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What if crypto was just really a con to get people to give them money because they knew this asset has no legal protection and yet any excuse was good enough to steal it from their customers.

It’s like those thieves who put up a sign saying “bank is closed, deposit here” people willingly dropped their cash into an unmarked slot next to the bank!

Scammer trash

Paywall. :(

“We positioned ourselves for a kind of market that didn’t end up happening,” Zhu says, while Davies adds, “In the good times we did the best. And then in the bad times we lost the most.”

But did they? These elite gamblers tend to walk away with a lot of assets from failure.

Crypto offers great opportunities to adept speculators and salesmen. No wealth creation of course, but redistribution from the many hoping to get rich, to the few that do get rich by taking from the many, thanks to being more clever, informed, and without scruples. The best way of predicting asset prices is to influence them yourself, with your tweets, your exchange, your fund, your platform.

MODs- for the lot of God, this is the NEW side image for the sub.

Mark is a fucking AMATEUR next to these guys.

They single-handedly annihilated the entire Crypto market and kicked off the Crypto winter.

After 15 minutes, I realized I wasn't half way done with this article, and came here to post this message instead.

They, especially Zhu, remind me of Inigo Philbrick. Philbrick was a young rising star in the art world, who was working under important art dealers and galleries before he opened his own ritzy galleries in New York, London and Miami.

Just like Philbrick, these two weren't content with slow but steady. They didn't want to build up their credibility. Philbrick's fraud involved getting someone invested into an artwork he already sold and tried to pay off everyone by selling the work himself at auction instead of building up his credibility over time.

3AC only got into crypto because they pissed everyone off in FX trading and had to look for a new gimmick. And they pissed off everyone because they wanted to grow fast despite having no track record or credibility. And instead of proving everyone wrong, they have proven why they could not be trusted in the first place.

If they vaporized a trillion dollars then I think it’s time we stopped referring to them as “geniuses.”

Vaporized is the wrong word. That money didn’t just disappear; it moved into someone’s pocket.

Crypto is just vapor currency.

It is depressing just how exaggerated an idea of their intelligence the products of private education get.

We're seeing the same thing in UK politics.

Very fishy that it was two guys but three arrows.

Geniuses?

paywalled

Among crypto’s smartest observers, there is a widely held view that Three Arrows is meaningfully responsible for the larger crypto crash of 2022, as market chaos and forced selling sent bitcoin and other digital assets plunging 70 percent or more, erasing more than a trillion dollars in value. “I suspect they might be 80 percent of the total original contagion,” says Sam Bankman-Fried, who as CEO of FTX, a major crypto exchange that has bailed out some of the bankrupt lenders, has perhaps more visibility on the problems than anyone. “They weren’t the only people who blew out, but they did it way bigger than anyone else did. And they had way more trust from the ecosystem prior to that.”

This is such bullshit. He's just "Bad apple"ing all over the Crypto Crash. "We'd all be fine if this one bad apple didn't do this!" What about Terra/Luna? What about the Tesla sell-off? What about the other huge cash outs?

I didn't realize they went to Andover! I went to a college where lots of Andover grads go, and quite a few very privileged nerdy men I went to college with are now crypto adjacent.

I'm very much convinced that most Whales in the US are wealthy nerds who went to bougie schools like Andover and feel disaffected because traditional finance guys who made a killing in 2006-2008 are usually jocks! It's literally jocks vs. nerds, but playing out into adult life.

Probably contributed to saving us from hyper inflation by accident.

They should be vaporized for it.

Did anyone else see the thumbnail of the cover image and think it depicted them as drooling, instead of the flashing smiles you can see clearly in the full size version?

I see according to the article they were both math wizards. Just like the people who blew up LTCM and those who devised the probability calculations for credit default swaps and mortgage back securities.

"The crypto scammers who scammed a trillion dollars"

Fantastic summary of best practices!

I don’t think you can beat punched/etched stainless steel sheet or a set of washers on a bolt. Simple, cheap, repeatable as well as fire and corrosion resistant. Most importantly they are made from common materials that don’t mark you as a crypto custodian.

The authors test methodology is comprehensive, and worth considering even if you’re a storage veteran.

A single solid piece of metal

Washers on bolts is stupid.

Center punched

So much easier than letter dies.

tldr; The optimal Bitcoin backup device will have the following characteristics: Stainless steel or titanium small but thick form factor, a single solid piece of metal, center punched / electrolysis etched data, and a template for decoding data inscribed onto the device. Over the past 4 years I've stress tested and reviewed 70 different metal seed backup devices.

This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

French people may raise an eyebrow to this one ;)

If we don't hit that one on time, I'm going to be asking a lot of questions 😅

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This is why you can't have a doxxed privacy mixer team. Fortunately, there are a lot of alternative mixers out there, like 0xMonero's mixer and Railgun.

0xMonero is still an option for smaller amounts, like under 500 usd per mix using 0xTIP. It's for privacy, not for money laundering.

Fml this is fckng bullshit!!! Is there a go fund me to get this guy the best lawyer there is ?!! Banks lauder shit ton of money and get slapped with bs fines yet he has to be arrested? Guess if I ever release anything meaningful I’ll shield myself behind 5 corps and couple trusts !!!

Priorities are in the wrong place....insane.

It seems that the US Treasury blocking Tornado Cash made everyone pay attention to Monero. It is already trading at $168-170 per unit, and this is clearly not the maximum of its capabilities. If the pressure on investors who prefer anonymity continues, then Monero will easily pass not even $200, but $250 by early September.

It seems that the US Treasury blocking Tornado Cash made everyone pay attention to Monero. It is already trading at $168-170 per unit, and this is clearly not the maximum of its capabilities. If the pressure on investors who prefer anonymity continues, then Monero will easily pass not even $200, but $250 by early September.

people saying he’s just a developer and had nothing to do with the money laundering are the same people saying the silk road was just a platform and not actively involved in illegal activities. i can’t say much on this particular case and i hope he’s innocent, but i’m against letting people use crypto for crime because “freedom” and “government bad”. these guys are getting rich with dirty money, they know it and they don’t want to collaborate with authorities, don’t forget it. crypto for me is a tool to get rid of middlemen and useless bureaucracy, not a tool to facilitate crime and tax evasion.

When is this documentary being released? The Charlie Shrem one was interesting.

if they only arrested trump this fast for January 6th

Silk Road 2.0

Another Robert ulbricht

Very concerning.

Vitalik uses Tornado cash.

Will he get arrested?

Authoring privacy tools is protected free speech. This is the “and then they fight you” phase, which precedes “and then you win”.

It's time to create wrapped Monero (wXMR). Collateralize Monero (anonymous digital cash), receive equivalent wXMR (ERC-20) to use into ETH ecosystem.

Good idea or nah?

Fuck these lawless governments

Code is Law was probably what warranted his arrest. It’s pretty much the basis of open-source code shutdowns: if the product warrants criminal behavior as it’s primary use case, it is malicious.

Ridiculous. I thought the government in the Netherlands understood the importance of privacy, but apparently I'm wrong. Privacy is our only defense against tyranny and is therefore wayyy more important than than preventing some criminals from laundering their money

So is there a legal fund to provide for this guy's defense yet?

I’m glad to see purveyors of corruption or crime seem to have been getting apprehended at a higher pace recently.

This is what happens when the banks and governments who are the real money laundering big dogs feel threatened. Half the economy is probably involved in laundering in one way or another but if the banks and government don't get a cut you better watch out.

Is there anything we can do to help him?

He profited from criminal proceeds. Everyone knows this.

https://www.reuters.com/business/finance/court-convicts-credit-suisse-money-laundering-case-2022-06-27/

​

Haven't seen these swiss bankers locked up yet

Seems like a FAR over-reach unless we start arresting gun manufacturers.

Gambling on Celsius = becoming exit liquidity

Drives his company and his customers into the ground meanwhile he's cashing out profits for himself

You love to see it

What a piece of shit

So, he’s the only one allowed to withdraw?

What the fuck.

i hate this man's face

Taking money from all the butters who are in CEL.

(No, I'm not going to stop making Celsius incel jokes.)

tldr; The address attributed to the Celsius founder by Nansen and Arkham sold CEL tokens for the first time since Celsius froze withdrawals.

This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

I interviewed with these guys. They seemed like pompous douchebags.

Needs to load up his legal fee war chest

Color me shocked...

That is a shady move from a person that only care about himself.

I'm not surprised

Alex doesnt give a fuck about others.
Why am I not surprised

mild shock

Scumbag

What a douche nozzle

Blockchain data shows a crypto address identified by crypto intelligence firms Nansen and Arkham Intelligence as Mashinky’s made its first transactions since late May.

I hate crypto, mashinsky is scum, but I don’t know enough about attribution of wallets to know how much weight to put into “Nansen and Arken”.

I mean, he would have to be some kind of stupid under the current circumstances do so for $28k (which is a fairly insignificant a sum for him). But hey, you never know, we are we’re we are.

Like dude... your company is before the fooking bankruptcy court. Atleast try to show some fiduciary responsibility lmao.

when I try to add ETH, FTXPay requests me to make an account, but accounts are KYC AFAIK. That's a big fail for what should be a simple gas transaction

Not selling ... Just tipping

So Reddit is now distributing CP?

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OMG. The govt seriously needs to shut Crypto down. It’s looked upon as a way to rip people off with no consequences. This needs to end.

Are we going to start seeing Sankman bots rewriting narratives on reddit?

Reddit is a global leader in harnessing blockchain technology

hahahahaha hahahahaha hahahahaha 🤣🤣🤣🤣

We are engaged in a phased, multi-stage, effort to separate the regular users from the real dumbshits, and then to separate these imbeciles from their money.

Mainnet moons!

you all should join a lemmy server

How do I short reddit?

Don’t care I use Apollo

Points will initially roll out on the r/CryptoCurrency and r/FortnightBR

These absolute morons can't even write the correct subreddit names where they'll be scamming users.

Also, starting at a subreddit mostly frequented by literal children? Absolute fucking scum.

This is another instance of "how can we use blockchain?" instead of "what's the best way to accomplish this goal?" I can't see any way that blockchain provides any benefit here over a regular database.

For some reason I always thought FTX was just derivatives, because you never hear anyone talking about how they buy crypto on there, but if you buy ETH from there for gas fees, then they must do spot

tbh, there's other possibility that these scammers are just lying like Helium one, but considering what kind of person reddit CEO(or whoever do the decision) is.....I don't have that much hope

Like, do people in charge Reddit never stop and ask, ‘hey, is this a terrible idea that will destroy our community?’ Before announcing it?

Hilarious that Reddit hasn't put an announcement of its own up on /r/reddit. They know this garbage will be deeply unpopular and I guess are afraid of a repeat of the NFT avatar reaction.

Reddit is a global leader in harnessing blockchain technology to innovate and empower its online communities to become more independent platforms by taking ownership and control.

How about giving us the ability to ban all crypto ads from this sub? No? Not very libertarian and decentralized of you Reddit.

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how is this different than moons/altcoin?

Own a piece of your community

What? Like owning people?

Add a custom token to your subreddit. Earn rewards, encourage quality content, and unlock special features.

Yes, quality content, like you normally get from karma-farmers.

God dammit

Actually disgusting they're specifically targeting kids in the fortnightbr subreddit

I’m a former forex trader who has since stopped in favor of crypto exclusively. The FX market is hugely inefficient for the global companies who have to transact in it - which is the vast majority of entities who use it. Payments for imports/exports, payroll for international employees, etc. These companies lose millions in fees and exchange costs. The switch to a crypto based solution seems inevitable - and is likely the primary reason for the bank’s reticence toward crypto in general. They stand to lose those millions from the traditional currency exchange.

I’m not totally convinced BTC will be the international currency though. I suspect, ironically enough, it will look something like what Terra was developing: an interconnected network of global stablecoins pegged to the national currencies, and which can be exchanged for each other effortlessly and cheaply. Just because they were a ponzi doesn’t mean the next one can’t get it right. If so, we’ll have a near equivalent of the global currency market that completely removes the banks as middlemen.

Would the government believe?

tldr; Lightning Lab’s latest newsletter, the Lightning Lab, is published every month. In this issue, we discuss how Taro decentralizes the global FX market, how bitcoin renders “cross-border” payments obsolete, and how Lightning has continued to grow throughout the bear market. We also highlight a host of exciting community updates.

This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Excellent newsletter, steady growth and real use cases provided. Bullish for bitcoin

Cool newsletter

tldr; Lightning Lab’s latest newsletter, the Lightning Lab, is published every month. In this issue, we discuss how Taro decentralizes the global FX market, how bitcoin renders “cross-border” payments obsolete, and how Lightning has continued to grow throughout the bear market. We also highlight a host of exciting community updates.

This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

such a great read and the rest of the other updates are awesome too. thx for sharing.

tldr; Lightning Lab’s latest newsletter, the Lightning Lab, is published every month. In this issue, we discuss how Taro decentralizes the global FX market, how bitcoin renders “cross-border” payments obsolete, and how Lightning has continued to grow throughout the bear market. We also highlight a host of exciting community updates.

This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

It's sad that developers that worked on this are suspended from GitHub. WTF?

I've never used it, because Zcash is the superior technology. 😎

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There is a discussion on Hacker News, but feel free to comment here as well.

This is a really great first step. The next step is to hold miners accountable for violations if they process transactions into the mixer. Miners say they validate transactions right? They better add checking the OFAC list as one of their validation steps.

Depositing funds into Tornado Cash places them into a “pool” of other users’ tokens. From here, users can withdraw their funds to another address while concealing where they came from originally.

This is fucking hilarious.
To totally disguise my dealings with Pacho Herrera I route all transactions via Pablo Escobar

You love to see it.

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Seems to be a lot of federal actions against crypto lately. More to come?

They are trying to get rid of the only actual use-case for cryptocurrency. How ironic is that? Satoshi should have known his invention would be raped and exploited by the system until it was unrecognizable. I guess he wasn't that smart after all.

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Now that’s a surprise! They don’t like anonymity that much….

What makes the new sanction interesting is the fact that Tornado Cash also has a significant amount of value that flows through that is not associated with any illicit activities.

Lol. Yeah I’m totally legitimate, I just launder my money on principle. Even though receiving money from Tornado to my account at a KYC exchange would always have put me on an FBI money laundering watchlist. Even though ETH launderered through Tornado is literally worth less because it’s harder to convert to USD. As a libertarian, providing plausible deniability to the North Korean government when they try to cash out is important enough to me that I launder all my legitimate funds.

Article doesn’t say it but I hope it’s retroactive to past transactions

The problem with this is that miners have a certain degree of freedom when setting them, and can even set false timestamps

Oh lordy.

I've been saying for years that append-only data structure is great and all, but what if data put into the blockchain is false/incorrect to begin with?

Every time I've pointed that to cryptobros advocating for supply chain analysis blockchains, I've only got some verbal voodoo dance equivalent for an answer because of course in a blockchain-based supply chain analysis, there can't be bad info as input and how can you think it could be bad/false

Just like Ian Malcolm said in Jurassic Park, "well... There it is"

nice technical article.: tldr: miners bend rules to earn more money.

is known for adopting changes rapidly, without always carefully examining them and the effect they might have on the incentives of miners.

Not paying attention to the effects of what you do - that’s just what you want in a currency or store of value or whatever they claim it is today.