4 ms·

Is it a coincidence that the founder of FTX seems to be fleeing to Argentina? Of course one would assume he or his conspirators would do a better job, but mayb

by api 4y ago

Is it a coincidence that the founder of FTX seems to be fleeing to Argentina? Of course one would assume he or his conspirators would do a better job, but maybe not if this busting out was initiated under time pressure. Once again almost everything in cryptocurrency proves to be a scam.

bboygravity 4y ago
"Once again almost everything in cryptocurrency proves to be a scam." This is like saying "once again almost everything in US dollars proves to be a scam" after Lehman fell. The sentence makes no sense at all to me.
matheusmoreira 4y ago
> Once again almost everything in cryptocurrency proves to be a scam. Once again people on HN hate on cryptocurrencies for no good reason. This isn't a cryptocurrency problem, it's a fractional reserve banking problem. These centralized exchanges are unregulated banks in disguise. It's no surprise to anyone that they exhibit all of the problems of unregulated banks. Problems such as "we used customer deposits to gamble, lost everything and are now insolvent". To think one of the reasons cryptocurrency was invented was to end the need for such things...
- jtbayly 4y ago
  Well, if this was what cryptocurrency was created to prevent, then whether or not it's a scam, it's pretty well clear to me that it's useless.
- goodSteveramos 4y ago
  >people on HN hate on cryptocurrencies for no good reason. Traditional bankers have spent an incredible amount of time and taken huge political risks to gain hold over the US money supply. They and people in the wall street sphere have a very good reason to hate on crypto, they just dont have any convincing arguments for people like us who dont want them controlling the money supply.
  - solardev 4y ago
    Crypto doesn't need Wall Street types to give it a bad name. It does that just fine on its own...
    - goodSteveramos 4y ago
      > In the summer of 2013, Bankman-Fried began working at Jane Street Capital, a proprietary trading firm,[2] trading international ETFs. Somehow Satoshi and Andreessen managed to not start a ponzi scheme and this guy did. Still waiting for your argument on why the big 7 wall street banks should be involved in the money supply instead of democratically elected leaders, which was my primary point.
      - solardev 4y ago
        > Still waiting for your argument on why the big 7 wall street banks should be involved in the money supply instead of democratically elected leaders, which was my primary point. Are you replying to the right post? I don't see any mention of that
      - zen21 4y ago
        Satoshi didn’t start a literal Ponzi scheme. It’s known as a greater fool scam.
- api 4y ago
  That’s kind of my point. The things being done with cryptocurrency are mostly scams and failed schemes. Cryptocurrency can be used in this peer to peer way like you describe but virtually nobody does that. It’s too technical for 99% of users and meanwhile you have all these scams that have advertising budgets. Decentralization will never have a Super Bowl ad.
Maursault 4y ago
> seems to be fleeing to Argentina? That could only work before 1997.[1] [1] https://www.congress.gov/treaty-document/105th-congress/18/document-text https://www.congress.gov/treaty-document/105th-congress/18/d...

by api 4y ago

bboygravity 4y ago

"Once again almost everything in cryptocurrency proves to be a scam." This is like saying "once again almost everything in US dollars proves to be a scam" after Lehman fell. The sentence makes no sense at all to me.

matheusmoreira 4y ago

> Once again almost everything in cryptocurrency proves to be a scam. Once again people on HN hate on cryptocurrencies for no good reason. This isn't a cryptocurrency problem, it's a fractional reserve banking problem. These centralized exchanges are unregulated banks in disguise. It's no surprise to anyone that they exhibit all of the problems of unregulated banks. Problems such as "we used customer deposits to gamble, lost everything and are now insolvent". To think one of the reasons cryptocurrency was invented was to end the need for such things...

jtbayly 4y ago
Well, if this was what cryptocurrency was created to prevent, then whether or not it's a scam, it's pretty well clear to me that it's useless.
goodSteveramos 4y ago
>people on HN hate on cryptocurrencies for no good reason. Traditional bankers have spent an incredible amount of time and taken huge political risks to gain hold over the US money supply. They and people in the wall street sphere have a very good reason to hate on crypto, they just dont have any convincing arguments for people like us who dont want them controlling the money supply.
- solardev 4y ago
  Crypto doesn't need Wall Street types to give it a bad name. It does that just fine on its own...
  - goodSteveramos 4y ago
    > In the summer of 2013, Bankman-Fried began working at Jane Street Capital, a proprietary trading firm,[2] trading international ETFs. Somehow Satoshi and Andreessen managed to not start a ponzi scheme and this guy did. Still waiting for your argument on why the big 7 wall street banks should be involved in the money supply instead of democratically elected leaders, which was my primary point.
    - solardev 4y ago
      > Still waiting for your argument on why the big 7 wall street banks should be involved in the money supply instead of democratically elected leaders, which was my primary point. Are you replying to the right post? I don't see any mention of that
    - zen21 4y ago
      Satoshi didn’t start a literal Ponzi scheme. It’s known as a greater fool scam.
api 4y ago
That’s kind of my point. The things being done with cryptocurrency are mostly scams and failed schemes. Cryptocurrency can be used in this peer to peer way like you describe but virtually nobody does that. It’s too technical for 99% of users and meanwhile you have all these scams that have advertising budgets. Decentralization will never have a Super Bowl ad.

Maursault 4y ago

> seems to be fleeing to Argentina? That could only work before 1997.[1] [1] https://www.congress.gov/treaty-document/105th-congress/18/document-text https://www.congress.gov/treaty-document/105th-congress/18/d...