Binance and FTX

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Dem donors are the best.

Is it true that Ukraine is also involved?

No idea but I wouldn't be surprised if the FTX guy had bought millions of Biden Jr's "art."

You have to respect the chutzpah.

Seems like every single person involved was a person of chutzpah.

This scandal had better be thoroughly investigated.

[Anonymous]

Other crypto exchanges might be next. Apparently some have been loaning crypto to others during the times their holdings/collateral is being audited and then returning it back.

[Anonymous]

Anonymous wrote:Has anyone else been following the FTX and Binance drama? The two companies were rivals and the Binance CEO tweeted some negative things about FTX which caused them to go bankrupt. My question is: isn’t this illegal? Did Binance cause a run on a bank, which is illegal? I have no stake I’m just fascinated by this train wreck. Billions of dollars just evaporated.

Binance is also one of the original investors in FTX.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Dem donors are the best.

Is it true that Ukraine is also involved?

No idea but I wouldn't be surprised if the FTX guy had bought millions of Biden Jr's "art."

You have to respect the chutzpah.

Seems like every single person involved was a person of chutzpah.

This scandal had better be thoroughly investigated.

Kevin O'Leary (Mr. Wonderful of Shark Tank fame) is a big investor in FTX international. His investment is now worth $0. His video message to whoever cares is "I lost money in this investment. I'm taking the next flight to Washington and demanding regulation in this domain".

Crypto (and associated crap like NFTs) are a major ponzi scheme meant to part a fool from his money. Needs to be regulated so the gullible aren't left holding the bag.

[Anonymous]

Crypto (and associated crap like NFTs) are a major ponzi scheme meant to part a fool from his money. Needs to be regulated so the gullible aren't left holding the bag.

My concern with regulation here is that it would legitimize crypto as a valid investment choice. This could lead to more Aunt Millies getting screwed out of their life savings because they thought that regulation meant that it would be safe to buy into a highly speculative market. At least now people know that crypto is unregulated and offers zero protections (government or otherwise) to the buyer/owner.

[Anonymous]

Will Dems have to return the $50+ million they got?

Was Sen. Warren among the beneficiaries?

[Anonymous]

Anonymous wrote:

Crypto (and associated crap like NFTs) are a major ponzi scheme meant to part a fool from his money. Needs to be regulated so the gullible aren't left holding the bag.

My concern with regulation here is that it would legitimize crypto as a valid investment choice. This could lead to more Aunt Millies getting screwed out of their life savings because they thought that regulation meant that it would be safe to buy into a highly speculative market. At least now people know that crypto is unregulated and offers zero protections (government or otherwise) to the buyer/owner.

Commodities futures are highly regulated, I don't think many elderly aunts are speculating in pork belly futures.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Has anyone else been following the FTX and Binance drama? The two companies were rivals and the Binance CEO tweeted some negative things about FTX which caused them to go bankrupt. My question is: isn’t this illegal? Did Binance cause a run on a bank, which is illegal? I have no stake I’m just fascinated by this train wreck. Billions of dollars just evaporated.

It is worse. FTX's partner comapny was using customer assets to fund risky investments. Total Sh&t show.

It sounds like every bank utilizing fractional reserves. Binance caused a run and there is no central bank to supply liquidity or FDIC/SPIC to insure account holders. FFX sounds like it was an utter and total fraud, but if they had done the same to binance first, I doubt binance would have been able to survive a run either.

[Anonymous]

Except that pork bellies are a real thing. If Aunt Millie buys those, the worst possible case is that she gets a truckload of pork bellies delivered to her house. They're still worth something and she could certainly sell them for a nonzero price.

Crypto currency has zero intrinsic value. It's not like buying shares in IBM or Exxon Mobil. It's not like buying pork bellies.

[Anonymous]

Anonymous wrote:Except that pork bellies are a real thing. If Aunt Millie buys those, the worst possible case is that she gets a truckload of pork bellies delivered to her house. They're still worth something and she could certainly sell them for a nonzero price.

Crypto currency has zero intrinsic value. It's not like buying shares in IBM or Exxon Mobil. It's not like buying pork bellies.

If aunt millie manages to take actual delivery, she is both ingenious and a total moron. Those bellies would cause her more to dispose of than she could ever hope to sell them for (Smithfields is not buying a lot of bellies rotting on a lawn in Vienna)

[Anonymous]

Anonymous wrote:
Will Dems have to return the $50+ million they got?

Was Sen. Warren among the beneficiaries?

Dems didn’t get the money. SBF put $50m into a PAC, which then spent the money on election efforts. Any assets remaining in the PAC would be seized by U.S. bankruptcy court, but I doubt there’s anything left

[Anonymous]

Anonymous wrote:

Anonymous wrote:
Will Dems have to return the $50+ million they got?

Was Sen. Warren among the beneficiaries?

Dems didn’t get the money. SBF put $50m into a PAC, which then spent the money on election efforts. Any assets remaining in the PAC would be seized by U.S. bankruptcy court, but I doubt there’s anything left

So Dems got the money

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
Will Dems have to return the $50+ million they got?

Was Sen. Warren among the beneficiaries?

Dems didn’t get the money. SBF put $50m into a PAC, which then spent the money on election efforts. Any assets remaining in the PAC would be seized by U.S. bankruptcy court, but I doubt there’s anything left

So Dems got the money

It went to his MOMs PAC. I’m sure she and her cahoots have “competitive” salaries. It was just another money laundering scheme; it wasn’t about politics other than Dems were better cover for his EA claims.

That said, being a fraud, bilking investors to give to charity could have been consistent with the philosophy. I mean Robin Hood WAS a criminal too.

I suspect that’s how they justified all the fraud: it was for the greater good. The private jets and Bahamas free lovin condo do weaken that theory!

[Anonymous]

Warren was not a beneficiary of SBF's campaign donations; she was not running for re-election.

I don't know if there is any money left from the money he donated from this election round. There also appears to be a legal precedent that holds recipients of campaign donations not liable if they did not know the money was the fruit of fraud. So, likely no clawback for the clients.

His donations appear to have been quite apart from his mother's super PAC, Mind the Gap. That PAC's donation to this round of elections appears to have been in the hundred of thousands.

The penthouse condo has just been listed for $40 million:

https://www.seasidebahamas.com/view/NassauNew+Providence/Orchid+Bldg.+-+PH+6/20046/buy/

[Anonymous]

Anonymous wrote:Warren was not a beneficiary of SBF's campaign donations; she was not running for re-election.

I don't know if there is any money left from the money he donated from this election round. There also appears to be a legal precedent that holds recipients of campaign donations not liable if they did not know the money was the fruit of fraud. So, likely no clawback for the clients.

His donations appear to have been quite apart from his mother's super PAC, Mind the Gap. That PAC's donation to this round of elections appears to have been in the hundred of thousands.

The penthouse condo has just been listed for $40 million:

https://www.seasidebahamas.com/view/NassauNew+Providence/Orchid+Bldg.+-+PH+6/20046/buy/

LOL. You’ve clearly never been involved in political fundraising.