Bitcoin is still early

[jacoavlu]

Taking on bankruptcies and all types of situations. If what you said is found in the audit and disclosed, they would receive an adverse opinion and the reasons why disclosed. Knight in shining armor has no risk. No company will pay for an “audited confession”.
That is why independence is important. It is not the firm, it is the company. Can’t get an acceptable engagement or opinion.
The reason being “management are crooks” would be problematic.

I’m eager for more people to join the bet, it makes things fun to have some skin in the game. would you like in Tim? Deadline 5/31/2024

[jacoavlu]

this is also fun

https://www.nytimes.com/2022/06/28/business/ernst-young-sec-cheating.html

Ernst & Young to Pay $100 Million Fine After Auditors Cheated on Ethics Exams


The S.E.C. said the cheating involved hundreds of the firm’s workers from 2017 to 2021, resulting in the largest penalty ever imposed by the agency against an auditing firm.

[Tim]

I’m eager for more people to join the bet, it makes things fun to have some skin in the game. would you like in Tim? Deadline 5/31/2024

No, I would consider a bet that they never pay for a big 4 adverse opinion. Even changing auditors raises concerns. And yes, a big 4 would factor potential litigation into their rates. Just mapping the system of internal controls would be cost prohibitive.
Thanks for the offer anyway.

[jacoavlu]

No, I would consider a bet that they never pay for a big 4 adverse opinion. Even changing auditors raises concerns. And yes, a big 4 would factor potential litigation into their rates. Just mapping the system of internal controls would be cost prohibitive.
Thanks for the offer anyway.

haha if you find someone that wants the other side of that bet let me know

[CordMcNally]

0.00666 btc

by payoff time it’ll be like $40 lol

Remind me, didn’t we do BTC or money, whichever was greater at the time the bet ends? I set a reminder and put $100 but didn’t put it in BTC at the time.

[jacoavlu]

Remind me, didn’t we do BTC or money, whichever was greater at the time the bet ends? I set a reminder and put $100 but didn’t put it in BTC at the time.

can’t recall but I’m ok with that

[xraygoggles]

I honestly don’t think they’re all the same. Celsius lost millions due to their exposure to defi in hacks, something like $100M in the BadgerDAO hack. Maybe wormhole too. They had millions in the terra/Luna anchor protocol. Millions in stEth that is locked up.

i haven’t seen any reports of blockfi doing the same types of things

blockfi had a collateralized loan to 3AC and they ended up losing like $80M bc even though they appropriately liquidated 3AC, the collateral was like 2/3 BTC and 1/3 GBTC. The GBTC collateral had of course declined in value bc of the discount to NAV that had widened, plus when blockfi tried to liquidate the GBTC, they were dumping the price bc the liquidity on GBTC is so thin. A mistake for sure but not the same as the defi stuff that Celsius and Mashinsky were doing

and of course blockfi has not paused withdrawals.

Celsius customers are going to lose funds big time likely as celsius probably ends up in bankruptcy. Customers will probably get some small percentage of their funds back as USD only, some years from now after lawyers all get paid

Voyager customers may end up the same. They are apparently a public traded company lol but they made an uncollateralized(!) loan to 3AC

3AC straight up committed criminal fraud. Those dudes are going to jail. Multimillion dollar houses and condos and a down payment on a yacht.

if I had to bet I don’t think those outcomes are coming for blockfi customers nor c suite execs

Not sure why you're so keen on defending BlockFi - must be founded by some cringy btc maxi or something.

They had a 5 billion valuation latest funding round - fast forward to now - sold to FTX for 25 million..... Pretty sure they are bankrupt to agree to those type of terms.

[Panscan]

“in a month” lol

you are welcome to join the bet also.

it’s actually been like 2 months that the tether redemptions have gone on. So in 2 months like 18B of cash has been raised. And you honestly think gigantic banks like JP Morgan which hold like 3 trillion in assets would have trouble raising that ? It’s a rounding error for them. Less than 1% of assets on books.

https://coinmarketcap.com/currencies/tether/

[Panscan]

if you are so certain it’s fractional reserve, would you like to double the bet amount? I mean an implosion should be imminent now that they’ve redeemed billions of tethers 1:1 for dollars recently. There should be little left in the tank right?

there is nothing left in tank. Right now crypto institutions have gone on buying rampages in attempts to stop it( tether, Btc, crypto, all synonymous and the same thing) from completely collapsing. Ftx has consistently buoyed the market and are probably slowly redumping positions on retail as we speak. It is going down, to zero. There is no cycle , there is no adoption. It’s all just rampant speculation in a background of easy monetary and fiscal policy.

[jacoavlu]

it’s actually been like 2 months that the tether redemptions have gone on. So in 2 months like 18B of cash has been raised. And you honestly think gigantic banks like JP Morgan which hold like 3 trillion in assets would have trouble raising that ? It’s a rounding error for them. Less than 1% of assets on books.

https://coinmarketcap.com/currencies/tether/

theyre not raising funds silly. It’s people showing up at the counter at the bank and saying “I’m withdrawing my money give me cash”

[jacoavlu]

Not sure why you're so keen on defending BlockFi - must be founded by some cringy btc maxi or something.

They had a 5 billion valuation latest funding round - fast forward to now - sold to FTX for 25 million..... Pretty sure they are bankrupt to agree to those type of terms.

it’s not about defending blockfi. I just don’t have much respect for the larping that paints everything with the same brush, ignorant of and or denying facts

blockfi customers haven’t lost money nor had funds locked. Gemini same. But go ahead and pat yourself on the back for the prediction.

[Panscan]

Obviously. Which a bank also has the ability to do. You were the one that said basically peoples ability to withdraw a minority fraction of their “ deposits” (in quotes bc tether is total garbage bs) somehow speaks to its credibility

[jacoavlu]

there is nothing left in tank. Right now crypto institutions have gone on buying rampages in attempts to stop it( tether, Btc, crypto, all synonymous and the same thing) from completely collapsing. Ftx has consistently buoyed the market and are probably slowly redumping positions on retail as we speak. It is going down, to zero. There is no cycle , there is no adoption. It’s all just rampant speculation in a background of easy monetary and fiscal policy.

larping

you literally started the defi thread on this forum

lol if you think bitcoin is going to zero or tether is imploding I am happy to engage in a friendly wager, winnings to charity.

[xraygoggles]

I just don’t have much respect for the larping that paints everything with the same brush, ignorant of and or denying facts

That's funny - when I think of ppl larping as economists completely ignorant of facts & reality, the first thing I think of are bitcoin maxis...

[jacoavlu]

That's funny - when I think of ppl larping as economists completely ignorant of facts & reality, the first thing I think of are bitcoin maxis...

generalities. Congrats

but again pat yourself on the back for your prediction