Topic: Bitcoin and the cryptospace is threatened by this legislation backed by Sam - page 2. (Read 480 times)

SBF is said to be planning to flee to Dubai but has been arrested by the Bahamas authorities, Caroline is in Hong Kong and most likely she will go to Dubai to hide. FTX has business registration in the US and Bahamas, so they have the right to keep him until the investors of these two countries are adequately compensated according to regulations. that's also why when FTX blocks withdrawals, only users in these 2 countries can still withdraw.

SBF silently transferred 10 billion to Alameda without notifying shareholders, and most of this money is investors' money, not the company's capitalization or himself. I believe it was he who caused Luna's downfall and then used his money to buy up other bankrupt companies.

moving 'fiat' is just paper logs on databases.. easy to shift/spend

for years sam has been buying dying companies. and paper shuffling fiat values.. while also shifting out good assets and leaving the dead companies with paper fiat debt numbers on accounting databases which then gets written off in fiat bankruptcy

im more concerned about the crypto assets. and where they will end up
because you cant destroy crypto on blockchains or remove crypto from blockchans. there is no 'debt' or 'minus bitcoin'.. there is just ownership changes of who has the keys
..
as for rumours. thanks for update. personally i like to do research and not speculate.. and only explain possible directions speculations can take.
but if true that SBF is involved with authorities not as a victim/witness to hacks and instead is on the chopping block for business bad practices(my personal opinion)
then the FIAT shuffling may be important to the fiat world. although fiat shuffling of fraud is easy.. i still remain more concerned about the crypto movements of SBF bad practices

..
when it comes to regulatory oversight
regulators(businesses) are not overwatch-active..
they instead stand back and rely on people and businesses reporting other people and businesses to regulators and then regulators decide if its worth actioning

yes i hate this. i would rather have regulators as government departments which actually are aimed more at the consumer protection by actively auditing and checking that businesses are ethical. rather than standing back and waiting for people to report things after the fact

but as said previously.. the regulators are businesses and more siding with the banks/businesses. rather than being independent watch dogs of business

2 days have passed and we're already beyond that.

Latest rumors:
Sam might be on the run.
The police entered his main office in the Bahamas
Sam sent 10 bln USD to Alameda and Alameda has none of that. CEO admitted to losing it all.
Alameda spent money on attack on Binance Futures and LUNA
Nobody knows where Sam got the money to start arbitrage.
Both Sam and His girlfriend Caroline had no idea how to run a company. They were lying to people and the business was made to be a scam from the start.
Caroline's father used to be Gary Gensler's boss at MIT. I guess that is going to raise a lot of questions about the lack of SEC's supervision over Alameda.

now your sounding tin foil hatty(your final sentence).

soo
the world bank level/ WEF..
(the types of people you speak of) do have an agenda

they dont care about individual countries fiat. because they are more involved in SDR's of international reserves. which they are migrating into a multi network of CBDC's (asia/euro m-bridge)

their other plans are that oil/coal/gas was (even from the 1980's) known to be depleted by 2050 anyway. so they do have fingers in the "climate 2050 deadline" argument about national treasuries funding of keeping energy companies in profit while they pivot to renewables

yes they dont want users to have currencies working internationally away from the world bank system. but the world bank system as said previously is lobbied at the middle points of banks and businesses to change the laws of nations above the businesses. to then have more control of their customers below them

i dont see the world bank people as puppet masters pulling strings above governments(pinocchio string puppet).. i see them as scrotum ticklers of governments (hands up the puppets bottom(kermit the frog)) reaching inside a government from underneath a government, which then allows them to set up regulatory bodies(businesses) below government

businesses(underneath government) can and do set policies for their customers (contract law)

i dont see sam(SBF) as part of the world bank club of soros and rothchild..
but as a business man he has his own wants/desires of shifting bitcoin to a commodity regulator and his other idea's

many busineses have their many different idea's and wants for how crypto affects their business and opportunities/access their businesses have want or dont want.

we should not be going conspiracy theory of point finger at a single entity like there is a single master puppet master. but instead realise there are many business interests that want to change crypto to business whims and actually spot all these attempts

by decentralising and not relying on central businesses. we can fight against this. if they dont become important to crypto, they cant gain power over crypto.
EG devs not being sponsored by large institutions/businesses that are regulated
EG exchange/gateways in and out of crypto not controlled by just a couple power house regulated exchanges, but multiple smaller ethical services that dont have much % of the crypto community as customers each

we can as low level citizens/customers/users do things
things like protests do nothing. its just shouting at the air.

we can lobby governments. again not via silly street parties and protests.. but using petitions(the contracts/methods banks use)

wel can do 'bank runs' voting with our feet by taking assets out of exchanges(not your key not your coin events) to not give exchanges too much control of too much assets in one place

we can set up asic farms not in large warehouses of 1exahash.. but in multiple locations of shipping containers, or individuals in their spare rooms

we can also more importantly. not rely on one software brand as the "reference client" where that reference client HAS implemented a mandatory change of the features without needing users to upgrade first to vote that feature in to then activate it

Mr. Bankman Fried donated to Biden's campaign and now SEC's president is being investigated by republicans for possibly favouring FTX in order to create a monopoly inside the (crypto) niche they operate. Further evidence is still needed, but it makes total sense considering the connections between Sam, his mother and democrats.

He seemed pretty confortable with Bill Clinton in an event as well:


When you mix politicians with businessmen you can expect a lot of shady activity going on and censorship coming to their competitors.

it all depends on what legislation and what crowd you want to invite

everyone is ok with consumer protection legislation. that insures or protects users from massive losses.. however legislation that limit consumer access/utility is not good. or where legislation puts in barriers of entry for people to set up businesses or be involved in the infrastructure/backbone of a industry.

i get it that having an ETF means that greyscale(DCG) can start offering 'shares' to the pensions industry. which means then buying up huge baskets of bitcoin to put into ETF trust s as collateral against those shares..

but to open it upto jurisdictions like the CFTC/EPA to get that consumer base. also means the CFTC/EPA then get to set rules on bitcoin businesses such as asic farms.

yes bitcoin as code has no ears or eyes to care about fiat laws.. but the business at the edges(included the corporate sponsored developers) then get pressured into complying

bitcoin as a peer to peer currency could and should decentralise more, less sponsored devs at the code side.. and less centralised exchanges and mega asic farms

bitcoin will always survive. for instance if USA/euro regulations on mining quota's are adopted into law. restricting electric utility of locations.. miners would just move to other locations like south america

if regulators pressure the developers to push for PoS. thats a fork. where they can play with their cheap crap fork.
however if the exchanges and devs are combined coerced to brand the PoS fork as the 'main'/actual brand BTC and try killing off the PoW.. then we need to fight this

Black swan events usually occur after a few year or one decade. Cryptocurrency market has a year with some black swan events and it is a worst year since Mt. Gox black swan event.

Legislation is not bad because without legislation, it is more difficult to convince the crowd to join cryptocurrency market. With legislation, we saw blossoms of stock market, real estate market are examples for positive impacts from serious legislation.

If more serious legislation on cryptocurrency market is in, I expect to witness very good blossom for cryptocurrency in future.

as for the status of FTX

SBF escaped liability by resigning and putting in a fall guy as CEO before then going bankrupt. so SBF escaped blame legally

when it comes to the company assets by this i mean customers losses.. i feel that the stakeholders that have ownership stake in FTX should be liable.
by this i mean if the stake holders took profits in the good days from FTX they should put money back in at the bad days

they are afterall owners of FTX.
i personally would love to see DCG make FTX customers whole again.. instead of syphoning off the good assets over the last couple years as stakeholder profits

I'm sorry for people who lost their money on FTX. This shows, once again, how important it is not to store any significant funds on an exchange, but I realize that it's hard for traders who rely on many buy/sell orders each day. I hope that FTX (unfortunately not Bankman-Fried himself, apparently) will be held accountable and that assets will be liquidated, giving the funds to the victims. And as for increasing oversight, it should be oversight of centralized services like online wallets and crypto exchanges, to ensure that customers are protected. It is the big guys who have to be held accountable, not regular crypto users. But I suppose that's not what the bill is about, right?

circle and coinbase are both part of DCG. early on they were offering basically the same service but coinbase got the popularity. and so circle concentrated on the sidechain treasury aspect and coinbase concentrated on the the fiat-crypto swap

roger ver was always a bit outlawish. a businessman liking the profits without wanting the taxes and accounting, even if it cost his friends/partners going prison for his business bad practices. and even buddying up to scammers for profit

hearn wasnt anti bitcoin. just anti business pushing their desires onto bitcoin changes that helped business but not the users. he eventually gave up the fight and instead started other platforms/projects to compete in different niches

many devs and prominent people have gave up the fight on/for bitcoin and moved to other projects.

many people only got into bitcoin and left again for profits

This is no different to "Circle" attracting users by supporting Bitcoin and then doing a 180 business model, where they do not support Bitcoin anymore. Also.... big supporters of Bitcoin and Financial freedom ...like Mike Hearn and Roger Ver.... suddenly fighting against Bitcoin and all these noble causes. 

They come in... make a shitload of money from Crypto currencies.. and then they forget about their original reasons why they supported this technology. 

Barbara… where the fuck your head was when you name your kid “Bankman” ? Fried is OK somehow. There are many decent “Friedman”s out there too. But what the fuck is a “Bankman” for fucks sake?

What’s next? Will Bankman name his son “Bankster”? That’s not a more ridiculous sounding name than “Bankman” btw. I would say they are equals in their respective ridiculousness levels.

And this bitch is a Dem lawyering Hillary. Lmao. And his moron son bribed the dems with the money he stole from the depositors.

Wow. Just wow.

Since Bidens can get away with it after everything we have seen (Hunter’s laptop), I would say SBF would give everyone his finger and enjoy his billionaire life in somewhere without getting a punishment.

my stance of the whole "government" thing is this

senators and congressmen live their professional lives by their 2-4 year contract(voted in period of position)
they are not personally interested and do not sit at a computer watching every citizens daily activities, they are not interested in watching what coffee or chicken burger people buy.
the whole "government is watching your every move" is a dream

it does not matter the currency there will always be "government" but its just a game of which currency can lobby the best, wins
we see this with many nations. where european countries moved to the euro and UK moved out of euro grasp. we see african countries pivot from euro to dollar at a whim.. governments dont care about currency they just want to get paid in whatever is valuable/offered at the time of their voted in position

BANKS on the other hand are a business. and they want to continue doing business..
its banks and financial institutions that collect data on their customers.
they dont like new 'money businesses' setting up new industries where MSB's make more profit but dont have to do all the paperwork.

much like taxicabs and transport regulators didnt like Uber

i dont view the SEC/CFTC as child of senators/congressmen
instead i see them as the mother and father of banks/financial industry

i view SEC/CFTC not as a government department. but as a business..
they lobbied congress/senate decades ago to give their business powers that allow them to parent an industry

setting rules where by you have to buy a licence(membership) to be allowed to enter an industry(pay rent to live in the family). it helps avoid boiler room scammers just setting up shoddy banks. but also puts up barriers to ethical people that want to set up genuine money businesses to compete against the banks(unless your part of the elites)

lets take DCG (coinbase, bitfinex, ftx) via their business connections of their elite social group they get to easily set up exchanges/businesses with no oversight. but they also know the best tax accountants and fiat law lawyers to know the loopholes to escape the costs of doing business, which more common folk dont get this privilege access to

yes senators and congress have a say in what powers and actions the SEC/CFTC have and can use. because senate/congress control the law. but get bribed(ops i mean lobbied) to re arrange the law in businesses favour

decades of bribes and golden handshakes and buddy system allowed these regulators(businesses) to gain power and prestige pretending to be government departments. but in reality business partners of industry

we seen this with the bitlicence . the then head of SEC set up a bitlicence(membership NY businesses had to subscribe to) and once set up he resigned as regulator(job dne) and entered the business of bitlicence adviser taking extra fee's to guide businesses in the loopholes (of the rules he set up) to aid the business buddy system of who should enter the crypto world in NY

the regulators are businesses in of themselves getting money both from treasury to do the good deeds of law. and also the corporate money from business to do the deeds of banks
..
DCG(greyscale) wanted an SEC regulated ETF. but got pushed back. and so DCG and FTX now want to pivot bitcoin away from mommy and daddy SEC regulations and instead get adopted by foster parents CFTC

.. even other regulators like the EPA(environmental protection) are a business. they have powers to shut down farms and tell power companies to not service certain industries..

if you stop viewing regulators as some trump/biden grandchild.
and instead view them as business parents. where by they bribe, beg, coerce or blackmail government(senate/congress) via "lobbying"

you start to see how trying to point fingers with "biden/trump is /was spying on all your transactions" (facepalm)

and instead realise banks dont want competition who has less work but more profits.. the picture becomes clearer

knowing the difference between:
congress/senate (contracted men that like side deals)
paper law (national/state level) which has no arms to punch
law enforcement(idiots who like guns) employed to do raids and punch
regulators (businesses with power) that can call on law enforcement
banks(that fear other financial industries/competing jurisdictions finance)
MSB(lower level less elitist financial services) some are family some are outsiders
crypto code(rules of code) which has no ear to hear paper law and no body to be hit or arrested

you learn the middle guys (banks) are the ones fighting to stay alive.. not the congress/senate
......
bitcoin itself as code if everyone just ran the same code and never changed. would be unstoppable

the "safe" of bitcoin is to not allow any business to coerce or mandate changes to code. not allow businesses to gain power to control the edges of bitcoin where people enter and exit

we need to fear firstly BUSINESSES (like DCG(blockstream devs, NY agreement economic nodes) and their CEO's that lobby to change regulator jurisdiction of the industry over all)

then the regulators whom may gin powers to stifle mining locations or which merchants can startup

then lastly "government" but more so about how businesses (banks and MSB) lobby said government.

rather than thinking that its a top down finger point of government downwards.. its actually the businesses upwards
.. because .. "capitalism" not "communism"

---

congress/senators do not call the FBI/SWAT to do raids on citizens.. thats just bad practice and not good for future election hopes of their career

what happens is BUSINESSES watch their customers and suspicious activity or activity one business doesnt like seeing another business do is reported to regulators.. the regulators then call on FBI/SWAT

..
th electric car industry sees crypto as a threat to the electric availability. if power is going to crypto then people wont want to buy electric cars due to lack of electric to drive to work. so the electric car industry(elon) is lobbying regulators to push hard on bitcoin businesses to be more "environmental"
its not a biden decision top down. its a business lobby middle up

banks dont like non fiat becoming common money. thus there is a push to have crypto only as investment not money. again (middle up)

then there are msb's  they also want to have their other financial products like ETF, sidechains and subnetworks. so they want regulation changes. but dont care about the other effects that can happen due to their selfish wants. heck they have been bribing the regulations middle up.. and also the devs at the bottom..

We should live in reality. Agreed, there are powerful people that are threatened by what bitcoin and the cryptospace can bring for the people, however, do you really think that bitcoin and the whole cryptospace is safe? Those powerful people has made the control over national currencies their lifeblood because this is what gives them their power. They will try everything to control the cryptospace. We cannot be certain if they will be successful in this but I would not be shocked if they acted more violently and we read in the news that a Bitcoin or an Ethereum developer died under questionable occurrences.

As a big name and a leader in cryptospace, it is now easy to conclude that SBF is now a gone thing. Nobody will ever trust a man who mismanaged the assets handed to him by many people and investors. Now, this will be an open space to dig many dirt that we can find on Sam...sadly he just wasted a big opportunity and a big platform handed down to him by the industry. Right now, just like the Tera debacle, FTX will go down in crypto history as one of the saddest moments and one that is enormously undermining the trust and confidence of the mainstream population on cryptocurrency. On another note, just looking at Sam pictures, I now realized that he is really looking like a big joke with a 75% resemblance to comedian Jonah Hill.

he resigned and put inplace anew CEO to manage FTX and keep it open before then filing bankruptcy.

this means he did not go down with the ship
a guy named ray is taking on the bankruptcy..
this means ray as part of the bankruptcy wont be allowed to be CEO of other/new companies for X years.. whilst SBF is free to continue other business plans he has as if there is no bankrutcy against him

he is not taking any financial or professional blame for the things FTX done. thought he personally. outside of legal says its his fault. legally he is free from this legal problem

his mom taught him well

You are right that it would make people to understand and embrace decentralized platforms more than centralized exchange services. It is also very correct that our precious coins are safe in our decentralized wallets. But regardless of all its disadvantages, centralized platforms play important role in the Bitcoin space. They are the easiest way to have access to fiat, especially in nations that have not grown or developed their P2P platforms. Total regulation of this centralized platform would affect the crypto space negatively because many people rely solely on their services.

I wonder if his mother - the lawyer - is going to get him out of this. She must be moving heaven and earth right now.
Your boy fucked up, lady!

I think that anything backed by Sam is now going to backfire. Nobody will want to be associated with his ideas and businesses. Even companies he helped bail out will feel the heat.
If legislators decide to follow through it will be on their own terms. Don't believe anybody is going to ask Sam to work as an expert in crypto matters anymore.

I knew he had some connection with democratic party when he donated large amount of money to Joe Biden campaign, but I didn't know about this connection with his mother.
I am sure nothing bad is going to happen with him personally, except maybe he won't be public figure anymore, but anything he touched may be in danger now, including regulation of Bitcoin.
Let's bet that some politicians in US will now blame Bitcoin for this FTX circus show, and they will demand for more strict regulations.
In one of the videos I watched Sam was shaking his head and acting like a real junky