When nobody is watching, the greediest of corrupt humans win out until there is a flush out of the system in a downturn.
We saw that in 2008 except the fed allowed too many wall street CEOs to sit there looking pretty and merely fined them without them admitting fault for all the bullshit they were doing.
All these crypto institutions managing billions of user deposits are just sitting there with no over sight.
Not to pile too hard on this guy, but
Crypto has recreated the opaque, highly leveraged, bailout-prone traditional financial system of 2008.
Are we sure bailouts for crypto are on the way? It’s not obvious to me. Is Coinbase so essential to modern life that the govt will be compelled to throw money at it? How are normie taxpayers going to feel about that?
Normie tax payers aren’t paying for crypto bailouts.
But Sam Bankman of FTX is doing a 1907 JP Morgan level bailout behind the scenes right now.
That article is very pessimistic on a govt crypto bailout ever happening.
The bailout comparisons aren’t about government bailouts.
It’s about the way these firms ran their business and then desperately running around trying to get bailed out from someone, anyone.
This sounds like the most ridiculous shit ever.
“We let some shady character that is a co-owner use a lot of leverage and now he isn’t paying us back $47M so we can’t pay depositors back. Here is a new shit coin offering 20% return, please give us $47M”
The “we will resume withdraws on June 30th” thing isn’t going well so far
I am not aware of anybody anywhere asking for or expecting any sort of government bailouts for anything crypto.
Right, that’s why the ominous comparisons to the 2008 bailouts seem weird to me. No one cares if some venture capitalist bro wants to try to rescue Three Arrows.
:vince2:
Tracking crypto transactions is old news but wait … “Providing “Geo Tracking Data” to ICE” … sounds new - I’d better read the article to find out more …
The contract also provides, provocatively, “Historical geo tracking data,” though it’s unclear what exactly this data consists of or from where it’s sourced.
- provocatively indeed.
I would like a government bail out for my recent poor decisions in the NFT market.
Coinbase has in recent years made a concerted effort to pitch its intelligence features to government agencies, including the IRS, Secret Service, and Drug Enforcement Administration.
Weird how you didn’t pick this quote.
https://twitter.com/CNBCTheExchange/status/1542568484575612932
https://twitter.com/ParikPatelCFA/status/1542576205563584512
I was commenting on the headline - I didn’t realise I had to give an opinion on every paragraph.
Just a brief summary of Celsius’ recent history is brutal
Celsius has been hurting for a while. In November 2021, the company suspended its chief financial officer amid charges of fraud and sexual harassment. The following month, hackers stole a sizable amount of Bitcoin invested with the BadgerDAO protocol; Celsius lost $54 million in that hack. And despite the CEO’s insistence that Celsius had “minimal” exposure to the Terra/LUNA catastrophe, Celsius had significant ties to it. Although the company recently filed a confidential S-1 in apparent preparation for an IPO, it has now hired an advisory firm to help it prepare for a potential bankrupcty filing.
