Bitcoin and cryptocurrency

apnews.com

New FTX CEO says lax oversight, bad decisions caused failure

WASHINGTON (AP) — Sam Bankman-Fried, founder and former CEO of the failed cryptocurrency exchange FTX, helped 1,500 Bahamian investors remove $100 million from their accounts while other customers around the world were locked out of the exchange, according to the company's new CEO, who testified...
apnews.com apnews.com
 
The more that comes out about FTX, the more I think about Ivar Kruger and so many fraudsters down the years, investors money was treated as the proprietors own bank account.

I remember reading somewhere that the most dangerous thing was a one-man finance company, and that's how I think FTX was operating.
 
FTX was not just one man. And the associated Alameda Research had its own CEO. It will be interesting if Mr. Bankman-Fried's day to day activities will be revealed, along with the day to day activities of the Alameda Research CEO, since a mixing of FTX and Alameda funds is alleged.

From the end of January of this year:

www.cnbc.com

Cryptocurrency exchange FTX hits $32 billion valuation despite bear market fears

FTX has built up a war chest of funds at a time when crypto prices have sunk considerably.
www.cnbc.com www.cnbc.com
 
Crypto is not currency. Coins or tokens are referred to as "products" in the trade. And, supposedly, all of this was started to rein in bad human behavior as if humans could ever be taken out of the loop. The creators of crypto obviously never watched the Terminator movies, and believe in the idea that "in the future, all problems will be solved." By what, machines? Crazy.

www.theguardian.com

Crypto was supposed to solve financial corruption. But FTX shows it’s just got worse | David A Banks

The collapse of FTX should provide a wake-up call to Rishi Sunak, who has been singing the praises of cryptocurrencies, says academic and author David A Banks
www.theguardian.com www.theguardian.com
 
edwest3 said:
The plot thickens...

slate.com

No One Is Happier About Sam Bankman-Fried’s Downfall Than the Bitcoin People

A philosophical schism about the point of crypto has erupted into a “boiling guerrilla war.”
slate.com slate.com
Click to expand...

Not surprised, if the below link is correct . . .

u.today

Satoshi’s Identity Might Have Been Revealed by Martin Shkreli

Martin Shkreli alleges that former criminal cartel boss Paul Le Roux is Satoshi Nakamoto, but prominent Bitcoin developers are disputing his claims
u.today u.today

EDIT: I missed out an 'If', now corrected . . .

cheers,
Robin.
 
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Anyone interested in this topic should have a read of the following:

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This Walmart story is similar to when I tried to explain to my mom what it means to own an NFT. She couldn't understand how you could own digital property. But some people patent ideas, and this is just intellectual property. Through this fact, I could explain this to her. Walmart is always ready to develop in new fields, so I don't think their idea is terrible. Although I'm still attracted to trading on Binance more than collecting it through Walmart. I recently read the cryptosignals guru review and plan to use it to avoid wasting time studying cryptography.
 
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The Emperors new clothes gets another rerun. A pity horizontal stripes are still out of season.
I was thinking a while ago that there would be a very unique method of dealing with defendants like these and it is NOT jail time, well not long anyway.
How about we look into the restoration of various reef's around the world especially, the deep water cold types.
So, how about we find some of the old mankers and old merchant ships and remove all the contaminants. Make up a bunch of cages, bunk the miscreants inside and sail the resulting vessel to the site you want the reef and scutle it. Instead of just restoring the coral we could feed the fishes too.
Perhaps we could locate the financiers for the people smuggling rings and put them in too?
You know I think it could work...........
 
Heard about a good one today . . .
"Go and buy some of those chocolate coins / money that you can get at this time of year, then take them with you when you go to buy something expensive. Offer to pay for your expensive item with the chocolate 'money'. When the cashier / salesperson refuses to take them / asks you what you are doing, just say 'Bitcoins . . .' "

cheers,
Robin.
 
"hashrate"? Yes, of course. Or, how to (not) mine something using a lot of electricity. A pure waste of time. An attempt to replace traditional banks and Wall Street and create the New World Order. Banking and other transactions will now be in the hands of "persons unknown."
 
yro.slashdot.org

US Charges Fraud in Mango Crypto Manipulation Case - Slashdot

U.S. prosecutors have filed criminal charges of commodities fraud and manipulation against a man accused of trying to steal about $110 million in October by rigging the Mango Markets cryptocurrency exchange. From a report: According to a complaint made public on Tuesday in Manhattan federal...
yro.slashdot.org

slashdot.org

Alameda Wallets Become Active Days After SBF Bail, Community Mulls Foul Play - Slashdot

The crypto wallets associated with now-bankrupt trading firm Alameda Research, the sister company of FTX, were seen transferring out funds just days after the former CEO Sam Bankman Fried was released on a $250 million bond. CoinTelegraph reports: The transfer of funds from Alameda wallets...
slashdot.org

yro.slashdot.org

FTX Diverted $200 Million of Customer Money For Two Venture Deals, SEC Says - Slashdot

Of the billions of dollars in customer deposits that disappeared from FTX in a flash, $200 million was used to fund investments in two companies, according to the Securities and Exchange Commission, which charged founder Sam Bankman-Fried with "orchestrating a scheme to defraud equity...
yro.slashdot.org
 
news.slashdot.org

Solana Founders Scramble To Move Past FTX's Stain on Their Token - Slashdot

Solana, the blockchain network once championed by Sam Bankman-Fried, is drawing intense scrutiny as industry watchers wonder whether its former close ties to the disgraced crypto mogul and his now-defunct FTX empire will jeopardize its future. From a report: Its founders are doing everything...
news.slashdot.org
 
slashdot.org

Fiji's New Pro-Bitcoin Prime Minister Ponders Legal Tender Bill - Slashdot

Pro-Bitcoin politician Sitiveni Rabuka recently took office as the new Prime Minister of the Pacific Islands of Fiji. Now, it seems the new PM is actively considering the adoption of bitcoin as legal tender there. Bitcoin Magazine reports: While Rabuka himself hasn't been very public about his...
slashdot.org

slashdot.org

India To Explore Prohibition of Unbacked Crypto in Its G20 Presidency - Slashdot

India said on Thursday that under its ongoing G20 presidency, it will prioritize the development of a framework for global regulation of unbacked crypto assets, stablecoins and decentralized finance and will explore the "possibility of [their] prohibition" in a potentially large setback for the...
slashdot.org

slashdot.org

Another Crypto Investment Firm Shuts Down, Taking Over 55% of Customers' Funds - Slashdot

JustAnotherOldGuy shares a report from KITCO: Midas Investments, the hybrid centralized/decentralized (CeDeFi) cryptocurrency platform, announced Tuesday that they will shut down operations as of Dec. 27 and will deduct 55% from most customer accounts to "balance assets and liabilities." This...
slashdot.org
 
slashdot.org

Bad News for 500K Crypto Investors: They Don't Own Their Accounts - Slashdot

"More than half a million people who deposited money with collapsed crypto lender Celsius Network have been dealt a major blow to their hopes of recovering their funds," reports the Washington Post, "with the judge in the company's bankruptcy case ruling that the money belongs to Celsius and not...
slashdot.org
 
Wow.... Web 3.0 is going strong here....
Crypto coins are a bust...
NFT's are a bust...
But the Metaverse based on all those proven web 3.0 technologies, is going to be the next best thing, that will change the world! ( Sarcasm )
 
I miss Web 1.0, that was fun

*imitates dial up connection sounds*
 

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