FTX update: Sam Bankman Fried arrested

[shiv]

This is already well in motion via Ripple and other blockchain providers (and available for use). They aren’t delivering XRP but actual fiat currency.

Regardless, the issue is “all underlying” accounts are held still held at banks.

Even a small fin tech / 3rd party payments provider who may have “digital wallets,” will still keep underlying balances at a bank.

So if we aren’t holding cash at banks, where are we? Government accounts?

I kinda see what you are saying and kinda am a little confused

Why would a payment provider need to deal with a bank? You can buy things online straight from a digital wallet.

Also shops can be built with a blockchain backbone. This is why so many of the chains give out “grants” for proposals to build applications on their chain

If someone built an Amazon clone on a a blockchain, or collection of blockchains, where do banks need to be involved unless someone wants to covert to traditional Fiat

 

[shiv]

I’m not trying to refute @VosFrost , just trying to think this through

 

[TopHook]

He runs like a faggot.

 

[VosFrost]

I kinda see what you are saying and kinda am a little confused

Why would a payment provider need to deal with a bank? You can buy things online straight from a digital wallet.

Also shops can be built with a blockchain backbone. This is why so many of the chains give out “grants” for proposals to build applications on their chain

If someone built an Amazon clone on a a blockchain, or collection of blockchains, where do banks need to be involved unless someone wants to covert to traditional Fiat

You’re right if business were actually happening in non-fiat currency.

As an extreme example, where are these providers holding actual fiat cash. Literally, what vault is the underlying start of cash coming from and end of cash going?

It’s all at majors bank.

Visa, MasterCard, PayPal etc etc etc. All funds are either sitting in an underlying account or in transit to an underlying account.... at a bank.

Now if governments are looking to launch a digital dollar or digital RUB or some alternative for the majority of commerce, who is going to back the underlying deposit and where will those funds ultimately originate and be stored?

 

[s-ou-thern]

FTX was founded in 2019 and somehow managed to quickly become the biggest name in crypto

Sponsored the MLB and basketball arenas, SBF heavily lobbying members of Congress, his face is all over the place as "the next Warren Buffet"

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How'd he elevate to such a position so quickly? Let's look at his parents


His dad has written about & made a career off of getting rid of the "cash economy" and helping the govt find tax evasion (odd that his son his the biggest name in crypto)


His mom is a major dem operative

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Looks like the CEO of FTX (& SBF's gf) also has connections in high places

IMO, this whole thing seems like a weirdly arranged business/sexual partnership with ulterior motives



SBF was one of the largest donors to Democrat candidates, second only to...George Soros

BF gave the second largest donation to Joe Biden’s presidential campaign in 2020

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One month after the war in Ukraine started, DC puppet Zelensky partnered with SBF for crypto donations...

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We've come to find out that Sam's "minimalist, poor" lifestyle was completely a front..."I drive a Corolla!"

He lived in the Bahamas in a multi-million dollar mansion with his closest circle of friends where they'd have drug-fueled orgies apparently

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Two weeks ago a big-named crypto developer who lived in PR was sounding the alarm on the CIA and m0ssad running a pedo elite cult in the Caribbean

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Now for where it gets even more interesting...

Alameda Research headed up by Ellison (mentioned earlier) and under the FTX brand. Here's their logo

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Let's not forget Sam - the man himself...

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In 20 years he will look like one of the Golden Girls. I just can’t figure out which one.

 

[shiv]

You’re right if business were actually happening in non-fiat currency.

As an extreme example, where are these providers holding actual fiat cash. Literally, what vault is the underlying start of cash coming from and end of cash going?

It’s all at majors bank.

Visa, MasterCard, PayPal etc etc etc. All funds are either sitting in an underlying account or in transit to an underlying account.... at a bank.

Now if governments are looking to launch a digital dollar or digital RUB or some alternative for the majority of commerce, who is going to back the underlying deposit and where will those funds ultimately originate and be stored?

So does it kinda come down to the idea that BTC is valued in Dollars? If BTC had no dollar value, it would be (generally) worthless

 

[Rube Reaper]

 

[Rebarcock.]

Any of yall buy on the dip? I'm seeing articles showing it may well hit zero.

 

[LVRebel]

Any of yall buy on the dip? I'm seeing articles showing it may well hit zero.

Wow that would be crazy

 

[Emma tenywa]

Once worth $26 billion, Sam Bankman-Fried now has $100,000 to his name

SBF's fall has been swifter than his rise. No longer a billionaire, the former CEO acknowledges that regulation and oversight could have saved FTX.

interestingengineering.com

We have a local proverb here that says "money is like a visitor who comes and goes and how you handle that visitor determines the length of his stay"

 

[dirtytoeddawg]

 

[MalO]

Justice Department tells bankers to confess their misdeeds to cut better enforcement deals

Banks, at the nexus of trillions of dollars of flows around the world daily, have a lengthy track record of legal and regulatory failures.

www.cnbc.com

• The Justice Department recently overhauled its approach to corporate criminal enforcement to incentivize companies to root out and disclose their misdeeds.
• The carrot that Justice officials are dangling before the corporate world includes a promise that companies that promptly self-report misconduct won’t be forced to enter a guilty plea.
• An official hinted that the agency was looking at potential manipulation in cryptocurrency markets.

Don't worry. Now that FTX has collapsed and everyone lost their money, if anyone chooses to confess to the DOJ that they stole all the crypto they will be forgiven and won't have to admit guilt.

Everything will be okay. For Sam Bankman-Fried.

 

[MalO]

This makes perfect sense.

 

[Oler Ted]

 

[shiv]

Nancy Pelosi was dialed into his Twitter Space commentary this morning

 

[shiv]

 

[Cheddarwurst]

Caroline…

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Fugly

 

[tiderollsonu]

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[shiv]

Official SEC charges

https://www.sec.gov/litigation/complaints/2022/comp-pr2022-219.pdf

 

[TopHook]

Any word if he's been ass raped yet? What about his beautiful girlfriend cum bucket?

 

[hmt5000]

Any word if he's been ass raped yet? What about his beautiful girlfriend cum bucket?

Last I heard he will likely get 4 of the charges dropped. This is dragging on so that people forget about it when he gets his sweatheart deal.