[themagician]

It's not about the money, it's about the message. It's about running a global financial institution on Quickbooks. It's about not having a bank account. It's about not having stop losses. It's about wiping out losses by making your own money. It's about TOM BRADY. It's about the Larry David ad that ends, "Ehhhhh, I don't think so. And I'm never wrong about this stuff. Never."

FTX really elevated fraud to an art. I'm not even joking. It's beautiful. It's so insane when I think about it that I don't even think it should be illegal. He should through his entire defense behind the 1st Amendment, say it was all part of an elaborate roleplaying game, and somehow walk.

[yieldcrv]

for me its more about how much this mismanaged business shook confidence in "crypto", instead of just this mismanaged business - the way we would judge any other sector. while the crypto aspect is helping resolve this far faster than other insolvent schemes of similar size and magnitude.

and Sam Bankman Fried is not involved in that.

yes, Sam did that elaborate thing, the people recovering and the bankruptcy court are not Sam.

[themagician]

It really didn’t though. Crypto is the never ending, infinite ponzi. It’s unshakable, unsinkable. The hype is real.

What Sam did was elevate things. Anyone can run a crypto scam. Literal kids do it. But to create art is something else. Something more human. Something timeless. SBF is perhaps the ultimate use case for crypto.

I had about $100 in FTX. Worth it. Totally worth it.

I’m stoked for the Coinbase collapse. My body is ready. Jesus, take the wheel!

[Nition]

The Tether collapse is where it's really going to get exciting IMO.

By the way I love your writing style here, reminds me of James Mickens.

[yieldcrv]

okay I can play along

I just want my Coachella 2022 NFT, wen bankruptcy judge do something

[smcl]

I'm not sure we can treat crypto like any other sector - there are no others which are afflicted by a rapid succession of high profile scams, scandals and collapses. Confidence is shaken because there's no other rational response to this situation.

[yieldcrv]

oil exploration, energy, banking, construction...

its really a choice to consider mismanaged companies as the sector itself, at least the construction industry started putting X days since incident as an effort to differentiate each site since nobody was hearing about sites that were operating fine. confidence isn't shaken for everyone in the crypto space, and there might be a need for services to point out how many days since incident they've gone, since nobody currently indexes that or reports on that while the majority of activity occurs within services that operate smoothly and as expected

[smcl]

I dunno, you're asking crypto to be compared with sectors that actually provide services people need who between them have had a few high-profile flameouts over the course of history. Whereas crypto has had a fairly quick boom-and-bust and the biggest players frequently either go bust or are heavily exposed to those who already have (and are desperate to convince everyone they're not and are actually fine).

I'm not sold on crypto and you'd have a hard time persuading me to change my mind, I'm afraid.

[yieldcrv]

You only have to look at what you’re ignoring in order to hold that view

> actually provide services… need

You’re valuing entertainment at zero (nobody needs that), vice at zero (nobody needs that), financial services at zero, and a perpetual bug bounty at zero, those are the major components of the crypto space

and you simultaneously hold every participant in any of those sectors as both representative of the whole thing, and equally as relevant as the next participant

persuasion is not the word I would go for, the disingenuous nature of that perception is the main observation