JoshL
4336
I dunno about that. ETH is up even more than BTC, and even some garbage like Solana, Doge, and XRP are up around the same amount that BTC is. It’s all inexplicable.
Thrag
4337
Does the prevalence of instant large price changes in these shifts we’ve seen this year just reek of market manipulation to anyone else?
It’s a bit baffling how the DoJ arrested Bankman the day before his hearing with congress was scheduled. Seems like you’d want to get him afterwards.
Also, have any of you heard of Tether, the largest scam in human history?
Who was the biggest recipient of Tetherbucks? Alameda!
The ones in that recently posted chart aren’t particularly large. You similar sized moves all the time in bond markets (eg around interest rate decisions). It’s just not a very liquid market and it’s extremely susceptible to headline risk, because it’s all magic beans. If you don’t have any cashflows, then nobody is doing fundamental valuations.
Discussed at length upthread.
Why? Also, the DoJ didn’t arrest him. The Bahamas did, pending an expected expedition request.
Thrag
4343
Laughs in my company uses QuickBooks.
I know mr.wright, typing on iphone is hard and id figured that was obvious.
I can’t get enough of this shit. Group chats named ‘Wirefraud?’ Fucking hilarious. Still not sure if this is more like the Bank of Credit and Commerce international or just a bunch of doofuses though. Someone here has to know what they’re doing, right?
antlers
4345
Like lots of Ponzi schemes, tI’d guess they initially didn’t intend to defraud anyone, they just thought they were so smart the magic money taps would go forever. When things start to go south, you make desperate plays because actually owning up honestly and losing everything is unthinkable. Then the desperate plays fail and you realize you stand to be caught for doing illegal things.
It depends how you define intend and defraud really. As the SEC complaint makes clear, they were in fact committing fraud from the beginning. It remains to be seen how much of that was outright theft and how much of it was reckless disregard, but it’s fraud either way.
DoubleG
4347
There’s a theory that Bankman-Fried’s original funding source – arbitrage trades on crypto in Japan – couldn’t have earned him the money he needed to set up his exchange, and that his entire enterprise was secretly funded by one of the other exchanges/ponzis. It’s possible this was fraud from the beginning.
SBF said he wasn’t gonna show up to the hearing in person. Right after that, he got arrested. They were probably worried about the flight risk.
Makes sense, otherwise it’s a huge missed opportunity of hoisted petards.
It’s rare for me to actually lol. Usually I’m more of a quiet chuckler. But this killed me.
I have to wonder if there is an Epstein-style event in SBF’s near future.
Thrag
4351
But why would Hillary want him killed?
Menzo
4352
Bernie Madoff wasn’t murdered, and he lost people real money, not fake crypto-money.
Rep. John W. Rose wonders “why the DoJ would want to avoid the possibility of adding ‘lying to Congress’ to SBF’s list of crimes.” I hope it really was worth it to get SBF out of the hearing to avoid the flight risk.
Given how rarely people are jailed for lying to Congress, and given how much jail time he’s facing anyway, I don’t see how it makes much difference either way. We know what he was going to say.
Fair enough, we are talking about SBF here though. He has trend-setting stupidity. Waiting one day still seems like a small price to pay.
