mumbisChungo

8 ms·

61.
by mumbisChungo 4y ago
The core of the issue here was not ponzinomics, it was the exchange gambling directly with user funds, by way of unsecured loans to a hedge fund controlled by the founders. Fraud? Yes. But users weren’t buying into a ponzi, they were using
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by mumbisChungo 4y ago
Of course. They were one of the highest volume exchanges, taking a % of every transaction. Unfortunately, they got greedy and started lending money (to themselves in Alameda, where it was gambled away)
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by mumbisChungo 4y ago
Trading fees on billions of dollars of volume.
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by mumbisChungo 4y ago
The silly thing is that FTX was a money printing machine. There was no reason to start gambling with user funds, aside from greed, hubris, and stupidity. Similarly, Sam's fund Alameda was delta-neutral until some time in 2021, which is
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by mumbisChungo 4y ago
No, only good examples from equities please. And only bad ones from crypto.
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by mumbisChungo 4y ago
off the top of my head: Oracle (READ: aggregated/decentralized APIs feed) services and other infrastructure that supports decentralized protocols (network graph, etc.) Decentralized lending, borrowing, trading. SaaS products in on-chai
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by mumbisChungo 4y ago
The topic at hand, per the comment I responded to, is imagined value. Imagined value was the subject of my comparison. Regarding ownership, however, you can explicitly own things- or parts of things- on the basis of token ownership, but you
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by mumbisChungo 4y ago
Maybe I'm misunderstanding what this document is https://assets.ctfassets.net/vyse88cgwfbl/2xJyKdUKicdRUWpC9b...
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by mumbisChungo 4y ago
Regardless of how you feel about bitcoin, there are plenty of revenue generating products and services in the industry, serving both B2B and B2C clientele.
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by mumbisChungo 4y ago
>Tokens give you partial ownership of fuck-all. This is not entirely accurate. The "crypto" industry is not a monolithic piece of technology or implementation. Some tokens provide governance, which is a proxy for legal ownershi
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by mumbisChungo 4y ago
At the heart of crypto is the desire for decentralized banking infrastructure and currency, which has non-zero cost to operate and thus requires some degree of compensation for operating the network or protocol. Just like in the equities ma
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by mumbisChungo 4y ago
Yes, it looks like 12% of their assets are in commercial paper. I'm not claiming to be an omniscient source of truth, but USDT is supposed to be backed 1:1, is audited regularly, and has survived extreme volatility events and bank runs
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by mumbisChungo 4y ago
you can read the texts of them yourself and make up your own mind DYOR or "don't trust, verify" are common mantras in the industry for a reason, and similarly are the reason that I hold custody of my own assets rather than re
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by mumbisChungo 4y ago
One of the first links on that page is a document titled "INDEPENDENT AUDITORS' REPORT ON THE CONSOLIDATED RESERVES REPORT" https://assets.ctfassets.net/vyse88cgwfbl/2xJyKdUKicdRUWpC9b...
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by mumbisChungo 4y ago
https://tether.to/en/transparency/#reports
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by mumbisChungo 4y ago
yes, much like the stock market
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by mumbisChungo 4y ago
This is the one I have used for years: https://www.centre.io/usdc-transparency
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by mumbisChungo 4y ago
No, USDT and USDC are both backed on a 1:1 basis by banking custodians which are regularly audited.
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by mumbisChungo 4y ago
volume is disproportionately in 1:1 USD stablecoins, bitcoin, and ethereum. you can sort the landing page here by 24H volume for a quick glance, or you can check the exchanges tab for more detail: https://www.coingecko.com/
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by mumbisChungo 6y ago
This is beside the point, but unless you're using your fiat onramp provider to actively trade you should strongly consider being personally responsible for the custody of your crypto assets.
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by mumbisChungo 6y ago
This is clearly not the solution, unless it is accompanied by changes to speed limits in North America- which itself introduces a bunch of complexity and negative side-effects.
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by mumbisChungo 6y ago
As someone who has used most of the mainstream and mainstream-alternative browsers since Netscape, I'm not sure I understand the position of Firefox in the marketplace. If I want to minimize friction, I use Chrome. If I want to use anc
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by mumbisChungo 6y ago
It's the best way to find current information for emerging news when you need it ASAP. EX. lineup/injury news for daily fantasy sports prior to lock. Can also be pretty handy when you're at a convention/event.
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by mumbisChungo 6y ago
Yes, fundraising is objectively hard.
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by mumbisChungo 6y ago
I don't even think 'Your network' is quite it. You can have virtually no network to speak of and still have 'it'. It's rare, but some founders just have the right combination of personality, intelligence, and c
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by mumbisChungo 6y ago
They're already making money from 200k paid user accounts, from their team/enterprise-facing products, which they're using the funding to expand on. Also, Uber has raised 160x as much capital, which makes the comparison sligh
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by mumbisChungo 6y ago
As a pretty avid finder of answers on SO, it's not surprising how much money people are willing to throw at this. It's one of the most useful resources on the internet, from my experiences.
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by mumbisChungo 6y ago
It's kind of weird that this is attributed to 'memeculture', given that I can recall people referring to others (in a denigrating fashion) as NPCs back in the 90s, before 'meme' was part of our lexicon.
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by mumbisChungo 6y ago
I would say it's firmly hyperbole/clickbait, upon further investigation.
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by mumbisChungo 6y ago
Yes, a lower bound for multiplication using a boolean circuit, resting on an unproven conjecture. Even if the conjecture is proven to be true, we may find a more efficient way to perform this operation than a boolean circuit.

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