I just love the way Larry made a quick buck on it while still being right about it

newkidontheblock wrote: ↑Fri Nov 25, 2022 7:02 pm Wasn’t the blockchain and data mining supposed to ‘protect’ crypto and keep it a secure system? Guess not.

I did not ‘invest’ in crypto and thus missed the bump. I never understood how it really works and never had any regrets since.

FTX was a trading platform.
Bankman-Fraud has finally been arresred in the Bahamas!
I dont think " I didnt mean to do it " is going to be a strong defense. There is also a class action lawsuit filed in the US against all the celebrity shills that were paid to endorse FTx. Now where is all that money that went to the DNC before the last midterm elections?
Over to you Armchairlawyer.

newkidontheblock wrote: ↑Fri Nov 25, 2022 7:02 pm Wasn’t the blockchain and data mining supposed to ‘protect’ crypto and keep it a secure system? Guess not.

If people have they money on Blockchain (e.g bitcoin) they would not lose any money. The irony that instead of have 'actual' coins on they own wallet they trusted FTX to keep it for them.

As for me 'investment opportunity' is just a unfortunate side effect of crypto. Reason i used to buy it, is that i really like idea of 'money' that have not so much control over it.
If you just secretly keep them for a 'rainy day', government cannot arrest it, ex-wife cannot take 'her' half. You can be rich without anyone know about it. Of course it adds certain complexity (e.g when u need to cash out big amount urgently) or if u lose/stolen wallet all money are gone and so on.. but for me is still worth it.

Practical example.. Around ~2016 i did my backpacking trip and to feel more secure i always 'carry' my bitcoin wallet with me. So even if i get robbed and lose all my stuff i can still get cash in any country in the world. Not even required to have memory stick/email access. Just remember 12 words (bitcoin wallet mnemonic) is enough.

Please enlighten us on how you would cash out Bitcoin in Cambodia. Genuine question.

Spigzy wrote: ↑Tue Dec 13, 2022 12:15 pm Please enlighten us on how you would cash out Bitcoin in Cambodia. Genuine question.

- There are few crypto exchanges offices near koh pich. All Chinese owned so most likely no one speak English.. but should be still possible to make a deal.
- Localbitcoins.com allow u to find local buyer (e.g https://localbitcoins.com/accounts/profile/Rithnia/ just p.m and agree where to meet)
- Coin Cafe & Bar at BKK3 used to buy/sell coins.. ( i heard it's closed now.. didn't check myself)
- Blockchain cafe near independence monument (never tried myself but i heard people buy/sell there)

Spigzy wrote: ↑Tue Dec 13, 2022 12:15 pm Please enlighten us on how you would cash out Bitcoin in Cambodia. Genuine question.

Load the required amount of BTC onto your Binance account, sell for USDT and then sell USDT for USD to one of the many local P2P traders. They will send the USD to your ABA account.

If you want pure cash, you are going to have to find a trader willing to meet you, and they do exist. But you will be sending the USDT to their account first, and get the cash second, so there is a risk.

"I didn't ever try to commit fraud," he said at the New York Times' DealBook Summit at the end of last month...

Personally, the one question nobody seems capable of answering is exactly how do real dollars, converted to various crypto-currencies and FTT tokens, "actually evaporate" into nothing?

My take on explaining this is "simple"... There was no physical cash involved, only Euro or Sterling or dollars TT'd directly from investors to FTX. All these fiat currencies were instantly exchanged into crypto and eventually invested in what were basically collateral Alameda debt instruments, "FTT tokens"; the pounds & dollars placed into the FTX exchange bank lost their original form through conversion into crypto and especially, FTT tokens...

So, when investors simultaneously attempted to withdraw 5 billion dollars worth of FTT tokens, it became instantly impossible to reconvert the FTT tokens back to dollars because the valuation of the FTT tokens also instantly plummeted to zero dollar value.

Again, the original euros, sterling & dollars lost substantiality through being converted to the crypto/tokens...

It is rather like like someone with a handful of real cash money approaching a stranger in a pawnshop. The pawnshop stranger takes the cash and basically runs it through a shredder in the backroom, equivalent to "exchanging it" into crypto/FTT tokens... He returns to the investor and gives him a digital receipt for his investment. ...Notably, the real dollars have disappeared, and in their place all that remains is an entry on an Excel spreadsheet and a little chit representing a digital record on an FTX exchange M.2 or HDD...

But who can explain WHY the value of the FTT tokens descended to zero because investors wanted to withdraw them back into fiat? ...The answer has something to do with the fact that FTX exchange used the dollars-converted-to-FTT-tokens to collateralize "debt investments" in over 500 real world businesses, including other crypto currencies and tokens. I wonder if the financial experts tasked with performing the post-mortum will be able to illustrate this evaporative process more precisely? It doesn't make a lot of sense, does it?

Makes me want REAL cash in a REAL valise... Look at how rich the boss of Louis Vuitton Moet Hennessy (LVMH) is !? All just because some snobby people want to max-out their credit cards on a grossly over-priced hand-made leather bag, lol...

(LVMH is the most valuable luxury brand in the world, with a brand value of about 124.3 billion U.S. dollars in 2022. The LVMH Group's total revenue for the 2021 fiscal year was about 64.2 billion euros.)

"BBC News - FTX founder Sam Bankman-Fried arrested in Bahamas"

https://www.bbc.co.uk/news/business-63953096

newkidontheblock wrote: ↑Fri Nov 25, 2022 7:02 pm Wasn’t the blockchain and data mining supposed to ‘protect’ crypto and keep it a secure system? Guess not.

The problem was people buying through FTX never bought it into their own wallet. Everything was owned by FTX in return for an 'i owe You'.
Just like a bank, but without the legal framework and checks and balances.

Exchanges aren't banks. When I exchange money @ Psar They I take my money with me. I don't leave my riel's with the exchange company to collect it later.

Hell ya, bro... Here's 12 million to buy an online paper, here's another 15 to keep it going. And here's another 15 or 16 to buy a nice house.

Looks like a lot of skeletons will be tumbling out of the closet over this one. Americans just keep getting dumber!

(Must be nice to grow up at Stanford or Boston or NYC: can get to know fancy guys who can hand you a lot of cash, or publish your book; because, gosh-darn, it's hard being a fantasy novelist in NYC, with the high rent and all to pay!)

https://nypost.com/2022/12/12/michael-m ... man-fried/