5 ms·

So is everyone assuming the remaining big players in crypto are straight, or crooked as question marks?

by andrewstuart 4y ago

zen21 4y ago
SBF had the reputation of being the most honest person in crypto.
- JamesianP 4y ago
  so you're saying that still might be true?
- rippercushions 4y ago
  There's a legendary interview between SBF and Matt "Money Stuff" Levine, where he straight up admits to crypto being a Ponzi scheme. So you've got this boxes and it’s kind of dumb, but like what's the end game, right? This box is worth zero obviously. And like that, you know, you can't like keep this smart cap or something. But on the other hand, if everyone kind of now thinks that this box token is worth about a billion dollar market cap, that's what people are pricing it at and sort of has that market cap. Everyone's gonna mark to market. In fact, you can even finance this, right? You put X token in a borrow lending protocol and borrow dollars with it. If you think it's worth like less than two thirds of that, you could even just like put some in there, take the dollars out. Never, you know, give the dollars back. You just get liquidated eventually. https://www.bloomberg.com/news/articles/2022-04-25/sam-bankman-fried-described-yield-farming-and-left-matt-levine-stunned https://www.bloomberg.com/news/articles/2022-04-25/sam-bankm...
- PretzelPirate 4y ago
  SBF was marketed by his investors who helped him gain people's trust. That's hard to replicate. It was pretty clear to me that SBF wasn't a good actor in this space because he didn't care about decentralization, just about making as much money as he could however he could in the name of effective altruism. I wasn't the only one suggesting that people stay away from anything SBF had touched.
- thepasswordis 4y ago
  Absolutely ridiculous take. No he was not.
- throwup 4y ago
  Speaking as someone tangential to the space, I have to disagree. SBF always been kind of loathed by people in the know. I think the reason was because of his political involvement and how he pushed for regulation, while many in crypto are against the government getting involved. "Scam Bankman Fraud," they called him--the memes write themselves.
bagels 4y ago
The safer bet given the history of exchanges, scam coins, and NFT is that they are crooked. This is why Coinbase sent out an email this morning pleading with people not to withdraw because they aren't crooked.
- AustinDev 4y ago
  Coinbase charges enough fees and has held crypto for me through 2 crashes, I think they're fine. Although 95% of my coins are in wallets that I control so I don't trust them with that much.
- ralph84 4y ago
  Somehow Coinbase's email didn't include what they include in their SEC filings: “the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings and such customers could be treated as our general unsecured creditors"
- the__alchemist 4y ago
  Saw that email; dumped half my account val into a hardware wallet. Probably will dump the rest in soon.
  - bagels 4y ago
    I moved my very modest half a bitcoin out of Coinbase in Jan when it was clear that bitcoin was going to follow stocks down the tubes.
deleted 4y ago
[deleted]

So is everyone assuming the remaining big players in crypto are straight, or crooked as question marks?

zen21 4y ago

SBF had the reputation of being the most honest person in crypto.

JamesianP 4y ago
so you're saying that still might be true?
rippercushions 4y ago
There's a legendary interview between SBF and Matt "Money Stuff" Levine, where he straight up admits to crypto being a Ponzi scheme. So you've got this boxes and it’s kind of dumb, but like what's the end game, right? This box is worth zero obviously. And like that, you know, you can't like keep this smart cap or something. But on the other hand, if everyone kind of now thinks that this box token is worth about a billion dollar market cap, that's what people are pricing it at and sort of has that market cap. Everyone's gonna mark to market. In fact, you can even finance this, right? You put X token in a borrow lending protocol and borrow dollars with it. If you think it's worth like less than two thirds of that, you could even just like put some in there, take the dollars out. Never, you know, give the dollars back. You just get liquidated eventually. https://www.bloomberg.com/news/articles/2022-04-25/sam-bankman-fried-described-yield-farming-and-left-matt-levine-stunned https://www.bloomberg.com/news/articles/2022-04-25/sam-bankm...
PretzelPirate 4y ago
SBF was marketed by his investors who helped him gain people's trust. That's hard to replicate. It was pretty clear to me that SBF wasn't a good actor in this space because he didn't care about decentralization, just about making as much money as he could however he could in the name of effective altruism. I wasn't the only one suggesting that people stay away from anything SBF had touched.
thepasswordis 4y ago
Absolutely ridiculous take. No he was not.
throwup 4y ago
Speaking as someone tangential to the space, I have to disagree. SBF always been kind of loathed by people in the know. I think the reason was because of his political involvement and how he pushed for regulation, while many in crypto are against the government getting involved. "Scam Bankman Fraud," they called him--the memes write themselves.

bagels 4y ago

The safer bet given the history of exchanges, scam coins, and NFT is that they are crooked. This is why Coinbase sent out an email this morning pleading with people not to withdraw because they aren't crooked.

AustinDev 4y ago
Coinbase charges enough fees and has held crypto for me through 2 crashes, I think they're fine. Although 95% of my coins are in wallets that I control so I don't trust them with that much.
ralph84 4y ago
Somehow Coinbase's email didn't include what they include in their SEC filings: “the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings and such customers could be treated as our general unsecured creditors"
the__alchemist 4y ago
Saw that email; dumped half my account val into a hardware wallet. Probably will dump the rest in soon.
- bagels 4y ago
  I moved my very modest half a bitcoin out of Coinbase in Jan when it was clear that bitcoin was going to follow stocks down the tubes.

deleted 4y ago

[deleted]