for them, for crying out loud.

Disgusted, but not surprised
thok That's Dr. Title, thank you! (4 Score & 7 Years Ago) Relationship Status: Non-Canon
That's Dr. Title, thank you!
#1915: Dec 2nd 2022 at 5:05:43 AM

[up] I don't why you'd buy a product by a company who asks Larry David to endorse them, given that he's the real life inspiration of George Costanza. I guess it works if you are a person who sees George Constanza as a role model.

Zendervai Since: Oct, 2009
#1916: Dec 2nd 2022 at 5:08:10 AM

It's "hey, this actor I like said this thing is good!" and a lot of people have issues processing that a lot of actors don't actually give a shit about the things they advertise, it's just a paycheck.

Fighteer Lost in Space from The Time Vortex (Time Abyss) Relationship Status: TV Tropes ruined my love life
Lost in Space
#1917: Dec 2nd 2022 at 5:25:32 AM

Celebrity endorsements are one of the most common and popular forms of advertising out there because they work. It's the same mentality that causes companies to spend tens of thousands of dollars on Twitch and YouTube sponsorships.

We've been discussing FTX's collapse here for a while. It's interesting that Legal Eagle got into it: his popularity will bring more people into the conversation. However, his coverage is not the most detailed of what's out there.

"It's Occam's Shuriken! If the answer is elusive, never rule out ninjas!"
thok That's Dr. Title, thank you! (4 Score & 7 Years Ago) Relationship Status: Non-Canon
That's Dr. Title, thank you!
#1918: Dec 2nd 2022 at 5:50:10 AM

I understand the idea of celebrity endorsements. I'm pointing out that this specific choice of celebrity endorsement was weird. Apparently it was literally the first time Larry David had ever appeared in an ad (this Variety article discusses how Larry David generally didn't accept ads before this because he didn't like the idea.)

AngelusNox Warder of the damned from The guard of the gates of oblivion Since: Dec, 2014 Relationship Status: Married to the job
Warder of the damned
#1919: Dec 2nd 2022 at 10:13:29 AM

Crypto also lacks a lot of legal protections for the transactions, doesn't have a minimum liquidity established by law and barely has any auditing to see if the traded "assets" are actually valid.

It is downright prone to be a target for Ponzi schemes.

And yet there are too many cryptobros invested on it, either because of Sunken Cost Fallacy, or they are so confident of its future success they stop processing valid criticism as just "haters" or are in the grift.

Inter arma enim silent leges
Zendervai Since: Oct, 2009
#1920: Dec 2nd 2022 at 10:17:33 AM

Dan Olson pointed out in his "The Line Goes Up" video that most of the cryptobros seem to not be especially smart and are very gullible. Like, falling for extremely blatant scams and not understanding really basic business concepts.

"I got into this crypto because they promised the concept of maybe talking about possibly making a potential video game at some undefined point in the future." A lot of stuff like that.

Or the currency owners bought ad space on a random awkwardly placed billboard in Times Square.

Edited by Zendervai on Dec 2nd 2022 at 1:18:19 PM

AngelusNox Warder of the damned from The guard of the gates of oblivion Since: Dec, 2014 Relationship Status: Married to the job
Warder of the damned
#1921: Dec 2nd 2022 at 10:33:27 AM

It also appeals to the "gubermint bad!" types.

As the whole point of being a decentralized "currency" that can be used as stock investment, that in theory can't be traced or be subjected to tax audits, attracted a lot of people into the idea that the government will collapse, or that crypto is the future of monetary transactions or that want a form to make "easy" money that won't be taxed.

That of course the people who use crypto to purchase illegal goods and services.

Regardless of how many times you point out that crypto is worthless as money because not only it isn't accepted everywhere at predictable and stable exchange ratios, there aren't enough traders willing to cash out bitcoins for actual money, those that do eventually crash and burn like FTX and Mt Gox.

As investments are also pretty risky since not only they lack most legal protections most stocks would have, but the enterprises using crypto have almost no liquid or physical assets to actually honor what they allegedly have and crypto value depends entirely of what the users think it is worth. it can also be easily manipulated by using bots, pump and dump schemes or depend solely how "popular" the currency is.

Inter arma enim silent leges
Zendervai Since: Oct, 2009
#1922: Dec 2nd 2022 at 11:00:34 AM

Well, people not understanding why crypto has no inherent value have probably been primed to think that by, you know, the stock market. No one ever explains what stock valuations are actually based on, and many things are grossly overvalued.

So it looks like value is handled in this completely hidden way and the crypto creators have the key to understand it.

M84 Oh, bother. from Our little blue planet Since: Jun, 2010 Relationship Status: Chocolate!
Oh, bother.
#1923: Dec 4th 2022 at 8:09:14 PM

FTX's collapse hits the Land Down Under.

Sydney Morning Herald: ‘Worst-case scenario’: Local crypto exchange Swyftx lays off 40% of staff

Even exchanges not directly affected by FTX's collapse are feeling it.

Edit:

12/3/2022 Business Insider: Sam Bankman-Fried was the poster boy for 'effective altruism.' Now followers are heartbroken, critics are questioning FTX's 'weird' funding setup.

FYI, "effective altruism" meant earning as much as possible to be able to give away more (in theory). SBF pioneered this, which is how he gained the reputation as the "world's most generous billionaire".

If you think this sounds a lot like trickle down economics (also a load of horseshit)...congratulations, you're smarter than everyone who bought into SBF's act.

Edit Edit:

What's the one thing more humiliating than having the guy who oversaw Enron's bankruptcy calling your business the worst shitshow he's ever seen?

Having Bernie Madoff's lawyer telling you to shut the fuck up.

12/3/2022 Bloomberg: Bernie Madoff’s Lawyer Has Some Advice for Sam Bankman-Fried: Shut Up

Basically, the lawyer's saying SBF should stop with this performative "apology" tour bullshit and listen to his lawyers' advice to shut up.

Edited by M84 on Dec 5th 2022 at 12:16:20 AM

Disgusted, but not surprised
HotelCalifornia Since: Jan, 2011
#1924: Dec 4th 2022 at 9:49:36 PM

FYI, "effective altruism" meant earning as much as possible to be able to give away more (in theory). SBF pioneered this, which is how he gained the reputation as the "world's most generous billionaire".

Isn't that just what the robber barons of yore did? Accumulate as much wealth as possible and then spend it on the arts and public works (i.e. Carnegie) to prove that being obscenely wealthy was good for society so please don't tax us.

Zendervai Since: Oct, 2009
#1925: Dec 5th 2022 at 5:00:46 AM

Effective Altruism is...a really, really toxic ideology, honestly. The concept sounds like it makes sense (target your giving and charitable activities in the most efficient way possible), but the result is generally just a lot of people arguing about what counts or does not count as effective and a hell of a lot of the "giving" is to a series of nested charities that are generally owned by the people championing the movement or their close personal friends.

It's like longetermism. The core idea is sort of okay, but the actual way it manifests is really bad and it's a huge red flag concerning the people who focus on it.


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