The title talks about implications for regulation but I don't see it talked about in the OP or the thread.
In this regard I think what we are seeing this year is going to lead to strict regulations, which in principle I don't think is bad if they take care of shitcoins and all these people who have dedicated themselves to create a shitcoin/token out of nothing, sell it to each other to raise the price and the market cap in an artificial way, and to end up setting up a racket like FTX.
What worries me more is regarding Bitcoin, because there is already a European Parliament legislation underway to basically force KYC on all transactions with Bitcoin and cryptocurrencies, of any amount. Can you imagine this type of legislation spreading to the USA and other countries? Or for example, banning hardware wallets.
There will always be a space for freedom and privacy in Bitcoin, but the question is how big. Very negative regulations can stifle the space.....
Topic: Implications of the FTX and Alameda Situation for Cryptocurrency and Regulation - page 2. (Read 771 times)
November 13, 2022, 12:55:53 AM
November 12, 2022, 04:05:50 PM
You call it rumors, but I think you are wrong, these are facts.
Then you're certainly not reading and not understanding the links you're posting yourself:
There are 2 dozen special services in the USA, isn't anyone interested in this?
There were 4 dozen special services in Russia too, too bad they are wild dogs' food in Herson's fields.
Funny how every time someone is in trouble you need US help.
If US messes with Salvador or Bahamas, then it's dirty colonialism.
November 12, 2022, 12:25:25 PM
Why hasn't Bankman-Fried been arrested by law enforcement yet?
By what law enforcement and on what base?
What you have there are rumors that there is no actual police investigation if any company goes bankrupt and there are rumors that clients' funds might have been used do you think everyone will get arrested before an investigation, just because someone is pointing fingers?
"“The commission is aware of public statements suggesting that clients’ assets were mishandled, mismanaged and/or transferred to Alameda Research,” the announcement said. Alameda is Bankman-Fried’s crypto trading business.
The Bahamas securities regulator has frozen the assets of part of Sam Bankman-Fried’s crypto empire"
https://www.scb.gov.bs/wp-content/uploads/2022/11/Securities-Commission-Statement-on-FTX-101122-Final.pdf
There are 2 dozen special services in the USA, isn't anyone interested in this?
Or should we wait until all the money is stolen and then investigate?
You call it rumors, but I think you are wrong, these are facts.
November 12, 2022, 10:19:52 AM
Why hasn't Bankman-Fried been arrested by law enforcement yet?
I understand that everywhere there is a lobby, but there must be a red line.
If Sam Bankman-Fried has not been arrested and will not be arrested then that only means that the justice system has failed when faced with crypto crime. One may see this either as a good thing or a bad thing, depending if you are for or against regulation of cryptocurrency.
Some people will see the uncontrollable nature of crypto in a bad way: The scammers will obviously see this as a green light to scam even harder, because hey, whos going to stop them?
I myself will try to remain positive and see this as a good thing: This is just more proof that cryptocurrency as well as its crimes are completely unregulatable and out of control of the government and the latest news about FTX as well as LUNA are just providing more evidence for this hypothesis. So we do have a system of freedom, should our governments ever decide to betray us.
I imagine that in the future, the governments and the people will have each other "by the balls". No more anti-democratic/dictator governments.
The Justice system always failed in a democratic country because the rich can always buy the police, judges, and even the victims. The scambag gets away with the money.
Now news says SBF flew his private jet to Argentina. No shit. Dirty secrets are revealed and he is hiding his ass while the media spreads the news telling the world crypto is a scam.
November 12, 2022, 09:41:25 AM
Why hasn't Bankman-Fried been arrested by law enforcement yet?
I understand that everywhere there is a lobby, but there must be a red line.
If Sam Bankman-Fried has not been arrested and will not be arrested then that only means that the justice system has failed when faced with crypto crime. One may see this either as a good thing or a bad thing, depending if you are for or against regulation of cryptocurrency.
Some people will see the uncontrollable nature of crypto in a bad way: The scammers will obviously see this as a green light to scam even harder, because hey, whos going to stop them?
I myself will try to remain positive and see this as a good thing: This is just more proof that cryptocurrency as well as its crimes are completely unregulatable and out of control of the government and the latest news about FTX as well as LUNA are just providing more evidence for this hypothesis. So we do have a system of freedom, should our governments ever decide to betray us.
I imagine that in the future, the governments and the people will have each other "by the balls". No more anti-democratic/dictator governments.
November 12, 2022, 03:31:19 AM
November 11, 2022, 10:21:15 PM
billionaires like Bankman-Fraud don't get jailed. he was prepared for this since he had donated to politicians long before his scheme was exposed.
but he also made lots of people mad at him who put all their hopes to FTT. lives are destroyed. if someone naked with a hammer breaks in his mansion while he is sleeping, it wouldn't be surprising anymore.
but he also made lots of people mad at him who put all their hopes to FTT. lives are destroyed. if someone naked with a hammer breaks in his mansion while he is sleeping, it wouldn't be surprising anymore.
November 11, 2022, 11:02:19 AM
The news said SBF is still in Bamahas, it could end up how Karpeles hides back when no regulators want to take action.
How is Karpeles hiding?
He was in Japan when Mt. Gox collapsed, he was arrested by Japanese police forces, and he went to trial there, he was released on bail and required to remain in Japan which he did!
Why hasn't Bankman-Fried been arrested by law enforcement yet?
By what law enforcement and on what base?
What you have there are rumors that there is no actual police investigation if any company goes bankrupt and there are rumors that clients' funds might have been used do you think everyone will get arrested before an investigation, just because someone is pointing fingers?
Quote
Crypto exchange FTX lent billions of dollars worth of customer assets to fund risky bets by its affiliated trading firm, Alameda Research, setting the stage for the exchange’s implosion, a person familiar with the matter said.
FTX Chief Executive Sam Bankman-Fried told an investor this week that Alameda owes FTX about $10 billion, the person said. FTX extended loans to Alameda using money that customers had deposited on the exchange for trading purposes, a decision that Mr. Bankman-Fried described as a poor judgment call, according to the person.
FTX Chief Executive Sam Bankman-Fried told an investor this week that Alameda owes FTX about $10 billion, the person said. FTX extended loans to Alameda using money that customers had deposited on the exchange for trading purposes, a decision that Mr. Bankman-Fried described as a poor judgment call, according to the person.
So, some guys gives an interview and you think is a base for an arrest!
Let's wait and see if it's even like that, I'm starting to change my opinion on SBF, unlike Alex Mashinsky, which by the way is still free also, he seems more and more like a guy that actually believed in the nonsense he was saying, not that he is not guilty of all this mess but I don't think he did it just for financial gains.
November 11, 2022, 10:34:46 AM
https://www.wsj.com/articles/ftx-tapped-into-customer-accounts-to-fund-risky-bets-setting-up-its-downfall-11668093732
FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall
FTX’s chief executive told investors this week that an affiliated trading firm owes the crypto exchange about $10 billion
Why hasn't Bankman-Fried been arrested by law enforcement yet?
I understand that everywhere there is a lobby, but there must be a red line.
FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall
FTX’s chief executive told investors this week that an affiliated trading firm owes the crypto exchange about $10 billion
Why hasn't Bankman-Fried been arrested by law enforcement yet?
I understand that everywhere there is a lobby, but there must be a red line.
The news said SBF is still in Bamahas, it could end up how Karpeles hides back when no regulators want to take action.
But then even today, there are still no clear regulations in crypto, not any finance regulating body willing to regulate crypto seeing the market as a hot potato due to this kind of systematic problem where every bear market there are companies that suddenly declare bankruptcy.
I think he scammed big renowned people like Scaramucci. Using the funds of these people seriously gonna get him in trouble. Probably, thru this incident also a group will step up to bail out and act to regulate the crypto market thru FTX leadership.
November 11, 2022, 09:58:22 AM
According to Reuters (I read the article a few hours ago): ftx us is financially unaffected by the investments. If there's enough funds to cover withdrawals in the Bahamas, there's a chance nothing will happen to him (arrest or prosecution wise) - the article I'd want to reference has since been shortened, it was very long and the parts of where ftx still has liquidity and where it doesn't don't seem to be mentioned.
I kinda think he offered for the company to take on those risky holdings to bolster cryptos position and help keep them liquid, if so then it might be considered philanthropic and become hard for a judge to actually prosecute - especially if there was a strategy behind taking those holdings and selling them on fairly quickly which might be something that gets done or would've been soon on the original trajectory (in only a year or two).
I kinda think he offered for the company to take on those risky holdings to bolster cryptos position and help keep them liquid, if so then it might be considered philanthropic and become hard for a judge to actually prosecute - especially if there was a strategy behind taking those holdings and selling them on fairly quickly which might be something that gets done or would've been soon on the original trajectory (in only a year or two).
November 11, 2022, 09:15:14 AM
https://www.wsj.com/articles/ftx-tapped-into-customer-accounts-to-fund-risky-bets-setting-up-its-downfall-11668093732
FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall
FTX’s chief executive told investors this week that an affiliated trading firm owes the crypto exchange about $10 billion
Why hasn't Bankman-Fried been arrested by law enforcement yet?
I understand that everywhere there is a lobby, but there must be a red line.
FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall
FTX’s chief executive told investors this week that an affiliated trading firm owes the crypto exchange about $10 billion
Why hasn't Bankman-Fried been arrested by law enforcement yet?
I understand that everywhere there is a lobby, but there must be a red line.
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