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Between this and the Justin Sun news yesterday is this some kind of crypto crackdown?
by Apocryphon 4y ago
Between this and the Justin Sun news yesterday is this some kind of crypto crackdown?
- arcticbull 4y agoJustin Sun and Do Kwon are [edit for clarity: among] the worst of the space, so IMO, this represents a crackdown on scammers not on the ecosystem. Everyone should like this, even me :)
- wslh 4y agoAs someone working in the space since 2014, there is a much longer list. DYOR.
- arcticbull 4y agolol, trust me, I've been following very closely too since about 2017. I think these folks are S tier. Not that there's not a ton more. It's hard to point to someone who did more damage to the space than Kwon in terms of sheer notional value and confidence destruction. I mostly follow this space for the drama and crime so I'm pretty up to date on the, er, personalities involved.
- soulofmischief 4y agoIt's great you've taken an interest, but crypto has been around for much longer than 2017 and the lunacy traces back way further.
- arcticbull 4y agoOf course, I've dug through the history. There's some really good stuff in the early days, the pirateat40 / Trendon Shavers scam is a classic. I wasn't there for it, of course, before my time. Learning about the history of the space is super fun though, especially when it has the collective memory of a goldfish :)
- JumpCrisscross 4y ago> especially when it has the collective memory of a goldfish Any book or podcast recommendations for a long-view historical surmisement?
- arcticbull 4y agoThere's always Attack of the 50 Foot Blockchain :)
- wslh 4y agoBased on public information only, SBF could be perfectly added to your tier.
- onlyrealcuzzo 4y agoProbably starting with everyone involved in Tether and BitFinex...
- polygamous_bat 4y ago> Justin Sun and Do Kwon are the worst of the space... Among the worst, I would say; the other three top spots go to Sam Bankman Fried of FTX, Changpeng Zhao of Binance, and whatever specter is running Tether.
- whimsicalism 4y agoe: misremembered details
- fastball 4y agoI thought Tether was associated with Bitfinex, not Binance.
- whimsicalism 4y agoabsolutely, mental slip up
- fdasiljvalkj 4y agoI get SBF, that's easy. And Tether. But why is Changpeng Zhao a bad actor? Legitimate question, not trying to be a crypto apolegist)
- arcticbull 4y agoStart with the Tai Chi documents. [1] They've been kicked out of half the major jurisdictions in the world. [1] https://www.forbes.com/sites/michaeldelcastillo/2020/10/29/leaked-tai-chi-document-reveals-binances-elaborate-scheme-to-evade-bitcoin-regulators https://www.forbes.com/sites/michaeldelcastillo/2020/10/29/l...
- paulpauper 4y agoMichael Saylor , Cathie Wood, Balaji, and Chamath, should also be included. The people with huge platforms who promote crypto are as culpable as the exchanges that sell it.
- web3-is-a-scam 4y agoCoinbase, a publically traded exchange, was also served a Wells Notice. This is a crackdown on the system. I would put money that as soon as they can figure out where the hell CZ is, that Binance is next in line.
- deleted 4y ago[deleted]
- hammock 4y agoYes. Add to your list the seizure of Signature Bank, and this week’s rumors of Operation Choke Point 2.0 focused on keeping commercial banks out of crypto
- calgarymicro 4y agoBoggles the mind that people are actually taking people like Nic Carter and Barney Frank at face value (that latter one is particularly egregious considering he's literally a former director of the bank) when they say that the FDIC seized a bank with $110 billion in holdings solely to target $4 billion in crypto. Believe it or not, the Fed doesn't care enough about crypto to start a regional banking crisis and blow up hundreds of billions of dollars.
- SamReidHughes 4y agoIt was shut down by New York, not the FDIC.
- deleted 4y ago[deleted]
- calgarymicro 4y agoEven better; New York State absolutely has no reason to set off a regional banking crisis and shut down a bank with $110 billion in deposits over $4 billion in crypto.
- codehalo 4y agoThe dinosaurs at the FED feel just the same as all those on this site that blather on bitterly about crypto waiting for it die. I can’t wait to read the salty howling at end of the year when crypto is at an all time high.
- eric_cc 4y agoYou’re correct that this community will be salty as bitcoin reaches value milestones such as $100,000/coin. And it’s easy to fall into the trap of laughing at their misery. But it would be much much more enjoyable for me to see bitcoin “click” for them. It takes the effort of thinking deeply about what money is, where it came from, how it’s used geo-politically, how it’s used against populations, etc. it’s a lot of effort, honestly. But let’s not cheer on bitcoin’s USD value. The real victory is when it’s detached and we stop comparing bitcoin to garbage fiat.
- ac29 4y agoHe was arrested using a fake passport (or some other falsified document) in an airport. Sounds like the timing was just coincidental.
- nashashmi 4y agoAnd he may have been desperately on the run after the crackdown on everyone else
- 1270018080 4y agoMore of a financial fraud crackdown
- web3-is-a-scam 4y agosame thing
- paulpauper 4y agoJustin Sun is a free man, and its possible he will remain free if he complies (pays a big fine). SEC charging someone with fraud is not the same as the feds indicting him.
- throwaway290 4y agoHe's wanted in Korea though. edit: the other guy. got lost in the thread I guess
- 55555 4y agoNo, that's Do Kwon. Justin Sun is possibly wanted in China, though? I'm not sure.
- throw1234651234 4y agoThere is a crackdown on Coinbase today too: https://news.ycombinator.com/item?id=35267692 https://news.ycombinator.com/item?id=35267692
- MountainHoliday 4y agoNo they are just criminals. And police target criminals