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Started By
Message
Can we have a Money Talk Discussion about the FTX Mess?
Posted on 11/15/22 at 9:41 am
Posted on 11/15/22 at 9:41 am
I'm not a crypto person but this seems to me more of a fraud issue than a cryoto issue.
In the banking world, there are rules about how much customer deposits you can lend out, and if you go to far, you get sanctioned or shut down.
In the securities world, ther are rules about segregation of customer assets that should prevent failures like this.
It sure seems like FTX flat out used customer assets illegally and lost them and now the customers are F'd?
Is it that simple? Is this just part of an unregulated market?
And... this is not the PT... we have all read the stories about the CEO's donations to political causes so we can leave that off this thread.
In the banking world, there are rules about how much customer deposits you can lend out, and if you go to far, you get sanctioned or shut down.
In the securities world, ther are rules about segregation of customer assets that should prevent failures like this.
It sure seems like FTX flat out used customer assets illegally and lost them and now the customers are F'd?
Is it that simple? Is this just part of an unregulated market?
And... this is not the PT... we have all read the stories about the CEO's donations to political causes so we can leave that off this thread.
15
Posted on 11/15/22 at 9:47 am to LSUFanHouston
It was a money laundering operation run through Ukraine.
Money funneled back to cheat in mid-term elections.
And yes, the Republican Establishment was in on it too. Why do you think Pelosi made several trips over there?
And BTW it was paid for by YOU the taxpayer!
Money funneled back to cheat in mid-term elections.
And yes, the Republican Establishment was in on it too. Why do you think Pelosi made several trips over there?
And BTW it was paid for by YOU the taxpayer!
This post was edited on 11/15/22 at 9:48 am
Posted on 11/15/22 at 9:49 am to ItzMe1972
I had one request... violated on the FIRST response...
Oh well.
Oh well.
Posted on 11/15/22 at 9:49 am to LSUFanHouston
quote:
I'm not a crypto person but this seems to me more of a fraud issue than a cryoto issue.
Exactly this.
Centralized exchanges are NOT crypto.
Not your keys, not your coins.
Posted on 11/15/22 at 9:53 am to LSUFanHouston
I had one request... violated on the FIRST response...
--
Sorry...too much coffee this morning.
--
Sorry...too much coffee this morning.
Posted on 11/15/22 at 9:54 am to LSUFanHouston
I want to be wrong, but I think this is what will happen.
CBDCs are going to be rolled out ASAP. They are in the final stages of testing now.
Then, the government has full control over what you can and can't buy.
They will not allow any more money to flow into crypto.
CBDCs are going to be rolled out ASAP. They are in the final stages of testing now.
Then, the government has full control over what you can and can't buy.
They will not allow any more money to flow into crypto.
Posted on 11/15/22 at 9:58 am to I Love Bama
quote:
Then, the government has full control over what you can and can't buy.
They will not allow any more money to flow into crypto.
You are half right. Govt has control but they absolutely want more folks into crypto. It is how they fund all the black ops programs these days.
Posted on 11/15/22 at 10:00 am to LSUFanHouston
quote:
fraud
quote:
crypto
hand in hand
Posted on 11/15/22 at 10:01 am to notsince98
quote:
You are half right. Govt has control but they absolutely want more folks into crypto. It is how they fund all the black ops programs these days.
lol, you don't think they use banks? lol
Just as easy for them to hide with Banks or "Private companies"
This post was edited on 11/15/22 at 10:02 am
Posted on 11/15/22 at 10:08 am to boomtown143
quote:
lol, you don't think they use banks? lol
Of course not. For the longest time the black ops (off books programs that are completely unconstitutional) were almost entirely funded by cash from the world drug trade that was completely untraceable and never on any books. They would never risk a bank paper trail with these.
Crypto allows them to continue that tradition but now they have added additional means to take money from regular folks and put it into the programs without having them buy drugs to do it.
Posted on 11/15/22 at 10:10 am to ItzMe1972
quote:
was a money laundering operation run through Ukraine.
Money funneled back to cheat in mid-term elections.
And yes, the Republican Establishment was in on it too. Why do you think Pelosi made several trips over there?
And BTW it was paid for by YOU the taxpayer!
Lol makes sense cryptobros starting to dig into conspiracy theories and believe them.
Can't accept the fact that it was straight fraud.
Posted on 11/15/22 at 10:18 am to DVinBR
quote:
hand in hand
Now, more than ever, people need to understand why decentralized will always be better than centralized.
Posted on 11/15/22 at 10:24 am to UltimaParadox
quote:
Can't accept the fact that it was straight fraud.
Isn't fraud by its very nature a conspiracy? You have to conspire to defraud someone. That is what makes it fraud.
Posted on 11/15/22 at 10:25 am to LSUFanHouston
quote:
It sure seems like FTX flat out used customer assets illegally and lost them and now the customers are F'd?
Is it that simple? Is this just part of an unregulated market?
Yes and yes.
Posted on 11/15/22 at 10:25 am to LSUFanHouston
(no message)
This post was edited on 4/7/23 at 4:00 pm
Posted on 11/15/22 at 10:28 am to LSUFanHouston
Apparently they were taking so many uppers at the Bahamas office they couldn’t eat solid food, so the fridges were full of Soylent green.
Posted on 11/15/22 at 10:28 am to notsince98
quote:
Isn't fraud by its very nature a conspiracy? You have to conspire to defraud someone. That is what makes it fraud.
Except the conspiracy theory being put out there makes zero sense. Hell SBF donated almost as much money to Republicans and he did democrats.
The money came from customer deposits, not sure how much more obvious it can get
Posted on 11/15/22 at 10:29 am to UltimaParadox
quote:
Except the conspiracy theory being put out there makes zero sense. Hell SBF donated almost as much money to Republicans and he did democrats.
The money came from customer deposits, not sure how much more obvious it can get
Regardless of "theories" this fraud was most definitely a conspiracy. There is no way around that.
Posted on 11/15/22 at 10:36 am to LSUFanHouston
quote:In simple terms, FTX was an unregulated, centralized token exchange (Keyword centralized) run by 30y/o Sam Bankman-Fried. Bankman-Fried also ran several other interconnected firms including savings and stable coin companies.
Can we have a Money Talk Discussion about the FTX Mess?
Meanwhile, Alameda Research is a hedge fund he co-founded with Tara MacAulay, who basically worked for him. The Alameda fund has been around ~5yrs and was run by SBF's GF, Caroline Ellison.
With the market downturn, Ellison lost a shite ton of money. SBF, who basically had sole control of FTX holdings, embezzled huge sums of investor money from FTX, along w/ Celsius (crypto-savings) and Pharos (USD stable coin) to try to cover Alameda's losses.
A whale investor got word of this, tried to closeout his account, SBF couldn't produce the cash and the house of cards collapsed.
Posted on 11/15/22 at 10:41 am to LSUFanHouston
had enough getting your arse handed to you on PB eh?
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