JamesianP

12 ms·

61.
by JamesianP 4y ago
Well I mean there are asset-backed cryptocurrencies too, also ones backed by fiat currency.
62.
by JamesianP 4y ago
According to their website they take fiat currency. So yeah. Also there's the VC funding, which presumably was mainly USD. Though not many people probably care about their losses.
63.
by JamesianP 4y ago
I think this is the most important point. When everyone seems to be making money it's hard for agencies to make much headway in investigating them. Who will blow the whistle besides some cantankerous contrarians with no inside info? An
64.
by JamesianP 4y ago
Are we now sure that's really what happened? I'd be too worried about getting charged with wire fraud or something personally.
65.
by JamesianP 4y ago
Fundamentals mean house prices should be higher than before, but that doesn't prove they should be this high. The population didn't double in five years. Such high-flying markets attract lots of speculation, especially in the la
66.
by JamesianP 4y ago
A rating inherently claims understanding though. Is a bridge safe to walk on? Some guy who doesn't understand engineering is putting signs on it rating its safety. Ignorance is not a defense at this point. They did sue the banks. For m
67.
by JamesianP 4y ago
ARPANET was started in the 60's. I'd call the WWW more of a killer app than a disruptive technology. Crypto does have to compete with alternatives that are protected and funded by the govt itself. And the main problem is the slow
68.
by JamesianP 4y ago
I've actually known a few people involved (as employees) in these kind of frauds, and whistleblowers or some kind of stupid mistake can expose them certainly. But the business cycle is what really clears even the most clever ones out.
69.
by JamesianP 4y ago
CDO2s backed by worthless subprime loans were put into AAA rated bonds. I'd call that an outright scam. For that matter all versions were far more risk than they claimed they were, given that they were worthless, even if there was some
70.
by JamesianP 4y ago
I scrolled it off the bottom and used the mouse wheel. Still annoying though since I like to keep my place with the mouse pointer.
71.
by JamesianP 4y ago
I'm guessing the IRS won't buy this logic. Also reminds me of some infamous accounting scandals.
72.
by JamesianP 4y ago
Given that the float is so small, I think the asking price for rent is getting increasingly out of touch with what people are really paying, especially with rent control. To make it less volatile they might as well just pick a number every
73.
by JamesianP 4y ago
And either way it's only not taxing you for money you didn't get. They never share your pain in the same sense that they share your success.
74.
by JamesianP 4y ago
Does it? I wouldn't be surprised if it's horrifically inefficient with all that money to play with.
75.
by JamesianP 4y ago
> From your tone it seems like you think I'm trying to defend crypto in this thread. Yes I got ranted at for suggesting "fools racing towards a cliff" as a better description. These threads appear to have attracted a lot o
76.
by JamesianP 4y ago
yeah the guy in my home country who broke into my car can say the same thing. Different problem.
77.
by JamesianP 4y ago
Seems like they were offering leverage, which plenty financial businesses besides banks do (such as brokers) and has the same effect.
78.
by JamesianP 4y ago
There isn't zero regulation. An online businesses is subject to the laws of its customers' countries. And the laws may not be up to date enough for some new scams, but they aren't completely naive. For example ponzi schemes
79.
by JamesianP 4y ago
They might've been in the process of transferring crypto silently for months and only now had to rush overtly enough to be spotted.
80.
by JamesianP 4y ago
I assume they mean embezzlement. Which come to think of it may or may not involve hacking.
81.
by JamesianP 4y ago
Do you consider social security, or for that matter all government tax and welfare systems which depend on growth via immigration to be ponzi schemes too? Why do you believe it is bad news to me? It's just semantics.
82.
by JamesianP 4y ago
well you have to draw a line somewhere. Call it something else if you want to criticize it. Like a bunch of fools racing towards a cliff. But if they're honest about something being a scam how can it be a scam? Seems like a paradox.
83.
by JamesianP 4y ago
I think the new laws and regulations are coming out as we speak. Since it's such a new area they have been slow. The SEC just hired a bunch of new people. They have been busy prosecuting people too. I also think FTX has been violating
84.
by JamesianP 4y ago
so you're saying that still might be true?
85.
by JamesianP 4y ago
But there's no multiplier as you describe it. It appears though. First deposit $1M. Then create that loan for 800k, and deposit it right back in the same bank. Now the bank has $1M versus 800k loans so the reserve is back above the 20
86.
by JamesianP 4y ago
Or they just trap you into "lying" to the feds and lock you up for obstruction. It's quicker.
87.
by JamesianP 4y ago
If you're referring to M-pesa, it's an app like Venmo. The US has apps too (for example Venmo).
88.
by JamesianP 4y ago
I think it was specifically about her CEO job. There might be other people who worked there who did technical stuff. The comfort with risk part seems worse in hindsight. Obviously somewhat less comfort with risk would have been better.
89.
by JamesianP 4y ago
Gold mining purportedly does cause inflation in gold-backed currency. I guess bitcoin mining is the same, not familiar with that other than the annoying effect on hardware prices. Perhaps the argument is that this gets increasingly harder,
90.
by JamesianP 4y ago
Yes of course we can do transfers online. I've been doing business this way for decades. Even in the very very early days of the internet they started "online bill payment" services, which would transfer electronically or els

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