- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Winter Olympics
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Michael Saylor on the FTX scam
Posted on 11/16/22 at 8:58 am
Posted on 11/16/22 at 8:58 am
1
Posted on 11/16/22 at 2:13 pm to tigerpawl
"Although crypto may have been the problem, bitcoin is still the solution. Sam may have made 1 million bitcoin maximalists with this crash."
Roadmap of fraud:
- Create and promote tokens
- Transfer the tokens to hedge fund Alameda
- Price tokens manipulated via insider wash sales<-who?
- Reached $14bln via accounting "slight of hand"<-how?
- He posted tokens as collateral for $10 billion loan
- No bank would make loan; except his own bank
- Quietly siphoned off real assets from FTX into Alameda
- Spent the chit out of $ / losses
My questions for those who know / interested in answering, please:
Sitoshi had a beautiful vision:
- what if we did not have to trust banks (conventional or crypto) or have to save life savings in fiat currency? Bitcoin is solution
Q1 - if this is about TRUST, why are the creators of Bitcoin using pseudonyms? Why are they cloaked?
Q2 - How long has Saylor been advocating for registered digital assets to be traded on regulated digital exchanges? Is this seizing an opportunity now or has he been a proponent for a long time?
Q3 - Why? Is there not irony in regulation to remove anonymity; "Sitoshi" pseudonym?
Trust is at the core
Is Saylor Trustworthy?
Lots of anonymity does not breed trust
More ironies than Sam's remaining freedom
Bitcoin network offers alternatives to FTXs of this world
Roadmap of fraud:
- Create and promote tokens
- Transfer the tokens to hedge fund Alameda
- Price tokens manipulated via insider wash sales<-who?
- Reached $14bln via accounting "slight of hand"<-how?
- He posted tokens as collateral for $10 billion loan
- No bank would make loan; except his own bank
- Quietly siphoned off real assets from FTX into Alameda
- Spent the chit out of $ / losses
My questions for those who know / interested in answering, please:
Sitoshi had a beautiful vision:
- what if we did not have to trust banks (conventional or crypto) or have to save life savings in fiat currency? Bitcoin is solution
Q1 - if this is about TRUST, why are the creators of Bitcoin using pseudonyms? Why are they cloaked?
Q2 - How long has Saylor been advocating for registered digital assets to be traded on regulated digital exchanges? Is this seizing an opportunity now or has he been a proponent for a long time?
Q3 - Why? Is there not irony in regulation to remove anonymity; "Sitoshi" pseudonym?
Trust is at the core
Is Saylor Trustworthy?
Lots of anonymity does not breed trust
More ironies than Sam's remaining freedom
Bitcoin network offers alternatives to FTXs of this world
Posted on 11/17/22 at 12:45 pm to Turf Taint
quote:
Q1 - if this is about TRUST, why are the creators of Bitcoin using pseudonyms? Why are they cloaked?
In the digital world if you can’t be a major mover/shaker anonymity is the next best thing for protection. If Satoshi was just a regular guy then some people would be highly motivated to lean on him, which would compromise the ability of Bitcoin to be a standalone, unbiased entity/asset.
quote:
Q2 - How long has Saylor been advocating for registered digital assets to be traded on regulated digital exchanges? Is this seizing an opportunity now or has he been a proponent for a long time?
He’s been this way for a while now. It’s nothing new.
quote:
Q3 - Why? Is there not irony in regulation to remove anonymity
There is irony. The powers that be don’t want regular people to have autonomy and control of their own money. They want you under their thumb.
This post was edited on 11/17/22 at 12:45 pm
Posted on 11/17/22 at 3:17 pm to Turf Taint
quote:
Bitcoin network offers alternatives to FTXs of this world
Except for the fact that you cannot buy/sell it without using some sort of exchange…
Posted on 11/17/22 at 4:05 pm to Decisions
quote:
The powers that be don’t want regular people to have autonomy and control of their own money. They want you under their thumb.
Libertarians are the new hippies.
The #1 reason we have financial regulations is because there are bad actors in the world. Until crypto can close the door on scammers and general human incompetence it will be worse than a highly regulated financial system.
If code is law (there's an unappealing phrase) then we are all at the mercy of the code and whoever created and updated it. And opensource code comes with its own issues. Forgotten in this exchange meltdown is the fact that there have been exploits resulting in crytpo being stolen from defi exchanges this year.
And if you think one or a few decentralized, nonstate global currencies is the answer, the whales in that scenario would be governments at war with each other over controlling the currency and your money. So nothing's changed except for maybe the chance of being under China's thumb could increase.
Posted on 11/17/22 at 4:27 pm to slackster
quote:
Except for the fact that you cannot buy/sell it without using some sort of exchange…
You could use more decentralized fiat off/on ramps like Bisq. It’s a software that enables peer to peer BTC buying and selling.
Posted on 11/17/22 at 6:20 pm to Turf Taint
what’s important to contextualize is nothing about bitcoin has changed.
nothing.
every malady that has befallen btc has been from people trying to centralize it.
nothing.
every malady that has befallen btc has been from people trying to centralize it.
Posted on 11/17/22 at 7:37 pm to Ross
quote:
You could use more decentralized fiat off/on ramps like Bisq. It’s a software that enables peer to peer BTC buying and selling.
Honest questions here: Who wrote it? Where did it come from? How would I know if it, or similar software applications are legit?
With everyone now in a tizzy and wanting to find ways to avoid centralized exchanges, since SBF raided the cookie jar, seems to me that the lowest hanging fruit for a hacker now would be to offer installed software that purports to “help”.
I’m not questioning Bisq or it’s developers specifically. But since most people now jumping off exchanges probably feel a bit lost, they could wander into a(nother) bad situation. Does that make sense?
Posted on 11/17/22 at 8:05 pm to Turf Taint
quote:
Reached $14bln via accounting "slight of hand"<-how
quote:
FTX legal and finance teams also learned that Bankman-Fried implemented what the two people described as a "backdoor" in FTX's book-keeping system, which was built using bespoke software.
They said the "backdoor" allowed Bankman-Fried to execute commands that could alter the company's financial records without alerting other people, including external auditors. This set-up meant that the movement of the $10 billion in funds to Alameda did not trigger internal compliance or accounting red flags at FTX, they said.
LINK
Even if he had a backdoor move, you have to wonder how not one person noticed 10B was missing unless they're all somehow complicit.
Posted on 11/18/22 at 10:55 am to FinleyStreet
That is what baffles me. Once things get to that level of accounting, it is way beyond my expertise. I don't see how what they did, didn't raise some red flags anywhere. I get there are ways to conceal transactions at certain levels, but top to bottom it always gets noticed somewhere. So, that only leaves complicit actors, as you said.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News