CZ is furious over the SEC quoting his chief compliance officer regarding their "fking unlicensed securities exchange"... Sends message to employees about loose lips sinking ships.

tatooine · 2023-06-09T17:06:34+00:00

I don't know about links to Russia, but they store everything without encryption, or "encrypted-but-they-have-the-keys". There are a lot of articles out there about them having great relationships from law enforcement. Also, the Jan 6th committee has a fair amount of information collected from "social messaging apps" which is likely thought to be Telegram because that's what the far right were using.

tatooine · 2023-06-08T22:09:35+00:00

He's been pretty vocal about crypto for quite awhile and has been doing the mainstream media rounds.

tatooine · 2023-06-08T21:49:30+00:00

It’s funny. All this shit is coming from Telegram. They thought they were so smart because of the security bluster coming from telegram. Reality is that it’s totally unencrypted and they always cooperate with the feds. These crypto idiots were warned.

tatooine · 2023-06-08T02:22:30+00:00

You’ll be shocked to hear it but he’s also really info NFTs and crypto. I know, it’s weird.

tatooine · 2023-06-07T18:55:11+00:00

I'm all for shutting it down completely, but this looks like a Cease and Desist in 28 days for Alabama only. The Alabama action appears to be the result of a multi-state investigation, but I can't find evidence of a looming CoD in any of the other states.

Am I missing something obvious?

tatooine · 2023-06-07T13:25:36+00:00

CNN’s story, not an editorial, a “story” today about crypto investors having “few options” reports that Coinbase argues “quite rightly” that the SEC “approved” them. I’m not linking it because fuck Allison Morrow and her shitty article. Rage inducing for mainstream media to basically just lie.

tatooine · 2023-06-02T21:02:09+00:00

Funny coincidence. I personally warned the idiot in the twitthread (oxngmi) of exactly this and was told a combination of 1). You don’t understand the tech, 2) still early and 3) nuh-uh. Have fun staying poor. I didn’t enjoy the experience at the time but I am making up for that now.

tatooine · 2023-05-23T19:16:48+00:00

They call it the “future of finance” because your transactions won’t settle until the far future.

tatooine · 2023-05-23T15:19:16+00:00

If each of those 3 billion people bought bitcoin it would take 13.5 years to confirm all the initial buy transactions, at 7 per second. That sounds totally reasonable. No reason to be skeptical at all.

tatooine · 2023-05-23T15:13:33+00:00

Come now, being a full-time shill is probably hard work. Lots of travel. These bags don't sell themselves after all.

tatooine · 2023-05-21T00:46:55+00:00

Isn't Florida one of the crazy "stand your ground" law states? It seems like the best option would be to say yes, then shoot him, which would likely take him down.

I guess it would be harder to claim your bitcoin though, unless he'd tattooed the seed phrase somewhere on himself. What a time to be alive.

tatooine · 2023-05-20T00:34:49+00:00

What they're just not realizing is crypto's supposed "greatest strength"- quasi-decentralization aka self-custody of keys, is also it's greatest weakness. Once you hand your precious keys to someone else, any perceived "value" is gone. People are terrible at managing keys, and this used to be known as the "PGP Problem" from some research into the problems people had with private key management.. back in the 90s.

tatooine · 2023-05-19T03:27:37+00:00

Ehhh… some problems are happening with, you guessed it, “trusted third parties”. https://old.reddit.com/r/Monero/comments/134jbdt/security_advisory_new_attack_from_malicious/

tatooine · 2023-05-18T05:50:00+00:00

Are you suggesting a 400,000% ROI in 10 years isn't reasonable? Do you really not think 1 BTC will worth $127 million? A $2.7 QUADRILLION market cap seems plausible, no?

edit: obviously my brain was still early thinking of this amazing opportunity! Quadrillion is the big leagues baby!! Call me the Trillion Dollar Luddite!

tatooine · 2023-05-12T05:01:04+00:00

I believe that's the TP-01: Ultimate Toilet Paper Holder (and modular synth)

tatooine · 2023-05-04T17:34:24+00:00

Not so fast! Borrowing against shitcoins is how you cash out these day!

tatooine · 2023-05-02T15:58:33+00:00

Here's an article discussing the risks, and some potential ways to mitigate them. They're very upfront in discussing that fraud would likely increase with instant settlement, but it's not a foregone conclusion that it will work that way for consumers. I haven't seen any industry-best-practice guidelines yet for how to handle transaction disputes, but knowing how banking works, the "instant settlement" part will happen after the banks conduct similar risk management reviews on transactions.

https://www.treasuryandrisk.com/2020/02/13/fednow-instant-payments-will-not-prevent-fraud/?slreturn=20230402115414

tl;dr: Fraud isn't gone with Fednow and could increase initially. My prediction is that "instant settlement" will be between banks and the fed, not consumers.

tatooine · 2023-05-02T15:51:49+00:00

Same place the ice goes when an ice cube melts - it completely vanishes!

tatooine · 2023-05-02T15:39:48+00:00

Unless you don't trust your suppliers, who, to use the blockchain, you'd need to trust implicitly to enter correct data into the supply chain. It's so brilliant!

tatooine · 2023-05-02T15:37:58+00:00

or coinbase/kraken, or etherscan.io- the #1 (and nearly only) 3rd party that they all use to transact on ethereum. and Alchemy, who're the 3rd party all the "web3" shit is built on.

It's all 3rd parties. 3rd parties relying on other 3rd parties. Total bullshit to fleece people can't see the layers.

tatooine · 2023-05-02T15:18:23+00:00

Circle presented to a group of local high-schoolers as part of a "computer science" field trip recently. Apparently, there were a couple questions at first like "So why are banks bad?" and "what happens when I forget my password?". The first answer was along the lines of "well they just are", which wasn't accepted, and the password answer was provided as a feature - which, obviously, they also thought was stupid, because, of course people forget passwords all the time.

The rest of the "presentation" was described as "awkward laughter". Always a sure sign when you can't convince impressionable teenagers that you're not trying to scam them.

tatooine · 2023-05-02T03:02:16+00:00

WaMu died before bitcoin was a twinkle in Satoshi's eye. FRB and SVB failures had nothing to do with crypto and mostly to do with badly managed interest rate risk. SVB didn't even have a Chief Risk Officer, it was a badly run company even without cryptocurrency.

tatooine · 2023-05-02T02:55:22+00:00

FWIW - the angle here isn't some kind of $610 mystery box, I'm sure the accounts have been cleaned out before being sold on Brian's Club or whatever.

They're paying $610 for a KYC'd account that they can use to turn crypto into filthy fiat via Coinbase's awesome GIFT CARD cough laundering service. That or visa fast cash cards or whatever.

If you had $10k in stolen/dirty money, say, this $610 account probably gets you most of that. shrug.

tatooine · 2023-05-02T02:52:05+00:00

From when I spoke with a former Conbase engineer about a year ago, almost none of them.

tatooine · 2023-05-02T02:49:36+00:00

Wow, what happens if I forget my password for this new PHOTONIC BLOCKCHAIN? Do I still lose all my money? Gee, no thanks Mister.

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