GAMESTONKS II - Full Faith and Credit in Memes

[Spicyryan]

https://twitter.com/unusual_whales/s...CK39FUocQ&s=19

[Spicyryan]

After GBP transfer suspended, Binance continues to fall apart.

https://twitter.com/unusual_whales/s...C6QaaUHzw&s=19

Will last for weeks as they need an entirely new bank, lol.

[Kaslo]

https://twitter.com/wsbchairman/stat...4KNq6IpbMzQ8jA

[6souls]

https://www.cnn.com/2023/02/10/busin...its/index.html

Bored Apes had their values propped up by celebrity endorsements where the company sent crypto, via a third party, so they could "purchase" the NFT's at inflated prices. All the celebs were represented by the same agent who had joined the board of directors just a couple months previous. The transactions were outed by blockchain public record.

[6souls]

Justin Bieber, for example, bought one for $1.6M, but records show he was sent $2.3M in ETH just before the purchase.

[Byrthnoth]

If the public ledger is such a good anti-fraud tool then why the shit did it take a year for people to look at Bieber's account and figure this out? Seems like a slam-dunk and also the kind of thing people would check immediately after the endorsement.

[Spicyryan]

If the public ledger is such a good anti-fraud tool then why the shit did it take a year for people to look at Bieber's account and figure this out? Seems like a slam-dunk and also the kind of thing people would check immediately after the endorsement.

Well, you would have to know what their wallet is. So you don't just check it. The fact that it was recorded means it eventually was discovered where it otherwise be a black hole.

But yes, these art NFTs are frequently laundering or illicit in nature.

[NynJa]

Thanks Slowpoke.

[Spicyryan]

.

[Spicyryan]

So Alex Mashinsky and Sam Bankman-fried ran Ponzi schemes to defraud investors of vast sums. With Maschinskys inner circle found joking about it with things like "ponzi-consultant." While SBF has been found violating terms of the court and witness tampering, and neither of them are in jail. Mashinsky not even arrested. Meanwhile the guy who ran the Tornado Cash blender was told to remain in prison during their trial. Justice truly is blind.

https://www.coindesk.com/policy/2023...ial-continues/

[Spicyryan]

https://twitter.com/unusual_whales/s...qqet70rkA&s=19

Tough gig getting paid to scam people.

[Melena]

I'm amazed Soulja Boy even has any money at this point after trying to sell chinese bootleg consoles at a premium.

[Spicyryan]

Oh Binance...
https://twitter.com/adamscochran/sta...YEPkHybcA&s=19

https://twitter.com/adamscochran/sta...eXwP7fiBw&s=19

https://twitter.com/adamscochran/sta...g2UonGdyg&s=19

[Spicyryan]

https://twitter.com/ramahluwalia/sta...KOukpDAbg&s=19

[6souls]

https://finance.yahoo.com/news/irs-w...022726316.html

IRS is seeking $44B from FTX.

The claims come after the IRS launched an investigation into FTX's tax reporting practices, alleging that the exchange failed to report over $20 billion in cryptocurrency transactions between 2019 and 2022. The IRS claims that FTX's failure to properly report these transactions resulted in the loss of billions of dollars in tax revenue.

FTX had a trading volume of $1T in 2022.

[Spicyryan]

https://finance.yahoo.com/news/irs-w...022726316.html

IRS is seeking $44B from FTX.



FTX had a trading volume of $1T in 2022.

Goodbye to the remaining customer funds then! IRS will just gobble that up first.

[Byrthnoth]

So crypto's narratives have largely fallen apart at this point. Even ignoring all the scam currencies, which are basically all of them except BTC and ETH, it looks for all the world like a speculative asset class whose value in dollars is correlated with meme confidence in the technology, which is why the 5 year valuation trends for ETH and BTC look basically the same.

Maybe there will be some second act for the currencies if Vitalik's really inefficient world computer comes online in a meaningful way, but I honestly can't see why that would matter. Otherwise, I can't name a single novel technology or concept with any utility to come out of the whole cryptosplosion. This whole thing has always had a vague "people that didn't understand one-way functions are learning why they are cool for the first time" vibe. I think the major currencies will continue to be traded as a speculative asset class due to rich-investor inertia, but I don't expect anything else out of this space.

[Spicyryan]

Tupperware is the new GameStonk. Up 800% after shorts were liquidated from meme buying following an announcement the company lacked sufficient liquidity.

[6souls]

https://twitter.com/gamedevdotcom/st...02945949925408

[Elizara]

Spicy; being a girl that grew up with tupperware parties (My parents going to them, not throwing them) and all (heck, I had a tupperware lunchbox) I find that pretty amusing. Shame the quality of Tupperware has gone down recently..