Bernie Madoff (once chairman of the NASDAQ) is still the Ponzi king. They’ll try to use SBF as an example of what’s broken with crypto, but this is a tale as old as time . . . one of greed and financial crime.
Makes sense, but the reality is most people buying gold aren’t actually storing it physically, they’re buying exposure through the markets. And as Ray Dalio highlights in The Changing World Order, history shows that in times of war or regime change, markets often cease to function. For example, China’s asset markets were shut during WWII, and even the U.S. suspended its stock market for months during WWI. Moving money also becomes extremely difficult.
And let’s be honest, people aren’t going to walk around with kilos of gold to trade for food. Bitcoin can’t be shut down in the same way. That’s a key difference
So $1.4bn get stolen, Bybit borrows $ETH from other exchanges without collateral and is short $1.4bn $ETH, bybit shows borrowed $ETH as proof of reserve, market tanks and liquidates $1.4bn, bybit begins paying back borrowed $ETH.
Sure.
Who remembers when CZ was about to attempt a rollback on BTC (essentially getting miners to come together and reject certain blocks) after someone stole 7000 bitcoin from Binance. #Bitcoin
#Breaking: Amazon is shutting its operations in Quebec and will move to 3rd party fulfillment.
The Amazon employees in Quebec decided to Unionize and Amazon lost a challenge at the labour tribunal, ofcourse.
Almost 2k people will lose their job, they can thank the Union.
@donalt@BearenstainBear yee but it was before they made a separate calculation for FDV. They actually just took the FDV amount and called it market cap. This happening is actually the reason why they started separating MC and FDV.