The Evil Genius Posted November 14, 2022 Share Posted November 14, 2022 21 hours ago, Forehead said: Did Trevor Lawrence take his entire salary in Bitcoin or something like that? No. He got a signing bonus in crypto from FTX for being a representative for them. His NFL one was the normal hard cash. Link to comment Share on other sites More sharing options...
LD0506 Posted November 14, 2022 Share Posted November 14, 2022 1 Link to comment Share on other sites More sharing options...
China Posted November 14, 2022 Share Posted November 14, 2022 On 11/12/2022 at 7:29 AM, Cooked Crack said: The downfall of FTX's Sam Bankman-Fried sends shockwaves through the crypto world Sam Bankman-Fried received numerous plaudits as he rapidly achieved superstar status as the head of cryptocurrency exchange FTX: the savior of crypto, the newest force in Democratic politics and potentially the world's first trillionaire. Now the comments about the 30-year-old Bankman-Fried range from bemused to hostile after FTX filed for bankruptcy protection Friday, leaving his investors and customers feeling duped and many others in the crypto world fearing the repercussions. Bankman-Fried himself could face civil or criminal charges. "I've known him for a number of years and what just happened is just shocking," said Jeremy Allaire, the co-founder and CEO of cryptocurrency company Circle. Under Bankman-Fried, FTX quickly grew to be the third-largest exchange by volume. The stunning collapse of this nascent empire has sent tsunami-like waves through the cryptocurrency industry, which has seen a fair share of volatility and turmoil this year, including a sharp decline in price for bitcoin and other digital assets. For some, the events are reminiscent of the domino-like failures of Wall Street firms during the 2008 financial crisis, particularly now that supposedly healthy firms like FTX are failing. One venture capital fund wrote down investments in FTX worth over $200 million. The cryptocurrency lender BlockFi paused client withdrawals Friday after FTX sought bankruptcy protection. The Singapore-based exchange Crypto.com saw withdrawals increase this weekend for internal reasons but some of the action could be attributed to raw nerves from FTX. "Sam what have you done?," tweeted Sean Ryan Evans, host of the cryptocurrency podcast Bankless, after the bankruptcy filing. Bankman-Fried and his company are under investigation by the Department of Justice and the Securities and Exchange Commission. Click on the link for the full article Link to comment Share on other sites More sharing options...
Cooked Crack Posted November 17, 2022 Share Posted November 17, 2022 Link to comment Share on other sites More sharing options...
dfitzo53 Posted November 20, 2022 Share Posted November 20, 2022 Link to comment Share on other sites More sharing options...
Cooked Crack Posted November 21, 2022 Share Posted November 21, 2022 Link to comment Share on other sites More sharing options...
TradeTheBeal! Posted November 21, 2022 Share Posted November 21, 2022 Amusing how weirdo crypto d-bag is now hollering for redress and regulation. Y’all wanted your wild west, digital Ponzi scheme…and you got exactly that. 2 1 3 2 Link to comment Share on other sites More sharing options...
CousinsCowgirl84 Posted November 21, 2022 Share Posted November 21, 2022 Same can be said for all the Morons who decided to invest in nothing. I hope all their lawsuits get thrown out. 1 Link to comment Share on other sites More sharing options...
tshile Posted November 21, 2022 Share Posted November 21, 2022 3 hours ago, TradeTheBeal! said: Amusing how weirdo crypto d-bag is now hollering for redress and regulation. Y’all wanted your wild west, digital Ponzi scheme…and you got exactly that. It’s funny watching them because the lack of regulation and “no government manipulating everything” was supposed to be a selling point 😂 1 3 Link to comment Share on other sites More sharing options...
China Posted November 23, 2022 Share Posted November 23, 2022 Estonian duo accused of $575m cryptocurrency scam Police in Estonia have arrested two men suspected of running a $575m (£485m) cryptocurrency scam involving hundreds of thousands of victims. Estonian police investigated the case with the FBI, and US authorities want to extradite the pair - Estonians Sergei Potapenko and Ivan Turogin. The two 37-year-olds allegedly got people to invest in a cryptocurrency mining service called HashFlare and a fake virtual bank called Polybius. A US indictment has been issued. A statement from the US Department of Justice (DoJ) says the pair are accused of wire fraud and conspiracy to commit money laundering - crimes punishable by up to 20 years in prison. The defendants have appeared in court in the Estonian capital Tallinn and are being held pending extradition to the US, the statement says. There was no immediate comment from their representatives. Giving details of the alleged scheme, the DoJ says the two defrauded victims by offering them the chance to buy into HashFlare's cryptocurrency mining operations. Crypto mining uses computers to generate virtual coins for profit - a process that consumes significant amounts of computing power. Customers around the world are said to have purchased more than half a billion dollars' worth of HashFlare contracts from 2015 to 2019. But the operation allegedly overstated its capabilities. The DoJ alleges that victims were also promised dividends if they invested in Polybius, a virtual bank Mr Potapenko and Mr Turogin said they had set up. The defendants are said to have raised $25m this way - but no bank was ever formed. They used shell companies to launder criminal proceeds, buying at least 75 properties and luxury cars, DoJ says. Click on the link for the full article Link to comment Share on other sites More sharing options...
Cooked Crack Posted November 23, 2022 Share Posted November 23, 2022 2 1 Link to comment Share on other sites More sharing options...
TheGreatBuzz Posted November 24, 2022 Share Posted November 24, 2022 This was a good, informative listen for those interested. https://podcasts.google.com/feed/aHR0cHM6Ly93d3cub21ueWNvbnRlbnQuY29tL2QvcGxheWxpc3QvZTczYzk5OGUtNmU2MC00MzJmLTg2MTAtYWUyMTAxNDBjNWIxL2U1ZjkxMjA4LWNjN2UtNDcyNi1hMzEyLWFlMjgwMTQwYWQxMS9kNjRmNzU2ZC02ZDVlLTRmYWUtYjI0Zi1hZTI4MDE0MGFkMzYvcG9kY2FzdC5yc3M/episode/MGRiN2NhNWYtZDJhNC00NDVkLWE3N2YtYWY1NTAwNGI4MjVh?ep=14 Link to comment Share on other sites More sharing options...
Cooked Crack Posted November 29, 2022 Share Posted November 29, 2022 3 Link to comment Share on other sites More sharing options...
China Posted December 1, 2022 Share Posted December 1, 2022 Link to comment Share on other sites More sharing options...
China Posted December 1, 2022 Share Posted December 1, 2022 Congressmembers Tried to Stop the SEC’s Inquiry Into FTX The Securities and Exchange Commission was seeking information from collapsed cryptocurrency exchange FTX earlier this year, the Prospect has confirmed, bringing a new perspective to an effort by a bipartisan group of congressmembers to slow down that investigation. The March letter from eight House members—four Democrats and four Republicans—questioned the SEC’s authority to make informal inquiries to crypto and blockchain companies, and intimated that the requests violated federal law. Rep. Tom Emmer (R-MN), whom the Republican caucus just elected as majority whip, the number three position in the House GOP leadership, led the letter. In a contemporaneous Twitter thread, Emmer wrote: “My office has received numerous tips from crypto and blockchain firms that SEC Chair @GaryGensler’s information reporting ‘requests’ to the crypto community are overburdensome, don’t feel particularly … voluntary … and are stifling innovation.” We now know that FTX was one of those firms receiving information requests from the SEC, about the very activities that have brought down the firm. This raises the question of whether Emmer and the other congressmembers were acting on behalf of FTX (which has been credibly accused of snatching customer money to make risky bets) to try to chill an ongoing investigation from an independent regulatory and law enforcement agency. Some of the “Blockchain Eight,” as the Prospect termed them in March, have benefited from crypto largesse. Five of the eight members received campaign donations from FTX employees, ranging from $2,900 to $11,600. Rep. Ted Budd (R-NC), one of the signatories, received half a million dollars in support from a Super PAC created by FTX co-CEO Ryan Salame. Click on the link for the full article Link to comment Share on other sites More sharing options...
Renegade7 Posted December 1, 2022 Share Posted December 1, 2022 On 11/21/2022 at 3:08 PM, CousinsCowgirl84 said: Same can be said for all the Morons who decided to invest in nothing. I hope all their lawsuits get thrown out. "Unsophisticated Investors" made me chuckle... 1 Link to comment Share on other sites More sharing options...
tshile Posted December 1, 2022 Share Posted December 1, 2022 Just in a general sense - I find the “we were ignorant” excuse hilarious. and I find it interesting to watch who goes to bat for it and who doesn’t in different contexts Link to comment Share on other sites More sharing options...
TheGoodBits Posted December 1, 2022 Share Posted December 1, 2022 Reading the first few pages of this thread are funny. It’ll be funnier in 5 years when every cryptocurrency hits $0. Link to comment Share on other sites More sharing options...
China Posted December 4, 2022 Share Posted December 4, 2022 Palantir Co-founder Says Crypto Market Will Continue to Crash Due to Ponzi Schemes More cryptocurrency businesses will go bankrupt in a Ponzi scheme-like fashion, but it will also continue to be a key tool for international money exchange, according to a venture capitalist who recently had an interview with Fox News. Investor and Palantir software co-founder Joe Lonsdale predicted that most cryptos would fail in the long run. He claims that the ecosystem as a whole, including different crypto lenders, tokens, and other components, was a "Ponzi scam." According to Lonsdale, cryptocurrency ventures have been valued based on market demand rather than cash flows or adding value to the economy during the past few years. Early in November, the Bahamas-based cryptocurrency exchange FTX declared bankruptcy under Chapter 11 after suffering losses of at least $1 billion. BlockFi, a large crypto business, also declared bankruptcy last week, joining Celsius Network and Voyager Digital in entering Chapter 11 proceedings. Lonsdale claimed that several businesses that have filed for bankruptcy had had a lot of corruption, although he only mentioned FTX. "Long term, there's a good part of crypto, but most of what we saw in crypto the last three, four, five years was a speculative bubble driven by cheap money and driven by a lot of these Ponzi schemes," Lonsdale said in an interview with Fox News. But amid the current crypto fiasco, Lonsdale said that the sector will still be able to develop technologies that would further advance the market. Click on the link for the full article Link to comment Share on other sites More sharing options...
FrFan Posted December 4, 2022 Share Posted December 4, 2022 Link to comment Share on other sites More sharing options...
LD0506 Posted December 9, 2022 Share Posted December 9, 2022 1 Link to comment Share on other sites More sharing options...
Cooked Crack Posted December 13, 2022 Share Posted December 13, 2022 1 1 Link to comment Share on other sites More sharing options...
Cooked Crack Posted December 13, 2022 Share Posted December 13, 2022 2 Link to comment Share on other sites More sharing options...
Cooked Crack Posted December 13, 2022 Share Posted December 13, 2022 Link to comment Share on other sites More sharing options...
China Posted December 13, 2022 Share Posted December 13, 2022 1 Link to comment Share on other sites More sharing options...
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