How soon until Bitcoin crashes?
- Thread starter Liar Loan
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NEW -> Contingent Buyer Assistance Program
Well, we lost the old guy yesterday, but his wit and his wisdom will live on:
“Competency is a relative concept. ... What I needed to get ahead was to compete against idiots. And luckily there’s a large supply.”
~Charlie Munger
www.bloomberg.com
morekaos
Well-known member
…and how many Sam’s there will be…
Silicon Valley May Never Learn Its Lesson-There Will Be Another Sam Bankman-Fried
Bankman-Fried’s charges together carry a maximum sentence of 110 years. Judge Lewis Kaplan, who oversaw the trial, is set to determine his sentence in March. Outside the courthouse this evening, the U.S. attorney for the Southern District of New York, Damian Williams, told reporters that “this kind of corruption is as old as time.” Mark S. Cohen, Bankman-Fried’s lawyer, said in a statement, “We respect the jury’s decision. But we are very disappointed with the result. Mr. Bankman-Fried maintains his innocence and will continue to vigorously fight the charges against him.” He will likely appeal.
One unintended outcome of this fiasco, according to Margaret O’Mara, a historian at the University of Washington and the author of The Code: Silicon Valley and the Remaking of America, may be that founders shy away from getting involved in politics and philanthropy. (SBF, after all, pledged “north of $100 million” to defeat Donald Trump in 2024.) This scandal—and the intense amount of vitriol raining down on a founder who twisted idealism into fraud—might lead Silicon Valley’s power brokers to say, “This is what happens when we don’t stick to building,” O’Mara told me.
Tech investors still have a lot of money to invest, of course. Now that the crypto boom is over, they have set their sights on generative AI—a technology that may be better defined than crypto but still has plenty of skeptics. Sam Altman, the controversial CEO of OpenAI, is an excellent spokesperson for his company, O’Mara said. He has already appeared in Washington to present to lawmakers his version of the story of AI—one in which the technology is careening toward world-ending potential. “If history is any indication,” O’Mara said, investors and founders “will go full steam ahead.”
https://www.msn.com/en-us/money/companies/silicon-valley-may-never-learn-its-lesson/ar-AA1jiVvh
Silicon Valley May Never Learn Its Lesson-There Will Be Another Sam Bankman-Fried
Bankman-Fried’s charges together carry a maximum sentence of 110 years. Judge Lewis Kaplan, who oversaw the trial, is set to determine his sentence in March. Outside the courthouse this evening, the U.S. attorney for the Southern District of New York, Damian Williams, told reporters that “this kind of corruption is as old as time.” Mark S. Cohen, Bankman-Fried’s lawyer, said in a statement, “We respect the jury’s decision. But we are very disappointed with the result. Mr. Bankman-Fried maintains his innocence and will continue to vigorously fight the charges against him.” He will likely appeal.
One unintended outcome of this fiasco, according to Margaret O’Mara, a historian at the University of Washington and the author of The Code: Silicon Valley and the Remaking of America, may be that founders shy away from getting involved in politics and philanthropy. (SBF, after all, pledged “north of $100 million” to defeat Donald Trump in 2024.) This scandal—and the intense amount of vitriol raining down on a founder who twisted idealism into fraud—might lead Silicon Valley’s power brokers to say, “This is what happens when we don’t stick to building,” O’Mara told me.
Tech investors still have a lot of money to invest, of course. Now that the crypto boom is over, they have set their sights on generative AI—a technology that may be better defined than crypto but still has plenty of skeptics. Sam Altman, the controversial CEO of OpenAI, is an excellent spokesperson for his company, O’Mara said. He has already appeared in Washington to present to lawmakers his version of the story of AI—one in which the technology is careening toward world-ending potential. “If history is any indication,” O’Mara said, investors and founders “will go full steam ahead.”
https://www.msn.com/en-us/money/companies/silicon-valley-may-never-learn-its-lesson/ar-AA1jiVvh
morekaos
Well-known member
Bahahaha…idiots!…
Binance CEO Changpeng Zhao steps down and reveals 'it was not easy to let go' as he pleads guilty to violating anti-money laundering rules and crypto exchange pays $4.3BN in fines
- Zhao agreed to a guilty plea in Seattle on Tuesday and to step down as CEO
- Richard Teng, Binance's former Global Head of Regional Market, is the new CEO
- The deal with prosecutors brings an end to years-long investigations by US regulators into Binance while allowing the company to continue running
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Binance founder pleads guilty in Seattle; company to pay $4.3 billion
Binance founder and CEO Changpeng Zhao pleaded guilty at a Seattle federal court on Tuesday of violating U.S. anti-money-laundering laws.
www.seattletimes.com
Liar Loan
Well-known member
Well, we lost the old guy yesterday, but his wit and his wisdom will live on:
“Competency is a relative concept. ... What I needed to get ahead was to compete against idiots. And luckily there’s a large supply.”
~Charlie Munger
irvinehomeowner
Well-known member
The new Coinbase commercials are pretty accurate about how the system is broken but I don't think crypto is the answer.
morekaos
Well-known member
morekaos
Well-known member
Nothing has changed and the scam goes on…just another group of suckers enter the trap…
www.cnbc.com
Heroes to zeroes in 12 months: How the two biggest crypto billionaire CEOs proved the critics right
- After a brutal 18 months of bankruptcies, company failures and criminal trials, the crypto market is starting to claw back some of its former standing.
- But even as prices swell, the sector’s reputation has struggled to regain ground after names virtually synonymous with bitcoin have both been found guilty of crimes directly related to their multibillion-dollar crypto empires.
- FTX’s Sam Bankman-Fried and Binance’s Changpeng Zhao went from industry titans to convicted frauds in the span of 12 months.
Heroes to zeroes in 12 months: How the two biggest crypto billionaire CEOs proved the critics right
FTX's Sam Bankman-Fried and Binance's Changpeng Zhao both went from industry titans to convicted frauds in the span of 12 months.
www.cnbc.com
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BlackRock Names Jane Street, JPMorgan as Bitcoin-ETF Brokers
Jane Street, the firm where FTX’s Sam Bankman-Fried learned how to trade, is so far the broker-dealer of choice for issuers of proposed exchange-traded funds that aim to invest directly in Bitcoin.
www.bloomberg.com
morekaos
Well-known member
The end is near, listened to two punks in a grocery store yesterday talking about how much money they made in their Coinbase accounts on bitcoin and the play they were about to make on Ethereum. Reminds me of 2005 when I rode an elevator up with two guys who worked for the border patrol bragging about how many homes they were flipping in Riverside.
irvinehomeowner
Well-known member
Bitcoin is so crazy. It's like tulips.
Liar Loan
Well-known member
Don't be like Sam!
finance.yahoo.com
Sam Bankman-Fried sentenced to 25 years for defrauding FTX investors
Sam Bankman-Fried sentenced to 25 years for defrauding FTX investors
The sentence concludes a dramatic fall for a onetime billionaire who presided over the largest crypto collapse in history.
morekaos
Well-known member
Built by criminals…for criminals…
CRYPTO WORLD
Binance founder Changpeng Zhao sentenced to four months in prison after plea deal
· Binance founder Changpeng Zhao, who pleaded guilty to money laundering violations in November, was sentenced to four months in prison on Tuesday.
· U.S. prosecutors had recommended a 36-month sentence for Zhao.
· The crypto billionaire stepped down as Binance’s CEO as part of his agreement with the Justice Department.
https://www.cnbc.com/2024/04/30/bin...o-cz-sentenced-to-four-months-in-prison-.html
CRYPTO WORLD
Binance founder Changpeng Zhao sentenced to four months in prison after plea deal
· Binance founder Changpeng Zhao, who pleaded guilty to money laundering violations in November, was sentenced to four months in prison on Tuesday.
· U.S. prosecutors had recommended a 36-month sentence for Zhao.
· The crypto billionaire stepped down as Binance’s CEO as part of his agreement with the Justice Department.
https://www.cnbc.com/2024/04/30/bin...o-cz-sentenced-to-four-months-in-prison-.html
Liar Loan
Well-known member
Wow... He got off light considering the whole use case for crypto is money laundering.Built by criminals…for criminals…
CRYPTO WORLD
Binance founder Changpeng Zhao sentenced to four months in prison after plea deal
· Binance founder Changpeng Zhao, who pleaded guilty to money laundering violations in November, was sentenced to four months in prison on Tuesday.
· U.S. prosecutors had recommended a 36-month sentence for Zhao.
· The crypto billionaire stepped down as Binance’s CEO as part of his agreement with the Justice Department.
https://www.cnbc.com/2024/04/30/bin...o-cz-sentenced-to-four-months-in-prison-.html
momopi
Well-known member
There's a stark difference between how long a billionaire might serve in prison if they retained their net worth, versus "former" billionaires like Sam Bankman-Fried.
Michael Milken, Jay Y. Lee (Samsung), S. Curtis Johnson, and CZ (Changpeng Zhao) all served short sentences and retained their net worth of billions of dollars. Michael Milken was sentenced to 10 years and only served 22 months, he has net worth of $6.5 billion. CZ is worth $33 billion and I'm sure the top dogs and shot callers in prison will treat him with kid gloves during his 4 month stay.
Michael Milken, Jay Y. Lee (Samsung), S. Curtis Johnson, and CZ (Changpeng Zhao) all served short sentences and retained their net worth of billions of dollars. Michael Milken was sentenced to 10 years and only served 22 months, he has net worth of $6.5 billion. CZ is worth $33 billion and I'm sure the top dogs and shot callers in prison will treat him with kid gloves during his 4 month stay.
morekaos
Well-known member
Built by Criminals…for criminals…
Americans lost a record $5.6 billion to crypto scams last year, says FBI—this is the No. 1 kind to watch out for
From fake gaming apps to pig-butchering schemes, there are many types of crypto scams. However, investment scams swindled Americans out of $4 billion, the highest loss by crypto crime type last year, per the FBI’s report.
“Over the years, cryptocurrency’s widespread promotion as an investment vehicle, combined with a mindset associated with the ‘fear of missing out,’ has led to opportunities for criminals to target consumers and retail investors,” the FBI says in its report.
https://www.cnbc.com/2024/09/13/how...rce=iosappshare|com.apple.UIKit.activity.Mail
Americans lost a record $5.6 billion to crypto scams last year, says FBI—this is the No. 1 kind to watch out for
From fake gaming apps to pig-butchering schemes, there are many types of crypto scams. However, investment scams swindled Americans out of $4 billion, the highest loss by crypto crime type last year, per the FBI’s report.
“Over the years, cryptocurrency’s widespread promotion as an investment vehicle, combined with a mindset associated with the ‘fear of missing out,’ has led to opportunities for criminals to target consumers and retail investors,” the FBI says in its report.
https://www.cnbc.com/2024/09/13/how...rce=iosappshare|com.apple.UIKit.activity.Mail
irvinehomeowner
Well-known member
Crypto scams are bad... Agreed.
Value of BitCoin amazes me. Must be the grey areas it serves.
Value of BitCoin amazes me. Must be the grey areas it serves.