3951

Bitcoin plunged more than 7% in just a few minutes earlier today, and is ending the day down more than 9%.

“It seems likely that is was as a result of a large sale transaction,” says an analyst.

Nothing like an “asset” where its price can fall by more than 5% as the result of a single whale transaction.

3952
3953

Bad decisions, can they be reversed?

3954

I’m sure had his crypto investments ballooned he would have reached out to give his ex her fair share!

3955

I have an acquaintance who is a complete idiot and an utterly terrible person in every way. The kind of guy who has his personal assistant manage his profile on arrangementfinder.com. They took a few million of company funds, moved it to an offshore subsidiary of the company, then put it in a personal crypto account and invested it right at the height of the market. Their goal was to pay the money out to themselves as a bonus and they somehow thought the combination of offshore and crypto would make it so they wouldn’t have to pay taxes. Now that 2/3 of the money is gone they are trying to make the company eat the losses and pretend that when he took the money out of the company account into his personal crypto wallet that didn’t count as paying out the bonus so that he doesn’t have to pay taxes (as they eventually discovered that their initial tax avoidance scheme wouldn’t work). They want to just give the crypto account to the company and pretend it never happened. Once this is done of course he’ll want pay himself out another bonus of the original amount. It’s a private company and he’s the majority shareholder so he kind of can do this, but parts of the management team and minority shareholders are revolting.

3956

I mean, not really. It’s still embezzlement if it’s not authorised by the directors (and even then there are laws to protect minority shareholders).

3957

“I chose to take my holdings in the form of lottery tickets, and they didn’t win! Can I get a do over?”

3958

I don’t know all the details and I’ve only gotten the side of the story of one of the steamed execs who is a close friend, but they did throw the term misappropriation of company funds around. They were looking for my wife’s advice on “do I need a lawyer”. To which the answer was clearly, yes. Perhaps two.

3959

Also I’m glad I didn’t type an actual URL of one of those sites above. Your browser histories can thank me later.

3960

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Shit, already posted. I looked and didn’t see it posted up thread. Safari doesn’t refresh automatically for me when I switch back to a tab.

3961

Tell me you’re doing a drive-by without telling me you’re doing a drive-by…

3962

I get that on mobile too. All good, it’s funny enough to be posted twice. :)

3963

They need all the lawyers.

3964

I’m pretty sure any time you find yourself in a situation where you ask “do I need a lawyer?” the answer is yes. Always.

3965

The profession thanks you for your patronage, but you are also correct.

3967
3968

Bank error in your favor!

3969

Code is Law so sucks to be them, right?

3970

Ban this bullshit already

Crypto industry operations in the US use about as much electricity as all of the nation’s home computers combined, according to a report released today by the White House Office of Science and Technology Policy. The report paints the clearest picture yet of what crypto operations are costing both power grids and the environment in the US. It also lays out some potential actions the Biden administration could take to address these challenges.

3971

Anyone else got their popcorn ready for the ETH merge? Google tells me it is 6 hours away.

I am not sure whether to hope it is a success or not. If it works well, it will mean the most active blockchain will now consume orders of magnitude less energy to validate transactions. If it doesn’t work, crypto will yet again prove its utterly incapable of fixing the problems of traditional finance and the ensuing chaos will hopefully convince some people to get out.