Congress Hearing on FTX Crypto Collapse

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ZoWie
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Congress Hearing on FTX Crypto Collapse

Post by ZoWie »

Probably still droning on, live via the usual channels such as CNBC and C-SPAN.

Truly revelatory. No one at FTX had the slightest idea where their clients' money was. The experienced government official charged with tracing the company's assets has found no records, no means of tracing same, and no one he can go to with questions. There was no board of directors, and no IRS paperwork. The company's entire general ledger was kept with QuickBooks. There was only that bozo in the Bahamas, who I believe is currently in custody being returned to the US to face charges.

Not the best investment, folks.
"We must remember that we cannot abandon the truth and remain a free nation." --Liz Cheney, Republican, 7/21/22
gounion
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Re: Congress Hearing on FTX Crypto Collapse

Post by gounion »

This is right-wing craziness at its finest. They love it because they hate the government, and they think that if you take government out of regulating money, you’ll get rich at nothing. This won’t stop them. They are all marks.
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ZoWie
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Re: Congress Hearing on FTX Crypto Collapse

Post by ZoWie »

I knew something smelled bad when new crypto startups suddenly had the cash to start name-sponsoring arenas. In LA, Staples Center became Crypto.com Arena. This year, given the Lakers' record, it's more commonly known as The Crypt.

I would consider that to be symbolic of the whole crypto bubble.
"We must remember that we cannot abandon the truth and remain a free nation." --Liz Cheney, Republican, 7/21/22
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Toonces
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Re: Congress Hearing on FTX Crypto Collapse

Post by Toonces »

ZoWie wrote: Tue Dec 13, 2022 11:45 am I knew something smelled bad when new crypto startups suddenly had the cash to start name-sponsoring arenas. In LA, Staples Center became Crypto.com Arena. This year, given the Lakers' record, it's more commonly known as The Crypt.

I would consider that to be symbolic of the whole crypto bubble.

I always get suspicious when they spend most of the time trying to get you to invest. It's very ponzi-ish.

Much like any other MLM, they try and sell the lifestyle but not the product. Be wary.
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Number6
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Re: Congress Hearing on FTX Crypto Collapse

Post by Number6 »

ZoWie wrote: Tue Dec 13, 2022 11:45 am I knew something smelled bad when new crypto startups suddenly had the cash to start name-sponsoring arenas. In LA, Staples Center became Crypto.com Arena. This year, given the Lakers' record, it's more commonly known as The Crypt.
First rule of investing is never invest in something or someone without knowing what you're investing in. I never understood why a company or corporation would want to waste their money putting their name on property they don't own or correct. It seems like a waste of money.
I would consider that to be symbolic of the whole crypto bubble.
I view bubbles this way. If you're interested in investing in something that everyone is talking about then you're too late. The big investment money was in early and got out with the majority of the money.
When you vote left, you vote right.
Glennfs
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Re: Congress Hearing on FTX Crypto Collapse

Post by Glennfs »

Number6 wrote: Wed Dec 14, 2022 11:41 pm First rule of investing is never invest in something or someone without knowing what you're investing in. I never understood why a company or corporation would want to waste their money putting their name on property they don't own or correct. It seems like a waste of money.


I view bubbles this way. If you're interested in investing in something that everyone is talking about then you're too late. The big investment money was in early and got out with the majority of the money.


Exactly while I hope the snake oil salesman get their just due. Those who put their money at risk in this or any other get rich quick scheme get no sympathy
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ZoWie
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Re: Congress Hearing on FTX Crypto Collapse

Post by ZoWie »

Right, by the time we read about someone making a fortune on some new wonder investment, it's already too late. Speculators make out when they win a bet on something new. By the time they're all over the Nooz, the boat has left the harbor without you. You might as well play roulette.
"We must remember that we cannot abandon the truth and remain a free nation." --Liz Cheney, Republican, 7/21/22
JoeMemphis

Re: Congress Hearing on FTX Crypto Collapse

Post by JoeMemphis »

Glennfs wrote: Thu Dec 15, 2022 4:14 am Exactly while I hope the snake oil salesman get their just due. Those who put their money at risk in this or any other get rich quick scheme get no sympathy
I never like to see people honest people lose money no matter how naive or stupid they may be at investing. It theft and I hope the folks responsible go away for a long time.

My question is where were the regulators? Where were the auditors? As for the folks who lent their name and endorsed this “investmemt”, what due diligence did they perform before associating their name with this fraud. These schemes don’t occur in a vacuum. They require enablers and those folks should be feeling very uncomfortable right about now. If they don’t then don’t be surprised if this happens again.
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Re: Congress Hearing on FTX Crypto Collapse

Post by ProfX »

Crypto is largely unregulated, largely because of conservatives and crypto barons who like it that way.
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Number6
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Re: Congress Hearing on FTX Crypto Collapse

Post by Number6 »

ProfX wrote: Thu Dec 15, 2022 1:12 pm Crypto is largely unregulated, largely because of conservatives and crypto barons who like it that way.
It's largely unregulated because Crypto is fairly new and government hasn't had the time nor does it move fast enough to regulate it.
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Number6
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Re: Congress Hearing on FTX Crypto Collapse

Post by Number6 »

ZoWie wrote: Thu Dec 15, 2022 11:19 am Right, by the time we read about someone making a fortune on some new wonder investment, it's already too late. Speculators make out when they win a bet on something new. By the time they're all over the Nooz, the boat has left the harbor without you. You might as well play roulette.
It's like a Ponzi scheme where those who got in early made money and those who got in late got taken.
When you vote left, you vote right.
JoeMemphis

Re: Congress Hearing on FTX Crypto Collapse

Post by JoeMemphis »

ProfX wrote: Thu Dec 15, 2022 1:12 pm Crypto is largely unregulated, largely because of conservatives and crypto barons who like it that way.
Remind me again who is in charge in the executive branch.

The charges were filed by the SEC. Apparently they have jurisdiction. It is fraud. It is theft. It is also a regulatory failure.

Based on what I am reading it would have taken no time to spot this as fraudulent had somebody taken the time to look. The first clue is no internal accounting controls. Nobody bothered to look.
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Re: Congress Hearing on FTX Crypto Collapse

Post by gounion »

JoeMemphis wrote: Thu Dec 15, 2022 9:31 pm Remind me again who is in charge in the executive branch.

The charges were filed by the SEC. Apparently they have jurisdiction. It is fraud. It is theft. It is also a regulatory failure.

Based on what I am reading it would have taken no time to spot this as fraudulent had somebody taken the time to look. The first clue is no internal accounting controls. Nobody bothered to look.
Crypto has worked hard to give lots of money to both sides. They wouldn't have to worry if Trump were still in charge - as long as they cut him in on the action.
JoeMemphis

Re: Congress Hearing on FTX Crypto Collapse

Post by JoeMemphis »

gounion wrote: Fri Dec 16, 2022 10:21 am Crypto has worked hard to give lots of money to both sides. They wouldn't have to worry if Trump were still in charge - as long as they cut him in on the action.
Except both sides don’t control the executive branch. By the way, I didn’t bring up party affiliation. That was another poster so your bothsideism retort is best addressed to him.
gounion
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Re: Congress Hearing on FTX Crypto Collapse

Post by gounion »

JoeMemphis wrote: Fri Dec 16, 2022 12:17 pm Except both sides don’t control the executive branch. By the way, I didn’t bring up party affiliation. That was another poster so your bothsideism retort is best addressed to him.
Yes you did, when you mentioned the executive branch. At least have the balls to stand by your own statements. Gutless.
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Re: Congress Hearing on FTX Crypto Collapse

Post by Glennfs »

gounion wrote: Fri Dec 16, 2022 10:21 am Crypto has worked hard to give lots of money to both sides. They wouldn't have to worry if Trump were still in charge - as long as they cut him in on the action.
https://www.seattletimes.com/seattle-ne ... red%20User

Turns out he was a contributor to democratic party candidates.
Why am I not surprised.
" I am a socialist " Bernie Sanders
gounion
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Re: Congress Hearing on FTX Crypto Collapse

Post by gounion »

Glennfs wrote: Fri Dec 16, 2022 1:44 pm https://www.seattletimes.com/seattle-ne ... red%20User

Turns out he was a contributor to democratic party candidates.
Why am I not surprised.
That's okay. You can still by screenshots of Trump on the resale market! After all, Trump was against all of this, remember?
JoeMemphis

Re: Congress Hearing on FTX Crypto Collapse

Post by JoeMemphis »

gounion wrote: Fri Dec 16, 2022 1:28 pm Yes you did, when you mentioned the executive branch. At least have the balls to stand by your own statements. Gutless.
I was responding to another post. Learn to read dumbass.
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Re: Congress Hearing on FTX Crypto Collapse

Post by gounion »

JoeMemphis wrote: Fri Dec 16, 2022 3:29 pm I was responding to another post. Learn to read dumbass.
Run away, dumbass.
bird
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Re: Congress Hearing on FTX Crypto Collapse

Post by bird »

Where were the regulators? That is the funniest thing I have ever heard from an avowed conservative.

The collapse of FTX is the purest example of the free market at work since, well, the last example which was the collapse that caused the Great Recession.
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Re: Congress Hearing on FTX Crypto Collapse

Post by bradman »

bird wrote: Sat Dec 17, 2022 7:51 am Where were the regulators? That is the funniest thing I have ever heard from an avowed conservative.

The collapse of FTX is the purest example of the free market at work since, well, the last example which was the collapse that caused the Great Recession.
[bold] That was my first thought. To regulate or not to regulate. It'd be nice if they'd make up their minds.
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Re: Congress Hearing on FTX Crypto Collapse

Post by Drak »

They don't stand for anything. It's all bullshit. It's about viewing politics like a sports team and cheering for that team based on the label.
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Are the same that burn crosses"

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JoeMemphis

Re: Congress Hearing on FTX Crypto Collapse

Post by JoeMemphis »

bird wrote: Sat Dec 17, 2022 7:51 am Where were the regulators? That is the funniest thing I have ever heard from an avowed conservative.

The collapse of FTX is the purest example of the free market at work since, well, the last example which was the collapse that caused the Great Recession.
I find it funny you haven’t asked the question. As a conservative and as an accountant, I understand the need for regulation. I make my living building and monitoring accounting systems and controls. It’s a necessary part of running a successful operation.

Regulation of the economy is one of the duties of the federal government. If they can’t properly regulate and monitor compliance then I sure as hell don’t want them in charge of health care.
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Re: Congress Hearing on FTX Crypto Collapse

Post by Glennfs »

JoeMemphis wrote: Sat Dec 17, 2022 6:53 pm I find it funny you haven’t asked the question. As a conservative and as an accountant, I understand the need for regulation. I make my living building and monitoring accounting systems and controls. It’s a necessary part of running a successful operation.

Regulation of the economy is one of the duties of the federal government. If they can’t properly regulate and monitor compliance then I sure as hell don’t want them in charge of health care.
The problem is our progressive friends can not recognize over regulation.
" I am a socialist " Bernie Sanders
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Re: Congress Hearing on FTX Crypto Collapse

Post by bird »

I’ll address Joe first.

YOUR party wants deregulation. You and Glen’s false god promoted deregulation as a part of so-called Reaganomics and the whole “government is the problem bullshit.”

As for accounting? It is bullshit in and of itself. Not accountants as they serve a useful purpose. The concept of double entry bookkeeping is great. The concept of fucking around creating false numbers utilizing amortization, depreciation et al is nonsense. It artificially inflates certain numbers. The concept of EBITDA as being of import is more bullshit. Bottom line profit put in the bank is important. Limited liability is bullshit. Management compensation tied to stock price is bullshit. Changing of regulations merely underscores the ongoing risk and happening of regulatory capture and legislative capture. Dark money and lobbyists literally write legislation (think: American Legislative Exchange Council). Yeah, btw, I have no use for so-called “Third Way Democrats”. They went hat in hand to the F.I.R.E. Sector aka Wall Street for money. So deregulation by the Democratic Party ain’t any better than deregulation by Republicans.

So, try to get some regulation for crypto passed. Go ask Mitch McConnell or Empty Greene or Lauren Boebert or Gym Jordan. Yeah, Democrats should also have acted. But YOUR party is flatly against regulation primarily because they are beholden to a dead man in the personage of the Great Prevaricator.

On a side note re: health care your comment is idiotic on its face, Joe. The issue is NOT quality of healthcare arbitrarily. It is access to and payment for healthcare. There is no call for providers to become government employees such as the NHS in the UK. Of course, even the Iron Oxide Bitch, Thatcher, knew better than to mess with that but let’s mush on. We already have what Republicans love to call death panels in the form of insurance companies. Insurance companies do not exist to provide payment but to NOT provide payment in any manner possible. Of course, they also participate in fraud like Rick Scott’s company did.

Now, Glen, please give an example of over regulation. I am tired of Republicans bleating about over regulation and government overreach. At least they bitch until they want it. Then they expect it to spring fully blown from the brow of Zeus. Oh, and what about DeathSantis and his government overreach? Have a problem with that?
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