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comment by kleinbl00
kleinbl00  ·  499 days ago  ·  link  ·    ·  parent  ·  post: Y'all we gotta talk about FTX.

"Rich connected kid leverages his week in traditional finance to convince a bunch of venture capitalists to give him money. He uses a lack of regulation to turn their money into 1000x leveraged loans that he then uses to buy politicians, regulation, and other crypto projects. Bet goes south, shit gets ridiculous, Capitalists Everyone Hates get skint, exciting Michael Lewis movie forthcoming."





NikolaiFyodorov  ·  499 days ago  ·  link  ·  

    Capitalists Everyone Hates get skint

Don't we want to see more of this? A collection of greedy, nepotistic fucks taking a hit for their greedy, nepotistic fuckery?

Edit: I'm assuming the concern is the knock-on effect it's going to have elsewhere?

kleinbl00  ·  498 days ago  ·  link  ·  

In all honesty, I have no concerns. I think this is an incredibly positive event.

- It's entirely banking shenanigans. These banking shenanigans are substantially more prevalent in the frothy world of venture capital, and venture capital plus crypto has been an abjectly miserable combo. The more what get skint the better for democracy.

- One of my least favorite projects, Solana, is getting punished. It deserves to. It's a miserable scam. Do not ask me to rag on Solana unless you've brought a lunch.

- It exposes the chummy Democratic friend network right at the time the Republicans need a witch hunt. There's a lot of Republican fuckery, too, which means a great deal of distance-dancing right as the Republicans are walking into a razor-thin majority in the house. Now - will they sink their teeth into fucking Hunter Biden's laptop? Or maybe go after the good ole boy network that tried to lock up a monopoly for a power-broker's son? As far as I'm concerned the Republicans will have an opportunity to do actual objective good at a time when they could really use the votes. It gives them an opportunity to define themselves away from Trump. Will they take it?

- mutherfucking regulation is sorely needed. Here's the dumb thing: if you live in New York or Washington State, you've been subject to this regulation for like seven years. I live in WA; I can interact with Coinbase and Gemini, both of whom did the due diligence to comply with banking law. If I were in NY I could also interact with Kraken but fuck Kraken, who went "waaaah these laws are too hard." Here's the thing, though - nearly every institutional fund trades with Coinbase because they support institutional level custody and reporting... and they worked with FTX, because FTX had a fuck-ton of derivatives.

- and if you really wanna play with crypto derivatives? If you really wanna play games with risk squared or risk cubed? guess what mutherfucker. I can't even find my world's tiniest violin.

Here's the excruciatingly frustrating thing. There are crypto projects out there with an eye to the future, who recognize the utility of blockchain, who put one foot in front of the other and innovate. And then there are vipers fleecing suckers. And the thing that pisses me off the most is the vipers are trained not to bite rich people, and the rich people know it, they can snake-handle all day long and hand the asp to some retail robinhood reject fully knowing that they got theirs and it's bitin' time.

And I want them to burn.

My twitter timeline is full of hyperconfident children who made a "ten bagger" or some shit last year and are now the seasoned captains of industry imperiously passing judgment on one and all AND THEY GOT BLOWED UP AND REVEALED THEMSELVES TO BE THE LUCKY CHILDREN THEY COULD HAVE BEEN IF THEY WEREN'T SO BUSY HYPING BULLSHIT TO SUCKERS THAT THEY HAD ALREADY EXITED.

FTX? FTX is the Tenth Plague, come to smite the enemies of righteousness.

Do not confuse my interest in FTX with concern over FTX.

b_b  ·  498 days ago  ·  link  ·  

That Ellison video is gold. A lot of schadenfreude yesterday reading this: https://nypost.com/2022/11/15/crypto-ceo-caroline-ellison-tweeted-about-regular-amphetamine-use/

kleinbl00  ·  498 days ago  ·  link  ·  

Dude people are legitimately too busy talking about the stolen billions to talk about the drug fueled Bahamian orgies.

We're gonna be talkin' about FTX for a long, long, long time.

steve  ·  497 days ago  ·  link  ·  

    talk about the drug fueled Bahamian orgies

#whyigotintocrypto

still waiting for the invite though...

OftenBen  ·  497 days ago  ·  link  ·  

Drug users go to hell.

steve  ·  497 days ago  ·  link  ·  

oh... ok? If you think so.

OftenBen  ·  497 days ago  ·  link  ·  

Oh, I don't believe in hell. Those who do, and those who make the rules for those who believe, state that drug users go to hell.