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  • It reminds me a bit of the series/documentary, “The Anarchists” on HBO. By the end, all they demonstrate is that individuals are even less trustworthy than, “the system”. As imperfect as the system is, at least it has some checks and balances.

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    • Originally posted by jacoavlu View Post

      honestly curious to see what happens. Plenty of scammers out there. Mashinsky of Celsius, Do Kwon of Luna, Zhu Su and Kyle Davies of 3AC, none of them in custody.

      Meanwhile SEC levying fines agains Kim Kardashian for securities violations for taking compensation and posting on instagram promoting some shitcoin or NFT project or whatever.

      more and more I don’t think we are a serious country. It’s low hanging fruit only.
      Agree the priorities are so embarrassing. Colossal regulatory failure , likely by design. Think government loves idea of traceable ledger , cash is their worst enemy, so they have vested interest in it succeeding.

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      • New FTX CEO John J. Ray III Facing SEC Charges?
        According to a report from the U.S. Securities and Exchange Commission, John J. Ray III is registered for insider trading. The name John J. Ray III is registered with the charges on account of lack of financial disclosures while being in responsible positions. The report mentions that the new FTX CEO traded stocks belonging to three companies while serving in roles requiring financial disclosures.

        The main charge is that new FTX CEO John J. Ray III was an insider of a company while he traded its own stock. On another occasion, Ray is charged for insider trading as he traded the stocks of a company while he was serving as its director. Meanwhile, the FTX Group would look to traverse through the bankruptcy process in the new CEO’s leadership.

        Off to a great start.

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        • Originally posted by Tim View Post
          New FTX CEO John J. Ray III Facing SEC Charges?
          According to a report from the U.S. Securities and Exchange Commission, John J. Ray III is registered for insider trading. The name John J. Ray III is registered with the charges on account of lack of financial disclosures while being in responsible positions. The report mentions that the new FTX CEO traded stocks belonging to three companies while serving in roles requiring financial disclosures.

          The main charge is that new FTX CEO John J. Ray III was an insider of a company while he traded its own stock. On another occasion, Ray is charged for insider trading as he traded the stocks of a company while he was serving as its director. Meanwhile, the FTX Group would look to traverse through the bankruptcy process in the new CEO’s leadership.

          Off to a great start.
          old news. he took over after enron fail

          FTX funds are gone so it’s nothing but years of court and some pennies on the dollar payout in a decade.

          mt gox 2.0

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          • Originally posted by jacoavlu View Post

            it’s perfectly safe. The network keeps functioning normally. Hold your keys and don’t give them to anyone else and you always have control of your coins.

            it’s kind of like holding gold bullion except it’s digital and you can back it up. You can eliminate any single point of failure. And you don’t need permission from any third party to transact it.

            Think about that for a bit.
            KIS for me.
            I want bitcoin.

            1. How to buy.
            2. How to put into a spot/place that's safe and cannot be taken from me.
            3. How to use it in a transaction when bitcoin is in said safe space-- daily, as usual one say grocery/retail/coffee shop.; and large purchase like car or wire transaction.
            4. How cash out to a regular banking institution.

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            • Originally posted by StarTrekDoc View Post

              KIS for me.
              I want bitcoin.

              1. How to buy.
              2. How to put into a spot/place that's safe and cannot be taken from me.
              3. How to use it in a transaction when bitcoin is in said safe space-- daily, as usual one say grocery/retail/coffee shop.; and large purchase like car or wire transaction.
              4. How cash out to a regular banking institution.
              1 and 4 are simple. Coinbase is the easy answer though not my first choice

              2 details is a private discussion for opsec. But I recommend seed phrase plus passphrase. Each gets backups and stored geographically separate. Eliminate single point of failure. Happy to help further as needed, DM if serious.

              3 kinda a why. Rare Tx is easy. Daily Tx make no sense unless you’re operating in a very careful manner and not planning to follow US tax law - every Tx is reportable as to gains / losses

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              • It just simply doesnt matter if you believe in some difference between crypto/btc. No one else does, and for it to have any true value there needs to be an available liquidity pool, which is drying up fast. Not a single player in crypto space has ever not been a criminal.

                Institutions will fade involvement. Good luck.

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                • Originally posted by Zaphod View Post
                  It just simply doesnt matter if you believe in some difference between crypto/btc. No one else does, and for it to have any true value there needs to be an available liquidity pool, which is drying up fast. Not a single player in crypto space has ever not been a criminal.

                  Institutions will fade involvement. Good luck.
                  lol, bc you don’t see a difference “no one else does”

                  and liquidity drying up? literally no evidence.

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                  • I think SBF will see jail time. Not because they want to but because I think they’ll have to. SBF is about to learn a hard lesson.

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                    • Insane: https://www.bloomberg.com/news/artic...levine-stunned

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                      • Originally posted by auggie1983 View Post
                        yeah that clip has been going around and it’s pretty lol. Like he literally just describes a Ponzi scheme.

                        Regarding the article I was there until the last paragraph:

                        “One takeaway from this whole conversation is that DeFi might be more similar to Bitcoin than a lot of people thought, deriving its value from collective agreement that the ‘thing’ (in this case the box, or yield-farming protocol) is worth something rather than deriving value from a fundamental usefulness. “

                        most people just continue to deny the reality that satoshi really created something special.

                        Unlike virtually everything else - especially in contrast to shitcoins like FTX token - bitcoin started at zero No premine. No investors. Just cypherpunks solving a real problem and writing code.

                        people fail to understand there is real value in requiring proof of work, hardcoded scarcity, true decentralization, and provenance.

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                        • Originally posted by jacoavlu View Post
                          people fail to understand there is real value in requiring proof of work, hardcoded scarcity, true decentralization, and provenance.
                          Because this doesn't represent meaningful value for most people. You think it is important, but most people disagree.

                          Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

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                          • Originally posted by CM View Post

                            Because this doesn't represent meaningful value for most people. You think it is important, but most people disagree.
                            and that’s cool. You won’t find me telling people they need to buy bitcoin or making price predictions or whatever

                            the point being there is a fundamental difference between bitcoin and “crypto” that isn’t hard to understand, and yet people including the proprietor of this forum tend to say stuff like “I can’t pick a winner” or “bitcoin is the AOL of cryptocurrency” and fail to appreciate the difference.

                            That’s all I’m saying

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                            • Some light reading predating this FTX stuff.


                              Sam Bankman-Fried and FTX’s ties to Tether go beyond merely enjoying the increased activity that Tether’s constant printing brings about for exchanges throughout the ecosystem.




                              Still waiting on the USDT bomb.

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                              • Originally posted by jacoavlu View Post

                                1 and 4 are simple. Coinbase is the easy answer though not my first choice

                                2 details is a private discussion for opsec. But I recommend seed phrase plus passphrase. Each gets backups and stored geographically separate. Eliminate single point of failure. Happy to help further as needed, DM if serious.

                                3 kinda a why. Rare Tx is easy. Daily Tx make no sense unless you’re operating in a very careful manner and not planning to follow US tax law - every Tx is reportable as to gains / losses
                                Interesting idea here to me.
                                1. Just like a since banned member was always predicting and refused to provide details. I would be curious to actual results.
                                Beginning value
                                Additions and disposals
                                Ending Value

                                Basis paid and sales price for actual gains/losses
                                Ending balance: Basis and unrealized gains/losses.

                                2. It would seem that one might consider tax harvesting, even if it meant being out of the market for 31 days.
                                3. I assume wash sale rules apply.
                                4. My gut tells me a large number of crypto/BTC investors are going to swamp tax preparers and end up with tax loss carry forwards. What do you mean I lost $100k and can’t deduct it? Crypto/BTC had got to be a red flag to the IRS.
                                5. What documentation is provided to support a purchase or sale? A spreadsheet is not “proof”.
                                The IRS typically might request documentation.
                                Brokerage and bank statements are independent and typically suffice. What is available for an offline wallet or from the online places? If you can’t prove it, basis is zero or triggers a full audit.

                                short version, actually how profitable realized and unrealized and tax reporting,

                                I am not challenging you by any means. That is not how you roll. Curiosity and I respect any desire for privacy. Top level would be of interest.

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