This is really good if you haven't seen it. This guy called it all a month before:
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OT: Bitcoin, Altcoins, NFT's & All Things Crypto
- Thread starter bob-loblaw
- Start date
Can’t believe all of you trust Twitter info. It’s like trusting the YouTube investment advisor.
…or “Guy the crypto guy”…LOL…everything we are dealing with from the Fed debacle to the meme stocks to the FTX sham goes to show you how incompetent gov’t regulators are. They are appointed by friends…easily influenced by lobbyists…likely receive untold benefits and kick-back…it’s a sad state of affairs.
The magnitude of this scam is up there with Theranos for sure. I am basically learning that the entire world is stupid, and everything is pay for play with zero vetting so long as the check to get into the door clears.
Lol like no one checked that this company’s executives were fake? There is that little due diligence going on by what are supposedly industry leaders in the media before they throw a guy on the cover of their magazine and call him the next Warren Buffet? After Theranos, they adjusted nothing? And our government… lol! This dude was allowed to just stroll into the Capitol and point fingers at our lawmakers about the financial crisis while doing the exact same effing thing behind closed doors? Absolute clown show we live in.
As for the bitcoin advocates, there is literally no path forward for adoption of bitcoin that doesn’t further empower this industry of grifters. Bitcoin is married to scams like this whether you like it or not, and in a world where Bitcoin becomes even a semi-mainstream way to spend money, then that’s a world where people like SBF are our leaders, I’ll pass.
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Gensler is starting to have blood on his hands for refusing to regulate the market as needed. Why this delay?
Which one don’t you trust? Every one I see posted is pretty much just links to factual info (chain data, bankruptcy filing, property records, etc). Twitter is a great place to get news information if you have half a brain
This is starting to feel like Madoff and Epstein wrapped up into one monster Ponzi/blackmailing operation.
Don’t worry, the movie is already half written (Ben writes movies for a living, this tweet can be trusted)
Gensler is terrible. Totally incompetent.
It also looks like he worked with Glenn Ellison at MIT, who is the father of the babysitter CEO.
Definitely incompetent and now it sounds like Gensler is compromised. Bad combo!
and the coinboiz will be back on here in a day explaining how, no that's not really how it works--and it's totally fine, but you just don't understand.......
clearly you don't want to do the work...
none of this is not not known...........
sorry you don't like the news...
A lot.
So I saw this on Twitter and laughed. It took another day to realize she was actually the CEO of Alameda.
Garbage in garbage out. It's like everything else out there; pick who you want to, avoid the noise. I personally find Twitter to be one of the best sources of news information out there. I can research people and should I deem their information/credentials worthwhile, I can follow and learn.
You want to get your news from Tucker Carlson or Rachel Maddow... have fun. Their biased opinions are right there, but they get a certain level of credibility due to the medium theyre on. With Twitter, you control your own destiny of what you choose to follow. Traditional media not so much.
Bitcoin Twitter-verse has access by simply doing the research most traditional media wont (or has the ability to) do. A bulk of "reporters" in the crypto space on traditional media are straight trash. There's countless echo chamber articles written due to newsdesks realizing that a competing desk has a popular article on..... (chose crypto article) and essentially regurgitate the same **** already written.
So it's people like Dylan LeClair who legitimately has been ahead of countless scandals or events in crypto for the last year. Guy is legit one of the best follows on Twitter.
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All of this is another black eye in the space, you simply cannot deny it, but it should be a net positive as people realize shitcoins are not an investment strategy or way to get rich quick. It also has made people buy into the btc maxim of not your keys, not your coins.
None of this has wavered my resolved towards Bitcoin as a long term hold. I have been and will continue to buy every dip I like and send to cold storage.
Maybe authorities knew he was fake and let him roll as long as his donations were correct?
After all Twitter wasn't a real business, and became an intel and propganda operation.
Many constitutional restraints are being gamed by renegade agencies who make the laws up as they go along
I know you have been arguing for decentralization for a while, so this may not matter to you but this will stop institutional adoption in its tracks. Fiduciaries are likely going to dump whatever they have and no way new money will be coming in.
I wouldn't count on that. This story is going to get waaaay worse before it gets better.
Just the next Enron and Theranos. Ponzi schemes who needed new investors to make their money. There really never was a product, the new investors were the product. People got in for the get rich quick scheme and now that they see it's all bullsh*t will pull out.
A+ job adding value.
I disagree. It hurts perception, but... where was there fraud? On a suspect exchange and shitcoins. Institutional investment has been primarily focused on btc and honesty the low price point COULD prove to be attractive to Institutional investment.
1000% this story is going to take a lot of odd twists and turns
A bad person did a bad thing. Did Enron and Theranos tank their entire industries or sectors? No. Did Madoff tank all of investing? No.
just because you type miles long posts doesn't mean you are
It’s not the SEC Chairman’s role, authority, or ability to “regulate the market as needed” if the regulatory framework doesn’t encompass the security/market/activity in question. He/she is charged with enforcing existing regulations. Gensler has advocated for more regulation of crypto, it seems to me. Having said that, regulation is definitely needed in the crypto space in my opinion.
How are exchanges and lending on such platforms not the SEC's role to regulate? I understand the grayness with crypto itself and for example a BTC spot ETF, but this is essentially investment banking.
There is very little accountability, transparency, reporting, representation on boards, etc. there was not a viable regulatory framework to address this situation. But you’re right that it’s somewhat like the irresponsibility of lenders in 2008 that made decisions void of due diligence and assessment of the borrowers ability to fulfill their obligations.
My point on institutions is now that this is such a public failure they will just stay away from the whole space. The majority of institutional investors are focused on keeping their jobs and their careers. If you have any money in crypto going forward and it goes bust you will be fired.
The game has changed for these guys. Crypto/Bitcoin is now a no go zone.
he's right...very true.. and yet:
s&l
dotcoms
mortgage backed securities
and on and on....
they won't do it in this "thing"... they will go find something else... and drag the suckers along with them to that "new" thing...
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It's not as simple as a bad person did a bad thing.
Enron took down Arthur Anderson.
Madoff changed the hedge fund industry dramatically. Self custody disappeared, operation due diligence became a huge issue, the whole industry became institutionalized.
Ironically, that's also why hedge funds have performed so poorly since then.
If FTX finally gets the SEC and Congress to act on responsible regulations, it will be a long-term win for the crypto market.
What incentive does the US have to support crypto? Now everyone has an excuse to crush it with crippling regulation. I think there is a 50/50 chance BTC under $5K in next 6 months.
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