Crypto 360°

Saturday, 31 December 2022

SBF's Massive FTX Fraud shows what "Regulation" of Finance really means

The story of Scam Bankrun-Fraud and how he managed to steal $16 billion in plain sight, right under the noses of the highest levels of the US government, has exposed the complete capture of so-called regulatory agencies in the USA. In recent news, we've heard that SBF met with White House officials only 2 months before FTX imploded, and "politics were not discussed". SBF donated $100M+ to Democrats and $20M to Republicans. SBF also met with Fed officials, Tony Blair, Bill Clinton, Maxine Waters, and hundreds of other billionaire elites. SBF hired former US government regulators to monitor FTX finances and pipeline approvals at the SEC and CFTC. Sam even met with Gary Gensler, the head of the SEC, which is the financial body tasked with regulating crypto markets (it didn't matter at all that SBF's dad had taught Gensler at Harvard). SBF was the MOST vocal advocate of crypto regulation on the Internet, in fact only a few weeks before FTX went kablooie he proposed what was basically a total government takeover of all crypto markets.

Now we know that FTX was a complete fraud from day one, yet somehow we're to believe that not one government regulator, lawmaker, judge, president, financial executive, or lay person with a shred of common sense knew this. The MOST REGULATED crypto exchange in the world was the MOST CORRUPT. This is because "regulators" don't actually do anything other than occasionally prosecute someone who didn't pay off the government. Do you notice how Citadel illegally front-runs stock trades, JP Morgan illegally rigs precious metals prices, HSBC launders billions for drug cartels, and Goldman Sachs is generally a vampire squid on the entire world's economy, yet these blatant crimes are never prosecuted? FTX is the latest in a long line of pay-to-play financial scams, which had the explicit backing of the US government. "Regulation" of crypto markets will only corrupt them further.

As Upton Sinclair said, “It is difficult to get a man to understand something, when his salary depends on his not understanding it.”

Sources: https://www.latimes.com/politics/story/2022-08-12/sam-bankman-fried-ftx-political-donations

https://www.latimes.com/politics/story/2022-12-26/sam-bankman-fried-cftc-sec-revolving-door

https://droptown.io/latest-news/regulation/sbf-met-with-bidens-senior-advisers-2-months-before-ftxs-collapse-report/

submitted by /u/wtfCraigwtf
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source https://www.reddit.com/r/btc/comments/zzc0ve/sbfs_massive_ftx_fraud_shows_what_regulation_of/

bitcoin recovery question

I have a question about seed phrases as a recovery method for lost wallets. I don't have a programming background, but if every wallet has a seed phrase not tied to a wallet. then is it not stored somewhere in publicly available code?

If the seed phrase correlates to an encrypted key then how does a verification software know the correct answer? Some Google research didn't bring up any good answers.

submitted by /u/atd592
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KuCoin wallet transfer to btc

How do you transfer KuCoin bep20 btc to a btc wallet absolute noob at this will legit pay for help

submitted by /u/DiscombobulatedMud87
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source https://www.reddit.com/r/btc/comments/zzacs8/kucoin_wallet_transfer_to_btc/

How do you probably secure your Bitcoin from a physical standpoint?

How do you protect your hardware wallet and/or seed phrase from people who may try to physically come and take them? I understand that banks are bad, but how do you responsibly self-custody while keeping yourself safe from wrench attacks and such?

I guess my issue is the “what-if” of the endgame. Imagine every household has a hardware wallet of some kind. In this perfect utopia, you know that everyone self-custodies. What is to stop criminals from targeting affluent individuals to steal their Bitcoin while they’re on vacation or perhaps at the store?

Once again, I respect that banks are usually bad, but I am curious how you maintain your physical and financial safety in a world that assumes you likely have a seed phrase within your home?

Edit: Want to know how I know people have a fear of being physically targeted? Because people still won’t stop talking about Ledger’s address leak and how they might get “wrench attacked” now.

Edit 2: I want to state that I am a strong believer in Bitcoin and I am not trying to create FUD or anything along those lines. I’m just trying to ensure the long-term safety of my family.

submitted by /u/tnel77
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Friday, 30 December 2022

DERO MONERO The Maxis of privacy?

I don’t mean to sound negative with this connotation but recently I’ve found people and communities saying that any other coin that are not DERO or XMR are shitcoins because of different reasons.
I know privacy is very important and I do support private ledgers and complicated encryption but I think that it defeats the purpose that the original satoshi was offering. The idea is for the ledger to be transparent so it can be audited so there is no trickery like in the tradicional financial system.
I think that we shouldn’t be so afraid of the government, so that we can demonstrate that this system would actually work and brings accountability and sound money to the world.

Also from a adoption point of view, I don’t think these privacy coins have the flexibility other coins have to offer, I’ve heard of DERO being super fast but I think that in reality people are going to adopt something more simple and fast, convenient and auditable.

Privacy coins have its uses but I don’t think it’s it’s going to take over the market. I also don’t think that every coin out there but those are shitcoins. It’s a free market and I believe that is what we want right ?

submitted by /u/NathionII
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source https://www.reddit.com/r/btc/comments/zylve2/dero_monero_the_maxis_of_privacy/