Daily discussion thread 2025-03-07

gm,

if you're a newcomer to our Daily Discussion thread, this is a place where we discuss all Ethereum topics, news, events.

And sometimes even things that are not directly Ethereum-related :)

So... what's on your mind today?

So... what's on your mind today?

I thought the SBF interview on Tucker was really fun!

I do have to admit that he almost seems a bit like a political prisoner or a scapegoat. The 2021 grift was all encompassing. Way more people than just him have done bad things, yet he has to spend life in prison...

SBF was the Michael Jordan of grifts, no one had so much publicity and stolen as much as he did. Plus he also stole money directly from people's pockets instead of just rugging a coin, which is a much more challenging Grift Olympics discipline.

Idk, maybe others just managed to execute their grift more smartly by e.g. making their actions less obvious and by muddying the water. The millions of memecoins launched and sniped? They've probably done the same amount of damage as FTX. Or the deranged late-bull-market OlympusDAO projects...

Damage-wise, I think that's comparable.

I think the difference is that people who invest in HarryPotterPumpInu or Pixelmon understand the risks (or at least they should). If you see 17,825% APY on Olympus you can also predict what's gonna happen.

But if you say "You know what, I don't want all that. I just want to buy and hold coins on CEX", you shouldn't be exposed to the risk of losing all your money. So that's why SBF is considered so bad - FTX users haven't signed up for the risk he took with their money.

But if you say "You know what, I don't want all that. I just want to buy and hold coins on CEX", you shouldn't be exposed to the risk of losing all your money. So that's why SBF is considered so bad

SBF lied. Memecoinsters are lying. But both also strongly signaled to the elite that they were grifts. It was as retarded to put money into FTX as it is to put money into memecoins. People knew „not your coins, not your key,“ where‘s the difference?

Was it actually that easy to spot? Many high-profile crypto traders lost money on FTX, including Cobie, DegenSpartan, and Paradigm. So people who were considered experienced enough to tell if something is a grift.

Agree that experienced traders should remember about "not your keys, not your coins", but if you trade with size CEXs provide much better prices, so currently there's no way around it.

And I imagine that most people who went to watch a Miami Heat game in FTX Arena, and later downloaded FTX app, didn't know about this rule.

Was it actually that easy to spot? Many high-profile crypto traders lost money on FTX, including Cobie, DegenSpartan, and Paradigm. So people who were considered experienced enough to tell if something is a grift.

As I said, they are retarded. There are also many people who well knowingly lost money on memecoins, and they‘re all experienced to know that it‘s a grift.

And I imagine that most people who went to watch a Miami Heat game in FTX Arena, and later downloaded FTX app, didn't know about this rule.

Ohh so we should bailout and protect stupid people? Not your keys, not your coins.

So when you’re ignorant of that you should get your money back? When do I get MY bailout for doing something stupid? I‘m still waiting for MY money

The difference is that when you sign up for CEX, you accept Terms of Service. So basically you're signing a legal agreement between you and the company.

If the company breaks this agreement, they can be sued, so people can get their money back. There's typically another layer of the regulations for financial institutions, not sure if FTX was officially registered as such, given the state of the crypto law.

Anyway, on CEX you sign an agreement and someone breaks it. But when you buy a coin, there's no agreement to be signed, so that's why you can't sue them. They are also cautious to not do anything that would qualify as passing a Howey test, so they're not under securities law like e.g., stocks where you could sue Tim Cook if he rugged Apple.