Cryptocurrency: Noting The Carnage
Sam Bankman-Fried's net worth fell 93% in 1 day, loses Billionaire status (cryptoslate.com) Every shitcoin scammer: Bitcoin bad (i.redd.it) Billionaires like SBF, CZ, Musk Are Not Our Friends And Never Will Be (self.CryptoCurrency) FTX isn't collapsing because of "bad" business or CZ. It's because they committed crimes (self.CryptoCurrency) FTX explained perfectly. (i.redd.it) How's everyone doing today? (i.redd.it) In case there's any confusion about what r/buttcoin wants (self.Buttcoin) Happy ATHversary: exactly one year ago, today, Bitcoin was touching its "All Time High" value at ~U$69,045.00. (self.CryptoCurrency) FTX, 3AC, Voyager, Celsius, Alameda, Hodl Do You Realize What They've Done? (self.CryptoCurrency) Binance Is Strongly Leaning Toward Scrapping FTX Rescue Takeover After First Glance at Books (coindesk.com) Crypto All the Way Down (i.redd.it) For the 10000000th Time Get Your Bitcoin Off of Exchanges (self.Bitcoin) The great Sam vs. CZ crypto war, a visual recap [Meme level over 9000] (self.CryptoCurrency) So THIS is that "red wave" I was hearing about. (i.redd.it) FTX mostly trades Bitcoin IOUs (future contracts) not real bitcoin. Coinglass shows FTX only holds about 36 real Bitcoin. The market is over reacting to the collapse of a shitcoin & IOU casino. (self.Bitcoin) Ethereum supply shock today (self.ethereum) Coinbase released a statement (self.CryptoCurrency) so..... wtf? (i.redd.it) Alright guys ! Its time for a guessing game. Which big project dies next??? (self.CryptoCurrency) BTC drops below $17,700. (i.redd.it) Imagine (i.redd.it) Only way to become a millionaire in crypto is start off as a billionaire. (i.redd.it) RIP to anyone that bought earlier today and thought they hit a fat dip. (self.CryptoCurrency) Alameda's leaked balance sheet (i.redd.it) Congrats to everyone who still sticks around. (self.CryptoCurrency) Billionaires like SBF, CZ, Musk Are Not Our Friends And Never Will Be (self.CryptoCurrency) submitted 21 hours ago by OneThatNoseOneBronze This should go without saying but it needs to be said. Billionaires are not our friends. Somehow these people manage to amass cult followings who hang on their every word almost like Gospel. Many of us have come to crypto for financial freedom and uses where conventional finance has failed us. Heck, even if you are just here for the profits these people are still very bad source of advice and trust in them is misplaced trust. I could start with SBF who seems to be intent on acquiring every single crypto company and absolutely crush the competition using what seems to be(or used to be) his unlimited bank account for unlimited buying power. He has also recently come out with some very anti-decentralization statements. Speaking of decentralization we move to CZ who has built up an image of being very pro-decentralization and yet skirts around and avoids the entire issue when it's asked about regarding BSC. On the Binance blog he claims that "decentralization is a gradient scale" and refuses to describe Binance's chain as centralized when only 19 validators are needed to alter or outright freeze the chain completely as we saw recently. Further, any and all validators are chosen by Binance themselves. Binance has also been involved in many cases of either attempting skirt around or outright just ignoring regulatory laws while at the same time CZ speaks warmly about the benefits and positivity of regulations. Elon Musk outright manipulates markets to his whim and fancy and seems to find it a fun game that he partakes in gleefully as investors may lose their life savings, futures and family funds. He talks a big game about free speech but has started permanently suspending accounts that "impersonate others", which are generally actually obvious account parodies especially those done to him. He also plays a certain segment of crypto "investors" like fiddles who pump the market and get dumped on when he "doesn't follow through" on a tweet and heavily suggest ideas he has no intention of implementing. I don't think I need to mention the likes of Do Kwon, Alex Mashinsky and John Karony as well as know their deviousness all too well. On this particular note we should realise an important step in DYOR. NEVER invest in any token or platform that has a single individual as the face of the entire company, usually the founder or CEO as the face of the company. All of these people are only here to feed their own ego, and use the veneer of crypto "freedom" to attract those already holding resentment toward traditional finance to gain their blind trust. They are here for the cash and the attention. If nothing else, find yourself a platform or product with a CEO/head whose keeps his/her head down and puts in the work and doesn't have to tweet every hour for validation. This trickles further down into investment based on "endorsements" from celebrities like Kim Kardashian, Floyd Mayweather and Tom Brady. You can even include Matt Damon in this as while it was an "above-board" paid ad, he was 100% using his name and influence to promote crypto and should clearly know the risks and backlash that it could bring but he seems to have blindly sold out for the money. Recent market events have also shown that we give these people way too much power. I saw a comment on the sub that said it's actually not a bad thing if Cefi collapses, as Defi would take over. A very interesting statement. 408 comments share save hide report top 200 commentsshow all 408 sorted by: best Want to add to the discussion? Post a comment! [–]ThatInternetGuyPlatinum | QC: CC 87, BNB 61 | TRX 8 | r/Prog. 165 75 points 19 hours ago Where do you think CZ got his money from? It's from y'all pouring billions and billions right onto his manipulative traps. permalink embed save report reply [–]fontinuos 2 points 9 hours ago What traps? Sure I might use one of the platforms/services he offers (Binance exchange) so every time I make a trade he gets a cut in fees. Multiply these with being the biggest exchange in the planet and the guy makes millions a day. permalink embed save parent report reply load more comments (1 reply) [–]SnowbatttPlatinum | QC: CC 523, BTC 15 | ADA 10 | Unpop.Opin. 13 2 points 14 hours ago Who the fuck is CZ though. permalink embed save parent report reply [–]Ghost_LagoonSilver | QC: CC 663 | VET 407 9 points 13 hours ago Just the richest guy in crypto and of of the richest on the planet. Scary guy permalink embed save parent report reply [–]ThatInternetGuyPlatinum | QC: CC 87, BNB 61 | TRX 8 | r/Prog. 165 8 points 13 hours ago CZ is the frontman for a group of wealthy, shady Chinese investors. The dude started investing in Bitcoin right around the same time I did (when BTC was $10). He likely sold out at $3K and founded Binance with the fund from Chinese investors and his. It may be smart since now he could just print BNB to prop up his net worth whenever. For the records, BNB was $3 just 3 years ago. permalink embed save parent report reply [–]Red5point1Platinum | QC: DOGE 126, CC 62 1 point 8 hours ago* you should read up on Wolong. https://steemit.com/bitcoin/@joseph/wolong-the-game-of-deception-unedited-ve... permalink embed save parent report reply [–]DentuamSilver | QC: BCH 33 1 point 6 hours ago Well said. hes a frontman. we dont know who has the truth power in the binance empire. permalink embed save parent report reply load more comments (1 reply) [–]Goldy_lordyTin 1 point 8 hours ago The real question is ... Why China blocked crypto and we have a chinese as the CEO of the biggest crypto exchange... seems some collusion here. So don't fall for this manipulative scheme. CCP control this guy... and not only this one. permalink embed save parent report reply load more comments (1 reply) load more comments (1 reply) [–]WonzkyPlatinum | QC: CC 947 179 points 21 hours ago Corporations are never your friends, they exist to make money permalink embed save report reply [–]BaecchusPlatinum | QC: CC 490 | r/WSB 11 50 points 20 hours ago Exactly, thank you. They'd throw your entire family tree under the bus for extra profit. Star struck fanboys are some of the biggest losers on this planet. permalink embed save parent report reply [–]loaded-diper33Bronze 11 points 15 hours ago What do you think is going on inside these fanboys' minds? Do they think these billionaires would give them money by being their white knights? Clowny 🤡 permalink embed save parent report reply [–]Yoda1268Tin | 2 months old 4 points 13 hours ago aspiration and belonging....(i.e. if I agree and cheer on Elon Musk, then I'm "somehow someway part of his circle."). That's why building a cult of personality is so enticing. Because once you have "followers", they'll go through brick walls for you. Look at all the dictators, nazis, fascists, generally bad dudes throughout history. they all have amassed a strong following...whether through charm or fear (generally it's a combination of both). permalink embed save parent report reply load more comments (1 reply) [–]deathbyfish13NFT Degen 2 points 13 hours ago Just like all this bullshit with Elon Musk. I don't understand the logic behind people defending him, simping over the dude like they're best buds when he doesn't give a shit about you, just your data and your wallet permalink embed save parent report reply [–]NotPresidentChumpPlatinum | QC: DOGE 340, CC 103 | r/WSB 180 7 points 18 hours ago You mean the corporation that changes their profile pic to a rainbow every month isn’t just like me??? permalink embed save parent report reply [–]GabeSterPlatinum | QC: DOGE 2475, CC 858 19 points 20 hours ago Corporate profits ATH, inflation at ATH permalink embed save parent report reply [–]CryptoScamee42069Bronze 4 points 19 hours ago And as an extension of that, businesses for profit only offer a service when they have something to gain. Either they know the chips are stacked against you, or in the long run in the bigger picture, the house wins anyway. permalink embed save parent report reply load more comments (1 reply) [–]the_far_yardStack a Sat, Stash a Gwei, Bull or Bear, D-C-A. 4 points 15 hours ago On top of this, what they are doing is known as intra-elite competition. It's fair game to them, and we're funding it- most of the time. What they are doing is similar to what you see in a sports league. It doesn't matter who stays on top, what matters is that they're in the league, and we are not. It's senseless to stay loyal to a CEX. Adjust. Always read and adjust. permalink embed save parent report reply [–]kgentesTin 9 points 19 hours ago* They are your friend if you own stock. That's the point. They are by extension the will and manifestation of the people who hold their stock ownership. And at least in most modern nations this means corporations are legal entities that can exist and perform activities that live without a moral conscience. They exist for the sole benefit of the stock holders, unless of course they are a non-profit, which theoretically means they exist to pursue and accomplish the stated charter of the nonprofit. Yes, for profit companies are there to make money. If you own stock, they are your friend, since they work to generate profits for you. If you are not a shareholder, yes you'd be ill-informed to believe that corporation would act in anything but their own self-interest. Failing to see these basic facts of market and stock ownership is your fault, not the corporations, not the market, not the governments, not the regulatory departments. Yours. permalink embed save parent report reply [–]disaintnomuthafukenPTin 1 point 16 hours ago Where is the morality in your interpretation? Just because it is, does not mean its right. permalink embed save parent report reply [–]kgentesTin 4 points 14 hours ago* I didn't say it was right. That is not the goal of the market system. Morality isn't inherintly part of it's constituent parts. Corporations are not morally founded They are instruments of market systems. That is why they are only "friends" to their own shareholders. No one else. If you heard anything else you need to reread what I said. permalink embed save parent report reply [–]danuinahTin 2 points 4 hours ago Well put; I'd like to add that absolute majority of 'retail investors' are into crypto because of free money; in this context they're no different than corporations who's intention is to maximize profits, hence talking about morality or 'good vs bad' seems contradictory and amusing at the same time. permalink embed save parent report reply continue this thread [–]Yoda1268Tin | 2 months old 3 points 14 hours ago Everyone's been brainwashed into believing that "Profit Maximization" is the ultimate moral and existential holy grail. The biggest lie ever perpetuated by capitalism. The appeal to greed is powerful. it is one of the 7 deadly sins. That's why everything is purposedly framed in a zero-sum game manner (us vs them). permalink embed save parent report reply load more comments (1 reply) [–]Aromatic-Front-5919Tin 3 points 20 hours ago Youtube has told me differently permalink embed save parent report reply [–]bakenj420Bronze 5 points 18 hours ago But, they have electrolytes! permalink embed save parent report reply load more comments (1 reply) [–]Scarecrow4980 3 points 19 hours ago and this often includes squashing the little guy. permalink embed save parent report reply [–]Routine-Detail-5576Platinum | QC: CC 26 | Buttcoin 16 4 points 17 hours ago And crypto exists to scam you out of yours permalink embed save parent report reply [–]unityVTin | 2 months old 2 points 17 hours ago What about when you own them? permalink embed save parent report reply [–]diwalostSilver | QC: CC 25 | ADA 49 2 points 17 hours ago And we exist to help them with that. permalink embed save parent report reply [–]ZoomLongTin 4 points 20 hours ago That’s why I don’t work in one. In other news if anyone’s hiring permalink embed save parent report reply [–]CryptoScamee42069Bronze 2 points 18 hours ago Will get on knees for DCA money permalink embed save parent report reply load more comments (1 reply) [–]MitochondrionbabyTin | LRC 9 | r/WSB 11 1 point 19 hours ago Vitalik won't let me down. Right Vitalik? Right? permalink embed save parent report reply [–]Walla_Walla_26Tin | ETH critic 0 points 17 hours ago Vitalik doesn’t own an exchange, but damn don’t let me down either!!! permalink embed save parent report reply [–]selphfourgivenessSilver | QC: CC 222, BTC 28 | r/CMS 26 | Superstonk 24 5 points 17 hours ago but damn don’t let me down e̶i̶t̶h̶e̶r̶ ether permalink embed save parent report reply [–]Walla_Walla_26Tin | ETH critic 0 points 16 hours ago Very nice EDIT! permalink embed save parent report reply continue this thread load more comments (1 reply) load more comments (4 replies) [–]IWillKillPutin2022Tin | 3 months old | CC critic | CelsiusNet. 50 115 points 20 hours ago Finally someone writing this! Fuck the billionaires permalink embed save report reply [–]Mr_Bob_FergusonPlatinum | QC: CC 168 27 points 16 hours ago I dare anyone to try this post in the /Tesla/ sub! permalink embed save parent report reply [–]IWillKillPutin2022Tin | 3 months old | CC critic | CelsiusNet. 50 13 points 16 hours ago Instantly banned permalink embed save parent report reply [–]deathbyfish13NFT Degen 10 points 13 hours ago Post criticism of Musk in the Tesla sub? Believe it or not, straight to jail permalink embed save parent report reply [–]IWillKillPutin2022Tin | 3 months old | CC critic | CelsiusNet. 50 2 points 13 hours ago *twitter jail permalink embed save parent report reply continue this thread [–]GuyWithNoEffingCluePlatinum | QC: CC 557 2 points 12 hours ago Stone this guy, officer! permalink embed save parent report reply [–]IWillKillPutin2022Tin | 3 months old | CC critic | CelsiusNet. 50 3 points 13 hours ago firing squad arrives permalink embed save parent report reply load more comments (1 reply) [–]niloonyPlatinum | QC: CC 1190 6 points 16 hours ago The Tesla Investors sub aren't big fans at the moment. permalink embed save parent report reply load more comments (1 reply) [–]mikiekwoodsTin 6 points 13 hours ago How bout ex-billionaires? permalink embed save parent report reply load more comments (1 reply) [–]mave_wreckTin | CC critic 3 points 10 hours ago What do you mean? We have this kind of post every single day. permalink embed save parent report reply load more comments (1 reply) [–]TavionnfTin | 2 months old 2 points 13 hours ago To be fair, SBF isn't a billionaire anymore. Do we like him again? permalink embed save parent report reply load more comments (1 reply) [–]staffellSilver | QC: CC 124 | r/CMS 16 | Politics 12 2 points 10 hours ago What do you mean *finally*. It's the most fucking obvious thing ever. permalink embed save parent report reply load more comments (1 reply) [–]TheRicFlairDripTin 3 points 13 hours ago just a reminder for everyone to use DEX instead of CEX. thats why i use rubic exchange, you can literally buy any coin their without KYC, registration or dealing with a CEX... DeFi really is the next big thing coming for crypto after all this recent manipulation of greedy billionaires permalink embed save parent report reply load more comments (3 replies) load more comments (1 reply) [–]999999999989Tin 37 points 21 hours ago CZ looks the most friendly, so maybe the most dangerous one permalink embed save report reply [–]xadiantPlatinum | QC: CC 202 | Futurology 12 13 points 12 hours ago I think he doesn't have the Messiah complex and keeps it professional unlike other crypto clowns. permalink embed save parent report reply [–]IHateEditedBgMusicBronze 3 points 13 hours ago* He's accumulating power and says SAFU a lot. He must care for me. permalink embed save parent report reply [–]Mediocre_Piccolo8542Silver | QC: CC 106 | ADA 141 4 points 10 hours ago He does, but he still stays professional, unlike other clowns with their motivational speech patterns where they say things like “let’s change the world, bank the unbanked” etc. permalink embed save parent report reply [–]IHateEditedBgMusicBronze 3 points 10 hours ago I respect CZ latest announcement about proof-of-reserves, definitely the right direction. Binance has very good practises too. In the end though, you still don't hold any keys. permalink embed save parent report reply [+][deleted] 16 hours ago (3 children) load more comments (2 replies) [–]Whole_Visible 21 points 21 hours ago* If you ever want to have a small view in how different rich people live, do grubhub/doordash in the rich part of town. Not the wealthy suburb housing dual income doctors and engineers. Talking a bit more out of the city where every lot is like 15k-20k sqft landscaped with high walls and trees and high hedges surrounding it. Then realize these aren't even the hundreds of millionaires to billionaires. You're seeing a bunch of homes of geriatric millionaires - single digit to low double digit millionaires - and their children and grandchildren whom after inheritance splitting it may not even be a million each. They still have physically close neighbors Billionaires have compounds. They have to make efforts to even see their neighbors let alone have conversation permalink embed save report reply [–]CONSOLE_LOAD_LETTERPlatinum | QC: CC 556 3 points 9 hours ago* One fact I like to remember is that if you earned a $1 million a year income you'd probably think that was a lot... but it would still take you 100,000-200,000 years to be able to match guys like Bezos, Musk, or Gates. To further put that in perspective, Mesopotamia, known as one of earliest human civilizations to ever arise, was "only" 6,000 years ago. And here's another good illustrative comparison on how crazy wealth disparity of billionaires is using grains of rice to get a better sense of scale: https://www.youtube.com/watch?v=qSOVBiEotaw permalink embed save parent report reply [–]Cravensworth_reduxPlatinum | QC: CC 60, DOGE 22 | BANANO 10 98 points 21 hours ago I'll never understand the cults that develop around these rich people. They offer nothing and are parasites. permalink embed save report reply [–]ReasonableHat60010k Moons is the goal 52 points 20 hours ago The Elon fan boys are ground-breakingly cringe permalink embed save parent report reply [–]benmck90 35 points 20 hours ago Speaking as an ex-Musk fan boy.... Space-x and Tesla were doing really cool things that nobody had done at the time. Starting right around the "pedo guy" comment a few years ago is when Musk started to lose his shine for me. Then over the years I gradually thought less and less of him until finally I'm fully on board with the Musk hate. A shame cause I really like Space-X. But you have to realize the accomplishments of Space-X aren't really because of Musk intelligence or work drive or anything like that. It's from brilliant engineers gladly taking a narcissists money and using that to drive innovation. permalink embed save parent report reply [–]ReasonableHat60010k Moons is the goal 30 points 20 hours ago* I actually worked at spaceX 2017-2019. Nothing noteworthy, a closeout technician, fancy words for “tank cleaner”. We basically cleaned out both the liquid oxygen and fuel side of the 2nd stage of the f9’s. And installed the internal components. Anyway, it was a horrible work/life experience. When I joined we were working 12-16 shifts and alternating weekends. Eventually things cooled down and it wasn’t as demanding but that was after we had a huge layoff a little before I left. The leadership sucks and they don’t last long because of the demanding workload. The silver lining was the free iced coffee. Edit: Elon did show up a few times. I maybe saw him walk through twice with this woman that looked like a twitch streamer cosplaying a goth schoolgirl. permalink embed save parent report reply [–]hughheffresTin 14 points 18 hours ago Lol Grimes that is too funny permalink embed save parent report reply [–]benmck90 5 points 20 hours ago Cool insight. Thanks for sharing your experiences! As an aside... I just make my emotional support iced coffee at home. permalink embed save parent report reply [–]ABena2tBronze | r/WSB 35 2 points 18 hours ago nice. did you quit? get laid off? fired? what happened? permalink embed save parent report reply continue this thread [–]soyoudohaveaplanTin 2 points 8 hours ago That makes sense. I have always wondered how SpaceX manages to build things at such an insane pace. permalink embed save parent report reply [–]Walla_Walla_26Tin | ETH critic 2 points 18 hours ago Elon has been kind of a tool lately. Buying twitter….wtf was he thinking? Maybe I’ll be proven wrong permalink embed save parent report reply continue this thread load more comments (1 reply) [–]soyoudohaveaplanTin 3 points 8 hours ago Would those brilliant engineers have spontaneously assembled to create SpaceX without him? Probably not. He obviously contributes something other than just money. Remember that SpaceX nearly went bankrupt. I do admire his achievements as an entrepreneur. That doesn't mean I need to like him as a person though. permalink embed save parent report reply [–]haarp1 1 point 6 hours ago also tesla, but if was from their own making - banking too much on robots if remember correctly (alien dreadnaught) permalink embed save parent report reply load more comments (2 replies) load more comments (1 reply) [–]Dude_McGuy0Tin | CelsiusNet. 45 24 points 20 hours ago* Agreed. The US in particular has a sort of "celebrity worship" culture that I don't understand. And it's not a new thing, it's been around waaay before social media. It's what fuels the entertainment channels and magazine sales at the check out stand. People put their favorite movie stars, pro athletes, musicians, and rich people in general on a pedestal. These people shouldn't have any significant influence over the population for any topic that isn't related to how they became rich/famous. But for some reason they do. If a basketball player endorses an athletic shoe that at least makes some sense. They probably have a good idea of what makes a good sports shoe. But if a Basketball player endorses a car? No one should give a shit. The person on the commercial is not an expert in what makes a good car. But people fall into this marketing hook line and sinker anyway. And that's how we end up with Tom Brady, Lebron James, and Matt Damon shilling for crypto companies. In the case of the ultra-wealthy types like Elon Musk, Warren Buffet, etc. People should only pay attention to their advice that is related to what made them wealthy. No one should give a shit about what Musk has to say about free speech, politics, social media policy, cryptocurrency, etc. The guy is famous for start-up technology companies, anything he has to say outside of the topic of business/technology shouldn't be taken any more seriously than asking your neighbor. permalink embed save parent report reply [–]Sav89_Tin 8 points 19 hours ago Some people just eat up what they see in the media and don't apply any sort of critical thinking. They need to apply the classic rule of crypto; DYOR. permalink embed save parent report reply [–]Mediocre_Piccolo8542Silver | QC: CC 106 | ADA 141 4 points 10 hours ago The US is simply more materialistic culture where people always want the newest car and newest phone. Worshipping people who create, advertise, or can at least afford all the newest material stuff is the consequence of it. Another new trend from there - bunch of fake motivational gurus and fake businessmen running from one podcast to another making smart faces while talking platitudes and giving terrible advice. permalink embed save parent report reply [–]haarp1 5 points 6 hours ago this. permalink embed save parent report reply load more comments (1 reply) [–]krollAYPlatinum | QC: ETH 84, DAI 36, CC 32 | TraderSubs 77 5 points 16 hours ago It’s the belief that prosperity is always earned and therefore Elon must be extremely smart and deserving to get where he is. It ignores the fact that Musk and most of his peers started on third base and think they hit a homer, and that a lot of success in business is down to luck or timing or really just about who you know. permalink embed save parent report reply [–]Cravensworth_reduxPlatinum | QC: CC 60, DOGE 22 | BANANO 10 2 points 11 hours ago Yes. If someone has reach the billionaire status then they must be smart and brilliant. Never mind that the had 100s of millions to start with ha permalink embed save parent report reply [–]Scarecrow4980 8 points 20 hours ago I'll never understand the celebrity cult. permalink embed save parent report reply [–]w_savageCrypto is my personality. 5 points 19 hours ago I think it's just fun to see them living a life that we wished we had. (Not me personally) permalink embed save parent report reply [–]Routine-Detail-5576Platinum | QC: CC 26 | Buttcoin 16 4 points 18 hours ago Yeah but the cult around crypto makes total sense. permalink embed save parent report reply load more comments (3 replies) [–]Ill-Addition2024Tin 3 points 12 hours ago I wont trust Binance again, just buy my crypto and send it to my Ledger permalink embed save parent report reply [–]Cravensworth_reduxPlatinum | QC: CC 60, DOGE 22 | BANANO 10 2 points 11 hours ago I agree with that logic entirely. permalink embed save parent report reply [–]Ill-Addition2024Tin 2 points 11 hours ago Shoutout to Banano permalink embed save parent report reply [–]CryptoScamee42069Bronze 3 points 19 hours ago The answer is simple. They have money. We want money. 99% of us are looking for a get rich quick scheme and they think that’s the easiest way. permalink embed save parent report reply load more comments (3 replies) [+]Vivid-Accident712 10 points 20 hours ago (0 children) [–]statesBoy313JustHodlIt 5 points 21 hours ago hey, if they give me 1 BTC they can surely be my friends permalink embed save report reply load more comments (1 reply) [–]RooostyfitalllTin 6 points 18 hours ago DEFI fixes this permalink embed save report reply [–]EmuGroundbreaking348Platinum | QC: CC 68 9 points 21 hours ago I heard they finger horses now too. Nobody's safe anymore permalink embed save report reply [–]GabeSterPlatinum | QC: DOGE 2475, CC 858 14 points 20 hours ago Can you blame them? /s obviously permalink embed save parent report reply [–]AnonyMustardGas34Tin 6 points 20 hours ago Finger Horse Inu to the moon permalink embed save parent report reply [–]brainpower11Tin | CC critic 7 points 21 hours ago If i had a billionaire friend i wouldn't be checking the charts (at least this much) permalink embed save report reply load more comments (1 reply) [–]EpicMichaelFreemanSilver | QC: CC 135, BNB 18 | ADA 472 | NVIDIA 58 4 points 12 hours ago CZ and Binance have done a lot of good for the crypto industry. Without Binance, there would be a lot less crypto adoption. permalink embed save report reply [–]Rory_RussellBronze 1 point 11 hours ago I agree. Plus CZ follows me on Twitter so I definitely agree 😄 permalink embed save parent report reply [–]bccrz_Tin | BANANO 16 7 points 19 hours ago CZ just did a hostile takeover of a major competitor at the expense of investors/shareholders. Billionaires are only beholden to their ambition. permalink embed save report reply [–]HughMungusEnigmaTin 8 points 19 hours ago I would argue he did it because SBF is lobbying for stupid crypto regulations that would serve to benefit only SBF and co. At least that's the move I would make if I were in CZs position as he's holding tokens of a project that conflicts with his core values. I'm not convinced any billionaire has the evil intent implied by OP but rather are obsessed with the game of business and are detached from the reality of the people behind the money they acquire. Friend or foe doesn't really matter. A few billionaires throwing a few hundred mill around contributes a few hundred mill more to a market cap than if they weren't around at all. They also have the power to convince the whole world that CBDCs are the way to go and that crypto is just tech for criminals like all the other billionaires think. So to that extent they most definitely are our friends and if we're so concerned about day to day volatility then government bonds are the play. permalink embed save parent report reply [–]CumonNowLesgoTin 2 points 18 hours ago Finally!! someone who actually thinks with a brain here. permalink embed save parent report reply [–]Red5point1Platinum | QC: DOGE 126, CC 62 1 point 8 hours ago indifference is evil. he didn't care who was going to be affected. the means does not justify the ends. permalink embed save parent report reply [–]BringerofsalvationPlatinum | QC: CC 95 11 points 21 hours ago Yep, billionaires didn’t get to where they are by caring about anything other than their bottom line. permalink embed save report reply [–]KeyzAndBagz 3 points 21 hours ago Gotta shit on a lot of people to get to the top permalink embed save parent report reply load more comments (1 reply) [–]p1AmericaTin 1 point 21 hours ago humanity is never a requirement for massive wealth consolidation permalink embed save parent report reply [–]Amazing_Succotash677Tin | CC critic 6 points 21 hours ago No shit permalink embed save report reply [–]justswallowhardTin | ETH critic 3 points 20 hours ago Why would they mix with peasants permalink embed save report reply [–]Titozar13Platinum | QC: CC 48 5 points 21 hours ago Decentralization is our best friend. permalink embed save report reply [–]fabiodrumsTin 6 points 19 hours ago Decentralization? What is that? permalink embed save parent report reply [–]CryptoScamee42069Bronze 3 points 19 hours ago Beats me but I hope to find out when I get a best friend permalink embed save parent report reply load more comments (1 reply) load more comments (1 reply) [–]sickvisionzSilver | QC: CC 568, r/DeFi 101 | r/SSB 24 | Politics 21 7 points 20 hours ago Someone literally posted "CZ and SBF aren't your friends" this morning. Stop farming. permalink embed save report reply load more comments (1 reply) [–]PrinceZero1994 2 points 20 hours ago I won't be here if they were my friends. I'd be right there with them living the life. permalink embed save report reply [–]DKIPurpleTin | Superstonk 22 2 points 19 hours ago The only billionaire I trust is future me 🤞🏾 permalink embed save report reply load more comments (3 replies) [–]Balantines_ka_chodaTin | 3 months old | CC critic 2 points 12 hours ago We know, never trust billionaires. permalink embed save report reply [–]afischer83Bronze | ADA 5 2 points 9 hours ago One of them already not a billionaire permalink embed save report reply [–]BatmanNightBronze 2 points 9 hours ago We were laughing and stuff but they really did a number on us permalink embed save report reply [–]DerWaldbubTin | 0 months old 3 points 15 hours ago I know they are not my friends. And I don't expect them to be my friends. But in the case of Musk: I like Tesla and Tesla has increased the speed of electrical car adoption. I like Starlink. I like rockets that go up and LAND again. That's futuristic for me. And if Musk gets Starship together, Humankind will - just like that - enter a new phase of space exploration. I can't hate Musk for that. The behemoth NASA doesn't get any of that done. As for CZ. I have money on his exchange, I'm staking there. He keeps his exchange strong. He makes BNB be relevant. For me, seeking for financial freedom, that's attractive. Sure monopoly is bad and yada yada, but RIGHT now my money is relatively safe. It's not on some exchange that can collapse over the weekend. And for that - again - I can't hate CZ. Actually, they're doing what I want them to do. permalink embed save report reply [–]Mountain-Bar-2878Tin 2 points 20 hours ago Shitpost, we already know this permalink embed save report reply load more comments (1 reply) [–]meeleen223Moons = Magic Internet Money Vol. 2 4 points 21 hours ago CZ has the same ideas of grandeur like Zuck and Elon Elon on the other hand is a narcissit who tries hard to be relatable to us commoners In the end we are just pawns to them permalink embed save report reply [–]bny192677Platinum | QC: CC 403 12 points 21 hours ago I cant forget the day elon dumped Bitcoin payment and the market crashed , fuk him permalink embed save parent report reply [–]Ill-Addition2024Tin 2 points 12 hours ago Their only intend is to take money from retail permalink embed save parent report reply [–]SomewhereAtWorkTin | Politics 11 2 points 11 hours ago Don't call youself "retail" and make it sound like a mom 'n' pop shop. You are as greedy and bad as they are. The only difference is that you are poor. permalink embed save parent report reply load more comments (1 reply) load more comments (1 reply) [–]busmobbingTin 3 points 20 hours ago Elon musk is my friend. permalink embed save report reply load more comments (1 reply) [–]bad-crypto-adviceDon’t do the opposite of what I say. 6 points 21 hours ago* No How dare you speak about my heroes like this. These billionaires are geniuses. They know better than you how to handle your money. Their richness proves it. They deserve your money and respect, otherwise they’ll never bring us into wealth once they’ve reached the pinnacle. permalink embed save report reply [–]DeeperBagsTin 6 points 21 hours ago Is this a sarcastic bot with a serious comment or a serious bot with a sarcastic comment or both? permalink embed save parent report reply [–]DeeperBagsTin 10 points 21 hours ago It's a serious person that looks like a sarcastic bot posting a serious comment. permalink embed save parent report reply [–]bad-crypto-adviceDon’t do the opposite of what I say. 5 points 21 hours ago Definitely not a bot. And very serious. I’m one of the best investors in this entire community. permalink embed save parent report reply [–]Ill-Addition2024Tin 2 points 12 hours ago One of the most famous permalink embed save parent report reply load more comments (1 reply) [–]OneThatNoseOneBronze[S] 4 points 21 hours ago lol mate for your vote ratio you might really want to add a /s permalink embed save parent report reply [–]AnonyMustardGas34Tin 8 points 20 hours ago Look at his username 😉 permalink embed save parent report reply [–]bad-crypto-adviceDon’t do the opposite of what I say. 4 points 20 hours ago Why would you assume that I’m being sarcastic? permalink embed save parent report reply [–]Four_KrustiesTin 2 points 16 hours ago /s is for cowards permalink embed save parent report reply [–]Ill-Addition2024Tin 2 points 12 hours ago Ah I just saw your username and it's you. All good permalink embed save parent report reply [–]CymandeTVYour forever DM 2 points 21 hours ago Révolution ! permalink embed save report reply [–]MortalFarmerTin 3 points 19 hours ago cry some more permalink embed save report reply load more comments (4 replies) [–]Part-SelectBronze | QC: CC 24 2 points 20 hours ago what if CZ is my friend in real life permalink embed save report reply [–]FadedPosterSilver | QC: CC 146, ETH 35 | ADA 64 | Politics 163 1 point 19 hours ago He’s my friends uncle permalink embed save parent report reply load more comments (1 reply) [–]Chora_agora69Tin -1 points 18 hours ago Hate him anyway permalink embed save parent report reply load more comments (2 replies) [–]BYEenbroPlatinum | QC: DOGE 95 | CC critic 3 points 20 hours ago Hitpiece 💩 permalink embed save report reply [–]I_Love_FonesTin 2 points 19 hours ago This week's crypto volatility teaches all of us: Don't use blockchains funded by centralized exchanges e.g. Binance Smart Chain, Cronos, KCC. Don't use centralized exchanges that promote their own minted tokens for trading discount e.g. Binance, FTX, KuCoin. Don't trust millionaires and billionaires that are posting often on social media; they have an agenda as shown with the FTT and Solana crash. permalink embed save report reply [–]HughMungusEnigmaTin 3 points 19 hours ago I only use Binance and I'm doing fine and idk how you came to that conclusion. Did you know they have a flexible interest saver for USDT and BUSD that pays 8%? my shitty bank charges me monthly account keeping fees and only offers an interest rate of fuck all with bonus fuck all if I don't withdraw. So idk what alternative there is. All I see from defi is hacks on bridges and everyone's over leveraged. permalink embed save parent report reply [–]I_Love_FonesTin 3 points 18 hours ago I've been doing just fine earning yield in Defi. To each his/her own. If CZ is willing to crash another exchange's crypto as a hostile takeover maneuver, then I want nothing to do with his exchange, blockchain, or BNB/BUSD. permalink embed save parent report reply load more comments (1 reply) [+]Zaytion_ 2 points 19 hours ago (13 children) [–]da_real_jubjubTin 2 points 19 hours ago They've helped develop the tech industry and have brought good things to the crypto world. Theyre not my friends but they're also not the enemy. permalink embed save report reply [–]HughMungusEnigmaTin 1 point 18 hours ago Exactly! I'd rather they throw a few hundred mill into the market cap and spread the positivity of financial freedom than be any other billionaire and just say it's only tech for criminals and that we should all be excited for CBDCs and long for the day that we own nothing and everything is a rental. permalink embed save parent report reply load more comments (1 reply) [–]Infamous_Barnacle_17Tin | TRX 5 | AvatarTrading 11 1 point 21 hours ago I truly believe billionaires are the scourge of the earth but that doesn’t mean we can’t benefit from their actions. permalink embed save report reply [–]ThatInternetGuyPlatinum | QC: CC 87, BNB 61 | TRX 8 | r/Prog. 165 2 points 19 hours ago If they don't provide utility, it means you're benefiting from the next guys. Think of some music streaming service where millions are happy to pay to listen to songs, and if you invest in such a service, you're profiting from revenues generated from the utility. On the other hand, if you're profiting from the tweets of billionaires, you're just gambling which is never sustainable. permalink embed save parent report reply load more comments (1 reply) [–]Intelligent_Page2732Platinum | QC: CC 912 1 point 21 hours ago Like they will ever become a friend of a nobody like me. permalink embed save report reply [–]Cosmic___Anomaly22Tin | 3 months old 1 point 21 hours ago anyone who is rich is not your friend permalink embed save report reply [–]CryptoScamee42069Bronze 5 points 19 hours ago I can’t wait until I’m so rich everyone hates me permalink embed save parent report reply load more comments (1 reply) [–]xContaminatedxTin 1 point 20 hours ago As much as I hate to say it, coinbase seems to have proven itself as being a very top Exchange, while yes the fees are ridiculously high, and their spread on prices are rough, it’s a US, publicly traded, regulated, company that, other than the recent poly incident that even effected me, has stayed the most consistent and least controversial. Coin base not having their own coin is honestly being shown to be the best method for an exchange. Granted this isn’t to say coinbase is the best, or that it doesn’t have major flaws, but it seems to be the least controversial. If only they don’t have half ass customer support permalink embed save report reply [–]Connect_Fee1256Bronze 2 points 15 hours ago Kraken makes them look pretty average permalink embed save parent report reply [–]DMugreIn Satoshi we trust 1 point 19 hours ago All my friends are dead, push me to the edge🎼 permalink embed save report reply load more comments (1 reply) [–]aZamarykBronze | GMEJungle 170 | Superstonk 346 1 point 19 hours ago Theyre all scammers. Fuck them all. permalink embed save report reply load more comments (1 reply) [–]2globalnomadsTin 0 points 21 hours ago Billionaires like SBF, CZ, Musk Are Not Our Friends And Never Will Be I am afraid you got that wrong. Musk will always be your friend as long as you keep polluting our planet with his electric cars. permalink embed save report reply [–]HannyBo9Platinum | QC: CC 52 0 points 21 hours ago You wouldn’t hate yourself if you were one. permalink embed save report reply load more comments (1 reply) [–]Alex_The_Old_KidPlatinum | QC: CC 248 -2 points 20 hours ago You don t become a billionaire by being friendly permalink embed save report reply [–]Ill-Addition2024Tin 2 points 11 hours ago Truth has been spoken permalink embed save parent report reply [–]eviloctoPlatinum | QC: CC 38 | Politics 84 2 points 11 hours ago And for some reason he's being down voted for it. permalink embed save parent report reply [–]DeeperBagsTin -2 points 20 hours ago Meanwhile, Jeff Bezos is quietly buying his 2 millionth bitcoin and snickering. permalink embed save report reply load more comments (1 reply) [–]XohduhPlatinum | QC: CC 325 | TraderSubs 10 0 points 18 hours ago Eat the rich permalink embed save report reply [–]54sTAtEsTin | 0 months old 0 points 18 hours ago A lot of jealousy in this sub. We are involved with finances and you’re shitting on the most successful people in this field. You can live however you want but don’t preach out of jealousy and misguided hate it’s not a good look. permalink embed save report reply [–]SnowbatttPlatinum | QC: CC 523, BTC 15 | ADA 10 | Unpop.Opin. 13 0 points 14 hours ago Thanks, Captain Obvious. permalink embed save report reply [–]supercali45Platinum | QC: ALGO 26, CC 17 | Politics 488 0 points 12 hours ago Duh .. MuskRats didn’t learn from when he crashed crypto last year with his Doge coin SNL bullshit, him buying Bitcoin for Tesla and dumping when convenient, him tweeting to pump and dump suckers permalink embed save report reply [–]Danji1Tin 0 points 11 hours ago Thank you captain obvious. Anyone he believed otherwise deserves to lose all their money. permalink embed save report reply [–]aminokPlatinum | QC: ETH 427, CC 385 | TraderSubs 388 -2 points 18 hours ago* Musk has done an incredible job in helping human civilization move forward, with SpaceX and Tesla. I don't want him - or any one for that matter - to own the financial system, and that's why I support Ethereum/decentralized-finance, but I do support his efforts in those fields which are currently not amenable to decentralization, like rocket launches to space and battery electric vehicle manufacturing. As for your pop-critique of Musk which is mostly regurgitated from anti-Musk tweets by diehard Democrats - who are targeting Musk only because he's not onboard with the Democrat's censorship regime - let's parse it: Elon Musk outright manipulates markets to his whim and fancy and seems to find it a fun game that he partakes in gleefully as investors may lose their life savings, futures and family funds. Musk exercises his right to Free Speech, by commenting on things. If idiots decide to invest based on jokes he tweets about Doge, that's on them, not Musk. Musk has no legal or moral obligation to self-censor, because what he does by tweeting is not "manipulate markets". He talks a big game about free speech but has started permanently suspending accounts that "impersonate others", which are generally actually obvious account parodies especially those done to him. When those accounts are using the exact same tactic that scammers use to deceive people, which is to copy the display name and profile picture of a famous person's account, then it's no longer just parody, it's deception, and fair game for banning. He also plays a certain segment of crypto "investors" like fiddles who pump the market and get dumped on when he "doesn't follow through" on a tweet and heavily suggest ideas he has no intention of implementing. See point one: he has a right to free speech. Casual musings are not indications he intends to do anything, and any one who perceives it otherwise only has themselves to blame. permalink embed save report reply [+]Luffydude comment score below threshold (1 child) [–]AutoModerator[M] 1 point 21 hours ago Here is a Nitter link for the Twitter thread linked above. Nitter is better for privacy and does not nag you for a login. More information can be found here. I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns. permalink embed save report reply [–]FootballBat69Platinum | QC: CC 206 1 point 20 hours ago Fuck em all permalink embed save report reply load more comments (2 replies) [–]pmbproinvalid string or character detected 1 point 20 hours ago Agree. Waiting for the next tiresome fake battle of the ‘beefing’ billionaires too. permalink embed save report reply [+]ShinobiHanzo 1 point 19 hours ago (0 children) [–]Odysseus_LannisterPlatinum | QC: CC 1447 1 point 19 hours ago I think people conflate themselves as “pre-billionaires” where they idolize behavior like this because they think it will make them successful. News flash: it doesn’t. It just makes you a petty dick without billions of dollars. You’re never gonna be Uber rich, so start enjoying the littler things in life and learn to live happily within your financial realm. permalink embed save report reply [–]Cheese6260Bronze 1 point 19 hours ago They play life with different rules permalink embed save report reply load more comments (1 reply) [–]fabiodrumsTin 1 point 19 hours ago CZ is the shadow of the Do Kwon sorcery. permalink embed save report reply load more comments (1 reply) [–]lordchickenburgerMoon and bitcoin are me love 1 point 19 hours ago moral of the story we should rich people are there to F everyone permalink embed save report reply load more comments (1 reply) [–]HeyYes7776Tin 1 point 19 hours ago Um sorry to say the same investors that backed the web2 assholes have centralized the web3 investment deal flow and all the data to source and pump their founders companies. And now here comes Blackrock!!! Lol these web2 LPs and Investors only invest in people just like them. It’s what makes this market a real danger to the economy. How is Andreessen going to invest in an “anti-Zuck”? They love themselves. They only back founders that reflect themselves back to them. permalink embed save report reply [–]dig1futureTin | 1 month old 1 point 19 hours ago Exceptions in mind most are controlled too man if they actually rose from lower classes over time. Its why I prefer to get high multi millions at most because you still get to do what ya want. Not so at those levels and higher. They will also be the first, again exceptions in mind as always, to see the effects of all this tech like CBDCs in action. They have their own unique situation. permalink embed save report reply [–]vegetablewizardTin 1 point 19 hours ago Someone should repost this every day permalink embed save report reply load more comments (1 reply) [–]masstransienceBronze | QC: CC 19 | LRC 7 | Politics 117 1 point 19 hours ago But they said they’d love me forever if I just gave them everything I had… permalink embed save report reply [–]Waiting-For-Godot-64Tin 1 point 19 hours ago Were they supposed to be? I think not. permalink embed save report reply [–]RCBT88Tin 1 point 19 hours ago I thought we were friends Matt 🤕🥲 permalink embed save report reply load more comments (1 reply) [–]Mikeyctc 1 point 19 hours ago* Everyone needs to find ERGO or projects that instill the same transparency and values,. ERGO is truly decentralized, Fair launch, and working toward defi solutions that are for users, Not the VC’s and scam artists permalink embed save report reply [–]thenudelmanSilver | QC: CC 837 | IOTA 35 | TraderSubs 15 1 point 19 hours ago There are no friends in the market permalink embed save report reply load more comments (1 reply) [–]kgentesTin 1 point 18 hours ago If you think that SBF is a billionaire, you aren't paying attention. permalink embed save report reply [–]DreadknotXPlatinum | QC: CC 116, XRP 25, BTC 19 | Politics 13 1 point 18 hours ago I’ve had my suspicions permalink embed save report reply [–]KevinOpelFounder of Delay 1 point 18 hours ago I thought all the Billionaires were cool with us :( permalink embed save report reply [–]revertiblefateTin 1 point 18 hours ago True thats why we shouldn't pick side on this crypto exchange turf war. Binance is trying to enter us market by buying out ftx. permalink embed save report reply [–]Individual__Tin 1 point 17 hours ago Absolutely. They'll always sellout for money permalink embed save report reply [–]Next_Foundation_3892Tin 1 point 18 hours ago The video that started the debate. All Retailers pay the price. SELF CUSTODY PRIME IMPORTANCE IN BEAR MARKETS! https://youtu.be/Ytaa_5liwMA permalink embed save report reply [–]letsgetyoustartedTin | GMEJungle 5 | GME subs 21 1 point 18 hours ago OP all I want to know is, are you my friend? permalink embed save report reply [–]Ill-Addition2024Tin 2 points 12 hours ago I am your friend, not just because we both lost a lot of money this year permalink embed save parent report reply [–]Ephemeral_DreadBronze | NEO 5 1 point 18 hours ago SBF isn't a billionaire ;) permalink embed save report reply [–]Ill-Addition2024Tin 2 points 12 hours ago Yikes permalink embed save parent report reply [–]CVV1Platinum | QC: CC 88 | PCgaming 18 1 point 18 hours ago SBF is no longer a billionaire. You should fix the title. It’s easier to go from billionaire to millionaire in crypto than anything else. permalink embed save report reply [–]Kevin3683Silver|QC:CC474,ETH44,BTC39|CelsiusNet.51|ExchSubs34 1 point 18 hours ago Elon is the “I’m not like the other girls” of billionaires permalink embed save report reply [–]LemonConnoiseurTin | 3 months old 1 point 18 hours ago I ain’t anyones friend and I ain’t rich permalink embed save report reply load more comments (2 replies) [–]baha3xTin 1 point 18 hours ago And still there is someone out there buying dogecoin because of elon permalink embed save report reply
We’re about to find out about effective altruism (i.redd.it) submitted 4 hours ago by mehtabot 98 comments share save hide report all 98 comments sorted by: best Want to add to the discussion? Post a comment! [–]leducdeguisethis is not financial advice 150 points 4 hours ago CZ probably didn't like the recipe used at FTX to cook the books. Cooking is a very personal thing permalink embed save report give award reply [–]Zhukov-74 33 points 3 hours ago This is exactly why Regulations exist. It’s insane that this was just allowed to happen for years on end. permalink embed save parent report give award reply [–]bobj33The margin call is coming from inside the scam! 5 points 2 hours ago Bankman Fraud has made millions in campaign contributions permalink embed save parent report give award reply [–]FPL_Harry 6 points an hour ago hundreds of millions. I know it's a common dumb whataboutist claim from the butters but truly the American system of government that allows "official bribing" under the moniker of "lobbying" is in incredible scam on their people too. permalink embed save parent report give award reply [–]bigmean3434 3 points an hour ago Amen permalink embed save parent report give award reply [–]paul__k 36 points 3 hours ago Take 2 parts Enron, 1 part Lehman, add dangerously high levels of leverage, and let simmer on medium heat for 12-18 months. permalink embed save parent report give award reply [–]Couve_do_Lidlrecognizes genius 8 points 3 hours ago Goes well with a glass of Stampante Paolo Ardoino D.O.P. permalink embed save parent report give award reply [–]Boollish 22 points 3 hours ago Or it was always just a scheme to prop up confidence in markets while they ran for the exits. permalink embed save parent report give award reply [–]Grig134 3 points an hour ago This is my thought as well. Binance is fully aware of the financial chicanery FTX is up to. permalink embed save parent report give award reply [–]shemanese 21 points 3 hours ago I knew this was dead when they said they needed to do a due diligence and a non-binding LOI... permalink embed save parent report give award reply [+]realhuman8762 comment score below threshold (5 children) [–]ShotgunMage 35 points 4 hours ago CZ fucked up the shorts. Now he's going after the longs. permalink embed save parent report give award reply [–]AprilSpektra 4 points 2 hours ago Oh no, not Justin Long! permalink embed save parent report give award reply [–]Elimaris 7 points 3 hours ago Captain Cook and the chili pepper signature eh? permalink embed save parent report give award reply [–]TheRealSlimKami 111 points 4 hours ago “FTX is going to bail out Celsius!!! They fucked up bad but FTX is totally solvent and the funds are safe!!” a few moments later “Binance is going to bail out FTX!!! They fucked up bad but Binance is….” What could happen next?! No one knows! All we know is, funds are safu! permalink embed save report give award reply [–]Socalwarrior485 52 points 4 hours ago Safu? Like “Seriously All Fucked Up”. Nailed it. permalink embed save parent report give award reply [–]_volkerball_ 36 points 4 hours ago stolen away from us permalink embed save parent report give award reply [–]current_the 24 points 2 hours ago That is pretty much what Darth Roubini's take on the whole thing was: First FTX bails out collapsing crypto Ponzi scams. Now FTX is collapsing & being bailed out by Binance. But who will bail out Binance when that crappy house of cards collapses? Crypto is Mother Of All Ponzi Schemes! permalink embed save parent report give award reply [–]LogicIsTheSecret 8 points 2 hours ago It's like Russian dolls ... one ponzi within another ponzi ... and so on and on ... permalink embed save parent report give award reply [–]clint125warning, I am a moron 76 points 4 hours ago Tether is going to need another printer. permalink embed save report give award reply [–]SnarkConfidant 27 points 4 hours ago "We're gonna need a bigger boat sucker." permalink embed save parent report give award reply [–]FlightOfThePigs 14 points 3 hours ago Paolo is going to need a printing assistant or a big raise. No way can he man 2 printers on his own permalink embed save parent report give award reply [–]magicspellingbee 2 points an hour ago Paolo is investigating extradition treaties. permalink embed save parent report give award reply [–]Arma_Diller 1 point 2 hours ago Why do you have that flair? permalink embed save parent report give award reply [–]magicspellingbee 0 points an hour ago Another minter. permalink embed save parent report give award reply [–]anyprophet 50 points 4 hours ago FTX is looking increasingly like a ponzi but, no shit? what did anyone expect it to be? does anything thing binance's books are clean? this was always about destroying a competitor. if there was anything worth salvaging they were going to take it. permalink embed save report give award reply [–]ShouldersofGiants100And DON'T COME BACK! 41 points 3 hours ago if there was anything worth salvaging they were going to take it. I think what was worth salvaging was entirely a look into their books. FTX obviously has holdings in crypto. Knowing exactly how much and in which coins means they know which currencies will drop when FTX liquidates. Whole thing seems like a bit of insider trading—they can short the entire market, including the coins FTX is most invested in and control the timing, since only they know exactly when they will announce the deal "fell through". It's the kind of scam that is brazenly illegal in the stock market, but not in a completely unregulated scam market. permalink embed save parent report give award reply [–]polishlastnames 7 points 2 hours ago Oh wow. Never thought of it this way. SBF let the Trojan horse in his compound. permalink embed save parent report give award reply [–]A_Sexual_Tyrannosaur 0 points an hour ago And by compound, you mean asshole. permalink embed save parent report give award reply [–]TomStanford67 1 point an hour ago That sure sounds like fraud that wouldn't escape prosecution regardless of the lack of regulation around crypto. Just because crypto is unregulated doesn't mean players in this space are free to commit all manner of crimes already on the books. permalink embed save parent report give award reply [–]ShouldersofGiants100And DON'T COME BACK! 1 point an hour ago Insider trading typically only applies to stocks. If FTX was publically traded and they pulled the same tricks to short the stock, the FTC would hunt him to the ends of the earth. But while crypto has many of the same functions as stocks, but is not covered by the regulations. Insider trading and open price manipulation have been rampant in the crypto space for years, as have a number of other things that are illegal in stocks. They are never prosecuted. What Elon did with Dogecoin and Bitcoin, for example, would absolutely have been criminal if he did it with a stock. In fact it was and he was punished for it when he did it with Tesla (albeit mildly). There's no fraud here. It's all financial crimes which are specifically illegal in trading stocks. Half the appeal of the crypto space is that it operates enough like a stock market for old style crimes to be reused, but is different enough to not be regulated the same way. permalink embed save parent report give award reply [–]HugeBernieExcellent roadmap! 18 points 4 hours ago Things worth salvaging: SBF's rights to acquire previously bailed out crypto companies for cheap List of gambling addicts (users) permalink embed save parent report give award reply [–]TheAnalogKoalaMichael Saylor Poe 11 points 4 hours ago For sure. The most effective people to scam are previous scam victims. permalink embed save parent report give award reply [–]Traditional-Ad3161 7 points 3 hours ago Bingo. That's why every poster on r/Scams gets dms from recovery scammers and why people who buy NFTs are common spear-phishing targets. permalink embed save parent report give award reply [–]brock_h 8 points 3 hours ago Lol. Let it go into insolvency and the legal system will release the lists for free like Celsius. Victims of FTX fraud won't win from this. It needs to be repeated over and over: SBF is a fraudster and a con artist. People are shifting blame. permalink embed save parent report give award reply [–]HugeBernieExcellent roadmap! 2 points 2 hours ago If I'm a casino, I want to buy my rival's contact list and keep it private. I don't want it leaked. And notably, the Binance and FTX arms involved here are non-US so no US citizens should even have claims against them (lol). permalink embed save parent report give award reply [–]paul__k 14 points 3 hours ago Spoiler: Crypto in its entirety is all a bunch of highly levered, interlinked Ponzis. permalink embed save parent report give award reply [–]Chaaaaaaaarles 1 point an hour ago "Within spreadsheet cells - interlinked." permalink embed save parent report give award reply [–]monkorn 1 point 2 hours ago All Crypto Are Bastards. permalink embed save parent report give award reply [–]MKorostoffNot Big Tony. Anything but Big Tony! 53 points 3 hours ago SBF: "Please buy my insolvent company." CZ: "Yes." [CZ looks at the books] CZ: "I can't buy this, it's insolvent." permalink embed save report give award reply [–]UmichAgnos 36 points 4 hours ago So no one is getting rescued now? Who is going to rescue voyager and celcius? permalink embed save report give award reply [–]barsoapguy 19 points 4 hours ago No one that’s who . permalink embed save parent report give award reply [–]PityJ91 23 points 4 hours ago That no one guy is really generous permalink embed save parent report give award reply [–]thebabaghanoush 7 points 3 hours ago Founders already embezzled their cut, and a few early whales cashed out. They would like to thank all the plebeians who lost money for the extra wealth! permalink embed save parent report give award reply [–]JennItalia269 10 points 4 hours ago Waiting for Superman to come to their rescue. permalink embed save parent report give award reply [–]Nahbjuwet363 4 points 3 hours ago I hear Alex mashinsky has some GPUs permalink embed save parent report give award reply [–]MacHaggis 44 points 4 hours ago Ah, they're pulling an Elon. permalink embed save report give award reply [–]anyprophet 43 points 4 hours ago lol yeah apt comparison. "i'm going to buy twitter so i can fix the bot problem!" "i can't buy twitter there's a bot problem!" permalink embed save parent report give award reply [–]cromatkastar 37 points 4 hours ago binance at least learned from elons mistake. signed a non intent rather than whatever the fuck elon did that made him lose 44 billion dollars permalink embed save parent report give award reply [–]Traditional-Ad3161 14 points 3 hours ago Elon signed an airtight legally binding contract. This was none of those things. permalink embed save parent report give award reply [–]TheFasterBlaster 4 points 2 hours ago If by learned you mean listened to anyone with an iota of insight into M&A. If you’re going to spend billions on a company you might want to conduct Due Diligence on it first! permalink embed save parent report give award reply [–]ShouldersofGiants100And DON'T COME BACK! 26 points 3 hours ago Nah, Elon was dumb enough to make an actual offer, sight unseen. CZ wrote a deliberately non-binding Letter of Intent—he could show up, decide he didn't like the colour of a lawyer's tie and drop the deal for that if he wanted to. I think most people called this from the start—he was never going through with it. Use the offer to get access to a whole bunch of information that might be useful (like, for example, what currencies he might want to short when FTX collapses because of their holdings) and then pull out, letting them die. permalink embed save parent report give award reply [–]DifferentRole 8 points 2 hours ago To be fair- someone on the internets dared Elon to buy Twitter, his hands were tied permalink embed save parent report give award reply [–]current_the 21 points 2 hours ago If Coindesk keeps doing actual journalism like this there will soon be no more coins on their desk to write about. permalink embed save report give award reply [–]coriolisFX 3 points an hour ago inshallah permalink embed save parent report give award reply [–]barsoapguy 12 points 4 hours ago The only reason they wanted to see the books is so that they could figure out who to short ,that’s it . permalink embed save report give award reply [–]recycledbits 6 points 3 hours ago Also get more time to offload their FTT bag? permalink embed save parent report give award reply [–]barsoapguy 3 points 3 hours ago That too permalink embed save parent report give award reply [–]campionesidd 2 points an hour ago Wouldn’t that be considered insider trading? Or do cryptos not fall under that purview? permalink embed save parent report give award reply [–]barsoapguy 3 points an hour ago Crypto is new technology, old laws like insider trading don’t apply because “new” permalink embed save parent report give award reply [–]campionesidd 2 points an hour ago A scammer’s paradise indeed. permalink embed save parent report give award reply [–]IsilZha 2 points an hour ago Which is a "feature" to cryptovangelists. Until they want to be saved by the same system that they didn't want to be regulated by. permalink embed save parent report give award reply [–]DongerTheWhitewarning, i am a moron Troll 25 points 4 hours ago “After glancing” lolol permalink embed save report give award reply [–]ShadowHound75 10 points 4 hours ago Called it! permalink embed save report give award reply [–]Traditional-Ad3161 8 points 3 hours ago The funniest kind of rugpull. permalink embed save report give award reply [–]mnamilt 8 points 2 hours ago* Note: this comment is mainly for myself to talk myself through what is happening. Pure speculation/based on feelings, not on facts. CZ participates in the flywheel scheme with BNB, and knows that FTT, CEL and Luna/Terra are flywheel schemes. CEL and Luna blow up, and the public widely learns about the existence of flywheel schemes, and how they work. FTX bails out Alameda over the summer, and CZ somehow privately learns about this. He now knows that FTX is insolvent, and that this means impending unavoidable doom for FTX in the future. Early november the CoinDesk article comes out alleging the insolvency of FTX. Based on this, CZ estimates that is inevitable that FTX will blow up pretty soon, since once the knowledge spreads about this, a bankrun is inevitable. CZ holds an 500M USD worth of FTT that will thus soon become worthless. This spooks CZ into finding a plan how to get as much value out of the coming disaster, both from the sale of FTT, as well as other options to profit. First, he sells as much FTT as possible without moving too much of the price. Its probably not that much, but its the most he can get out of it. Then, he announces of Twitter that they will divest from their FTT. This ensures that the bankrun will kick off immediately and happen extremely quickly. SBF has very little time to respond as when he sees the bankrun start happen. After the first few hours he can tweet that everything is fine. A few hours later he has to start beginning people to save FTX to the tune of a billion dollars. Another few hours later he is in a 6 billion hole. Everyone says no, because lol. SBF is completely desperate. CZ calls SBF to buy FTX and fix the issue, pending he do due diligence and see the entire orderbook. SBF is so desperate he says yes, not thinking it through that it is obviously a trap by CZ, as CZ will obviously back out of the deal. CZ now has access to the entire orderbook. Binance can now trade significantly more effectively in the market, and make significantly more money of it. CZ cancels the deal, because lol he does not want to have to pay billions of dollars to people. Binance tries to extract much assets from FTX by trading against it. EDIT 15min later: Traders with money in their FTX account now start trading with funny money, and try to extract as much money from their accounts as well. This both leads to money being sucked out of the space at a rapid speed. This causes the significant drop in prices now. These prices will continue to drop more and more rapidly, as everyone will want to put their money out of the system. This might actually be a deathspiral for the full ecosystem then? permalink embed save report give award reply [–]devliegende 3 points 2 hours ago I think in general you are spot on in that CZ played the whole thing to sink SBF. Except that it is likely more about ego than profit. CZ could end up a loser as well, because next stop maybe more regulations permalink embed save parent report give award reply [–]blackmobius 6 points 3 hours ago They dont want to capsize by directly absorbing the losses, a d figure they can withstand the partial collapse on their own permalink embed save report give award reply [–]TheAnalogKoalaMichael Saylor Poe 7 points 4 hours ago Wow. Literally no one saw that coming. No one. permalink embed save report give award reply [–]feignignorencewarning, I am a moron 3 points 3 hours ago I don't mean to be mean, but SBF's appearance didn't really inspire confidence... Is it no surprise that his little thing fell apart? CZ and Kris also don't inspire confidence too btw, lol permalink embed save report give award reply [–]Finnegan_Faux 2 points 2 hours ago CZ may not bail out SBF after all. That’s FTX’d up. permalink embed save report give award reply [–]YoungMaleficent9068 2 points 2 hours ago Anyone thought they pull through? Biance has it's cash in musk now. He's going to sink Twitter. Then Biance collapse. I am only familiar with chicken nuggies permalink embed save report give award reply [+]BenjyMemeMan 1 point 4 hours ago (0 children) [–]anonymousnuisance 0 points 2 hours ago Didn't we just see this with Elon? Won't this go to court? I say this because he signed a Letter of Intent. Pretty sure that's the same thing Elon did. Maybe because of different circumstances this won't be as bad? permalink embed save report give award reply [–]devliegende 4 points 2 hours ago Elon waived due diligence and signed an actual offer permalink embed save parent report give award reply [–]Effective_Try_again 2 points an hour ago Nah they signed a non binding letter, very different from what Musk did permalink embed save parent report give award reply [+]drlogwasoncemine comment score below threshold (5 children) [–]LoongBoat 1 point 2 hours ago When a guy with supposedly a $20 billion net worth keeps playing the double or nothing game that got him there… eventually the coin lands tails (unless you’re in Rosencrantz and Guildenstern Are Dead, and their luck doesn’t last forever either). Could have taken a few bil and bought something in the real world. permalink embed save report give award reply [–]Remarkable-Ad155 1 point 2 hours ago Love "glancing" 😂 Wonder what put them off? 🤔 permalink embed save report give award reply [–]joyoftoy 1 point 2 hours ago Gee, didn’t see this one coming permalink embed save report give award reply [–]polishlastnames 1 point 2 hours ago This is it boys. This is the beginning of the end. permalink embed save report give award reply [–]MightSuggestSex 1 point 2 hours ago Last chance to get in below...hold on, let me check...17,000! Few understand permalink embed save report give award reply [–]Humble-Economics-648 1 point 2 hours ago There’s always a way. permalink embed save report give award reply [–]Acceptable-Brain-334 1 point 2 hours ago Basically all of these crypto exchanges might be handed over to the Banking Institutions. permalink embed save report give award reply [–]entered_bubble_50 2 points an hour ago The funniest part of this crypto collapse for me is the number of crypto bros finding out they never even owned any crypto in the first place. They "bought" some in these exchanges, and are now finding out the coins never existed. They just had a number on an account on a website. permalink embed save report give award reply [–]Jimger_1983 1 point an hour ago This is good for Bitcoin!!! permalink embed save report give award reply
FTX Post-Mortem: Bankman-Fried Admitted The "Ponzi Business" Of Crypto Yield Farming Months Ago https://quoththeraven.substack.com/p/the-magic-ponzi-business-of-crypto https://quoththeraven.substack.com/p/why-crypto-chaos-is-all-but-certain https://quoththeraven.substack.com/p/bitcoin-one-hubris-laden-interview https://www.bloomberg.com/news/articles/2022-04-25/sam-bankman-fried-describ... Over the summer, I was stunned when a friend of mine sent me an interview with FTX CEO and crypto billionaire Sam Bankman-Fried that I had never seen before. In the interview, Sam, who I recently noted knows more about the inner bowels of the defi/crypto space than anybody, basically came out and admitted that crypto lending was one giant Ponzi scheme. Of course, many of us knew that the space was a ponzi scheme already - as I have been adamantly outspoken about - but it was the sheer, unadulterated, matter-of-fact-style, bald-faced admissions by Bankman-Fried that caused my jaw to drop when I read it and listened to it this week. Now, looking back on it after FTX's collapse this week, it's even more stunning that nobody saw it coming. 3 months before the collapse of crypto lending firms, it was literally just…out there…in the public, from the man who knows the space best, that such companies were, in essence, total Ponzi schemes. First, here's a video of SBF explaining how DeFi works like a ponzi scheme. Then, there were Bankman-Fried’s comments on the Odd Lots podcast with Matt Levine. Matt asked the same daring question that Peter Schiff asked of Celsius CEO Alex Mashinsky back in November 2021: where does the extra cash for yield farming actually come from? While Mashinsky ducked the answer, at least Bankman-Fried tried to describe it, though he did so as a “black box” where new investor money pays back old investor money. Also known as a Ponzi scheme. “Can you give me an intuitive understanding of farming? I mean, like to me, farming is like you sell some structured puts and collect premium, but perhaps there's a more sophisticated understanding than that,” Levine asks Bankman-Fried, per a Bloomberg transcript of the interview. Bankman-Fried responds: “You start with a company that builds a box and in practice this box, they probably dress it up to look like a life-changing, you know, world-altering protocol that's gonna replace all the big banks in 38 days or whatever. Maybe for now actually ignore what it does or pretend it does literally nothing. It's just a box. So what this protocol is, it's called ‘Protocol X,’ it's a box, and you take a token. You can take ethereum, you can put it in the box and you take it out of the box. Alright so, you put it into the box and you get like, you know, an IOU for having put it in the box and then you can redeem that IOU back out for the token.” Later in the interview, when pressed on where the actual generated value comes from to pay the yields by Levine, Bankman-Fried expounds on his statements: “Describe it this way, you might think, for instance, that in like five minutes with an internet connection, you could create such a box and such a token, and that it should reflect like, you know, it should be worth like $180 or something market cap for like that, you know, that effort that you put into it.” He continues: “In the world that we're in, if you do this, everyone's gonna be like, ‘Ooh, box token. Maybe it's cool. If you buy in box token,’ you know, that's gonna appear on Twitter and it’ll have a $20 million market cap. And of course, one thing that you could do is you could like make the float very low and whatever, you know, maybe there haven't been $20 million dollars that have flowed into it yet. “Maybe that's sort of like, is it, you know, mark to market fully diluted valuation or something, but I acknowledge that it's not totally clear that this thing should have market cap, but empirically I claim it would have market cap.” One host responds cynically: “It shouldn't have any market cap in theory, but it practice, they always do. Okay.” Bankman-Fried confirms this and continues, calling the box “magic” and explaining further: “That's right. So, and obviously already we're sort of hiding some of the magic impact, right? Like some of the magic is in like, how do you get that market cap to start with, but, you know, whatever we're gonna move on from that for a second. So, you know, X tokens [are] being given out each day, all these like sophisticated firms are like, huh, that's interesting. Like if the total amount of money in the box is a hundred million dollars, then it's going to yield $16 million this year in X tokens being given out for it. That's a 16% return. That's pretty good. We'll put a little bit more in, right? And maybe that happens until there are $200 million dollars in the box. So, you know, sophisticated traders and/or people on Crypto Twitter, or other sort of similar parties, go and put $200 million in the box collectively and they start getting these X tokens for it. And now all of a sudden everyone's like, wow, people just decide to put $200 million in the box. This is a pretty cool box, right? Like this is a valuable box as demonstrated by all the money that people have apparently decided should be in the box. And who are we to say that they're wrong about that? Like, you know, this is, I mean boxes can be great. Look, I love boxes as much as the next guy. And so what happens now? All of a sudden people are kind of recalibrating like, well, $20 million, that's it? Like that market cap for this box? And it's been like 48 hours and it already is $200 million, including from like sophisticated players in it. They're like, come on, that's too low. And they look at these ratios, TVL, total value locked in the box, you know, as a ratio to market cap of the box’s token. And they’re like ‘10X’ that's insane. 1X is the norm.’ And so then, you know, X token price goes way up. And now it's $130 million market cap token because of, you know, the bullishness of people's usage of the box. And now all of a sudden of course, the smart money's like, oh, wow, this thing's now yielding like 60% a year in X tokens. Of course I'll take my 60% yield, right? So they go and pour another $300 million in the box and you get a psych and then it goes to infinity. And then everyone makes money.” Bloomberg’s Matt Levine then sums it up at the end of Bankman-Fried’s comments: “I think of myself as like a fairly cynical person. And that was so much more cynical than how I would've described farming. You're just like, well, I'm in the Ponzi business and it's pretty good.” Over the summer, I wrote about how these statements reaffirmed my belief that there are more blowups taking place behind the scenes than we knew about in crypto, as I pointed out in a piece. Today, in November, it still remains a harbinger of bad news for the space, in my opinion.
Exchanges moving to self-transparency, funny they all could but so few bothered.
For 2022 midterms alone... Sam Bankman-Fried has thrown $30 Million to Democrats.
https://cointelegraph.com/news/republican-lawmaker-claims-sec-chair-was-coor... Tom Emmer, the recently reelected Republican lawmaker representing Minnesota’s 6th district in the United States House of Representatives, has alleged Securities and Exchange Commission Chair Gary Gensler had been helping FTX CEO Sam Bankman-Fried to gain a “regulatory monopoly” through the crypto firm. In a Nov. 10 tweet, Emmer criticized Gensler for “run[ning] to the media” amid FTX’s liquidity issues causing ripples throughout the crypto market. According to the Republican lawmaker, his team was looking into the SEC chair’s alleged collaboration with Bankman-Fried and FTX, but only cited reports presented to his office as evidence without providing details. Interesting. @GaryGensler runs to the media while reports to my office allege he was helping SBF and FTX work on legal loopholes to obtain a regulatory monopoly. We're looking into this. https://t.co/SznowgcP6V — Tom Emmer (@RepTomEmmer) November 10, 2022 Gensler spoke on CNBC’s Squawk Box shortly before Emmer’s statement, not disputing records that SBF met with SEC officials on March 29. The SEC chair said many similar meetings led to the same message to crypto industry leaders — “non-compliance is not gonna work” — but did not confirm reports that the regulatory body was investigating the FTX US exchange.
The Internet archive mill now churning out clip memes... https://v.redd.it/vskxq2whycz91 Jews Did FTX Lol https://wonder.fi/ Dropped FTX
https://twitter.com/ercwl/status/1590752393758617600 Hitler https://www.youtube.com/watch?v=K2ku1A5Ox8U Goxxed https://twitter.com/HowieBTC/status/1590905563692806144 Twit "The guy that calls for strict regulations, its always the fucking same Vegan Lefties Altruism Cant make this up"
Retards, Shills, Thieves, and Fraudsters... https://twitter.com/QTRResearch/status/1591245149064945664
https://twitter.com/Hedgeye/status/1591500609567399936
"If there's ever a place I could be that I'm not gonna get in trouble, it's gonna be at FTX" -Kevin O'Leary That crybaby investor Leary is now running to US Congress and demanding State regulation and mommy coddling over his own stupidity, such a real big baller he is. This one actually did his DD and avoided with free choice, proving regulation is unnecessary... https://twitter.com/BTC_Archive/status/1591391705680719877 1/ @SECGov staff met with @SBF_FTX on March 23, 2022, to discuss “no action relief”. That is SEC jargon for a regulatory free pass. 👇🏻 Latin American Bitcoin Conference: Samson Mow talks about grifters printing shitcoins out of thin air sitting next to guy who printed shitcoin out of thin air. Justin Sun feigns bailout of FTX just to shill his own shitcoin. Craig Wright aka FakeToshi finally rolls out coin confiscation on BSV. So many people crying pointing fingers, real crypto money doesn't have these problems. Lots of real crypto in wrappers vaporized = deflation, ftw.
Random quotes... https://www.youtube.com/watch?v=v7djYYE63Ug Ya Played Yourself https://i.redd.it/tfk8bvkopjz91.jpg https://www.tiktok.com/t/ZTRxtxK58/ Remember, SEC slammed LBRY the free speech service down, no one wanted that. Democrats let FTX SBF ride to rake in that sweet donor money to their corrupt pockets. Notice the SEC never mandates education, blocks people from buying into pre-IPO etc, but still lets them lose all on crap stocks. Crypto needs to regulate itself ASAP or it will get stuck in Govt mud. Crypto didn’t fail but people failed...people putting their money in cex and organizations entrusting them to do something on their behalf is the very industry we’re trying to get rid of I am sure there a pure coincidence that Gensler and Alameda CEO's dad are colleagues from the MIT Economics Department. It's a big department, that may not even know each other. Oh, look her mom works there too, probably doesn't know Mr. Gensler either. They were working with FTX while blocking Coinbase……remember that. Gary was picking sides. The SEC funnelled tax payers funds into half baked lawsuits and didn’t go after the bad actors. If the house flips Gary will most certainly be on capital hill every 2 seconds. If they were not constantly meeting with FTX about regulations this wouldn’t look so bad. This is one of the biggest blunders in SEC history. Ontario Teachers’ Pension Plan invested US$95M into failing crypto platform FTX
From a BlockFi employee: "The only reason FTX bailed us out was to get our user funds onto their platform to use in their shell game. They applied immense pressure to get BlockFi funds migrated to FTX custody. Employees were told by executives not to ask questions about the move"
https://news.bloombergtax.com/financial-accounting/madoffs-case-provides-pre... https://youtu.be/QsEsgwjfNME https://twitter.com/Leerzeit/status/1591554396567080960 Scammy exchanges are not geniuses changing the world, they are banks with a fresh coat of paint. People are so bad at self custody and being responsible that they trust these third party middlemen with their funds. Third party middlemen by the way who exist solely to suck out your money via trading spreads, fees and their scummy exchange tokens. Not your keys not your coins isn't a meme, people have to stop treating it like one. Centralized exchanges are not your friends, they are run by people who want to skim money, who will gamble your funds with zero remorse and care literally nothing about you if they go under. Stop giving them the power you already hold. Trust centralized exchanges as much as you'd trust a public toilet. Use it if you absolutely have to, withdraw quick and for the love of God don't leave anything you actually value in one.
Newest members of the "I Fucked Up" Hall of Eternal Shame and Flame... Barry Silbert Cameron Winklevoss Tyler Winklevoss Sam Bankman-Fried Lol. Now instead of going after the real Frauds above and themselves, Govts and Politicians are going after you and your right to Privacy and Freedom, this way the GovCorpPols can preserve their criminally corrupt theft graft money laundering and prop regime... from your pockets, to theirs... https://cryptobriefing.com/eu-moving-to-ban-privacy-coins-report/ The European Union is reportedly considering a ban on privacy coins, including Monero, Zcash, Secret, and Dash. The EU is reportedly working on an anti-money laundering policy proposal prohibiting banks and crypto providers from interacting with privacy coins. If enacted, the policy would effectively blacklist a host of popular cryptocurrencies, including Dash and Monero.
"If we named our company Shitcoin Daytraders Inc... -- SBF" SBF talking about how Alameda Research got its name... https://twitter.com/Bitfinexed/status/1591929530939473920 Politicians Announce December Hearing to Investigate FTX Collapse https://republicans-financialservices.house.gov/news/documentsingle.aspx?Doc... Instead of properly coralling the Fraudsters Thieves and piss poor managers and riskers of Other Peoples Money, nor rightly insisting upon just full transparency reporting for these Corps leaving everything else to freemarket competition and progress of crypto for human freedom, they will try in vain to regulate and shutdown distributed p2p crypto in favor of propping up survival of their central shitcoin banksters and themselves. Crypto is stronger and has the winning philosophies of Freedom Privacy and more on its side, as such, they will fail. The nanny state cannot and does not help you [1], one must instead become educated on markets, insist on transparency, and your keys. Personal responsibility, independence, charity, is a necessary change for freedom, but it's not hard. [1] Lottery tickets, Casino's, Corporate stock bankruptcies, "No Duty to Protect", money printing devaluation inflation thieving fruits of your labor, subsidies raising prices and engulfing entire peoples and nations in debt, etc...
@JackMallers blasts the situation https://twitter.com/BitcoinNews2905/status/1592992294109876224 @stoolpresidente Im gonna go live with @jackmallers at 10am on Twitter to talk @ftx_app and @SBF_FTX collapse. I got lots of questions. If @SBF_FTX wants to join he is welcome to More and more begin to grok crypto... " This is only the beginning, in the end, cryptocurrency will prove to us all that it was never designed to be centralized. Let's use Bitcoin as an example, but please feel free to use any truly immutable decentralized coin or token in its place for what I am about to type here, because for one reason or another, a lot of you must have forgotten this, or just never knew it to begin with. If you purchased Bitcoin when it was $1.00 per coin, or you purchased it at $69,000 per coin and you stored it yourself, meaning you had control of your own keys, and you weren't the one who threw your computer out that you had it all on like a true dumbass, you would still have all of your Bitcoin, and so long as you never sold, only bought, to this very day you never would have lost a thing, not your coins, or any value, because you held your own keys, essentially being your own bank, and never selling, essentially being your own exchange... that's what cryptocurrency was designed to be. I think we all have to start taking responsibility for what goes on in the cryptocurrency space as a whole, and stop asking for justice from the very same people we were supposed to no longer need. Stop being an idiot, stop being lazy, and take control of your own cryptocurrency. Be the bank you always wished could exist. You've had that power since 2010... you have that power now more than ever... now just use it. "
New FTX CEO John Ray’s insights about FTX: "Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.” On 11/30, the NY Times was planning to host a live event with SBF, Zuckerberg, the CEOs of TikTok and Blackrock, and U.S. Treasury Janet Yellen as speakers with to attendance fee of $2,400. Twilight of the Crypto Celebs: Celebrities such as Tom Brady, Gisele Bundchen, and Shohei Ohtani face a class-action lawsuit for their roles touting the now-wiped out FTX. Senator Cynthia Lummis: Do you know how many bitcoin FTX had when it declared bankruptcy on Friday? Zero. None. Bitcoin is unique among cryptocurrencies. It's a commodity. Every other cryptocurrency is a security. Tether still hasn't imploded yet... https://www.bloomberg.com/news/features/2021-10-07/crypto-mystery-where-s-th... https://i.redd.it/m912f926kd0a1.jpg Psychopaths strike again... https://www.vox.com/future-perfect/23462333/sam-bankman-fried-ftx-cryptocurr... https://news.yahoo.com/tumblr-blog-linked-ex-alameda-234427813.html https://dair-community.social/@timnitGebru/109351494613908969 https://v.redd.it/d4hwlhk6eb0a1 Balance sheet... https://i.imgur.com/Um6LGWch.jpg https://www.benzinga.com/markets/cryptocurrency/22/11/29747643/sam-bankman-f... Blockfi tries to hide by deleting their "leadership team" staff list, Internet preserves it for all to see and share... https://blockfi.com/team/ https://i.redd.it/6q3yhxa85e0a1.jpg https://blockfi.com/recap-reddit-ama-with-chief-risk-officer-yuri-mushkin https://old.reddit.com/user/flori_blockfi Zac Prince - CEO & Founder Flori Marquez - COO & Founder Amit Cheela - Chief Financial Officier Meg Crowell - Chief People Officer Alex Grigoryan - Chief Technology Officer Adam Healy - Chief Security Officer Rob Loban - Chief Accounting Officer Jonathan Mayers - General Counsel Yuri Mushkin - Chief Risk Officer David Spack - Chief Compliance Officer Andrew Tam - Chief Marketing Officer Shannon Allmon - GM of Retail Products Brian Oliver - GM of Institutions https://youtu.be/zTFhnpf-IE0 https://www.google.com/amp/s/decrypt.co/114719/tumblr-blog-linked-ex-alameda... https://knowyourmeme.com/news/ftx-insider-claims-to-be-releasing-uncensored-... https://sbfleaks.eth.limo/ https://boulderbugle.com/91ifljxe Mark Wetjen is the head of FTX Policy & Regulation. He also happened to be Barack Obama's Commodity Futures Trading Commissioner. The General Counsel of FTX, Ryne Miller, used to be lead counsel to Gary Gensler when he was CFTC Chair. Gary Gensler’s old boss at MIT was Glenn Ellison. Glenn Ellison's daughter is Caroline Ellison, which is the CEO of FTX's sister-company Alameda Research. Alameda Research is a quantitative cryptocurrency trading firm that was managing over 10 billion dollars worth of crypto assets. This is the same Alameda Research that illegally used over 4 billion dollars of FTX customer's funds to prop it up as it was sinking. Sam Bankman-Fried personally personally made over $45 million in political campaign contributions and two other FTX employees made an additional $30 million in political campaign contributions.
https://www.youtube.com/watch?v=08kwAmgQt0w No one knew... whaaaat?!?! https://www.youtube.com/watch?v=YuV-xz8rnCE https://www.youtube.com/watch?v=g5JiEkLhtus https://www.youtube.com/watch?v=2sJ20hr68qg https://www.youtube.com/watch?v=GT4W5a-hLnM https://www.youtube.com/watch?v=fi_rPKgoEnw https://www.youtube.com/watch?v=QwLy1xZfk90
Alex Pertsev, the Tornado Cash dev has been wrongly imprisonned for 99 days Are Regulators Behind FTX Hack? Creditors Appear to Think So https://tokenist.com/are-regulators-behind-ftx-hack-creditors-appear-to-thin... Court filing accuses Bahamas gov't of making SBF hack FTX and transfer assets to them https://www.dailymail.co.uk/news/article-11437361/Sam-Bankman-Fried-admits-l... Disgraced Sam Bankman-Fried blames his EX-GIRLFRIEND for FTX collapse and loss of $32BN - as he admits he lied about being moral and calls ethics a 'dumb game we woke Westerners play' https://knowyourmeme.com/news/ftx-insider-claims-to-be-releasing-uncensored-... Binance is not holding verifiable proof of reserves for ETH/XRP in the BNB ecosystem and is failing to hold adequate reserves / or show reserves for most of its other cryptos. They only verify that they hold 30% of the ADA in the BNB ecosystem. Crypto Exchange Gemini Suffers $485M Rush of Outflows Amid Contagion Fears https://finance.yahoo.com/news/crypto-exchange-gemini-suffers-485m-234234084... Ex-girlfriend of disgraced FTX founder bragged of 'regular amphetamine use' on Twitter https://www.dailymail.co.uk/news/article-11432007/Ex-girlfriend-disgraced-FT... Mainstream media now suddenly realizes FTT/FTX was a fraud, but still no one is asking questions about the rest of the market which is entirely propped up by different flavor of same shit. (Tether and other stablecoins) https://twitter.com/Bitfinexed/status/1593102572151222273 https://twitter.com/alifarhat79
" SBF could even be a patsy, while still possibly being a criminal fraudster in this story. A patsy who believed in crypto, being controlled by those who believe in fiat. “They are buying all the Lambos, Mortimer! This shit is getting out of hand. Time to kill the baby.” The broad crypto community can’t even imagine the perspective of someone who thinks all of crypto (and BTC) is a bunch of bullshit. For lots of reasons, the concept of cryptocurrency always pissed off the old white collar on a blue striped shirt finance guys. What if FTX did not find itself in this situation by unfortunate circumstance? What if it was built for this? What if FTX was created to eat Ponzi schemes in the wild and deplete them of any actual cash they had? Because the whole project was actually architected by those who don’t really believe in crypto? It just had to survive long enough to eat all of the major Ponzis in the space. Extracting all the cash and paving the way for regulatory pushback. It would go something like this: Create a crypto exchange Become a market maker and mover Pretend to be US compliant by having a placeholder US presence (FTX.us) Maybe make a stablecoin (was in progress) Definitely make a market traded token (FTT) Liquify the token with dollars (USDT) Target Ponzicoin projects with proven real world cash reserves Advance them liquidity via FTT Securitize the loans with their cash Extend their runways, allowing them to keep aggregating cash Wait for their collapse Take their cash, book a loss Repeat Do this until you have wiped out all the major players and have set the stage for a changing of the guard. This money eating machine was always destined to fail. But so was the market it played in. Perhaps the creators of FTX decided to roll up all the Ponzis in a giant mega-Ponzi and extract all the cash for as long as possible. It might have lasted longer but for the recent bitcoin price drop which injected a black swan into the timeline and likely blew out a lot of positions FTX was counting on to remain solvent. Where the money was intended to go is open to speculation. How this started is a more interesting question. How much dollar liquidity flowed into FTX via USDT to create credibility for the FTT token is a much more interesting question. "
Full Spectrum Domination 1984 "Famous Dems donors: Madoff: 89% to Dems, Epstein: 92%, Weinstein: 92%, SBF (FTX): 99% to Dems A Ponzi schemer, pedophile king, Hollywood sex predator & Crypto scam artist are among Dems' top donors all-time. So, are we "allowed" to ask if the Democrats' agenda is a giant scam?" FTX SBF circlejerk with Gensler SEC Democrats Bribes $50M++ Laundering CIA Ukraine Rebecca Nudelman Sam Bankman-Fried Not in prison Crypto Crash Frauded Distrust FUD to Force Total Regulation Formalize War On Cash and War On Crypto and WEF's CBDC Rollout. Next to the total defraudment of the 2020 Elections, this fully engineered allowed and quietly permissioned crypto "collapse" is the second biggest scam against humanity and freedom since 9/11, Creature From Jekyll Island, and what they did to Assange. All Freedom is very close to being wiped out via Total Global Monetary Control, and Biden just got up on stage and called for it. Ziya Sadr has been arrested. Fuck all that. FIGHT BACK !!!
World Economic Forum partnered with FTX to launder a War Fund to Democrats ... Let that sink in. https://i.imgur.com/hjzTEs2.png Maxine Waters met the Bahamas PM on April 25, 2022… they discussed crypto… on April 26 FTX started their Bahamas crypto conference… here SBF is seen hugging the Bahamas PM and Bill Clinton… Maxine Waters will now lead the FTX "congressional hearing"… Does anyone fine it suspicious FTX has WEF ties and their demise and CBDC pilots began at the same time? Foreign aid goes to Ukraine. Ukraine invests in FTX. FTX donates back to the Democratic Party. Are you paying attention? "TRUMPLOSE" - name of one of FTX investment balance sheets (link to video evidence in SS) Wayback machine is one of the most powerful tools against tyranny. Klaus babies, after laundering billions in Ukraine through cryptos, are trying to hide every piece of evidence showing any ties with SBF and FTX. But wayback machine never forgets. FTX/SBF/WEF fiasco was/is a massive financial psyop... SBF working w the feds to take down crypto? The False Face of SBF, FTX, and ESG FTX and the Democratic Party... This is getting interesting. https://i.redd.it/m6g3otp3byz91.png It is increasingly looking like the Democrats 2022 campaigns were funded by kickbacks from Ukraine funding using FTX as the pass-through vehicle Word count of NYT's puff piece on SBF: "Fraud": 0, "Enron": 0, "Crime": 0, "Illiquid": 0, "Stolen": 0, "Hidden": 0. "Criminal": 0, "Back door": 0, "He's getting sleep": 1 FTX donations to politicians from foreign entities like Ukraine are in violation of Executive Order 13848 signed by President Trump and Biden FTX funded the bogus trial that found: Ivermectin was ineffective against covid. Small world. SBF FTX Alameda BoyLover GirlLover Pedophile Symbols Before the heist: Listen to SBF when asked "where do you see FTX in five yeras?" MISSING PIECE IN FTX/SBF MELDOWN - WHO IS MICHAEL KIVES? Connected to SBF, The Clintons, Warren Buffet, Michael Lewis and even Elon. $300million from Alameda. AND NO WIKIPEDIA PAGE? (Detailed SS) FTX should be a reminder that money laundering schemes always involve politicians, celebrities, world leaders, and other wealthy people. Manufacturing consent through misdirection and tribal conflicts allow the elite to get away with 9/11, The Patriot Act, silencing Julian Assange, Insider Trading in Congress, Jefferey Epstein's Network, slashing corporate taxes, Covid lockdowns, Panama Papers, Ukraine, and FTX. They Live, We Sleep So is this whole FTX Ukraine scandal gonna be forgotten about in 2 weeks like everything else?
How Fed Easy Money Fueled The FTX Crypto Collapse https://mises.org/wire/how-easy-money-fueled-ftx-crypto-collapse The collapse of the crypto exchange FTX may prove to be a canary in the coal mine of the easy-money fueled crypto bubbles. FTX's collapse has exposed just how little due diligence is actually taking place among investors who are apparently willing to put large amounts of cash in whatever place looks like the hottest new thing and promises—without convincing evidence—big-time returns. Indeed, FTX seems to be a textbook example of how many investors are easily hoodwinked by media narratives about the latest investment genius who has magically discovered some new way of delivering unprecedented returns. The "genius" in this case is Sam Bankman-Fried, a 30-year old MIT grad who ran FTX into the ground and had placed control of his clients' money in the hands in the small number of friends with virtually no real experience, knowledge, or scruples about how to responsibly manage funds. Financial record-keeping and reporting at the company was haphazard at best. The calculations will be murky for a while, but it now, it looks like FTX has "lost" at least one to two billion dollars of client funds, not to mention billions of dollars in investments in the company that evaporated. Much of it was probably just stolen. But it's difficult to guess at this point because FTX didn't bother to put together an accounting department. FTX new CEO reports the state of the company's financial management is worse than Enron. Yet, hundreds of thousands—possibly more than a million—clients were willing to pour money into the exchange. Some put most of their entire net worth. Institutional investors put in much more. Sequoia Capital, for example, famously put $210 million into FTX. "Due diligence" involved a "last-minute Zoom call" with Bankman-Fried during which he played video games. That money is now all "missing." Why were so many willing to so carelessly hand over much of their life savings to an operation run by a man-child in short pants who was essentially accountable to no one? The answer lies in the fact that when we mix speculative manias with decades of central-bank-fueled easy money, we end up with a world in which FOMO and a desperate search for yield leads to disaster. The FTX implosion is exactly what we should expect to see as our decade-old bubble economy comes to grips with rising interest rates, a slow-down in easy money, and a looming recession. Slowing Monetary Inflation Creates a Problem for Leveraged Crypto As I showed earlier this week, the tech sector overall is facing losses and a need for cost-cutting as the price of borrowing—i.e., interest rates—goes up. Up until this year, this inevitable economic decline was repeatedly delayed because many problems and inefficiencies in a business can be papered over when it's always possible to just borrow more and pay off old debts with new cheaper debt. The gambit works when interest rates are continually falling, as has been the case over the past 40 years. That is, it was easy to do so until recently. Now that firms can no longer always count on more cheap money coming down the road, losses and out-of-control expenses become a problem. When borrowing costs go up, inefficient and fraudulent companies have a harder time covering up losses and a lack of revenue. This becomes especially problematic for highly leveraged companies that have enormous debt-service costs, engage in financial shenanigans, and take on high risk investments like derivatives. In recent months, we've begun to see crypto exchanges get into trouble for similar reasons. FTX is just the most spectacular recent example, but FTX could have kept its problems hidden for longer had the easy money kept flowing as usual. Here's what happened: As a crypto exchange, FTX functioned in some ways like a quasi-bank. Clients put money into the exchange as a way to facilitate client investments and use of their crypto to both invest and consume. Much of this also revolved around FTX's crypto token known as FTT. Clients were "depositors" of a sort. Like a bank, however, FTX also tried to make money by making investments of its own through a sister company, a crypto-trading firm called Alameda Research. FTX was effectively acting as a fractional-reserve bank, using client "deposits" to make speculative investments through Alameda. But then the easy-money economy this year tightened up slightly as the Federal Reserve raised rates and backed off Quantitative Easing. One effect of this was falling prices for a variety of crypto currencies, FTT among them. Investors—both small-time crypto buyers and large institutional investors—began to sell their crypto or forego new purchases in order to get liquidity for use elsewhere. As a result, ordinary clients at FTX began to withdraw their holdings. Meanwhile, large crypto exchange Binance began to sell its own considerable holdings of FTT. Suddenly, FTX had to give large numbers of departing clients their money back. But FTX had already committed much of its money elsewhere: like many investors, Alameda and FTX were making riskier bets in an effort to stay ahead of inflation in a Fed-created world of ultra-low yields. FTX then found that it didn't have enough liquidity to meet its obligations to clients. Moreover, as the Fed scaled back on QE and the economy slowed, asset prices began to stagnate. This meant FTX's collateral was losing value and it could not be easily sold to cover client withdrawals. On November 11, it all collapsed. This wouldn't have happened—at least not right now—had the easy money still been flowing. Clients would not have lost interest in FTT tokens to the same extent, and FTX could likely have taken out some new loans to cover whatever rising costs it was facing. The can would have been kicked down the road yet again. But as it was, there simply wasn't enough liquidity anymore for the scam to continue. Thus, we find that leveraged crypto faces many of the same problems that other highly leveraged high-risk ventures face. Once the easy money dries up, financial obligations remain, but new loans to pave over the problems are difficult to come by. This problem was noted months ago by Bitcoin consultant Caitlin Long of Custodia Bank who opposed leveraged crypto as a form of circulation credit—i.e., unbacked "savings."
From Yield Famine to Collapse
Bankman-Fried was able to keep up the ruse for years in spite of manifestly dishonest business practices, absurd accounting, and good old-fashioned grifting. But the fact is that countless investors are so susceptible to cons like those promoted by SBF because investors want to believe them. Thanks to "yield starvation" brought on by years of financial repression, investors are desperate to find a hero who can promise big returns, even if the risks appear to be high. As economist Brendan Brown has noted, there will always be speculative narratives and manias. But when a search for yield becomes especially acute, things are made far worse. The financial sector then becomes enamored of financial celebrities like SBF. Fortune magazine then features SBF on its cover. Countless news programs featured SBF as a wunderkind expert on the new economy. This was further enhanced by the fact that much of the client money SBF mismanaged—i.e., stole—was used for enormous public relations campaigns designed to burnish SBF's image and clout. He gave immense amounts of money to the Democratic party and used funds to win over countless elites in the media. Even as SBF's fraud was exposed, The New York Times and The Washington Post were still running articles about how SBF and his associates are merely misunderstood do-gooders. SBF himself admitted his image was all part of a con. The PR worked, and speculators hopped up on easy money continued to put money into FTX with little to no true due diligence. Many investors forget that when the easy money is flowing, financial mediocrities, and even outright frauds, can be made to look like legitimate geniuses. Unfortunately, it often requires only the smallest amount of monetary tightening to expose the grift, and then the party is over.
https://twitter.com/OnTheTapePod/status/1593960785742647297 https://www.risk.net/derivatives/7948566/cme-chiefs-arguments-at-ftx-hearing... "Duffy went to Congress and told them FTX was a bankrupt business model and he was ignored just like he was ignored when he said Corzine knew he had used customer funds and knew where the missing $1.6 bullion was." According to Bloomberg sources "familiar with the investigation", the US Attorney’s Office for the Southern District of New York, led by Damian Williams, spent several months working on a sweeping examination of crypto currency platforms with US and offshore arms and had started poking into FTX’s massive exchange operations. The focus of the probe was on compliance with the Bank Secrecy Act which requires financial institutions take steps to prevent money laundering and terrorism financing, and which has been used by authorities to go after crypto platforms that allegedly falsely claimed that they don’t serve US customers.
From SBF & Co.'s perspective, whether or not they succeeded in establishing the GCDB, they took a lot of money from Bitcoiners competing with the globalists and used it to fund the election of
From the moment of the repo market crash on September 17, 2019, I expected some sort of theater to usher in a new post-dollar era. But I could not yet imagine a controlled Pandemic Theater like the one we're
https://roundingtheearth.substack.com/p/a-grand-unified-theory-of-the-ftx https://rumble.com/v1uggke-cryptocurrency-ftx-collapse-w-mike-btc-insider.ht... A Grand Unified Theory of the FTX Disaster The Wars of Wars: Where the Wars Intersect Rounding the Earth Newsletter Mathew Crawford Nov 20 Links and comments addendum... "No matter what political reasons are given for the war, the underlying reason is always economic." -A. J. P. Taylor This is the work of many hundreds of people, distilled and organized in a way that hopefully brings the Bigger Picture to light—at least insofar as we all can research and interpret it better. Apologies to those participating whose work is not included in the scores of links provided. So far as I can tell, everyone has this story wrong. Many people put together some frame of the puzzle just fine, but this can be a dangerous distraction, so I'd like to take a shot at sorting it out. After all, it's only human extinction on the line. Follow me on this… I may edit parts in or out, or write additional articles to clarify related events. TL;DR - You may want to break this up into two or three reading sessions. This is by far the longest article I've written. It has to be. And it won't be the tightest or best-edited. But it's the most important one to date, so I don't want to hold back. My apologies. The FTX-Alameda (FTX-A) tale is a prime example of my true motivation for writing at Rounding the Earth, and the reason why I have to fragment the focus: these different threads of war are absolutely necessary for understanding the Bigger Picture. The goal was always to lay out lessons embedded in the articles that might help more people open their eyes to the specifics of what is taking place, and therefore to be able to do something about it. This is the moment when it should become clear why I've been doing what I've been doing. The stakes are pretty high—this is a historical battle in the larger World War E. There is no simple preview, but here are some of the topics we hit: A giant cryptocurrency exchange, FTX, and its companion quant trading/investment firm, Alameda Research, have collapsed in what appears to be a leveraged Ponzi-esque event that poisoned many other businesses in the nascent crypto-finance ecosystem. This isn't exactly the right story, and I am to clarify. FTX was likely one of several available attempts by the Globalist Elite to establish the intended new global financial network and currency. A second attempt to control digital currencies is likely planned to take place through the regulatory system, using the FTX debacle as the excuse. The flood of information about the first point seems meant to obscure the second, third, and other points. The pandemic is the fog of war intended to create the opportunity and obscure the activities behind this plan. This plan connects a lot of stories, including the activities of Bill Gates and Jeffrey Epstein. It weaves through MIT Media Labs along the way, but goes to the heart of the powers who ultimately control the military-intelligence-banking complex—and that include the pedophile elite. Whitney Webb has done us great favors tunneling toward much of this, but hasn't yet reached the core (an overly tall task for any one person). The endgame is conceived as an intellectually (genetically) superior human race, but that may be merely a conceptual construct of an insane network of situationally brilliant, if overconfident psychopathic elites. The mass gathering of genetic data and gene-drive technology likely play a role. (No matter what happens, I didn't kill myself.) Much of the next few pages may repeat much of what you've read, but I try to sprinkle the build-up with some important thoughts that may help readers avoid being channeled down the nerfed narrative. After that, things get uglier than you're probably imagining. I'll try to make you laugh once or twice in the meantime. Buckle up. The Players Much has already been said and written about the unusually young crowd running both FTX and Alameda—some that is correct, some that is incorrect, and much that is likely to be misunderstood. So, I'd like to proceed carefully, and ground this story with context. Know that among the crowd we're going to talk about, and their tight peer group, are numerous students in educational programs that I crafted and helped run for many of the world's most "precocious youth". Sam Bankman-Fried (SBF) still has a profile there, though others around him were more active members of the community. The FTX-A story isn't really the SBF story. The pool of players is far larger, and in some cases also murkier. There are hints everywhere about the web of relationships, and it will have to be another article (mine or somebody else's) that fleshes out even a basic skeleton of the grand summary. Perhaps the New York Times can help with that process. "Remember to play it cool. Remember to play it cool. Remem…did I say that out loud?" The full cast of characters would be impossible to know and reveal, which is the very reason why a strong centralized government should always have been viewed as an operation anathema to liberty and organic human development. Part of the magic trick of reaching this point in our timeline has been to raise most of the children as lobotomized cattle, branded with virtue-signaling ideologies like "Progressivism" that leap past all logic to a desired utopian result, and resist critique or cognitive correction with a jello-like kung fu. "What is it that you dislike about progress?!" The cast of characters you might not notice in this film includes a mega-billionaire with enough influence to keep his life entirely off Wikipedia, a curious gathering of researchers at MIT, and also some familiar faces from the pandemic you might not have realized would pop up in the largest ever cryptocurrency catastrophe (though you might should guess). Also Jeffrey Epstein. Now, let's ground this story with a discussion of SBF. It is worth noting that SBF profiles all seem to include his Stanford Law Professor parents, Barbara Fried and Joseph Bankman. And perhaps that is appropriate in an age in which successful 30-year-olds often appear as grown-up children—like rejuvenated extensions of parental will, arrested in development, potentially capable of carrying out their parents' whimsical dreams of glory. Among other things, Joseph and Barbara are known as compliance lawyers who work on tax theory and policy. It is interesting that such work gets signaled as government-friendly given that their son became the largest player in the new currency market largely decoupled from government finance. If any of this sounds like a scathing rebuke of parenthood among the cognitive elite American Mandarin class, imagine that I toned it down several notches for public consumption. Yes, among my many clients families were plenty of these. And 90% of the headaches came from just 2% of the parents. What I've gathered talking to people who have been around SBF, superficially or closely (none of whom want to reveal their names) is that he's a spoiled, sadistic, hedonistic, ruthlessly dishonest bully of a manchild. But if you want indisputable facts, he was a high school math camper who graduated from MIT with an undergraduate degree in physics in 2014. After that, he went to work at one of the well-known quant funds, Jane Street Capital, where he had interned the previous Summer. After three years of what I hear was moderately successful trading, SBF left Jane Street and moved back to California. Back in the Bay Area, SBF attached himself to the Centre for Effective Altruism (EA). If you're not familiar with EA, you can read through the material on the website before realizing that it's just one more Geek Cult that young intellectuals of arrested development and yearn for a return to deep dorm room conversation by providing them with a largely pre-baked socially acceptable set of virtue signals that conveniently span a full narcissistic mask. And, like most cults, it seeks out that for which its target audience aspires while simultaneously demeaning the journey: "Hey, feckless white boy, this is the path to socializing with pretty women." Is it any wonder that the Pick-Up Artist (PUA) community focuses its sales force on Bay Area nerds? As these men find refuge and comfort in these underground online forums, the ability to express their problems is unfettered. A desperate cry for help turns into hunger and the want for more. Many go to large extents whereby the detriments are forgotten. The innate desire to win someone and claim them as a prize has extended itself into a large underground community that has taken wide online presence. Although it has connected many insecure and confused men across the world, it has raised many ethical issues in regards to the men themselves and the treatment of women in the dating scene. I don't know if I'm fairly painting-by-colors the SBF portrait just yet. After all, what I think he recognized with EA is the psychological tool fit for the Woke era: a pseudophilosophy that absolves the power-hungry of their lack of ability or interest in connecting with a or the human community. All you have to say and do is artfully articulate the Woke Utopia as your core set of values (and promise to give away money), and nobody should bother you about any of your actions. Dispensing with the need for human connection might have been just what he needed to plow forward with the next epoch in his life's story. SBF quickly quit his brief job at the Centre for EA and established his own (cryptocurrency-focused) quant trading firm, Alameda Research, in late 2017. After some early success with one cool trade, crazy rich people came out of the woodworks to shower him with billions of dollars and stardom, but we'll get to that part of the story later. The second central player in this story is Caroline Ellison, another former Jane Street trader whom SBF brought in to help run Alameda. She is SBF's ex-girlfriend, though it's oddly difficult to find a picture of the two of them in the same place. Caroline is another child of ample intellectual opportunity. Her father, Glenn Ellison, is a Professor of Economics and Department Head at MIT, usually ranked as the world's top school for Economics. During my years as an educator I helped author some of the events in which she participated, so I'm aware of her exceptional math abilities. How many high school kids with blushed cheeks know what it means to apply Representation Theory to particular polynomial fields? Three decades ago, you could replace "high school kids" with "undergraduate math majors" and the answer wouldn't be all that different. What I understand less is how she wound up among the particular corrupt clique of power players. From Forbes, Before she found herself at the center of crypto’s most massive meltdown, Caroline Ellison was a star student. She was a Harry Potterhead. She was a camp counselor. She was a writer of live action role playing scenes. Ruth Ackerman, a math professor who taught Ellison at Stanford 10 years ago, called her former student “bright, focused, very mathy” — a challenge, she said, to reconcile with Ellison becoming wrapped up in one of the largest alleged frauds of the past decade. “The first I heard of the current controversy was when people started contacting me on LinkedIn, telling me to withdraw my endorsement of her skill as a computer scientist,” Ackerman told Forbes. I learn more from this about the society that calls the professor asking for withdrawal of an endorsement of a relatively objective skill than I do about Caroline. But perhaps what there is to know is a product of that environment. Who really remains sane enough to make all the best decisions around such people? No wonder so many of the whiz kids are reaching for the EA cult and calling it a day on the moral growth front. Others are already writing about drug-fueled orgies among the FTX-A circle. We could skip the examinations of everyone's sex lives, but for the purposes of this story, Caroline's public commentary does uniquely add to the data pool. Through her we hear that the FTX penthouse in the Bahamas was a polyamorous community where she came to believe in the "imperial Chinese harem" model: None of this non-hierarchical bullshit. Everyone should have a ranking of their partners, people should know where they fall on the ranking, and there should be vicious power struggles for the higher ranks. Really, is this the product of some form of insidious abuse that we haven't yet fully described as a culture? Now, 26 billion points for Slytherin if you can square this circle: Is this a fully mature CEO of a multi-billion dollar quant somethingorother crypto-Ponzi centerpiece, or the sexualized twelve-year-old daughter of one of the world's most powerful university professors? It really looks like Peter Pan's Lost Boys had a little girl tag along, somewhat heterosexualizing the adventure. What could possibly result in such arrested development along one vector dimension? Is this just a particular case of growing up in a heavily cushioned bubble? Or something else? I'll leave you to ponder that while we move forward. There is much about all of this that looks cartoonish on the surface. The phrase, "controlling most major world governments" sounds like quite the hyperbole until you've fully widened your scope of the players in this story. Twitter avatar for @GRDecter Genevieve Roch-Decter, CFA @GRDecter I read the 30 page FTX Bankruptcy court filing. How bad were FTX's internal controls? Here are the worst examples 👇 3:57 PM ∙ Nov 17, 2022 57,052Likes13,990Retweets This all seems sloppy for a circle of young adults with genius IQs, likely backed by a solid cadre of lawyers. Something else explains this. We'll come back to that. We have a few more personalities to cover. Sam Trabucco, yet another math camper and contest champion, has a reputation as a top notch gambler and game player. He got started trading at the Susquehanna International Group (SIG), the world's largest equity options trading firm (where I also learned the option trading game). Part of the SIG training program includes a lot of hours of no limit hold'em. Perhaps that experience helped him know when to jettison from his position as Co-CEO with Caroline at Alameda back in August. It seems likely that Sam had a solid grasp of the Bigger Picture developing between FTX and Alameda, and recognized troubled waters ahead. Nishad is a former Facebook engineer who has been described by a peer as having done "bogstandard machine learning" work, which is good enough for most trading teams—particularly the ones that might be faking their trades. He and Gary Wang were described to me as "quiet, deep thinkers" by somebody I talked with who had superficial contact with them at various programs over the years. Nishad and Gary seem unlikely to be among a mastermind inner circle, and one person I talked with wondered if they were prodded down an unstable path after being seduced into the projects: low-confidence followers. Both have already jumped ship, leaving SBF and Caroline likely working with real adults to bail water. FTX's Chief Regulatory Officer Daniel Friedburg was the lawyer/fixer from the Ultimate Bet and Absolute Poker cheating scandals (secret tapes here). This does not allay concerns anyone might have that FTX-A planned an illegal course from early on (h/t 2ndsmarestguyintheworld). Though I've managed to gather some details about the members of the FTX Penthouse orgy crew, I don't think it's necessary to the story. There is a strange paradox among the whiz-kids-turned-finance-power-players muddying the story of FTX-A, and it needs to be untangled. Were these kids sloppy-stupid while organizing these Ponzi-like entities that would blow up under such a wide array of circumstances? Twitter avatar for @Kevin_McKernan Kevin McKernan @Kevin_McKernan Putting private keys into a group email is like putting bank passwords on a post card. This is so unbelievable reckless it makes Ferguson look like an angel. pacer-documents.s3.amazonaws.com/33/188450/0420… Image 5:20 PM ∙ Nov 17, 2022 42Likes6Retweets I guarantee that these are people who understand public-private key cryptography. In fact, one of them took my course on Number Theory that brings students up through the basics of modular arithmetic and systems of linear congruence when he was 11 years old. It is likely that he knew at least basic cryptography math prior to even arriving at MIT. That something seems incongruous about this story reveals a disturbing reality: the real security behind this whole operation was either a set of completing damning shared secrets, mafia security, or both. I'm betting on both. As the prying eyes of the world examine the players and the details around the unique event that is the FTX-A collapse, the players are busy playing geeky misdirection games to cover their tracks. However, this story calls too much attention to so many others that feel more well tied together than ever before. Now, if you're thinking this is just a story of a bunch of narcissistic brats who lost a bunch of money, I understand your reaction. But know that this misses the larger points. You need to dig deeper. Keep reading… A Carefully Engineered Public Relations Campaign The rise of SBF looks plotted out by experienced and expensive PR veterans—assassins of creative image building. From the building blocks of "MIT" (where most everyone is somewhere between "pretty darn smart" and "supergenius"), a stint at a well-known quant trading firm (Jane Street Capital), and one sweet and sexy trade (arbitraging the Japan Bitcoin premium), enough was on the table for the Mad Men Illusionists to go to work with cloth tailored from the silken fabric of effective altruism. The next Warren Buffett! The next JP Morgan! And an "effective altruist" to boot! He's even the vegan who's going to save the animals as your heart will melt each time he hands you a hundred dollar bill that you're definitely not buying steak with, right? Surely Sequoia, the mammoth VC fund that projects an image of Neo-Futurist Capital Gods, understood the manufacturing of the SBF brand when they threw money at him and projected that unrealistic image through their cultivated influencer network. Every startup has a startup story. Apple was two hackers in a Los Altos garage. Google was two grad students in a Stanford dorm room. Alameda Research was just one guy in a Berkeley apartment, making a single cryptocurrency trade. That guy was Sam Bankman-Fried, or SBF to his friends. Yet the trade he made, which eventually led to the crypto-trading platform FTX, is far from the standard Silicon Valley creation tale. In 2017, when he was merely 25, SBF collapsed the so-called kimchi premium, an anomalous delta between the price of Bitcoin in much of Asia and its price in the rest of the world. It was a daring feat of arbitrage—SBF is the only trader known to have pulled this off in any meaningful way—one which quickly made him a billionaire and achieved the status of legend. Never mind that SBF only made $20 million off that trade and then reportedly squandered most of it, and that his billions were entirely due to valuation pumped up from capital infusions. But if you were paying attention, there were definitely cracks in the facade. Granted, only a portion of the wider world has figured out that Sam Harris is a paper-thin intellectual woo guru, but this must have been a signal of trouble for at least some adroit observers. OMG, SBF talked about "hierarchies of infinities" and probably understands the Spiritual Singularity to come after the breakdown of…linearity. After heaping effusive unearned praise onto SBF, I'm guessing Harris is going to try to sweep this one under the rug and walk away without drawing attention. It only gets worse. Just in case veganism, utopian pseudophilosophies, and Clinton Foundation appearances are boring, SBF spent or committed to $350 million on sports partnerships. (Image / FTX) With SBF pumped up so high, crypto news outlets give SBF credit for inserting several-year-old ideas, well-known to the entire ecosystem, you have to know he's getting special treatment. This was just an opportunity to push his name alongside Elon Musk's: One must wonder whether this was a paid advertisement. One way or another, in what seemed like the blink of an eye, SBF and FTX were everywhere. You couldn't swing a dead cat without hitting somebody working on the PR campaign. The Rise and Fall of FTX and Alameda Research If the finance talk bores you, or you find it incomprehensible (that's understandable if you've never been involved in any of this for a living), scroll down to the next section and beyond. The most interesting stories are beyond that point. Binance, a China-based organization, is the world's largest cryptocurrency exchange. This likely irritates Western leaders—particularly those in and around the military-banking complex. If nothing else, this is evidence that the world of digital currency is not simply a Ponzi scheme as some naysayers dismiss it. Indeed, most of the world's currency is already electronic and has been for many years now. Whether or not you agree, all I can do is encourage you to learn more. That said, establishing a powerhouse successor seems to have been a priority among those who funded and organized the FTX-A Death Star. You've probably read much on this topic already, or want a simplified story before moving on, so I'll see if I can take you where you might not have gone. Step 1: Establish Alameda Research trading firm. Step 2: Complete one kick ass trade. Step 3: Build a well-projected media image of the Altruistic Death Star. Step 4: Build the Death Star (FTX-Alameda). Step 5: Explode. Alameda Research was likely established with the Japanese (and maybe South Korean, which is a harder problem) Bitcoin premium arbitrage in mind. SBF pulled that off, and even if he and his team squandered much of the winners, that was enough to propel them to Step 3, which we've covered. At that point, as the story goes, SBF talked with Binance CEO Changpeng Zhao (CZ) who suggested that SBF build an exchange. I question this last piece because it doesn't make sense on numerous levels: Why would CZ encourage a competitor to his business? It was likely understood that Alameda needed an independent (or "independent" given the closeness of the relationships) partner to engineer the Global Digital Central Bank (GDCB) model that we'll talk about later. Next, as the story goes, SBF went out looking for capital and tough nuts like Sequoia and Softbank basically handed him the keys to the vault. It's unclear whether this was before or after what must have been a phenomenal team of lawyers designed the FTX-A corporate blueprint. A simple hedge fund typically includes at least three separate vehicles for the purpose of taking in funds from investors, moving them into another account to which the hedge fund operates, and then a trading account aside from that. Perhaps blueprints like this exist, but I've never seen anything like it. Nor have I ever seen the level of guaranteed returns FTX offered investors One thought I've had is whether Bitcoin was held back (short selling paper coordinated with the Chinese mining ban), but would be pushed forward by coordinated powers once the Death Star was fully operational. That could conceivably help cover such returns. These are not the only details of the story that feel oddly contrived. One thing that you should never expect from a top quant firm is the level of public discussion of their operations projected out of FTX-A. Both times I went to work at top quant funds, I was immediately given talks about discretion and corporate spying. Educational materials were not even put in writing outside of what we wrote in our personal notebooks, and it would have been total betrayal to share those with anyone. FTX-A wanted the world to know that it really was one of the cool kids (major hedge funds) already, so they churned out videos to support the image. In reality, the primary reason why this might not get in the way of profits is that some of their trading cannot be replicated because some trades take organizational capabilities specific to cryptocurrency (and perhaps also to running your own exchange). Many on the internet have pointed out the images of amphetamines and other drugs designed to provide dopamine sitting on SBF's desk. You can see him squiggling constantly in his seat. FTX-A employed a psychiatrist and another coach, perhaps to enable their own risk-benefit assessment of chosen drug-regimens. One of the projects undertaken at FTX was something called Project Serum. This is one that should have raised eyebrows. So, you're telling me that this team of kids who made their careers learning how to trade are running these fancy finance companies and are simultaneously good enough developers to understand how to solve the Holy Grail of trustless decentralized finance trading? Could they use some of that brainpower to design a small peptide inhibitor for a novel coronavirus? Asking for a friend. Let's talk about the liquidity crunch. It started with a leaked Alameda balance sheet on November 2, though most of the world was unaware of the seriousness of the situation until after Midterm elections had passed. That leaked balance sheet showed that a substantial portion of Alameda's assets (several billion dollars worth) were in the form of FTT, the FTX (fiat) token of highly volatile and speculative value. It is "Crypto Winter" already in the historical almost-four-year cycle with volume in the markets depressed following a catastrophic breakdown in the unrealistically overhyped yield farming corner of decentralized finance (DeFi), so large numbers of eyeballs began sifting through FTX-A, revealing a plethora of worrying signals. At this time, a lot of information feels chaotic at least partially because there are innocent panicked people at all levels below the FTX-A Royalty layer, but communication broke down around the center. Some of this may be to dodge clawbacks. Imagine getting your money out only to have some auditor come after you and take some of that away to distribute to those who did not? It's a competitive situation. Some of this is due to employees and contractors moving back home. Expect a lot of additional facts to come to light. Now, let's take a look at the carnage from this past week. I'm not going to dwell on rewriting this part of the story as it's still changing quickly. From WallStreetOnParade.com, According to Reuters, Sullivan & Cromwell has been named as one of the advising law firms to the disgraced crypto exchange, FTX, in its bankruptcy proceedings. Sam Bankman-Fried, the co-founder and CEO of FTX, vaporized the high-profile crypto firm from a $32 billion valuation to smoldering ashes last week. Reuters reported that Bankman-Fried had moved as much as $10 billion of FTX customers’ money to his separate hedge fund, Alameda Research, through a “backdoor” in its software. Alameda had lost much of the money on wild bets while $1 billion to $2 billion had just “disappeared,” according to Reuters. The Financial Times reported that FTX held just $900 million “in easily sellable assets” against $9 billion “of liabilities the day before it collapsed into bankruptcy.” The FTX news grew even more bizarre over the weekend with the New York Times reporting that $515 million may have been stolen or hacked from FTX after the bankruptcy filing. This raises serious concerns about the capability of those put in charge of the bankruptcy proceedings to safeguard what’s left of the assets. Hacked? Back-doored during an inside job? Who knows at this juncture. What is known is that a lot of the idiosyncrasies of the crypto markets played a role. So much of crypto finance is new that even the geniuses in the space are constantly rethinking things and making new insights. It's an exciting, Wild West atmosphere in many ways, and FTX-A appears to have underestimated that factor. For example, one of FTX-A's exposures was to Three Arrows Capital (3AC), which seems to have been engaged in statistical arbitrage of the premium associated with Bitcoin trust Grayscale (GBTC). The premium began to move in one direction earlier this year and speculation of fractional reserves (not truly holding the requisite Bitcoin assets) turned into contagion. Such unexpected questions of fidelity result in price crashes—particularly during Crypto Winter after the breaking of Terra/LUNA peg in May that sent half of the decentralized finance (DeFi) space into disarray. A friend of mine suggests that GBTC may be fully funded as intended, evidenced by their interest in becoming an ETF. I'm sure we'll all find out in the coming weeks. This is all exactly how the DeFi space is not supposed to work. Were all of these assets held by individuals in wallets (addresses), provable on a public ledger, there would be no need for paranoia. But the gold rush is being led by people behaving like Tiger parents bootstrapping their toddlers to the rotting flesh of yesteryear's Great People of History. This isn't your grandparents' financial system. And this is all going to require a lot of expensive therapy. The visible scope of the carnage as this Titanic mess sinks continues to grow by the day. Careless investors are out many billions, collectively. I've talked with multiple people who lost millions. There are cries for heads to roll. Part of the problem is that SBF & Co. seemed to reach out and lace together as many entities as possible and as quickly as possible during their Crypto-zerg. Scores of bankruptcies will take place, and if the illiquidity contagion isn't controlled, the problem could get worse than that. The latest Forbes article purporting to deconstruct Caroline Ellison naively challenges the notion that Caroline, SBF, and their circle ever really believed in the tenets of effective altruism. Doubt now has emerged over whether Ellison, Bankman-Fried or their compatriots actually believed in the tenets of effective altruism, or if it served as an effective way to shield their alleged wrongdoing. In text messages published by Vox on Wednesday, a reporter asked Bankman-Fried if his talk about ethics was “mostly a front.” His response: “yeah.” Ellison at one point, perhaps in a moment of sardonic self-awareness, appeared to have renamed her blog “Fake Charity Nerd Girl.” You mean to say that there are philanthropaths who virtue signal charitable attitudes that disarm people with torches and pitchforks while snickering about it in private, and even get bold enough to flash the joke in your face once in a while? You don't say! Maybe that explains why the philosophy of EA is simple enough that it has come to mind for perhaps 90% of eleven-year-old school children during an essay about what they want to do when they grow up. Meanwhile, SBF continues to play the game, signaling to whoever might buy it that this was all just a big whoopsie. Can you really blame a kid who was on top of the world for no good reason? Let's see if he can convince the world that it's okay when people walk into the bank and the banker says, "So, this thing happened where I spent a bunch of your money on hookers and blow at my penthouse in the Bahamas that was also purchased with your assets. Call it an error of judgment." This was all really just a windup for the real pitch. Here is comes… And there it is: "If we fail, bring in the regulators. Because they're good people doing a hard job, but it has to be done to protect you from the likes of me, even though they can't keep up." Brush off the cringe. This is only going to get darker. A lot darker. Put the children to bed and pour a glass of something strong… Establishing a New Global Financial Order in One Fell Swoop? We might as well jump right to it. I submit that it is highly likely that FTX-Alameda's planned best hope was to establish a new Global Central Digital Bank (GCDB). This GCDB would be the ultimate issuer of Central Bank Digital Currencies (CBDCs, though eventually the plural would not be needed under the then-inevitable governance structure), such as the one now being pushed on Australia. This is why SBF would be elevated above all other [actually] successful hedge fund managers and cryptocurrency entrepreneurs to share the stage with Bill Clinton, the head of the U.S. Treasury, and the CEO of Blackrock. Many financial engineers had a part in constructing the Death Star. What is the Death Star, exactly? Much has been said about the obviously inappropriate relationship between FTX and Alameda. Thankfully, Arnold Kling provides the correct explanation from the chair of an actual Economist: Let’s retell this story using entities of the U.S. government. The Treasury is like FTX, issuing tokens that it calls bonds. The Fed is like Alameda Research, taking these tokens on its balance sheet to try to support their price. You’re going to say, “Wait. The Fed is issuing its own tokens, called money. The analogy does not hold.” But Quantitative Easing did not work by issuing money. Instead, the Fed borrowed from banks, by paying interest on reserves and doing “reverse repos.” Just like Alameda Research, it took a levered position in Treasury tokens. Now the Fed is bankrupt. It has to be bailed out by the Treasury (you and me). Unlike FTX, the Treasury can still get away with issuing tokens. Who could even think up such a scheme? Gensler is a journeyman insider. A former whiz kid himself, Gensler made partner at Goldman Sachs at the age of 30 (the youngest in history at the time). He later served as Assistant Secretary of the Treasury for Financial Markets, Under Secretary of the Treasury for Domestic Finance, and Chair of the Commodity Futures Trading Commission (CFTC), all prior to his current position as Chair of the Securities and Exchange Commission, a position made possible by Joe Biden's election in 2020. It should not surprise anyone then, as cryptonews reports, "Speculation is mounting in the community that Securities and Exchange Commission (SEC) chairman Gary Gensler could have worked with FTX co-founder Sam Bankman-Fried to find legal loopholes the exchange could take advantage of." Twitter avatar for @RepTomEmmer Tom Emmer @RepTomEmmer Interesting. @GaryGensler runs to the media while reports to my office allege he was helping SBF and FTX work on legal loopholes to obtain a regulatory monopoly. We're looking into this. Twitter avatar for @GaryGensler Gary Gensler @GaryGensler I’ll be joining @andrewrsorkin on @SquawkCNBC at 8:00am ET to discuss recent developments in the crypto markets. 2:45 PM ∙ Nov 10, 2022 24,641Likes7,150Retweets Gensler also served as a Senior Advisor to Hillary Clinton, for whom SBF's mother Barbara Fried worked as an attorney. Barbara Fried is also co-founder of the political fundraising organization Mind the Gap, which pushed $20M into the hands of Democrats running in ("undervalued and underfunded") competitive elections in 2018, then far more during the 2020 election where it helped spearhead mail-based voter registration—a topic we'll come back to later. Clearly this is not just SBF's story. But does that mean that these globalist power players had the engineering of a GCDB in mind from the start? This tweet makes no sense at all if they did not have the establishment of a GCDB in mind. There is no reason why the FTT token should have any value at all aside from the expected money saved by token holders trading on FTX (the defining feature of the token) plus the product of the probability and final value of the established GCDB. And this is exactly the reason to usher in regulation: because it cements industry leaders. Just as Amazon rode the tax-free online shopping wave in a way that current competitors cannot, FTX-A would have risen in an unregulated environment where future competitors would be hampered. From the Intercept: “I think that the CFTC makes a lot of sense, though, as the market’s regulator,” Bankman-Fried told the paper. As the young industry flounders, it resorts to a method tested by its predecessors: funding the lawmakers who might regulate it. “They’re really experienced, competent, and efficient and have a deep knowledge of markets and of crypto markets, and you could do a really good job of that.” Meanwhile, while the dust is still settling on the FTX-A scandal, the Federal Reserve Bank of New York quietly announced a pilot program for the new digital dollar. Probably means nothing. Controlling Politics If you're one of the billions of people whose instincts point toward a world of sophisticated election engineering, you ain't seen nothin' yet. There is nothing illegal, of course, with spending millions of dollars during an election cycle. Unless that money isn't yours. But let's agree that this "ownership of the money" thing seems like a gray area for a whole lot of people who don't understand Cantillon-fueled currency theft. Numerous others writing about the FTX scandal have explained what appears to be a money laundering operation through Ukraine. I'll try to repeat it in a simple way, then move on: POTUS Biden & Co. sent billions to Ukraine. Ukraine put vast sums in the hands of FTX SBF & Co. spent tens of millions on primarily Democratic candidates during the Midterm elections. It is noteworthy that the "Aid for Ukraine" website apparently set up by SBF and reportedly took in $60 million in donations is last picked up by the Wayback machine ten days prior to the U.S. Midterm elections. One thing that such a scheme generally secures is the willingness of everyone involved to defend everyone else. If one participant falls (legally speaking), they can take all their co-conspirators with them. Again, others have written about how SBF was Biden's second-largest donor, the $70 million SBF & Co. spent on Democratic Party candidates during the 2020 Midterms and the billion dollars he planned to spend going forward, so I'm not going to lay all that out in detail. Then money handed out like cheap Halloween candy was not entirely pushed to Democrats. A good strategy must also involve capturing enough of both sides of the aisle to push an agenda. Buying influence with a former Bush-era HHS bureaucrat fits a lot of Venn intersections. In order to keep the public in the dark, it is necessary to cover all bases—this means intelligent politicians who know the vaccine-pushing organization that is the HHS. Twitter avatar for @IamBrookJackson Brook Jackson 💜 @IamBrookJackson Pfizer Inc. v. United States Department of Health and Human Services, et al. Pfizer appeals to Supreme Court challenging U.S. anti-kickback laws with support of J&J & other Big Pharma lobbyists. fiercepharma.com/pharma/pfizer-… 5:47 AM ∙ Nov 18, 2022 329Likes133Retweets Given the razor-thin margins in recent elections, I don't need to go out on a limb to discuss the likelihood that these donations make a difference at every level of policy-making. Timing: One might wonder if the November 8th revelation of FTX-A's financial woes was held back until after the elections. Obligatory reminder: All of this is in addition to and aside from the 2018 FBI Masterclass prepared for the media crowds on how to use mailed ballots to engineer an election, punctuated with the observation (paraphrased), "It will be years before the FBI has the capabilities to stop this," and then memory holed (try and see how long it takes you to find this on the internet) with an MIT stamp of approval. Timing: Is it becoming clearer why Big Tech firms known for their close ties with intelligence and the DoD waited until after the Midterms to lay off tens of thousands of employees? Absent Democratic Party control needed to run these operations with an entirely free hand, Bitcoin moves closer to escape velocity. Whatever may or may not be true about the Bigger Picture, know that you're not going to be allowed by Big Tech to ask the President's son about any of it. Twitter avatar for @WSBChairman Chairman @WSBChairman @CryptoKaleo I asked Hunter Biden about the connection between Sam and the Democratic party and immediately got removed 7:17 PM ∙ Nov 15, 2022 6,069Likes1,466Retweets With Midterms out of the way, the Democrats felt free to vote us into a continued state of COVID emergency. Huzzah! Twitter avatar for @HansMahncke Hans Mahncke @HansMahncke These 36 Senators just voted to extend to the Covid state of emergency. And not one of them will be punished by voters. Image 4:15 AM ∙ Nov 16, 2022 8,219Likes4,202Retweets those most opposed to Bitcoin's promise of decentralized (like democratic, ahem) power. They might simply call that a 'W' on the scorecard—particularly if they can navigate their ways out of jail time. On the media side, we see the traditional Titans of the Mainstream running a well-practiced interference circle jerk for FTX-A: WaPo: Dude gave money to politicians. Move along. Vox: Look, it's a narcissist! And he regrets filing for Chapter 11. Move along. Vox: Impact on politics overrated. (Do we have to stop and argue with this nonsense? Or just look for who butters who's bread?) Forbes: Caroline Ellison was a weird, nerdy, narcissistic sociopath, and new darling of the alt right (ha!). Move along. NPR: Fortunately this isn't the real economy. Move along. Forbes: Gensler just wants to build a resume. Move along. EA: "We disavow!" Move along. Jane Street: "We are disappointed in SBF." (This one may be fair and true.) There's nothing to see here? We remain on the economic trail. The Pedophile Elite "And it's in all those things we won't ever say; And it's in all those things we won't ever be; And it's in all those things we'll pay not to see." -Story, Great Northern Yes, I'm going there. And this section isn't for the faint of heart. But without it, we don't have the complete picture, and we can't do anything about it. Do you think that the pedophile elite really exist? I can think of no moments in history when sexual blackmail seemed like a good way to compromise and leverage powerful people except all of them. FLASHBACK: Once upon a time the FBI and mainstream media ran interference and helped memory hole allegations in court that then Vice President George H. W. Bush partook in a child trafficking ring run out of Franklin, Nebraska. I haven't yet decided exactly how much to make of it, but there is a disturbing similarity between Alameda's logo and the recursive twisted symbols and logos that the FBI compiled in order to identify possible organized pedophilia groups. I find it disturbingly often in the publicly available PR materials of politicians—and Democrats in particular. When you Wayback Machine Gavin Newsom's Twitter profile to March 2020, there is what appears to be an artificially inserted arm behind his wife with fingers forming the inversion: Could be nothing. Don't let it ruin the rest of the article. It's not as if SBF hangs out with Bill Clinton and wears a t-shirt in his Twitter profile advertising the "little girl lover" symbol, and dated a woman who still looks like she's twelve. Wait! Would it be crazy if EA turned out to outwardly represent a fluffy pseudophilosophy, but was internally a globalist network for elite and aspiring elite pedophiles? But surely a nice little Harry Potter obsessed nerdy girl like Caroline wouldn't associate with… Okay, I could jump to conclusions, but I won't. I'm just…collecting data, for now. One way or another, there are bigger predators in these waters. Coming to grips with the vastness of the West's pedophilia problem was a gradual series of eye-opening events for me. During childhood, I was fortunate not to be around dangerous pedophiles myself—at least not that I was aware might have been there. Among friends in my community, pedophilia was merely an edgy joke about something that seemed so rare as to be nonexistent. But shortly after I went to work as a bond trader on Wall Street, I found myself sitting at a desk next to a freshly minted Princeton graduate named Paul "Should I Double-Bag It?" Ellis who bragged effusively about his sex tourism in Southeast Asia. Shockingly, office leadership seemed more concerned about the lawsuit risk (there was one woman in the 17-person unit) associated with his loud blathering about sex with prepubescent girls than what this meant about his character. Or perhaps it's good to be a Princeton graduate in a room almost half-filled with Princeton graduates? In 2003, I was first introduced to the basic details behind a drug and pedophile ring by my oldest brother Andrew when I flew out to visit him in Lahaina, Maui. I'll skip past the story about how my brothers and I grew up in a quasi-cult that had been infiltrated and controlled by military intelligence. There is a lot to talk about there, but it turned out that at a camp in Virginia run by the quasi-cult that none of us ever attended, a great deal of sexual abuse took place. However, Andrew started dealing drugs in high school, and through a member of the quasi-cult came into contact with the military-intelligence-and-CIA-connected (operated?) drug mafia known as "The Rainbow Family" that followed the Grateful Dead and Phish ever-touring concert festivals. As the story goes, they sourced the same LSD used in MK-ULTRA—from the same underground lab(s) that reportedly operated out of a hidden room at MIT, a Cambridge apartment, and at the recently demolished MIT dormitory known as Bexley Hall. At the time, Andrew was the web developer for bossfrog.com, which sells events and adventures in Maui, so we got free tickets on snorkeling trips, helicopter rides, and luaus. For a week, we partied it up for the price of [good] tips. When we were good and drunk one night, he shared with me that he had fled to Maui after being pressed to pimp prostitutes, including children, to the Silicon Valley crowd where he worked in California. Working as a web developer at a well-heeled startup, Andrew was really the go-to guy for drugs having imported his connections from the Rainbow Family and elsewhere. For a hot minute, he was an Armani-suit-wearing dreadlock-hippie drug dealer with a fancy sports car who barely had to leave the office to find a client. But the demands his suppliers put on him to connect his clients to the sex traffickers drove him over the edge. After a substantial drug deal, he took the $50,000 meant for the suppliers on a trip to Vegas, got high (on whatever drugs he might have used at the time), and gambled it all away. That same week, the CEO of his company was arrested by the FBI on fraud charges. So, Andrew up and fled to Maui (and I was confronted by two well-armed members of the Rainbow Family in Chicago for the $50,000 bill for his life). Though I'd paid his bill off with the entire contents of my bank account (and then a little), he was eventually spotted in Maui and still beaten nearly to death (I believe his later death was largely the result of that attack, along with the alcoholism, depression, weight gain, and diabetes that ensued, spiraling him into oblivion). FLASHBACK: In 2016, former Chief of Staff to powerful Tennessee Senator Lamar Alexander Ryan Loskarn died from an apparent suicide after being arrested for his involvement in a gay pedophile ring in Washington D.C. A strange and violent childhood allowed me little room for naivety, but somehow in my mid-20s I found society to be a whole lot sicker than I'd imagined. And who knows where my bother's story might have gone if he didn't have his moral limits. But if you really want to fall down the rabbit hole, start working through the life and death of computing prodigy and hacktivist Aaron Swartz. I suspect that his disappointed realizations about the dark corners of Cambridge were not terribly distant from my own. This was, after all, a young man who found the community at Stanford to be surprisingly uninteresting and unmotivated. As the mainstream narrative goes, Swartz, then a 24-year-old fellow at Harvard, was caught in 2011 hacking MIT in order to liberate gated (JSTOR) journal articles that he could have freely downloaded from his account at Harvard, then hung himself without a note using somebody else's after being sentenced in court for violating the draconian Computer Fraud and Abuse Act (CFAA). Outside that mainstream narrative is another tale, A quick look at MIT Media Lab reveals some questionable characters at the helm. - Negroponte’s major promoter and sidekick has been Steward Brand, who evolved from being a back-to-nature founder of the Whole Earth Catalog to a raving advocate of “nuclear power, genetic modification and geoengineering”. (Let’s hope he relocates to Fukushima where he can personally enjoy all three wondrous advances.) - Walter Bender, founder of Sugar Labs, which developed the One Laptop per Child project’s XO-1 Children’s Machine, the communication tool of choice for pedophiles to communicate with their little brown lovers. - Frank Moss, who was trained at the Technion Institute in Haifa, a center for the Israeli Defense Force’s cyberwarfare R&D projects. The Media Lab itself is heavily involved in military-related projects with the US Air Force, the Space and Naval Warfare Systems Center, the Army Research Office and Google, which is a high-tech contractor in artificial intelligence for DARPA. - Joi Ito, who once ran a nightclub in Roppongi, Tokyo’s drug-peddling and prostitution district run by a yakuza boss whose interest lies in Caucasian models performing coprophilia and bondage, increasingly favorite video themes besides child porn among the American university technocrati. Since he never earned a higher degree, Ito’s main qualification is apparently his status as godson of Timothy Leary. For those who were/are too stoned to comprehend political reality, Leary began his drug experimentation as a psychologist for the MK-ULTRA mind-control program and became a proselytizer of hallucinogens under a CIA psy-op campaign to disable the antiwar movement. MIT Media Lab is yet another spin-off from the all-powerful MK-ULTRA and DARPA. No wonder it’s been producing child porn and involved in overseas pedophilia. The One Laptop program is a clever vehicle to provide early sex education to children across impoverished Asia and Africa who have yet to reach pubescence. A few years ago, when I first heard about this alternative narrative, I began trying to track down people who knew Swartz. It turns out that there aren't a lot of people to talk with about him, but we did have one friend in common who wouldn't even speak over the phone about any of it. I'll stop that thread right there, except to say that through a series of discussions with numerous people around that person about many aspects of this story (and some branching off of it), I came to believe that the mainstream narrative was something Swartz agreed to roll with in order to save those around him whom he cared about. By chance, that was all right around the time I came to know the name Jeffrey Epstein for the first time. The well-connected Epstein was a member of both the Trilateral Commission and the Council on Foreign Relations, two organizations that likely have players in every major global event. And it may or may not be coincidence that Epstein's close friend Bill Clinton helped build the SBF and FTX-A brand recognition. After Epstein's donations to MIT Media Labs (MIT's well-nerfed internal report goes back to 2002), which totaled millions of dollars, often sent through him from sources including Bill Gates, came to light, Joi Ito resigned amid media coverage that seemed to nerf the story as best as possible. He did receive a letter of support signed by over 100 individuals—including Lawrence Lessig who had served as Swartz's lawyer. As Whitney Webb has been pointing out in interviews, the story of Jeffrey Epstein is about much more than the lurid details of his sexcapades with underage girls. Epstein was a specialist in financial crime—something the mainstream media somehow always fails to delve into. But these two crimes go hand-in-hand most closely in a world in which politicians are hard to blackmail with a garden variety sex scandal. After JFK had dozens of affairs in a single year, and the U.S. later elected three consecutive presidents working to bury rape accusations (Reagan, Bush, then Clinton, in case you never heard), catching a politician in bed with a live boy or a dead girl may be the only blackmail plan with teeth. FLASHBACK: (Operation Flicker) In 2006, a DoD investigation into a child pornography ring began that eventually found over 5,000 [dot]mil (military/DoD) email addresses among those accessing a well-trafficked child porn site. The investigation continued into 2009 after Barack Obama took office as POTUS. In a handful of cases, prosecutions were successfully sought while the rest were swept under the rug. All that remains of the page that housed the Inspector General's report on Operation Flicker is an empty page underscored with the words, "Integrity, Independence, and Excellence". Among the precocious Swartz's many projects was the user-driven news aggregation Reddit. Swartz's own project Infogami merged with a similar burgeoning project to form the still popular site. After Swartz's death, reddit took a turn into censorship under moderators such as u/maxwellhill, who claimed the same birth month as Ghislaine Maxwell and went inactive just before Ghislaine Maxwell's arrest in 2020. Given the account's frequent removal of politically ring-wing posts, and interest in topics surrounding child sexuality, the common sense default assumption is that Ghislaine Maxwell worked with Reddit using that account. Another moderator account (u/anutensil) with similar interests and activities was likely hers or her sister's and is an anagram of Anne Sluti, a teenage girl whose abduction and lengthy rape ordeal was the subject of the 2009 Hollywood film Taken in Broad Daylight. Early on during the pandemic, former Reddit-CEO Ellen Pao got into hot water for a tweet in which she seemingly admitted that Ghislaine Maxwell's trafficking of underaged girls was an open secret. A few months later, a fight broke out among Reddit's moderators when Reddit CEO Steve Huffman hired a so-called "pedophile enabler" whom he claimed was "poorly vetted". All this to what ends? Why would Epstein's madame take such an interest in Swartz's online community if Swartz were not getting close to their most serious plans? What if the ultimate goal were, among other things, to establish a Global Digital Central Bank? Epstein worked (as a donor or fundraiser) with MIT Media Labs since its founding, and Joi Ito was elevated to Director to shepherd MIT's Digital Currency Initiative (DCI), which was incidentally involved in Facebook's attempt to establish Libre as a dominant digital currency. Also incidentally, Gary Gensler served as Senior Advisor to the DCI project. All this seems like quite a coincidence, but it makes complete sense on a level of financial mega-power plays. If morality doesn't factor into your decision calculus, who would you want involved in an attempt to establish a new global financial control center? How about the world's leading Economics and technology center that just so happens to have relationships with what might be the world's most powerful sex blackmail ring? It really does seem as if Epstein touched all the currently important power circles. The association followed CRISPR Cas9 expert Eric Lander when Biden nominated him for Director of the Office of Science and Technology Policy shortly before stepping into the Oval Office. As the head of Harvard's Broad Institute with a position at MIT that allowed him to work with gene drive technology at both campuses, he would be the man in position to steer the administration's possible deployment of the technology. From an article in the New Yorker, Critics called the experiment irresponsible and suggested that the scientists had violated an established code of conduct. “This paper demonstrates the enormous safety risks that any such attempt would entail, and underlines the urgency of working to forestall other such efforts,” Marcy Darnovsky, of the Center for Genetics and Society, told National Public Radio when the report was published. “The social dangers of creating genetically modified human beings cannot be overstated.” There seems to be little disagreement about that. But the Chinese researchers were not trying to create genetically modified humans. They were testing the process, and every crispr researcher I spoke to considered the experiment to have been well planned and carried out with extraordinary care. The scientists also agreed that the results were illuminating. “That was an ethical paper, and a highly responsible project,’’ Lander told me. “What did they do? They took triploid zygotes’’—a relatively common genetic aberration—“from I.V.F. clinics. They deliberately chose those because they knew no human could ever develop from them. And what did the paper say? ‘Boy, we see problems everywhere.’ That was good science, and it was cautionary.” Obligatory reminder: Melinda Gates divorced Bill In May 2021 and then talked publicly about her discomfort with Bill's numerous meetings with Epstein after Epstein was already convicted as a child sex offender. Now we come back to the primary Bitcoin-Cryptocurrency ecosystem (assuming we left it) and see some potential connections. Recently deceased-maybe-murdered cryptocurrency entrepreneur Nikolai Mushegian might be considered a near mirror-image of SBF. In the weeks leading up to his death, Mushegian both inked a deal with the popular cryptocurrency exchange Coinbase to use his stablecoin technology, and also tweeted multiple times about intelligence agencies and elite pedophiles running a "sex trafficking entrapment blackmail ring" whom he believed would torture him to death. While we cannot be certain about exactly what happened between that last tweet and his body being found in the ocean a few hours later, it makes sense to wonder if a child sex entrapment blackmail ring would be one of the tools used to force consensus in moving toward a global financial stronghold. And given Bitcoin's wedge position, it makes sense that this would happen in the cryptocurrency space. Some Bitcoiners knowledgeable in the space point to Tether (the most utilized stablecoin) co-founder and former child actor Brock Pierce as potentially involved. After all Pierce's teenage years seemed to leap from what other child actors described in the documentary An Open Secret as willingly engaging in sex with adult men, to flying around on the private jet of wealthy man, spending his money around the world until it was all gone. The result of a blackmail deal? Pierce later reached a settlement in a case involved coerced sex with teenage boys while other defendents fled the country. I'm told that his circle has purchased a military base in Puerto Rico and was working to buy a decommissioned Air Force base there in 2021. I'm told he also engineered the election of New York City's new mayor, which is a good connection to Wall Street's geography. That could come in handy in an era of shifting monetary systems. Then again, Coinbase was FTX's primary competitor among Western exchanges, and given the true breadth of FTX-A's extended community, they could certainly have ordered an assassination of a competitor in the backyard of another rival, potentially clearing the chess board. Or was Mushegian potentially spoiling everyone's Death Star? Pro tip: don't hold your breath waiting for any further investigation into Mushegian's death, which was ruled an accidental drowning despite his fearful tweets. On March 17, 2020, the University of Minnesota announced that researcher David Boulware would run a series of experiments testing the ability of hydroxychloroquine (HCQ) for its ability to prevent or treat COVID-19. As I've previously noted, that announcement was ignored by the media prior to Trump's press conference two days later in which the public became aware of experiments involving HCQ and remdesivir that began in China and were spreading into the West. This seems in every way to have been part of an organized conspiracy of silence, which in turn allowed for the production of a fear-based campaign associating HCQ with Trump, cherry-picking rare adverse effects of the drug which gets consumed in the billions of doses annually. In those trials (see here, here, and here), which were evaluated independently only, were publicly billed as showing that HCQ "failed" to show efficacy despite HCQ outperforming the placebo arms in each. These trials involved a non-inert placebo, were halted while heading toward powering for statistical significance, and were statistically evaluated in ways that did not layer the demographics in a reasonable way. David Wiseman, PhD, and numerous others worked up re-evaluations of various of these trials (here, here, here, and elsewhere) showing statistically significant results under improvement frameworks and corrected measurement of time-to-treatment, but were ignored without commentary by the publishing journals. One of the funders of Boulware's research on HCQ was software entrepreneur David Baszucki. Baszucki is best known as the co-founder and CEO of Roblox, a game that competes with Minecraft for an audience that consists primarily of children, teenagers, and also a handful of adults. Participants can create their own environments within the Roblox platform, and invite others in to play leading to a largely ungovernable gaming experience. With children out of school during the pandemic, Roblox saw its user base explode by tens of millions of users—including fully half the U.S. school children under 16 and three-quarters of all those ages 9 to 12. In March 2021, Roblox IPOed with a $41 billion valuation—an instant pandemic-pumped blowout valuation. Video games are part of the concoction of digital drugs Yuval Noah Harari suggests is the method for dealing with the useless people who might otherwise revolt against the status quo powers. FLASHBACK: While live on CSPAN, Senator Barney Frank, who admittedly hired gay prostitutes while serving in Congress, threatened to out members of Congress [for something] when brought up on ethics charges relating to a gay/straight escort service operating out of his Capitol Hill apartment (by one of those prostitutes whom he lavished with jobs and perks) that reportedly included underaged boys. Frank continued to represent Massachusetts in the House for an additional 24 years thereafter. But Roblox harbors a dark secret that it must take a serious PR team to hold at bay: The Roblox team (here, here, here) and community members (here, here) have been the subject of an astounding list of pedophilia and child sex abuse claims (a Twitter search shows a daily stream of discussion on the topic and it's a topic that shows up on the Roblox devforum) that seem bizarrely ignored by regulators. Roblox draws children in using many lures, including music video debuts by star performers such as Lil Nass. Already a member of Time's 25 Most Influential People on the Internet list at the age of 20, is best known for videos filled with loud gay erotica, including this one that celebrates drug-fueled sex, and in which he seduces Satan with a lap dance. I'm not here to tell adults how to live their lives, or even parents how to raise their children. But I'm guessing that most wouldn't call this "age appropriate" and are entirely unaware of what children experience through the Roblox platform. Late in 2021, Roblox announced an initiative "supporting the innovative and hard-working educators who leverage our platform." Does anyone wonder if David Boulware had an inkling of the additional fortunes he might make this game's icky founders? Pandemic Engineering living through. I think I get it now. At least mostly. We've seen a whole lot, but do the dots all connect?
From a more detailed explanation of the Roblox story at TheWayOut,
The lockdowns supported by Speaker Pelosi led directly to billions of dollars in profits for Roblox CEO David Baszucki. In turn, the Pelosi family was given access to the Roblox IPO stock offering which increased 55% on its first day of trading, resulting in large profits for the Pelosi family. Thus, it is nothing more than a straightforward summary of factual observations that: 1) Roblox’s CEO funded an influential study of early treatment for Covid-19, which concluded that hydroxychloroquine was “not proven effective” for treating Covid-19. 2) Because the authors of the influential study did not conclude that a benefit was present, strict lockdown measures were enforced. Moreover, an Emergency Use Authorization (EUA) was issued for other products, which ultimately included vaccines. 3) Speaker of the House Nancy Pelosi was in a position to promote and legislate lockdowns, which prevented children from playing with each other outdoors and instead drove them toward using the Roblox online gaming platform and social media outlet. 4) The Roblox CEO, David Baszucki, made billions of dollars, according to news reports, because children were locked down. 5) The Pelosi family were granted access to Roblox stock at its initial public offering and likely acquired millions of dollars when Roblox increased by 55% on its first day. How many billions of dollars add up to a perverse incentive to make a Pandemic out of a molehill? Or is this more about social control? One really has to wonder if the imagery is being stage-managed for consumption by America's children. What is the endgame in all of this? Obligatory reminder: Two of Boulware's other funders for his HCQ trials were Chinese organizations. Now that we've circumnavigated the globalists, let's focus back in on FTX for the moment. What connects FTX specifically to the pandemic, if anything? SBF donated $5M to ProPublica to "establish a world-class reporting team" in order to "support investigations into ongoing questions about the COVID-19 pandemic, biosecurity and public health preparedness." That's the same ProPublica that recently published a Lab Leak hypothesis article similar to Vanity Fair's that seems to be an attempt at taking control of what one might deem the "Level 2 Narrative". SBF's brother Gabriel Bankman-Fried founded Guarding Against Pandemics. Barbara Fried spent years studying the economic and psychological impacts of blame and punishment. This is exactly the sort of behavioral economics fed to the Nudge Units during the pandemic. SBF's aunt Linda Fried is a Professor of Public Health and Epidemiology at Columbia University, previously served as a Director at Johns Hopkins Medicine, is an elected member of the National Academy of Medicine, and is a member of the MacArthur Network on an Aging Society, and also serves on the World Economic Forum's (WEF) Futures Council on Longevity and Human Enhancement. (WEF profile) Not only did SBF fund the TOGETHER Trial, which used a nonstandard dosage of IVM and is still under scrutiny for a wide variety of statistical anomalies, but he hired his Effective Altruism "reluctant prophet" guru buddy who waxes poetically about the cheap drugs that were denied approval during the pandemic. Specifically, Will Macaskill was brought into the board of the FTX Foundation's Future Fund where he could talk more about how to give money away—to the right causes [of the pandemic?]. The FTX Future Fund committed $10 million to HelixNano for the development of a "next-generation coronavirus vaccine". Boulware also headed up the ivermectin study arm of the TOGETHER trial. It's hard to make this stuff up. There are those who point out that the Bankman-Fried bros didn't throw money into the trial until after the IVM results were published. But smart people will understand that this does not demonstrate a lack of influence. This is clearly not an unsophisticated crowd. It is noteworthy that on January 11, 2020, The Lancet published a five paragraph article (Fried et al, 2020) and an international cohort of thirteen others lamenting the health effects of chronic loneliness among the elderly. They declared no competing interests. In June of last year, Frontiers (yes, that Frontiers) published (Fried, 2021) Fried's solo-authored "The Need to Invest in a Public Health System for Older Adults and Longer Lives, Fit for the Next Pandemic" again lamenting the isolation, but this time as experienced during the pandemic. Of course, it calls for the establishment of more public health jobs for such tasks as feeding the elderly during such once-in-a-century events. Again, no conflicts of interest were declared. Thumbing through her body of work on PubMed, it is sincerely difficult to find anything that could be accurately described as Science. It's hard to imagine I couldn't produce all 412 articles (usually with several to many authors) spanning several decades during a year of writing on Substack, which I mention only because I'm wondering what it is that she gets paid to do. Through Guarding Against Pandemics, the Bankman-Fried brothers ingratiated themselves to the DoD and the vaccine-virology public health machinery. Bankman-Fried spokesperson Mike Levine told me that Torres was a target for the group because he “has pushed for federal funding that would lead to prototype vaccines for multiple families of known viruses with pandemic potential, replenish the Strategic National Stockpile and support the domestic manufacturing of personal protective equipment, enable rapid testing, and encourage the development of therapeutics like antivirals and monoclonal antibodies.” Left unmentioned was Torres’s outspoken support for crypto both on social media and in the pages of the New York Daily News. “Our strategy during this primary season has been to support champions for pandemic prevention,” Levine wrote in an email to The Intercept. He said the PACs hope to demonstrate to politicians “who are not yet champions for pandemic prevention that doing the right thing on pandemic prevention funding and security policy will help them build a coalition of political allies who will support future campaigns.” Of course, the excuse can always be, "We know The Science, and we know that the Public Health officials know The Science, so this must necessarily be the best way forward." But ossification of such conclusions is precisely what the inventors of science argued against, historically. Obviously SBF and the FTX-A crowd were not the only ones funding aspects of the plandemonium. But the FTX-A money machine was a large one, and the money spent may have purchased the wind that would have flown their magic internet money kite, setting the GDCB in motion. Isn't it strange how globalists, wannabe central bankers, and elite pedophiles oddly rowed the boat in the same direction together in order to support exactly the sorts of plans that would create or prolong a pandemic? De/Repopulating the Earth? There is a very real worry among some groups, globalists or otherwise, that the Earth is populated largely with idiots. However, rather than following a well-demonstrated route of re-engineering education (we know how to do that), there is a strong contingent among the cognitive elite—particularly among the transhumanist oligarchs and their elite VC and Big Tech communities—who see themselves as truly (and often genetically) superior beings. Some of them want to repopulate the world with copies of themselves. If that sounds eerily like runaway artificial intelligence, you're probably tapping into a mindset many are trapped within. Among these "pronatalists" (at best an inappropriate term for whatever these people might be), was Jeffrey Epstein. They both said they were warned by friends not to talk to me. After all, a political minefield awaits anyone who wanders into this space. The last major figure to be associated with pronatalism was Jeffrey Epstein, who schemed to impregnate 20 women at a time on his New Mexico ranch. Genetic screening, and the underlying assumption that some humans are born better than others, often invites comparisons to Nazi eugenic experiments. And then there's the fact that our primary cultural reference point for a pronatalist society is the brutally misogynist world of "The Handmaid's Tale." These are the sorts of people who can agree to cattle-tag a whole planet while ostensibly opposing one another in a hot war that threatens to kill millions in a nation with too little of its own national power. Meanwhile, Epstein's buddy Gates was busy both funding gene drive technology, something the public knows little about to this juncture. This technology utilizes the RNA-guided genome editing tool CRISPR-Cas9 to spread synthetic DNA-modifications through entire populations. Think deeply on that power—the power to edit the human population. To what ends? Gender ratios could be changed. I'll just leave that one there. Gates also hired a PR firm to influence policy on gene drive technology. And now we have a public message. The expressed purpose of such technology is for altruistic purposes such as making mosquitos sterile. That's one way to prevent malaria or Zika, and conveniently makes for a great controversy to distract everyone's attention from the greater threat to humanity: centralized management of the human genome. My friend J.J. Couey has been warning about this. As you would expect of a technology this powerful, the DoD is an even larger funding of gene drives. This sounds like one of those highly complex existential risks we should proceed carefully with.
From an article in PNAS (Brossard et al, 2019) (emphasis mine):
In November of 2017, an interdisciplinary panel discussed the complexities of gene drive applications as part of the third Sackler Colloquium on “The Science of Science Communication.” The panel brought together a social scientist, a life scientist, and a journalist to discuss the issue from each of their unique perspectives. This paper builds on the ideas and conversations from the Colloquium session to provide a more nuanced discussion about the context surrounding responsible communication and decision-making for cases of post-normal science. Deciding to use gene drives to control and suppress pests will involve more than a technical assessment of the risks involved, and responsible decision-making regarding their use will require concerted efforts from multiple actors. Gene drives represent a classic case of “post-normal science” (4) for which purely technical expertise is not enough to address the complexities surrounding a scientific issue that has not only technical but also social, ethical, and legal dimensions. Unlike “normal” scientific issues for which risk assessment can be based for the most part on scientific inputs, post-normal science has to rely on a multitude of perspectives when assessing risks and benefits. Along the same lines, reflecting on communication about the post-normal science of gene drives can only benefit from multidisciplinary approaches. Our aim is therefore to use our collective experiences and knowledge to highlight how the current debate about gene drives could benefit from lessons learned from other contexts and sound communication approaches involving multiple actors. It's not as if we're living through a moment in which our politically-connected modelers have gotten a whole lot wrong, and rushing into known unknowns and unknown unknowns thrust us into total chaos. What could go wrong? Extinction of humanity? A gene drive harnesses one of the ways that cells repair DNA, called “homing,” that snips out one copy of a gene and replaces it with a copy of whatever corresponding gene variant (allele) is on the paired chromosome. It would be like cutting out a word in this sentence and replacing it with a copy of the word below it. If done to a gene that affects fertility in a fertilized ovum – aka the germline – the intervention can lead, within a few generations, to mass sterility and a plummeting population – a “gene drive” towards extinction. How much do you trust a globalist community that just gathered a dozen already speed-driven kids to build a global banking network between drug-fueled orgies in the Bahamas to tinker with the germline? Obligatory reminder: If depopulation is about to take place, this is the exact moment in time when it makes sense to run a global "swab everyone" campaign to collect the largest possible database of genetic information. I'm not sure what else to say for the moment. There are pieces to this puzzle still missing, but there is enough on the table that the image of World War E is starting to emerge: This pandemic was likely seeded by infectious clones, spurred by iatrogenic euthanasia as a smokescreen for a financial and technological coup ahead of the loss of control the military-banking complex would experience from a genuine currency competition. It seems reasonable to explore links between a de/repopulation plan and each of these and other many related solvable problems: The growing (medical) drug shortage The growing (illicit) drug mortality excess A fragmenting medical system Dramatic lack of trust in mass broadcast information streams The pre-labeling of dissenters as "domestic terrorists" Lack of trust in election integrity Did anyone really think there was a plan to repopulate the Earth with SBF and Caroline Ellison? Never mind. Satoshi Nakamoto vs. The New World Order The stakes could not be higher. The Almighty Dollar is likely on its last legs as the vehicle for global financial quasi-slavery. The globalists have been organizing for decades around plans to extend their umbrella as a unified global financial network at the time the status quo reserve currency weakened. Certainly the reigning banking regime recognized the potential for a BRICS currency decades in advance. James Rickard's book Currency Wars demonstrates the Pentagon's knowledge and war games expected at this time. What Rickards doesn't write about is Bitcoin, which was invented only around the time those currency war games were taking place. The game theory surrounding a three-currency competition gets murkier. We might even wonder if a pandemic was planned and eventually tacitly agreed upon as a new sort of fog of war under which a new financial world order could be established. We'll come back to that point later. It is important to understand that none of this story relates to fundamental weaknesses in Bitcoin's model. In fact, Bitcoiner's view events like this as tests of the strength of the Bitcoin network, then go back to the drawing board to consider whether a rare change in the code might improve the system. This story also demonstrates that those who don't understand morality cannot fathom Bitcoin. If you're new to Bitcoin, and have wondered why Satoshi Nakamoto chose to remain anonymous, does that seem a little clearer, now? Summary and Additional Details Now, let us summarize: Under a pandemic-induced fog of war, the military-banking complex may be enabling an elite pedophile class of blackmail agents at least partially organized around MIT to establish a Global Digital Central Bank to enslave the human race, cull populations, and subject them to genetic information control. One additional thought worth thinking about is whether these seemingly related global events were at least somewhat telegraphed, and whether this is the reason power consolidation occurred in China, Russia, and Saudi Arabia over the past few years. One way to retain national strength in the midst of Fifth-Generation warfare involving a constant stream of confusing signals is to line the ducks up in a row and move as a single unit. In all this, I make my best effort to make no mistake about where I mix fact and speculation, but understand that conversations trying to unravel the Bigger Picture, including the very real spectre of sexual blackmailing dominating global politics are being had among the world's cognitive elite and power players. They've been going on for years now. One must wonder how much of a role all this plays in the unmistakable bunker-buying trend among the billionaire class. Truly covering this story in detail would require a book—or more likely a few. It is important for at least the basics to be discussed well enough for the larger global community to discuss. And we should be demanding an answer to the question, "Will they get away with it?" Paul Weiss is decidedly not one to shy away from difficult games or controversy, so this doesn't look good for SBF & Co. despite how well the deck seems stacked in their favor. Keep a careful eye out for how the endgame plays out. Will SBF and his closest associates be pawn-sacrificed in a larger game of global financial chess, or will real investigations take place into the many dark corners into which we've tried to hold a lantern? The public will be pushed to take the pawn and gloat. After all, it's easy to ratchet up the scorn for the image rapidly involving from "Robin Hood Mastergeek" to "doughy nerd narcissist who leveraged mommy's and daddy's network to spend your money partying with in the Bahamas". Resist that urge. This is a unique moment in time when the larger machinery of corruption is exposed. Toto smells a wizard behind the curtain. Take the opportunity to learn more, and discuss the facts carefully and faithfully. Avoid the temptation of each offered pawn. The king has never been this exposed. A few nights ago I recorded a livestream with a Bitcoiner I've known for a few years. There are some additional details not covered in this article. https://rumble.com/v1uggke-cryptocurrency-ftx-collapse-w-mike-btc-insider.ht... Feedback, and additional help with the research is always appreciated. Please support Rounding the Earth, an entirely viewer-supported enterprise. And as a perfectly due brag, I'll mention that early warnings in the Bitcoin Education group we run led those present to pull their money out to safety—at least several times more money than all subscriptions paid to date for the work we do at Rounding the Earth. We try to preach the basics, including, "Don't leave your Bitcoin on an exchange," which itself probably saved tens or hundreds of thousands more dollars worth of Bitcoin and other digital currencies. Lastly, I'd like to brag: though I was never so well funded, my trading returns were always better than Alameda's, I did it at home with a cat in my lap, I never lost anyone's money, I never designed a losing trading strategy, I put the breaks on before Crypto Winter, and I never compromised my ethics. 169 Comments Mathew Crawford Nov 21 Reminder: Those interested in following interim steps of research (or even participating) and viewing exclusive discussions can join RTE at Locals.com. Our community is also our editorial board. The world must be a network of independent researchers. https://roundingtheearth.locals.com/post/3071031/free-promo-code-for-novembe... Dr Ah Kahn Syed Writes Arkmedic's blog Nov 21 Brilliant stuff Mathew. This is why they hate us. Because we remember and we join dots, and our experience spans multiple realms of the scientific sphere. Because we don't swallow their "news" - we find our own from sources and then investigate and verify. We are the news now. The real news. Handle with care. o7 sir. 167 more comments… https://roundingtheearth.substack.com/p/a-grand-unified-theory-of-the-ftx https://substack.com/profile/3589582-mathew-crawford https://www.campfire.wiki/doku.php?id=rounding_the_earth https://roundingtheearth.substack.com/p/call-it-world-war-e https://en.wikipedia.org/wiki/FTX_(company) https://en.wikipedia.org/wiki/Alameda_Research https://roundingtheearth.substack.com/p/specialization-is-anti-education https://roundingtheearth.substack.com/p/the-kunlangeta-part-i https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/publ... https://artofproblemsolving.com/community/user/57409 https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/publ... https://roundingtheearth.substack.com/p/meditation-and-the-art-of-war https://www.tiktok.com/@kevinolearytv/video/7160412615884180779 https://twitter.com/gencostocks/status/1591152046811807744 https://www.janestreet.com/ https://www.centreforeffectivealtruism.org/ 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Head of CME says on Fox TV that he bribed the CFTC, just like Sam bribed the SEC and the Democrats... https://twitter.com/ryangrim/status/1595432125922217984 https://www.coindesk.com/business/2021/11/02/ftx-us-hires-former-cftc-commis... https://github.com/LeXpunK-Army/Crypto-CaseLaw/blob/main/DCCPA%20Markup%20La... https://prospect.org/power/congressmembers-tried-to-stop-secs-inquiry-into-f...
https://roundingtheearth.substack.com/p/a-grand-unified-theory-of-the-ftx https://rumble.com/v1uggke-cryptocurrency-ftx-collapse-w-mike-btc-insider.ht...
" There are some major question marks about state entanglement, potential involvement of intelligence operatives and the corruption of captured regulators are all major open questions that I just don’t have answers to. Was FTX a plant to bring down the Crypto industry and justify tighter regulation? Was FTX a front for money flowing from Crypto traders and Tech VCs into Democrat coffers? Why is the mainstream media reporting on this event as if SBF is just a failed entrepreneur who dreamed too big, rather than a fraud who appropriated customer funds? Who was behind the success of FTX? Who is Gary Wang? We likely won’t ever get satisfactory answers to these questions. The family political links between major characters in this story are deeply suspicious. As one Crypto Twitter account that has been covering the news relentlessly said: “This FTX fiasco is *really* doing its best to confirm every single conspiracy theory anyone has ever had about anything.” "
https://roundingtheearth.substack.com/p/a-grand-unified-theory-of-the-ftx https://rumble.com/v1uggke-cryptocurrency-ftx-collapse-w-mike-btc-insider.ht...
https://needtoknow.news/2022/11/the-implosion-of-ftx-is-the-excuse-to-usher-... The Implosion of FTX Is the Excuse to Usher in Central Bank Digital Currency as NY Fed and Banks Test CBDC
SBF has been arrested by the Bahamas while apparently no legal process has called for it, they literally just kidnapped him because someone somewhere filed charges and dreamed that they might request a body someday... https://www.bahamaspress.com/statement-from-the-attorney-general-of-the-baha... Statement from the Attorney General of The Bahamas Sen. Ryan Pinder KC on the arrest of Sam Bankman-Fried Dec 12, 2022 On 12 December 2022, the Office of the Attorney General of The Bahamas is announcing the arrest by The Royal Bahamas Police Force of Sam Bankman-Fried (“SBF”), former CEO of FTX. SBF’s arrest followed receipt of formal notification from the United States that it has filed criminal charges against SBF and is likely to request his extradition. As a result of the notification received and the material provided therewith, it was deemed appropriate for the Attorney General to seek SBF’s arrest and hold him in custody pursuant to our nation’s Extradition Act. At such time as a formal request for extradition is made, The Bahamas intends to process it promptly, pursuant to Bahamian law and its treaty obligations with the United States. Responding to SBF’s arrest, Prime Minister Davis stated, “The Bahamas and the United States have a shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law. While the United States is pursuing criminal charges against SBF individually, The Bahamas will continue its own regulatory and criminal investigations into the collapse of FTX, with the continued cooperation of its law enforcement and regulatory partners in the United States and elsewhere."
White House won't answer if SBF political donations to Biden 2020 campaign and mid terms will be returned https://nypost.com/2022/12/13/wh-wont-say-if-biden-will-return-2020-donation... https://abcnews.go.com/amp/Blotter/politicians-dropping-madoff-money/story?i... https://v.redd.it/h2h1c2yt1v5a1 https://www.dailywire.com/news/here-are-the-democrats-and-republicans-who-re... https://www.youtube.com/watch?v=OCHS3z3H1eg Pool Exposes KJP https://twitter.com/RNCResearch "Woke Black White House Lesbian serving White "You Ain't Black" Massa says a lot of bullshit with a Straight face."
Never the Corrupt Politicians, always the Fall Guys... "Effective Altruism": Could SBF's Parents Be The Key To A Plea? https://jonathanturley.org/2022/12/15/in-loco-parentis-could-sbfs-parents-be... https://jonathanturley.org/2022/12/13/enough-of-that-the-justice-department-... Below is my column in the New York Post on the potential liability of the parents of Sam Bankman-Fried. It is not uncommon for federal prosecutors to go after family members to induce a plea by a defendant. In this case, the reported involvement of the parents in some of operations or payments magnifies that risk. Here is the column: As Sam Bankman-Fried faces an eight-count indictment for his alleged massive crypto-fraud, his case could take a sudden turn toward resolution. The prosecutors may have the ultimate inducement for a plea to dangle over Bankman-Fried — actually two: Bankman and Fried. SBF, as he’s known, is not the only person at risk here, particularly with prosecutors making repeated references to unnamed “co-conspirators.” Two at risk could prove his parents, Joseph Bankman and Barbara Fried. While there’s no proof of criminal acts on their part, Bankman-Fried surprisingly involved his parents in aspects of his alleged fraudulent operation. If so, the case could bring new meaning to the doctrine of in loco parentis, when people act “in place of a parent” or “instead of a parent.” Federal prosecutors are notorious for targeting family members as a quarry’s vulnerability; do they see such an opening in Bankman-Fried’s parents’ role in litigating this massive alleged fraud? Both parents of SBF and his close associate and ex-girlfriend, Alameda Research head Caroline Ellison, 28, are professors at leading universities. Ellison’s parents are Massachusetts Institute of Technology professors; Bankman-Fried’s parents are Stanford Law professors. Both children are obviously bright, precocious “fac brats” who spoke of using investments for good deeds. Ellison has said she had only one job before moving over to Alameda and finding herself making huge decisions. Ellison is an obvious target for a cooperation agreement, and her counsel may be moving quickly to get her a chair before the music stops on the next round of indictments. The more intriguing prospect, however, is using SBF’s parents as his most vulnerable pressure point. The Justice Department has previously targeted family members, as in the Michael Flynn case, to muscle defendants into pleas. While we’ve seen Justice give targets sharply different treatment in past cases, there’s ample reason for the parents to be concerned. Joseph Bankman, a longtime Stanford Law School tax professor, was a paid employee of his son and helped promote the company. He spent considerable time in the Bahamas with Sam during the critical periods of alleged fraud. He and his wife may have benefited from some of the lavish expenditures the Justice Department cited in its indictment, including staying in a $16.4 million house in Old Fort Bay, a gated community in Nassau. Stanford Law prof Barbara Fried didn’t appear to work for the company but reportedly used money from her son in her Democratic political-advocacy network. Fried, 71, resigned last month as board chairwoman of a political-donor network, Mind the Gap, which she’d helped start to support Democratic campaigns and causes. Fried, who retired this year from Stanford, is an expert on the intersection of law and philosophy. She has notably written about effective altruism, the charitable movement her son and Ellison embraced. SBF pursued effective-altruism models while studying at MIT and later co-founded Alameda. The left heralded Bankman-Fried as showing that effective altruism had “real and growing political power, and an increasing ability to noticeably change the world.” The inclusion of a federal election campaign financing charge only magnifies questions over Fried’s work. It’s not clear if the alleged use of false donor names included Mind the Gap donors or if Fried was aware of such alleged unlawful efforts. The couple’s spokesperson denied any involvement in the underlying matters relevant to the indictment. The parents have the misfortune of looking like the type of low-hanging fruit prosecutors find irresistible. In an ordinary case, they would be on top of the targets list. Reports the parents are concerned they could be financially ruined by legal costs may only increase the interest in using them to pressure their son. Other family members could also be subject to investigation, including Bankman’s sister, Barbara Miller, who works in Florida as a Democratic political consultant. Again, it’s not clear if Justice will prove as aggressive in pursuing such collateral figures as it did with defendants like Michael Flynn. But it would likely take little to induce a plea given the weight of the evidence against Bankman-Fried. One benefit is that a plea would make fast work of the case without a messy, drawn-out criminal process. That, however, could draw closer scrutiny. The timing of the indictment remains curious. The Justice Department charged Bankman-Fried just before he was going to testify under oath for hours on every detail of the case. That is ordinarily a prosecutor’s dream: a potential windfall of self-incriminating statements that are fully admissible at trial. It only needed to wait a few hours but elected to stop the congressional testimony shortly before it was to start. Pressuring his parents could be the final straw for Bankman-Fried, who is looking at a high likelihood of conviction on counts that can individually bring up to 20 years in prison. While offenses are likely to run concurrently, he can count on little sympathy from a sentencing court if convicted. That is why a plea “in place of his parents” may be the one prospect SBF has to eke out an “effective altruistic” element to his criminal charges. This movement is based on the notion of “using evidence and careful reasoning to work out how we can do the most good with our limited resources.” Bankman-Fried reportedly claims he is down to just $100,000 of cash in his bank. His “limited resources” may be reduced to his ability to assume the costs for others, particularly his parents. After wheeling and dealing in billions, SBF has become his own sole remaining asset. That is why the Justice Department just might offer him one final “effective altruistic” moment.
FTX Bankruptcy Puts $73 Million In Political Donations At Risk Of Clawbacks At least $73 million in political donations tied to Sam Bankman-Fried's FTX , showered mostly on high-ranking Democratic politicians, may be at risk of being clawed back through the crypto empire's bankruptcy, as lawyers search for assets to repay creditors. Hilariously, Bloomberg attempts top frame the contributions as bipartisan and "wide-ranging," despite Bankman-Fried, who's never met President Biden, being heralded as "one of the people most responsible" for Biden's 2020 win. Is that why SBF is "one of the people most responsible for Biden being in office"? https://t.co/HYoude5zHr pic.twitter.com/hfs8LO94E3 — zerohedge (@zerohedge) November 19, 2022 SBF also donated to Democratic Rep. Ritchie Torres of New York, who just months ago was one of 8 members of Congress who lobbied against regulating crypto (and is now totally calling for an SEC investigation). "Nobody ends up looking great in this," says University of Rochester political science professor, David Primo. While there’s precedent for forcing political entities to return contributions in cases of fraud, recovery prospects are unclear in FTX’s case. Recouping campaign funds as part of the bankruptcy proceedings is a complicated and lengthy process, and the scope of the total funds eligible for clawback depends on myriad federal and state laws. It is also subject to the bankruptcy lawyers’ judgment on what money, which may be long spent by the time the FTX trustees try to go after it, is worth the effort. Bankman-Fried is facing additional scrutiny for recently saying he gave equally to Republicans and Democrats, but funded conservatives through “dark money” groups that don’t identify donors. The claim is almost impossible to verify unless the recipients voluntarily disclose they received money from him. -Bloomberg One factor noted in the debate over clawbacks is whether the bankruptcy court determines there was fraud or fraudulent intent involved in the collapse of FTX, according to Ilan Nieuchowicz, a litigator for law firm Carlton Fields. If that's the case, nearly all donations tied to FTX could be a recovery target. If not, then only those made within the 90-day period prior to FTX's insolvency, or around $8.1 million, would potentially be subject to recapture. Some lawmakers are being proactive - with Michigan Democrat Debbie Stabenow announcing that she will donate $20,800 receive from SBF to a charity in her state. Republican Jophn Hoeven (see, bipartisan!), says he will give $11,600 received from SBF to the Salvation Army. That said, donating the money to charity won't necessarily keep the victims of fraud from attempting clawbacks - as the bankruptcy trustee could still ask that the donations made by those who received FTX money still return the funds. Of the $73 million Bankman-Fried, Salame, Singh and FTX corporate entities donated, $45.5 million, or 63% of that total, went to their own personal super-PACs, including Bankman-Fried’s Protect Our Future and Salame’s American Dream Federal Action. Salame backed Republicans, while Bankman-Fried and Nishad largely supported Democrats. Most of the money from those entities has already been spent, paid to a long list of vendors to support various office seekers. Bankman-Fried’s PAC only had $384,588 cash on hand as of late November, the last time the entity was required to publicly report its finances. -Bloomberg Meanwhile, $26.6 million of FTX-linked contributions went directly to large super PACs, including those who gave money to House and Senate leadership of both parties (and of course, the proportion isn't mentioned). "It’s a lot easier to return a symbolic $1,000 contribution than it is $1 million to a super PAC," said Charles Spies, who practices political law at Dickinson Wright. This wouldn't be the first time campaign donations were clawed back by bankruptcy trustees. In 2011, a district court judge ordered five party committees - including the DNC and its Republican counterpart, to return $1.6 million in donations from Allen Stanford, one of his top lieutenants, and his Stanford Financial Group, made between 2000 and 2008, before his Ponzi scheme collapsed in 2009. According to attorney Kevin Sadler, "With contributions in the millions, the trustee has to pursue it."
Damn, didn't even plead on retardation or technicals... fast guillotines = game on as usual... BTFD. https://abcnews.go.com/US/sam-bankman-frieds-girlfriend-ftx-founder-plead-gu... https://www.sec.gov/news/press-release/2022-219 https://www.rollingstone.com/culture/culture-news/sam-bankman-fried-girlfrie... https://www.nytimes.com/2022/12/21/technology/ftx-fraud-guilty-pleas.html https://twitter.com/SDNYnews/status/1605745361842327552/ https://www.sec.gov/news/press-release/2022-234 Ellison pleaded guilty to conspiracy to commit wire fraud on customers of FTX, conspiracy to commit wire fraud on lenders of Alameda Research and wire fraud on lenders of Alameda Research, conspiracy to commit commodities fraud, conspiracy to commit securities fraud and conspiracy to commit money laundering, according to the court documents. Wang pleaded guilty to four counts: conspiracy to commit wire fraud on customers of FTX, wire fraud on customers of FTX, conspiracy to commit commodities fraud and conspiracy to commit securities fraud, the court documents stated. He faces up to 50 years in prison.
Never the Corrupt Politicians, always the Fall Guys...
Even after the third biggest crypto whale donated $250M to the US Govt for SBF's bail, they still can't put him in the right car... https://twitter.com/ScooterCasterNY/status/1606014449722068993 "GET HIM OUT! It's Not our car! It's not our car!" FTX Founder SBF Sam Bankman-Fried was accidentally put in the WRONG CAR upon his release from NY Court - "Sorry about that buddy"
Priced in... 2023 Starts Off With A Bang: Winklevoss Slams Barry Silbert's Genesis, Accuses Of Commingling Funds If anyone expected that the bursting of the crypto bubble and the resulting unprecedented tidal wave of failure and fraud would somehow be confined to 2022 we have some bad news. As if the collapse of Sam Bankman-Fried’s crypto empire wasn't bad enough, its fallout just got much messier after digital-asset entrepreneur and Facebook billionaire, Cameron Winklevoss, accused fellow crypto businessman Barry Silbert of “bad faith stall tactics” and the commingling of funds within his conglomerate that Winklevoss says have left $900 million in customer assets needlessly in limbo since FTX’s meltdown. First, some background: in early November, shortly after FTX imploded, Gemini Trust which was founded by the Winklevoss twins, paused redemptions on a lending product called Earn, which offered investors the potential to generate as much as 8% in interest on their digital coins. It did so by lending them out to Genesis Global Capital, one of the companies owned by Silbert’s Digital Currency Group. The Earn halt came after Genesis suspended both redemptions and new loan originations at its lending unit because of its exposure to FTX. Genesis has told clients that it could take “weeks” to find a path forward, and that bankruptcy may be one possibility. Which brings us to today: this morning, facing pressure of his own from angry customers locked out of their Gemini accounts and a lawsuit alleging fraud, Cameron Winklevoss published an open letter saying he had provided Silbert with multiple proposals to resolve the issue, including as recently as Dec. 25. He told Silbert “this mess is entirely of your own making,” citing some $1.675 billion owed to Genesis by DCG, which it used for other business purposes within Silbert’s conglomerate. “This is money that Genesis owes to Earn users and other creditors.” “It’s not lost on us that you’ve been working desperately to try and firewall DCG from the problems that you created at Genesis,” Winklevoss added, strongly hinting that the relationship between DCG and Genesis is similar to that between FTX and Alameda. And in case that wasn't clear, the next sentence strikes it home: “You should dispense with this fiction because we all know what you know — that DCG and Genesis are beyond commingled.” Earn Update: An Open Letter to @BarrySilbert pic.twitter.com/kouAviTho4 — Cameron Winklevoss (@cameron) January 2, 2023 An Open Letter to Barry Silbert Barry — today marks 47 days since Genesis halted withdrawals. I am writing on behalf of more than 340,000 Earn users who are looking for answers. These users aren’t just numbers on a spreadsheet, they are real people. A single mom who lent her son’s education money to you. A father who lent his son’s bar mitzvah money to you. A husband and wife who lent their life savings to you. A school teacher who lent his children’s college funds to you. A policeman, and so many more. All together, these people entrusted more than $900 million of their assets to you. They deserve concrete answers and we are here to get them. For the past six weeks, we have done everything we can to engage with you in a good faith and collaborative manner in order to reach a consensual resolution for you to pay back the $900 million that you owe, while helping you preserve your business. We appreciate that there are startup costs to any restructuring, and at times things don’t go as fast as we would all like. However, it is now becoming clear that you have been engaging in bad faith stall tactics. For example, on December 2nd we expressed our belief “that getting everyone in a room together as soon as possible will be the most productive path towards reaching a resolution." You agreed, but stated you would only do so after there was a proposal on the table. On December 17th, a proposal was delivered to you. On December 25th, Christmas Day, an updated version of this proposal was delivered to you. Despite this, you continue to refuse to get into a room with us to hash out a resolution. In addition, you continue to refuse to agree to a timeline with key milestones. Every time we ask you for tangible engagement, you hide behind lawyers, investment bankers, and process. After six weeks, your behavior is not only completely unacceptable, it is unconscionable. The idea in your head that you can quietly hide in your ivory tower and that this will all just magically go away, or that this is someone else’s problem, is pure fantasy. To be clear, this mess is entirely of your own making. Digital Currency Group (DCG) — of which you are the founder and CEO — owes Genesis (its wholly owned subsidiary) ~$1.675 billion. This is money that Genesis owes to Earn users and other creditors. You took this money — the money of schoolteachers — to fuel greedy share buybacks, illiquid venture investments, and kamikaze Grayscale NAV trades that ballooned the fee-generating AUM of your Trust; all at the expense of creditors and all for your own personal gain. It is now time for you to take responsibility for this and do the right thing. It’s not lost on us that you started your career as a bankruptcy restructuring associate. And it’s not lost on us that you’ve been working desperately to try and firewall DCG from the problems that you created at Genesis. You should dispense with this fiction because we all know what you know — that DCG and Genesis are beyond commingled. Everyone takes orders from you and always has. And anything you have done after the fact to pretend otherwise, won’t hold up. If instead, you had put all of this energy towards finding a resolution, we would have been done by now. Everyone would be in a better place, including you. Earn users are tired. They’re scared. Many are now in dire straits. And yet despite all that they have had to endure, they have been remarkably patient and supportive. But there is only so much more they can take. They deserve a resolution for a recovery of the assets they lent to you and an end to this nightmare. To that end, and for the final time, we are asking you to publicly commit to working together to solve this problem by January 8th, 2023. We remain ready and willing to work with you, but time is running out. Sincerely, Cameron Winklevoss Winklevoss claims the $1.675 billion borrowed by DCG from Genesis was used “to fuel greedy share buybacks, illiquid venture investments, and kamikaze Grayscale NAV trades,” referring to another of Silbert’s businesses, Grayscale Investments, whose largest vehicle is the Grayscale Bitcoin Trust. This came, he said, “all at the expense of creditors and all for your own personal gain.” Winklevoss also asked Silbert to “publicly commit to working together to solve this problem,” which he says affects more than 340,000 Earn customers, by Jan. 8. He didn’t say what would happen if no agreement was reached by then. Silbert prompted responded in kind, tweeting a refutation to several of Wilkevoss’s accusations, saying “DCG did not borrow $1.675 billion from Genesis” and “never missed an interest payment to Genesis and is current on all loans outstanding,” without providing more detail. Silbert also claimed DCG delivered a proposal for resolving the dispute to Genesis and Winklevoss’s advisers on Dec. 29, but had received no reply. DCG did not borrow $1.675 billion from Genesis DCG has never missed an interest payment to Genesis and is current on all loans outstanding; next loan maturity is May 2023 DCG delivered to Genesis and your advisors a proposal on December 29th and has not received any response — Barry Silbert (@BarrySilbert) January 2, 2023 That would not be the last of it, and moments later, Cameron Winklevoss doubled down, urging Silbert to "stop trying to pretend that you and DCG are innocent bystanders and had nothing to do with creating this mess. It's completely disingenuous. So how does DCG owe Genesis $1.675 billion if it didn't borrow the money? Oh right, that promissory note..." And then, in an apparent attempt to avoid the nuclear option and filing a notice of default against Genesis - an event that will likely lead to even more havoc and mayhem across the crypto community - WInklevoss tweeted "Will you, or will you not, commit to solving this by January 8th in a manner that treats the $1.1 billion promissory note as $1.1 billion?" Will you, or will you not, commit to solving this by January 8th in a manner that treats the $1.1 billion promissory note as $1.1 billion? — Cameron Winklevoss (@cameron) January 2, 2023 Previously Silbert's DCG has been trying to emphasize that it’s separate from Genesis and insulated from its troubles. After Genesis suspended redemptions, DCG said in a tweet that “this temporary action has no impact on the business operations of DCG and our other wholly owned subsidiaries.” Silbert, in a letter to shareholders last month, said that intercompany loans were made “in the ordinary course of business.” He noted that DCG has a liability of $575 million to Genesis. In the letter, he also described a $1.1 billion promissory note, due June 2032, which he said came about as the parent company stepped in to assume liabilities from Genesis related to the collapse of digital-assets hedge fund Three Arrows Capital. As Bloomberg notes, Winklevoss’s aggressive stance comes as Gemini and its founders faces a lawsuit from investors who accuse the company of fraud, claiming the Earn product was in effect an interest-bearing account that it failed to register as a security. As for the public spat between Winklevoss and Silbert, which is all too reminiscent of what happened between CZ and SBF in the days before the failure of FTX, as twitter user Jeremey Padawer summarizes "When these sorts of issues become public, almost every single time the worst is still to come… good luck crypto community." Indeed. When these sorts of issues become public, almost every single time the worst is still to come… good luck crypto community. 💔 — Jeremy Padawer (@JeremyCom) January 2, 2023 And even Edward Snowden is bracing for what's coming. *sigh* gonna be a big week https://t.co/E0QQzX0rvO — Edward Snowden (@Snowden) January 2, 2023
"SBF plead not guilty to allow enough time before the trial date for his plan to execute... go 100x long on crypto now, which will have mooned enough toward new ATH by end of trial to pay off all his creditors... Not Guilty Your Honor, that was my plan all along!" -- Internet
https://archive.org/details/smallworld052406 Ripple_XRP Is Garbage Why will no reporter, twitter SBF scandal pusher tell the truth that SBF was in a fraud exposed the summer of 2017 by a watchdog when he was working in a small group of "effective altruists" that stole millions in donations meant to be directed to animal charities as well as grant money??? (in CryptoCurrencyClassic by satoshi0x) https://twitter.com/real777mellon/status/1608748142849318914 Tiffany Fong @TiffanyFong_ 29 Dec 2022 Michael Lewis actually “spent several hours” with Sam Bankman-Fried before I did. Is Michael Lewis being sexualized & bombarded with questions about whether or not they “banged”? Sam Bankman-Fried met with 'Big Short' writer Michael Lewis during... Disgraced FTX boss Sam Bankman-Fried already appears to be turning his crypto saga into a blockbuster, with the help of a top writer who penned "The Big Short." https://nypost.com/2022/12/27/sam-bankman-fried-met-with-big-short-author-mi... Samuel Bankman-Fried SBF <11235813sam@gmail.com> 650-906-9179 https://i.redd.it/sw68q2ednega1.png https://i.redd.it/1llmhfqinega1.png https://i.redd.it/8gysn9vknega1.png https://i.redd.it/gsj6sfrpnega1.png https://i.redd.it/ldhluvmrnega1.png https://animalcharityevaluators.org/wp-content/uploads/2017/09/06-09-17-emai... https://finance.yahoo.com/news/ftx-ceo-sam-bankman-fried-profile-085444366.h... https://en.wikipedia.org/wiki/Roger_Parloff SBF on the phone, bc he leave personal cell phone # on public property sites? https://opensea.io/assets/ethereum/0x495f947276749ce646f68ac8c248420045cb7b5... By Devcoin Sam Bankman-Fried had his number on property records websites, shockingly he even verbally recited the corresponding email address in his voicemail message. I called once, and now it's immortalized. I hope SBF gets a new phone number with court in 4 days! I tweeted this to a journalist... only to find out the journalist deleted his tweet to hide mine from getting any exposure in December. So lets try this again in February and see if mods allow the truth to be discussed with plenty of documented evidence from primary sources. The Beginning of My Attempt to Reveal Truth To Crypto Investors The December 30, 2022 Tweet when I first decided to try and put word out after not getting one email back from any publication covering SBF in the media: This never got any attention, when I dropped this bombshell to SBF's favorite influencer and reporter in public sight... So I am gonna share a story of the fraud SBF may have seeded his Alameda Research operation with that a whistleblower uncovered back in summer 2017 - months before the infamous wunderkid decided to get into crypto. https://preview.redd.it/sw68q2ednega1.png?width=684&format=png&auto=webp&v=enabled&s=8ec769b5e7860ef9e4fd8a109a7dc440feaac7bc There is a second page and other letters written in the spring and summer of 2017 by the whistleblower that exposes Sam's EA leader of "ACE" Animal Charity Evaluators Jon Bockman, where SBF was grifting as a part of this fake front that ended up stealing over $1,000,000 as Bockman suspected by the last letter - all of these letters I found quite easily and I implore you to search around as I don't want to take forever on this matter. But each has Sam Bankman-Friend in the "To" grouped in with the ringleader Effective Altruist/thief/fraudster Jon Bockman that Mr. Hindi exposed in many ways as a complete fraud. Later letters by Mr. Hindu to "ACE" group exposed that the money "ACE" took would be given to fake animal rights activist and charitable groups they claimed their expert evaluators found to be the best place to award the donations to "pre-selected organization" which were always headed by associates connected to the leader of the ACE scam, Jon Bockman. Oddly enough, these latter letters by Mr. Hindi to "ACE" are uploaded onto Bockman's website for his "expert evaluation service to donate to only the best animal charities (sound familiar - like SBF's mom and her Stanford lab with the 'effective altruism' software that claims to give one the most bang for their buck in picking the best charitable groups to donate to?).... The tweet source of this letter is linked below: https://animalcharityevaluators.org/wp-content/uploads/2017/09/06-09-17-emai... https://preview.redd.it/1llmhfqinega1.png?width=636&format=png&auto=webp&v=enabled&s=cb3d06a3097c08606904f6dbe0708d4a26e7b9a0 SBF (full name and email in his public records verified by his listed and active cell phone number - see last paragraph) is there with all of the people Mr. Hindi was uncovering in the scheme by ACE that fraudulently stole millions pretending to be Effective Altruist animal charity involved people who claimed they were expert evaluators to help donors get their money to the best animal charities. These letters Hindi and watchdogs wrote directly to the ACE team and exposed them on their fraud in the summer of 2017 just eventually stopped. Maybe Hindi got tired of asking the people to flat out stop - or maybe they did stop as SBF magically got an unrealistic $25 million in funds off his brand new interest in cryptocurrency trading. That is what legend has led us to believe - it's been about 3.5 years since we've been indoctrinated with the origin of the crypto SBF. Who first pushed that on the mass media though? It was a lawyer with a controversial or at least coincidental past with a knack for introducing the public to a sociopathic fraud he presented as a savior of the world. Well a lawyer no longer practicing that decided they'd prefer to write cover stories and work as a Fortune Magazine editor-at-large. Yes this ex-lawyer had lured me to first read about SBF in a summer 2019 mini-novela that read like a tall tale on Yahoo Finance - detailing the unbelievable (literally) beginnings and success of SBF in his cryptocurrency run from one hard to believe arbitrage payday (as in I never believed it occurred). The writer boasts that his August 12, 2019 profile on SBFis the first intro and most 'in-depth profile' of this out of nowhere crypto billionaire named Sam Bankman-Fried. Yes, the chosen one to be the profiler of SBF to introduce us to his majesty's rise and yet another lawyer in the circle of SBF pushers was a lawyer turned writer by the name of ROGER PARLOFF, the same guy who did the first profile - a COVER STORY at that - when he was with Fortune in 2014 on THE notorious Elizabeth Holmes. Before leaving Fortune a year later - Parloff gives a sobby "it feels like it was my fault for elevating Elizabeth Holmes to prominence"... sure did, but I doubt there was much remorse when he typed that little quip in his follow up article after Holmes was outed as one of the most sociopathic people to ever work in the medical field. Isn't it ironic that Roger Paloff, NY and DC lawyer turned writer was able to introduce Elizabeth Holmes to the world as a savant of medicine and came back in 2019 to introduce us to the story of SBF - the $25 Million Arbitrage trade from US to Japan that founded Alameda Research and began the 2017 start of SBF's crypto career? I wonder why he left out Sam's work over the summer of 2017 with an accused fraud that certainly stole millions of dollars posing to be a charity evaluator that gave money to charities of people all connected to the organization and SBF's boss covered in the letters I shared with you today? Roger Parloff, introduced us to the savants turned sociopaths Elizabeth Holmes and SBF? Smells fishy. There are other whistleblowers who uncovered schemes and fraud in the area of animal charity scams that Mr. Hindi quoted and cited in this letter that pointed out the same things Hindi suspected about ACE being a fraud and the money going to fronts acting as charities hand-picked by ACE. https://preview.redd.it/gsj6sfrpnega1.png?width=595&format=png&auto=webp&v=enabled&s=093efde7689b032a6b5aa91f7b7ff815fa4c3b68 https://preview.redd.it/ldhluvmrnega1.png?width=586&format=png&auto=webp&v=enabled&s=1e8086a5fafa0ade3c6ae388f698f7fab4ba8f4d Let's Wrap This All Up - It's Proven Enough (The Media Refuses to Write Anything About This) SBF was a part of each letter Hindi addressed to ACE over the summer of 2017 to cease and desist what they were suspected of doing and to return the money they had stolen in millions under a fraudulent scheme that SBF very much was part of that entire summer before moving on to Alameda Research... Remember the miraculous story that SBF outsmarted the world by buying his BTC in the US and selling in Japan for +1,000 USD a trade as if no one else possibly tried that before - which made his seed ($25 million or so) to start Alameda Research (the hedge fund he admitted he named research to deceive banks into giving him an account locally posing as a research firm?)... Yes the myth of the amazing arbitrage that occurred supposedly just months after this previously covered up but ACTUAL REAL OCCURANCE that SBF's summer employer, Animal Charity Evaluators, alleged to have got away with stealing millions of donated money meant for animal charity? Given Brett Harrison and SBF teamed up for FTX US in 2021 after previously working at "Jane Street Capital" you gotta question back even then if this is all one big fabricated lie protecting some puppet master pulling strings that we may never find out the identity of. That's worth a mention but out of scope and I want to wrap this all up. I believe the money that SBF claims to have miraculously beat every US based trader in with such a silly excuse in Fall 2017 was money he got from this Effective Altruist scam stealing millions meant for animal charities. The four page letter Mr. Hindi exposes ACE's nefarious actions in ends in a definitive and obviously plausible way if you read the letter as I did back in December: Please understand that we consider this to be a very serious issue. ACE is, by your own accounts, persuading donors to spend millions of dollars on your Top Charities, which are pulled from a small, pre-selected batch of groups of which a number comprise members of your own initial advisory board. We are, therefore, not talking about minor ethical violations, but rather very significant acts of potential fraud. Go ahead and search around. You'll find more letters from Hindi to "ACE" and addressed to SBF throughout the summer 2017. Perhaps the funniest part was Sam's stupid personal email led to his public records and his cell phone number. I called it thinking it'd be disconnected - but nope - after 40 seconds there was the self-identified voicemail by "Sam Bankman-Fried" answering me. You may search for those I do not think I need to link them as I just told you how I found the public record. I decided to put it on OpenSea as a joke and also as a way to share with the entire crypto community that this guy is in fact the one emailed in the letter by whistleblower Hindi... Listen for yourself - this too was given zero attention by about 20 different people that are covering everything they choose to cover on this case, but all of this concrete and unknown info to the general crypto investor and community has been silenced and ignored. I hope you all enjoyed this info coming to light. I hope mods do the right thing and don't do what Twitter and other forums have done deleting the truth about the biggest scam in modern financial history. It's important to realize the scam began before Alameda even existed. It just sucks we crypto enthusiasts have to suffer and wait through all the crap this person brought upon our community and projects devs bust their buts on when this guy was never a part of crypto to begin with. He was just an opportunist who sought money wherever he could steal it in retrospect.
Bankruptcy court filings... 22-11068 U.S. Bankruptcy Court for the District of Delaware https://bkdata.com/business-bankruptcies/delaware-delaware/11-11-2022/ftx-tr...
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grarpamp