Anyone still in Crypto?

Whether you're a working stiff or a business owner yourself, this is the place to discuss all aspects of financing your drinking habit ;-)

NO BUSINESS SALES HERE PLEASE, WE HAVE A SECTION FOR THAT IN THE CLASSIFIEDS.
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Doc67
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Re: Anyone still in Crypto?

Post by Doc67 »

The noose is tightening. Two insiders have been flipped and are now helping the investigators digging a huge hole in which to bury SBF. When you are looking at 50-100 years in prison, loyalty gets tested to destruction.

Sam Bankman-Fried’s former friends pleaded guilty and are cooperating in the FTX fraud case

Caroline Ellison and Zixiao “Gary” Wang, two executives in Sam Bankman-Fried’s fallen crypto empire, have pleaded guilty to federal charges and are cooperating with prosecutors. The news was announced late Wednesday by Damian Williams, the US Attorney for the Southern District of New York.


Ellison pleaded guilty to seven counts, according to The Washington Post. She faces up to 110 years in prison, WaPo says. Wang pleaded guilty to four counts and faces up to 50 years in prison.


Ellison, acting on Bankman-Fried’s orders, borrowed billions of dollars from lenders, according to the SEC suit. Those loans were backed “in significant part” by the FTT token, which was issued by FTX and given to Alameda for free, the SEC wrote. Ellison’s job was to buy FTT tokens on various platforms in order to increase the price, thus making the FTT that was collateral against Alameda’s loans more valuable. That, in turn, made it possible for Alameda to borrow even more.

“As part of their deception, we allege that Caroline Ellison and Sam Bankman-Fried schemed to manipulate the price of FTT, an exchange crypto security token that was integral to FTX, to prop up the value of their house of cards,” said SEC Chair Gary Gensler in a statement.


https://www.msn.com/en-xl/money/tech-an ... f195b9efc2
Stravaiger
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Re: Anyone still in Crypto?

Post by Stravaiger »

If he gets the chair the inevitable tabloid headline will be
Spoiler:
BANK MAN FRIED
offroadscholar
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Re: Anyone still in Crypto?

Post by offroadscholar »

Doc67 wrote: Tue Dec 13, 2022 1:07 pm
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've used Binance P2P a few times to buy USDT locally for trading purposes in Binance, or selling USDT to put USD's back into my local bank account.

In doing so, I've noticed several merchants with ads to buy or sell USDT with a roughly 0.6% spread and amounts up to $50k or so.
Is this a worthwhile business, just making money from the 0.6% spread ?

Two downsides I can imagine would be having a fair chunk of USDT sitting on Binance (not your keys not your coins). The other one would be selling USDT to an inexperienced user that then writes crypto purchase in the bank transaction remarks.

Anyway, interested to hear any insights whether its a viable business.
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Doc67
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Re: Anyone still in Crypto?

Post by Doc67 »

offroadscholar wrote: Thu Dec 22, 2022 9:12 pm
Doc67 wrote: Tue Dec 13, 2022 1:07 pm
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've used Binance P2P a few times to buy USDT locally for trading purposes in Binance, or selling USDT to put USD's back into my local bank account.

In doing so, I've noticed several merchants with ads to buy or sell USDT with a roughly 0.6% spread and amounts up to $50k or so.
Is this a worthwhile business, just making money from the 0.6% spread ?

Two downsides I can imagine would be having a fair chunk of USDT sitting on Binance (not your keys not your coins). The other one would be selling USDT to an inexperienced user that then writes crypto purchase in the bank transaction remarks.

Anyway, interested to hear any insights whether its a viable business.
It's a fairly safe and simple process and if someone is changing up $50k that 0.6% is $300. That's ok for 5 mins work. Do that 3 times a day and you've got $100k income per year.

I understand that most of these traders are doing other things as well, I know of one that is a money FX changer, so the USDT can be a nice sideline.

As crypto has hit the buffers I doubt they are doing much business and the thought of having $100k+ in USDT ready to deploy on Binance, with all the risk that involves, will have made quite a few step off the merry-go-round.
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Re: Anyone still in Crypto?

Post by offroadscholar »

Doc67 wrote: Sat Dec 24, 2022 11:35 am

It's a fairly safe and simple process and if someone is changing up $50k that 0.6% is $300. That's ok for 5 mins work. Do that 3 times a day and you've got $100k income per year.

I understand that most of these traders are doing other things as well, I know of one that is a money FX changer, so the USDT can be a nice sideline.

As crypto has hit the buffers I doubt they are doing much business and the thought of having $100k+ in USDT ready to deploy on Binance, with all the risk that involves, will have made quite a few step off the merry-go-round.
Good points.

Thanks.
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atst
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Re: Anyone still in Crypto?

Post by atst »

It's still a gamble someone will pay you more for your thin air than you paid, good luck but you only here about the winners not the loser's, same as at the horse races.
I'm standing up, so I must be straight.
What's a poor man do when the blues keep following him around.(Smoking Dynamite)
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Re: Anyone still in Crypto?

Post by sammycooke »

FTX founder Sam Bankman-Fried can be released on US$250M bond ahead of trial: judge

Global News: FTX founder Sam Bankman-Fried can be released on US$250M bond ahead of trial: judge - National | Globalnews.ca.
https://globalnews.ca/news/9367937/ftx- ... ail-court/

Basically he would "OWE" 250M$ with nowhere near that amount available as a bond if he disappears.

How does that happen?
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orichá
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Re: Anyone still in Crypto?

Post by orichá »

sammycooke wrote: Sun Dec 25, 2022 10:56 pm FTX founder Sam Bankman-Fried can be released on US$250M bond ahead of trial: judge......

Basically he would "OWE" 250M$ with nowhere near that amount available as a bond if he disappears.

How does that happen?
Same way he got billions from investors in the first place: his direct connections to the $. He got a couple of wealthy friends to sponsor his bail.
~+~+~+~+~+~+~+~+~+~+~+~+~+~+~+~+~+~
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Doc67
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Re: Anyone still in Crypto?

Post by Doc67 »

When judgement day looms, either a plea deal for 10-20 years (or more), or a trial that is going horribly wrong, he may well choose the privacy of his study, a large whisky and a .38

I can't see this privileged kid, born of two Stanford law professors, MIT, cushy Wall Street job and eventually a $40m penthouse in the Bahamas, being able to do that kind of hard time.

From this:
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To this:
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Re: Anyone still in Crypto?

Post by canucklhead »

So this fraud had 5 meetings at the White House before the collapse? Second largest donor to the 2020 DNC campaign.
Things that make you go hmm.
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