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I have faith that we can top S&L. We have the technology. We have the talent. There are six banks with over a trillion in assets in the US. I have faith that on

I have faith that we can top S&L. We have the technology. We have the talent. There are six banks with over a trillion in assets in the US. I have faith that one of them has been doing some wild book cooking. I'd place a bet on Citibank, followed by Wells Fargo. There's an old saying in Tennessee — I know it's in Texas, probably in Tennessee — that says, fool me once, shame on… shame on you. Fool me… you can't get fooled again. I'm just hoping this time it's something absolutely outrageous just for the lulz of it all. Like, let's get some FTX-style absurdity. All the absurdity happens in crypto right now but I still have faith in regular banking. Some people still like the challenge of regulated markets.

yieldcrv 3y ago
If you like absurdity, FTX has recovered 7.3 billion out of the 8.6 billion hole and plans on relaunching the exchange to make the last billions back in fees Most noteworthy is that this quick 8 month turnaround is partially thanks to the blockchain, and under no new laws being passed
- senectus1 3y ago
  wth? you got a good link for this? I stopped paying attention a while ago
  - readthenotes1 3y ago
    [dead]
  - yieldcrv 3y ago
    reuters good enough? https://www.reuters.com/technology/bankrupt-crypto-exchange-ftx-has-recovered-73-bln-assets-attorney-2023-04-12/ https://www.reuters.com/technology/bankrupt-crypto-exchange-...
    - senectus1 3y ago
      its kinda lite on details, but i guess "Cash and liquid crypto assets" says enough. I think the claim they have "recovered 7.3 billion" is an overstatement... but time will tell.
      - yieldcrv 3y ago
        we can debate liquidity and depth of the market for those assets, but they're also just using the same standard as what was lost as well as reporting where thats just asset price appreciation
      - Technotroll 3y ago
        Honestly, I've long since made peace with not ever getting back those assets. In that way I accept the risk I took when making the trades in the first place. But what really irks me with the FTX bankruptcy is how my assets were suddenly impounded, effectively stolen from me, and I wasn't allowed to trade it anymore even to avoid further losses. Yes, contracts, articles, and so on, but I'm a simple man: I pay. I own. So, if I am to ask compensation for anything, it must be 1. to get my crypto back, and 2. to be paid damages for the inability to trade during a period of free fall. As it's now, however I guess I can count myself lucky if I even get back parts of my own crypto, if anything. So, I've decided to not spend energy on it.
- Mistletoe 3y ago
  Are you sure about that $7.3 billion? Last I checked, SBF was counting illiquid nonsense like Serum and MAPS tokens in that number.
  - yieldcrv 3y ago
    SBF is not involved, its the new management and the bankruptcy court https://www.reuters.com/technology/bankrupt-crypto-exchange-ftx-has-recovered-73-bln-assets-attorney-2023-04-12/ https://www.reuters.com/technology/bankrupt-crypto-exchange-...
    - Mistletoe 3y ago
      I’d like to see a list of those assets because this one consisted of a bunch of garbage tokens largely worth nothing. https://cryptoslate.com/breakdown-of-current-ftx-assets-shows-3-5b-in-crypto-250m-in-real-estate/ https://cryptoslate.com/breakdown-of-current-ftx-assets-show... The top token in that list, Serum, listed as worth $1.9 billion, had a trading volume of only $2 million yesterday on Binance. -2% depth is $60,000 lol. https://coinmarketcap.com/currencies/serum/markets/ https://coinmarketcap.com/currencies/serum/markets/
      - yieldcrv 3y ago
        we can debate liquidity and depth of the market for those assets, but they're also just using the same standard as what was lost as well, so does it really matter? unless we’re going to start with “they didn't lose $8.6bn and an independent valuation put all lost assets at $2bn so now everyone’s solvent what an amazing turnaround”
        Mistletoe 3y ago
        One huge difference is that the $8.6 billion number probably included all the BTC and ETH that they were supposed to have and that was deposited with them. Those were actually liquid and worth a lot. When FTX failed they didn’t have the BTC and ETH people had deposited with them. The theory is that FTX/Alameda used it all to pump tokens they owned, buy real estate and make deals, and of course losing trades. No one in crypto values this new list at 7.3 billion. It’s actually a source of much ridicule and hilarity if it is similar to that list I posted.
- Aaronstotle 3y ago
  I thought this was because BTC is up 50% from November?
  - yieldcrv 3y ago
    partially, it would be at $6.2bn based on November 2022 crypto prices. https://www.reuters.com/technology/bankrupt-crypto-exchange-ftx-has-recovered-73-bln-assets-attorney-2023-04-12/ https://www.reuters.com/technology/bankrupt-crypto-exchange-...
- lottin 3y ago
  How is any of this partially thanks to the blockchain?
  - yieldcrv 3y ago
    because the clawbacks are easier to track through multiple hops, even when the initial recipient had already done other things with the funds
    - RC_ITR 3y ago
      What does that have to do with decentralized consensus? You know, the core differentiating feature of cryptocurrency.
      - yieldcrv 3y ago
        it doesn’t and that wasn't the premise of why we can acknowledge that using that payment network saved everyone time in the clawbacks, despite the shaken confidence that the exact same event caused into that payment network the main distinction involved here is that not knowing who to subpeona for records slows down everything, whereas with the blockchains used most of the participants consolidate funds into KYC’d exchanges and we know which ones they went to, speeding up requests for records and subsequent action
        ricardobeat 3y ago
        In other words, blockchains make it easier to track what we are doing with our money, without the justice system being involved, and that’s somehow good.
        yieldcrv 3y ago
        the blockchains that were used, as I wrote with high intention and precision because there are other blockchains that don't offer that transparency and then it comes to how they were used to leverage that capability, because people were not seeking to obfuscate or hide anything if that's your actual goalpost, then don't worry, "they were holding it wrong" and you can hold it correctly to fit your needs
- RC_ITR 3y ago
  > Most noteworthy is that this quick 8 month turnaround is partially thanks to the blockchain What are the specific examples of this that are intrinsic to crypto and not any digital transaction?
- themagician 3y ago
  It's not about the money, it's about the message. It's about running a global financial institution on Quickbooks. It's about not having a bank account. It's about not having stop losses. It's about wiping out losses by making your own money. It's about TOM BRADY. It's about the Larry David ad that ends, "Ehhhhh, I don't think so. And I'm never wrong about this stuff. Never." FTX really elevated fraud to an art. I'm not even joking. It's beautiful. It's so insane when I think about it that I don't even think it should be illegal. He should through his entire defense behind the 1st Amendment, say it was all part of an elaborate roleplaying game, and somehow walk.
  - yieldcrv 3y ago
    for me its more about how much this mismanaged business shook confidence in "crypto", instead of just this mismanaged business - the way we would judge any other sector. while the crypto aspect is helping resolve this far faster than other insolvent schemes of similar size and magnitude. and Sam Bankman Fried is not involved in that. yes, Sam did that elaborate thing, the people recovering and the bankruptcy court are not Sam.
    - themagician 3y ago
      It really didn’t though. Crypto is the never ending, infinite ponzi. It’s unshakable, unsinkable. The hype is real. What Sam did was elevate things. Anyone can run a crypto scam. Literal kids do it. But to create art is something else. Something more human. Something timeless. SBF is perhaps the ultimate use case for crypto. I had about $100 in FTX. Worth it. Totally worth it. I’m stoked for the Coinbase collapse. My body is ready. Jesus, take the wheel!
      - yieldcrv 3y ago
        okay I can play along I just want my Coachella 2022 NFT, wen bankruptcy judge do something
      - Nition 3y ago
        The Tether collapse is where it's really going to get exciting IMO. By the way I love your writing style here, reminds me of James Mickens.
edrxty 3y ago
This may be my favorite all time HN comment. I totally buy it too.
bboygravity 3y ago
JP Morgan is the biggest one. It can do ANYTHING it wants and get away with it. It can make 10 billion USD spoofing gold prices for a decade and get away with a 1 billion USD fine (and keep doing it) for example. The CEO can go on trips with Jeffrey Epstein, be friends with him and do business with him and get away with it. It made tons of money off of the Madoff ponzi by providing Madoff with a bank account and not reporting the (from their perspective) extemely obvious ponzi that was going on for 15 years. Nobody went to jail and JP Morgan's fine was probably lower than what they made from the ponzi. There are 100's of other examples of quite outrageous FTX-style crime. This is just what I happened to read about and remember. And that's only the publicly known stuff. Let's turn it around: why would JP Morgan (and other big banks) NOT be engaged in extreme levels of crime that could be described as "financial terrorism"? If JP Morgan blows up it would be the end of the US and they know it and the US govt knows it. I repeat: they can get away with ANYTHING. I think you will get your lulz.
- johnvanommen 3y ago
  There was a hedge fund manager / college professor from Irvine CA who figured out Madoff's scam in the 90s, and nobody paid attention to him whatsoever.
  - blowfish721 3y ago
    There’s a good podcast (American Scandals) covering that. https://podcasts.apple.com/se/podcast/american-scandal/id1435516849?i=1000512232396 https://podcasts.apple.com/se/podcast/american-scandal/id143...
  - themagician 3y ago
    I never liked Madoff. Not inventive. Never found him aspirational. He also stole from seniors which I'm not a fan of. He deserved his fate.
    - bboygravity 3y ago
      You might find Kenneth C. Griffin is more your cup of tea in that case. Bonus: he hasn't been caught yet. His crimes are still on-going. Same principal crime model as Madoff though: own a market making business + a hedge fund, sell stocks (naked), take the money, give nothing in return. There's some other petty stuff like front running household investors through PFOF and instructing the broker you buy order flow from to shut down the buy button for retail investors when the price moves against you. But that's just the petty crime.
RoddaWallPro 3y ago
Fool me... you can't get fooled again. George W gaffes have become so hilarious to me, now that they're 15+ years in the past. I laughed out loud reading this one.

yieldcrv 3y ago

If you like absurdity, FTX has recovered 7.3 billion out of the 8.6 billion hole and plans on relaunching the exchange to make the last billions back in fees Most noteworthy is that this quick 8 month turnaround is partially thanks to the blockchain, and under no new laws being passed

senectus1 3y ago
wth? you got a good link for this? I stopped paying attention a while ago
- readthenotes1 3y ago
  [dead]
- yieldcrv 3y ago
  reuters good enough? https://www.reuters.com/technology/bankrupt-crypto-exchange-ftx-has-recovered-73-bln-assets-attorney-2023-04-12/ https://www.reuters.com/technology/bankrupt-crypto-exchange-...
  - senectus1 3y ago
    its kinda lite on details, but i guess "Cash and liquid crypto assets" says enough. I think the claim they have "recovered 7.3 billion" is an overstatement... but time will tell.
    - yieldcrv 3y ago
      we can debate liquidity and depth of the market for those assets, but they're also just using the same standard as what was lost as well as reporting where thats just asset price appreciation
    - Technotroll 3y ago
      Honestly, I've long since made peace with not ever getting back those assets. In that way I accept the risk I took when making the trades in the first place. But what really irks me with the FTX bankruptcy is how my assets were suddenly impounded, effectively stolen from me, and I wasn't allowed to trade it anymore even to avoid further losses. Yes, contracts, articles, and so on, but I'm a simple man: I pay. I own. So, if I am to ask compensation for anything, it must be 1. to get my crypto back, and 2. to be paid damages for the inability to trade during a period of free fall. As it's now, however I guess I can count myself lucky if I even get back parts of my own crypto, if anything. So, I've decided to not spend energy on it.
Mistletoe 3y ago
Are you sure about that $7.3 billion? Last I checked, SBF was counting illiquid nonsense like Serum and MAPS tokens in that number.
- yieldcrv 3y ago
  SBF is not involved, its the new management and the bankruptcy court https://www.reuters.com/technology/bankrupt-crypto-exchange-ftx-has-recovered-73-bln-assets-attorney-2023-04-12/ https://www.reuters.com/technology/bankrupt-crypto-exchange-...
  - Mistletoe 3y ago
    I’d like to see a list of those assets because this one consisted of a bunch of garbage tokens largely worth nothing. https://cryptoslate.com/breakdown-of-current-ftx-assets-shows-3-5b-in-crypto-250m-in-real-estate/ https://cryptoslate.com/breakdown-of-current-ftx-assets-show... The top token in that list, Serum, listed as worth $1.9 billion, had a trading volume of only $2 million yesterday on Binance. -2% depth is $60,000 lol. https://coinmarketcap.com/currencies/serum/markets/ https://coinmarketcap.com/currencies/serum/markets/
    - yieldcrv 3y ago
      we can debate liquidity and depth of the market for those assets, but they're also just using the same standard as what was lost as well, so does it really matter? unless we’re going to start with “they didn't lose $8.6bn and an independent valuation put all lost assets at $2bn so now everyone’s solvent what an amazing turnaround”
      - Mistletoe 3y ago
        One huge difference is that the $8.6 billion number probably included all the BTC and ETH that they were supposed to have and that was deposited with them. Those were actually liquid and worth a lot. When FTX failed they didn’t have the BTC and ETH people had deposited with them. The theory is that FTX/Alameda used it all to pump tokens they owned, buy real estate and make deals, and of course losing trades. No one in crypto values this new list at 7.3 billion. It’s actually a source of much ridicule and hilarity if it is similar to that list I posted.
Aaronstotle 3y ago
I thought this was because BTC is up 50% from November?
- yieldcrv 3y ago
  partially, it would be at $6.2bn based on November 2022 crypto prices. https://www.reuters.com/technology/bankrupt-crypto-exchange-ftx-has-recovered-73-bln-assets-attorney-2023-04-12/ https://www.reuters.com/technology/bankrupt-crypto-exchange-...
lottin 3y ago
How is any of this partially thanks to the blockchain?
- yieldcrv 3y ago
  because the clawbacks are easier to track through multiple hops, even when the initial recipient had already done other things with the funds
  - RC_ITR 3y ago
    What does that have to do with decentralized consensus? You know, the core differentiating feature of cryptocurrency.
    - yieldcrv 3y ago
      it doesn’t and that wasn't the premise of why we can acknowledge that using that payment network saved everyone time in the clawbacks, despite the shaken confidence that the exact same event caused into that payment network the main distinction involved here is that not knowing who to subpeona for records slows down everything, whereas with the blockchains used most of the participants consolidate funds into KYC’d exchanges and we know which ones they went to, speeding up requests for records and subsequent action
      - ricardobeat 3y ago
        In other words, blockchains make it easier to track what we are doing with our money, without the justice system being involved, and that’s somehow good.
        yieldcrv 3y ago
        the blockchains that were used, as I wrote with high intention and precision because there are other blockchains that don't offer that transparency and then it comes to how they were used to leverage that capability, because people were not seeking to obfuscate or hide anything if that's your actual goalpost, then don't worry, "they were holding it wrong" and you can hold it correctly to fit your needs
RC_ITR 3y ago
> Most noteworthy is that this quick 8 month turnaround is partially thanks to the blockchain What are the specific examples of this that are intrinsic to crypto and not any digital transaction?
themagician 3y ago
It's not about the money, it's about the message. It's about running a global financial institution on Quickbooks. It's about not having a bank account. It's about not having stop losses. It's about wiping out losses by making your own money. It's about TOM BRADY. It's about the Larry David ad that ends, "Ehhhhh, I don't think so. And I'm never wrong about this stuff. Never." FTX really elevated fraud to an art. I'm not even joking. It's beautiful. It's so insane when I think about it that I don't even think it should be illegal. He should through his entire defense behind the 1st Amendment, say it was all part of an elaborate roleplaying game, and somehow walk.
- yieldcrv 3y ago
  for me its more about how much this mismanaged business shook confidence in "crypto", instead of just this mismanaged business - the way we would judge any other sector. while the crypto aspect is helping resolve this far faster than other insolvent schemes of similar size and magnitude. and Sam Bankman Fried is not involved in that. yes, Sam did that elaborate thing, the people recovering and the bankruptcy court are not Sam.
  - themagician 3y ago
    It really didn’t though. Crypto is the never ending, infinite ponzi. It’s unshakable, unsinkable. The hype is real. What Sam did was elevate things. Anyone can run a crypto scam. Literal kids do it. But to create art is something else. Something more human. Something timeless. SBF is perhaps the ultimate use case for crypto. I had about $100 in FTX. Worth it. Totally worth it. I’m stoked for the Coinbase collapse. My body is ready. Jesus, take the wheel!
    - yieldcrv 3y ago
      okay I can play along I just want my Coachella 2022 NFT, wen bankruptcy judge do something
    - Nition 3y ago
      The Tether collapse is where it's really going to get exciting IMO. By the way I love your writing style here, reminds me of James Mickens.

edrxty 3y ago

This may be my favorite all time HN comment. I totally buy it too.

bboygravity 3y ago

JP Morgan is the biggest one. It can do ANYTHING it wants and get away with it. It can make 10 billion USD spoofing gold prices for a decade and get away with a 1 billion USD fine (and keep doing it) for example. The CEO can go on trips with Jeffrey Epstein, be friends with him and do business with him and get away with it. It made tons of money off of the Madoff ponzi by providing Madoff with a bank account and not reporting the (from their perspective) extemely obvious ponzi that was going on for 15 years. Nobody went to jail and JP Morgan's fine was probably lower than what they made from the ponzi. There are 100's of other examples of quite outrageous FTX-style crime. This is just what I happened to read about and remember. And that's only the publicly known stuff. Let's turn it around: why would JP Morgan (and other big banks) NOT be engaged in extreme levels of crime that could be described as "financial terrorism"? If JP Morgan blows up it would be the end of the US and they know it and the US govt knows it. I repeat: they can get away with ANYTHING. I think you will get your lulz.

johnvanommen 3y ago
There was a hedge fund manager / college professor from Irvine CA who figured out Madoff's scam in the 90s, and nobody paid attention to him whatsoever.
- blowfish721 3y ago
  There’s a good podcast (American Scandals) covering that. https://podcasts.apple.com/se/podcast/american-scandal/id1435516849?i=1000512232396 https://podcasts.apple.com/se/podcast/american-scandal/id143...
- themagician 3y ago
  I never liked Madoff. Not inventive. Never found him aspirational. He also stole from seniors which I'm not a fan of. He deserved his fate.
  - bboygravity 3y ago
    You might find Kenneth C. Griffin is more your cup of tea in that case. Bonus: he hasn't been caught yet. His crimes are still on-going. Same principal crime model as Madoff though: own a market making business + a hedge fund, sell stocks (naked), take the money, give nothing in return. There's some other petty stuff like front running household investors through PFOF and instructing the broker you buy order flow from to shut down the buy button for retail investors when the price moves against you. But that's just the petty crime.

RoddaWallPro 3y ago

Fool me... you can't get fooled again. George W gaffes have become so hilarious to me, now that they're 15+ years in the past. I laughed out loud reading this one.