The anti-crypto thread

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T

Train

Lifer
Jun 22, 2000
13,863
68
91
www.bing.com
Fanatical Meat said:
Problem is Crypto has no rules as in established Gov rules that have been crafted over literally hundreds of years. Crypto bank could spend all their Monies on Hookers & Blow then not have funds to cover my withdrawal. Traditional banking has safeguards in place to prevent that.
Crypto does not.
Click to expand...

Yet those rules DON'T prevent bank fraud. Banking and securities fraud happens all the time.

The SEC brought a total of 760 actions in fiscal year 2022, including 462 new “standalone” actions, an increase of 6.5% from the prior year. The SEC also obtained a record $4.2 billion in penalties.
Click to expand...

SEC.gov | SEC Announces Enforcement Results for FY22

www.sec.gov
 
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dullard

Elite Member
May 21, 2001
25,184
3,608
126
Reactions: Meghan54, igor_kavinski and Brainonska511
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T

Train

Lifer
Jun 22, 2000
13,863
68
91
www.bing.com
dullard said:
You routinely get your money back in fraud cash transactions? How is that? And if so, I certainly would never need crypto.
Click to expand...
Securities fraud typically does not pay out. At least no where near 100%

Bernie Madoff's victims for example are still clawing money back 15 years later and most are lucky to be over 50%, yet most of that will go to lawyers and liquidators.

Enron paid out 7.2 billion of the ~$70 billion investors lost. So just over 10%
 
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Fanatical Meat

Lifer
Feb 4, 2009
34,696
15,932
136
Train said:
Securities fraud typically does not pay out. At least no where near 100%

Bernie Madoff's victims for example are still clawing money back 15 years later and most are lucky to be over 50%, yet most of that will go to lawyers and liquidators.

Enron paid out 7.2 billion of the ~$70 billion investors lost. So just over 10%
Click to expand...
okay we’re all wrong crypto is totally safe.
Those are extreme outliers, overwhelming standard banking or investments are 100% covered. Another Madoff is not possible because that hole in the system has been patched.
 
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Fanatical Meat

Lifer
Feb 4, 2009
34,696
15,932
136
Train said:
lol keep telling yourself that.

What Madoff was doing was ALREADY illegal. What did they do? Make it DOUBLE illegal? Wait, you said not possible, so obviously they jumped directly to TRIPLE DOG illegal.
Click to expand...
This is pointless because you are finding the one non FDIC backed failure that is large. Regardless there is one Madoff and as of now multiple Crypto failures.
 
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BFG10K

Lifer
Aug 14, 2000
22,709
2,979
126
Reactions: Meghan54 and igor_kavinski
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Noid

Platinum Member
Sep 20, 2000
2,384
191
106
BFG10K said:

FTX employees discovered customer wallet backdoor, but bosses ignored their warnings

The Wall Street Journal notes that several anonymous employees who worked for FTX subsidiary Ledger X reported the issue to the company's Chief Risk Officer, Julie Schoening....
www.techspot.com

A back door you say? But...but...we were told Blockchain is "inherently secure" and "fully audited".
Click to expand...

Their own private savings account ... LOL
At any time, Alameda could "borrow" up to $65 billion in crypto from customer funds.
Click to expand...
 
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Fanatical Meat

Lifer
Feb 4, 2009
34,696
15,932
136
BFG10K said:

FTX employees discovered customer wallet backdoor, but bosses ignored their warnings

The Wall Street Journal notes that several anonymous employees who worked for FTX subsidiary Ledger X reported the issue to the company's Chief Risk Officer, Julie Schoening....
www.techspot.com

A back door you say? But...but...we were told Blockchain is "inherently secure" and "fully audited".
Click to expand...
Noid said:
Their own private savings account ... LOL
Click to expand...
But…but…..but
Banking & Securities fraud happens all the time.

Page 125 - The anti-crypto thread

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AdamK47

Lifer
Oct 9, 1999
15,304
2,910
126
I've been hearing a lot about the book "Number Go Up". It pokes fun at the ridiculousness surrounding cryptocurrency and NFTs over the past few years. It goes into the mindset of individuals caught up in it. It also tells the stories of grifters and those "in the know" in a way that is outlandish, silly, and at the same time, true.

Future generations will read about the history of crypto and will no doubt find it equally hilarious and outlandish. No satire book required.
 
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T

Train

Lifer
Jun 22, 2000
13,863
68
91
www.bing.com
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Noid

Platinum Member
Sep 20, 2000
2,384
191
106
Do you think ... when he gets out of prison,,, will he still have some investors money ? He seems clever at hiding cash ... I think he's got a few piles of cash ...
 
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Noid

Platinum Member
Sep 20, 2000
2,384
191
106
AdamK47 said:
If he did, the moment he touches it the feds will be all over him.
Click to expand...
He had cash and property in places the ' FEDS ' could not touch. I believe what was ' turned over ' was a mutual agreement between international government agencies. ( Not all nations are compliant ) I think he remains to be a very rich criminal ...
 
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VirtualLarry

No Lifer
Aug 25, 2001
56,442
10,113
126

gearing up for next upcoming gpu mining bull market.

Edit: it should noted somewhere that I gave away $2500+ worth of cards a month ago.
 
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