Thanks to commenters like Surviving the Billionaire Wars and Ray So-cal, for pointing out links for the developing FTX scandal. This FTX story may have some legs, although the usual suspects are probably already busy covering the trail. The principle governing this is, again, a simple one. Crypto is a fraud, probably designed as such for special purposes. Therefore, expect fraud almost everywhere you look in that field, and especially when large amounts of money are involved.
You know, if this was a setup from the beginning, no one has said anything about Barbara Fried selling our her own kids. Both were involved in this fraud.
Alex's article is good in that he highlights what we can now see is a template. Just like learning what a color revolution looks like makes it much easier to recognize when they are happening, now we have better means to recognize the financial frauds. My guess is they'll use the same play because they are stupid and lazy at their core! So instead of coming up with new scams they'll just try to repackage some do gooder as the next genius.
I haven’t even finished your excellent post yet, but wanted to comment on an early comment of yours. Around 2010 or ‘11 before I retired, I was having a discussion with my fraud investigators about Bitcoin. There opinion was it and eventually be proved to be a money laundering operation for the criminal (and political) class. I know I repeated myself.
They also remarked that honest people will make some legitimate money on Bitcoin but in the long run if they hold, it will eventually fail. Pretty astute guys, who were basing their thoughts on their knowledge of people, rather than the “new thing Bitcoin”. Their thoughts have been my response to investor friends when the subject of crypto currency comes up.
Really would like to know who dropped the dime on FTX? Dems wanting to resolve their 2024 problem? Deep state mole, trying to burn his bosses? And what about the timing?
FTX is/was an exchange, a bank if you will, that dealt with cryptocurrency. It was not the crypto itself but the bank that was fraudulent. It's important to make the distinction.
you & Jeff Childers are on the path, exposing multi-layers of corruption. SBF claimed he never read a book, hated reading. He sure knew how to make book & democrats know how to steal elections—a match made by Satan. Dems need House control to prevent investigations. It’s 8 pm est writing this—the barbarians are at the gates. Prepare for living in hell, ruled by the diabolical narcissists.
This is why there is no possibility of the Republicans controlling the House. Ain’t gonna happen. There is zero probability of Rs reaching 218. Zero. The investigations will not be allowed to happen.
It's starting to look like the Deep State was so successful in stymieing Trump's presidency that they have become emboldened and no longer even feel the need to try to hide their evil deeds.
"I suspected and still suspect that some 'western' secret services had come up with the scheme to have a way to secretly move money around."
I have been interested in Crypto, and listened to Tom Luongo, and read zerohedge. And crazydaysandnights keeps commenting there is a lot of pump and dump of Crypto. Reading a couple of articles on FTX this morning helped expand my understanding a lot.
The lack of anonymity does bother me, as well as the fact it's not treated as currency, so you need to pay taxes on any gains. And the issue of transaction costs.
With Etherium, who knows how many coins are out there. Bitcoin it's clear. Another article mentioned how a crypto exchange that was supposed to provide anonymity was used to launder North Korea stolen crypto, which has resulted in DOJ charges. There seems to be a lot of security issues with crypto exchanges being hacked. Stable coins are supposed to provide anonymity, but there is a trust issue does the stable coin actually have the crypto it has, or is it a Ponzi Scheme? And our wonderful FBI has shown that it can track stolen bitcoin in people's wallets, and try to recover them.
From what I can tell, BitCoin is the only Crypto with any credibility left.
From my recollection of Carreyrou's book, the fraud and corruption seemed to be of a much more pedestrian model: come up with a compelling-sounding product idea, hype the hell out of it before proving the performance and feasibility of producing it, collect boat loads of investor money, realize that everything is turning to sh*t, attempt to hide the problems by intimidating and firing employees who figure out the scam. The big name supporters (like Mattis) were likely more brought along by the flattery and guile of an attractive young woman than by political machinations. I read the book when first published, but it would still be a great read even though you know the latest outcome (new trial appeal rejected this week):
We might be hearing more about FTX, but will the average dem drone- would it matter even if they did? There were no consequences for stealing 2020 and there won’t be any consequences for the Covid regime after stealing 2022. Brazen corruption will continue apace.
You know, if this was a setup from the beginning, no one has said anything about Barbara Fried selling our her own kids. Both were involved in this fraud.
Alex's article is good in that he highlights what we can now see is a template. Just like learning what a color revolution looks like makes it much easier to recognize when they are happening, now we have better means to recognize the financial frauds. My guess is they'll use the same play because they are stupid and lazy at their core! So instead of coming up with new scams they'll just try to repackage some do gooder as the next genius.
I haven’t even finished your excellent post yet, but wanted to comment on an early comment of yours. Around 2010 or ‘11 before I retired, I was having a discussion with my fraud investigators about Bitcoin. There opinion was it and eventually be proved to be a money laundering operation for the criminal (and political) class. I know I repeated myself.
They also remarked that honest people will make some legitimate money on Bitcoin but in the long run if they hold, it will eventually fail. Pretty astute guys, who were basing their thoughts on their knowledge of people, rather than the “new thing Bitcoin”. Their thoughts have been my response to investor friends when the subject of crypto currency comes up.
Really would like to know who dropped the dime on FTX? Dems wanting to resolve their 2024 problem? Deep state mole, trying to burn his bosses? And what about the timing?
FTX is/was an exchange, a bank if you will, that dealt with cryptocurrency. It was not the crypto itself but the bank that was fraudulent. It's important to make the distinction.
you & Jeff Childers are on the path, exposing multi-layers of corruption. SBF claimed he never read a book, hated reading. He sure knew how to make book & democrats know how to steal elections—a match made by Satan. Dems need House control to prevent investigations. It’s 8 pm est writing this—the barbarians are at the gates. Prepare for living in hell, ruled by the diabolical narcissists.
This is why there is no possibility of the Republicans controlling the House. Ain’t gonna happen. There is zero probability of Rs reaching 218. Zero. The investigations will not be allowed to happen.
An excellent summation, and humorous:
https://www.theburningplatform.com/2022/11/13/a-rogues-gallery/
For more:
https://www.theautomaticearth.com/author/ilargi/
It's starting to look like the Deep State was so successful in stymieing Trump's presidency that they have become emboldened and no longer even feel the need to try to hide their evil deeds.
Insightful comment by Moon:
"I suspected and still suspect that some 'western' secret services had come up with the scheme to have a way to secretly move money around."
I have been interested in Crypto, and listened to Tom Luongo, and read zerohedge. And crazydaysandnights keeps commenting there is a lot of pump and dump of Crypto. Reading a couple of articles on FTX this morning helped expand my understanding a lot.
The lack of anonymity does bother me, as well as the fact it's not treated as currency, so you need to pay taxes on any gains. And the issue of transaction costs.
With Etherium, who knows how many coins are out there. Bitcoin it's clear. Another article mentioned how a crypto exchange that was supposed to provide anonymity was used to launder North Korea stolen crypto, which has resulted in DOJ charges. There seems to be a lot of security issues with crypto exchanges being hacked. Stable coins are supposed to provide anonymity, but there is a trust issue does the stable coin actually have the crypto it has, or is it a Ponzi Scheme? And our wonderful FBI has shown that it can track stolen bitcoin in people's wallets, and try to recover them.
From what I can tell, BitCoin is the only Crypto with any credibility left.
And no, I have not invested in Crypto yet.
It seems our national anthem will be needing new lyrics, the land of the fraud and the home of the thieves sounds right to me.
Crypto compared to fiat currencies, hmmm . . . both are scams in my book, hard to say which one of them is the worst.
Thanks a lot Woodrow, Franklin, Lyndon, Barry, Josef, honorable mentions to Herbert,Harry, Richard, #41, #43 !!!!
/s
Remember when madoff was considered a world class scam? Now he hardly rates a below the fold headline in section two.
From my recollection of Carreyrou's book, the fraud and corruption seemed to be of a much more pedestrian model: come up with a compelling-sounding product idea, hype the hell out of it before proving the performance and feasibility of producing it, collect boat loads of investor money, realize that everything is turning to sh*t, attempt to hide the problems by intimidating and firing employees who figure out the scam. The big name supporters (like Mattis) were likely more brought along by the flattery and guile of an attractive young woman than by political machinations. I read the book when first published, but it would still be a great read even though you know the latest outcome (new trial appeal rejected this week):
https://www.amazon.com/Bad-Blood-Secrets-Silicon-Startup/dp/152473165X
We might be hearing more about FTX, but will the average dem drone- would it matter even if they did? There were no consequences for stealing 2020 and there won’t be any consequences for the Covid regime after stealing 2022. Brazen corruption will continue apace.
SBF was a major Dem donor, so no investigation
— Elon Musk (@elonmusk) November 13, 2022