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Sam Bankman-Fried might not be the last crypto criminal
- KptMarchewa 3y agoJust follow Molly White on https://web3isgoinggreat.com/ https://web3isgoinggreat.com/
- spondylosaurus 3y agoConsidering how long she's been running the Web3 Is Going Great project (at least since 2021, if not longer?), it must be kind of wild to be in a position where you can truly say "I told you so" about all these collapsing houses of cards. Especially when so many other people turned a blind eye or didn't see them coming.
- seattle_spring 3y agoHoly shit, I just read the most recent articles for ~30 minutes. Must have read 30 or 40 headlines and thought that covered a year. I only made it to September of this year.
- accountinhn 3y agoI haven't been following what's happening in crypto and was generally aware it was bad, but the last 3 months (that is how far I scrolled down) seems bad than I anticipated. The number of security issues, money stolen, and number of fraudulent cases is unbelievable. How are people still invested in this?
- olalonde 3y agoIt was even worse before. MtGox failed in 2014 and it had an even bigger market share than FTX. Almost all the issues are related to centralized services and projects, not issues with the blockchain technology itself.
- zen928 3y agoGreat resource, thanks for sharing.
- th0masfrancis 3y agoVery true
- jrm4 3y agoMight? Oh, there are definitely more coming. Or there need to be, and I say this as someone who generally believes in crypto. Please, lets get the ball rolling here.
- timbit42 3y agoYes, this is a dumb headline. Crime will continue to be with humanity for a long time.
- telepathy 3y agoNobody could ever successfully explain to me the lawful utility of crypto at all.
- jongjong 3y agoYou fell for the most basic narrative of the fiat schemers who are destroying our society and manufacturing artificial inequality on a massive scale. Do you want to be ruled by criminals, be surrounded by crazy people? If not, then you see the utility of crypto. The utility of crypto is to enable a fair, functioning society. That is literally, the most important utility of all.
- telepathy 3y agoHow does crypto help with that?
- jongjong 3y agoBy allowing capitalism to exist on top of sound, probably scarce, voluntary monetary systems as opposed to an unfair system where one's social proximity to the money printer determines all outcomes of faux-capitalism.
- telepathy 3y agoHow does crypto help change the law to become fair? As opposed to just facilitating unlawful activity.
- jongjong 3y agoBy putting pressure and providing an alternative. Without alternative, there is zero pressure or incentive to improve anything and gross injustice will become normalized and get worse. IMO, without crypto, we would already be living in feudalism. Especially with all the surveillance tech we have today.
- ookblah 3y agodo kwon next
- jongjong 3y agoIt's quite clear to me that much of the current crypto industry was set up for scandal. Literally only scam projects have been allowed to gain any exposure whatsoever. There are tons of great projects that you don't know exist. I bet almost every popular project today is headed by scammers and whoever orchestrated this whole thing holds them on a tight leash.
- leashless 3y agoYeah truth in this. Mattereum.com/land is a legally acceptable way of doing fast transfers of real estate. Also works for gold bars etc. Wow it’s hard to get any airtime. You’d think “we’ve built the core tech for a global electronic exchange for the world’s largest asset class” would be easy to get publicity for but no.
- jongjong 3y agoInteresting because I also worked on a real estate + crypto project and the social media algorithms suppressed us big time. There must be thousands of such projects by now being censored.
- leashless 3y agoSuper interesting. Let’s hope that Musk fixes it.
- telepathy 3y agoThis is the jurisdiction of courts, not some shady blockchain
- nine_k 3y agoBlockchain is but a technology. Like a shady RDBMS, a shady typewriter, or a shady quill. What makes crypto businesses scammy is not the technology.
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- StanislavPetrov 3y ago"Bernie Madoff might not be the last Wall Street criminal".
- m3kw9 3y agoThere is already more crypto criminal the millisecond sbf was convicted
- robbywashere_ 3y agoThe industry has repeatedly and intentionally been kept on the fringes. Yes, this will happen again and again. Look where the exchange was operating out of? Sure the outlines on capital gains tax came swiftly, but regulatory framework has been crickets.
- al_borland 3y agoThe only way there won't be more crypto crimes are if crypto no longer exists. Where there is money to be made, there will be crime. Crypto has attracted all the people looking to get rich quick, which happens to overlap a lot with those looking to work on the edge of the law to maximize profits.
- timbit42 3y agoThis is also true of fiat currencies and capitalism in general.
- resolutebat 3y agoThe most mindboggling thing is that Tether is still alive and printing, and that nobody associated with it has gone to jail. Alameda was apparently also an early and large Tether customer.
- RestlessMind 3y agoFederal Reserve inadvertently bailed out Tether - they now earn 4-5% on billions of USD deposited with them for more than a year. Enough to plug the hole they might have been in.
- rsynnott 3y agoAnd the winner of the Nobel Prize for Stating the Obvious goes to...