With the collapse of crypto exchange FTX, some
investors, seeking a better balance between risk
and security, are pulling their money out of crypto
currencies and switching to Dutch tulip bulbs.

Peter Wezeman
anti-social Darwinist

"peterwezeman@hotmail.com" <peterwezeman@hotmail.com> wrote in
news:778992c2-5918-4e0a-86ca-9e0043d60e21n@googlegroups.com:

> With the collapse of crypto exchange FTX, some
> investors, seeking a better balance between risk
> and security, are pulling their money out of crypto
> currencies and switching to Dutch tulip bulbs.
>
At least with tulip bulbs, you get *something* for your money. That's
infinitely more than crypto-ponzi offers.

--
Terry Austin

Proof that Alan Baker is a liar and a fool, and even stupider than
Lynn:
https://www.cbp.gov/newsroom/stats/sw-border-migration

"Terry Austin: like the polio vaccine, only with more asshole."
-- David Bilek

Jesus forgives sinners, not criminals.

On Wed, 16 Nov 2022 05:58:37 +0000, Ninapenda Jibini wrote:

> "peterwezeman@hotmail.com" <peterwezeman@hotmail.com> wrote in
> news:778992c2-5918-4e0a-86ca-9e0043d60e21n@googlegroups.com:
>
>> With the collapse of crypto exchange FTX, some investors, seeking a
>> better balance between risk and security, are pulling their money out
>> of crypto currencies and switching to Dutch tulip bulbs.
>>
> At least with tulip bulbs, you get *something* for your money. That's
> infinitely more than crypto-ponzi offers.

Worse than a lot of idiots losing their money(because if you are that
dumb you were going to lose your money someway regardless) it drove up
GPU prices.

Magewolf <Magewolf@nc.rr.com> wrote in
news:tl3ggl$2e4ln$1@dont-email.me:

> On Wed, 16 Nov 2022 05:58:37 +0000, Ninapenda Jibini wrote:
>
>> "peterwezeman@hotmail.com" <peterwezeman@hotmail.com> wrote in
>> news:778992c2-5918-4e0a-86ca-9e0043d60e21n@googlegroups.com:
>>
>>> With the collapse of crypto exchange FTX, some investors,
>>> seeking a better balance between risk and security, are
>>> pulling their money out of crypto currencies and switching to
>>> Dutch tulip bulbs.
>>>
>> At least with tulip bulbs, you get *something* for your money.
>> That's infinitely more than crypto-ponzi offers.
>
> Worse than a lot of idiots losing their money(because if you are
> that dumb you were going to lose your money someway regardless)
> it drove up GPU prices.
>
Not to mention used more electricity than some small countries.

--
Terry Austin

"Terry Austin: like the polio vaccine, only with more asshole."
-- David Bilek

Jesus forgives sinners, not criminals.

On 11/15/2022 11:31 PM, peterwezeman@hotmail.com wrote:
> With the collapse of crypto exchange FTX, some
> investors, seeking a better balance between risk
> and security, are pulling their money out of crypto
> currencies and switching to Dutch tulip bulbs.
>
> Peter Wezeman
> anti-social Darwinist

"FBI is planning to EXTRADITE Sam Bankman-Fried from Bahamas - as crypto
contagion from FTX collapse spreads to $20BN BlockFi that is preparing
for bankruptcy"
https://www.dailymail.co.uk/news/article-11433541/FBI-planning-extradite-SBF-crypto-contagion-FTX-collapse-spreads-20BN-BlockFi.html

Looks like the whole crypto thing is going down. Looks like a Ponzi
scheme to me.

Lynn

Lynn McGuire <lynnmcguire5@gmail.com> wrote in
news:tl3nam$2en9u$1@dont-email.me:

> On 11/15/2022 11:31 PM, peterwezeman@hotmail.com wrote:
>> With the collapse of crypto exchange FTX, some
>> investors, seeking a better balance between risk
>> and security, are pulling their money out of crypto
>> currencies and switching to Dutch tulip bulbs.
>>
>> Peter Wezeman
>> anti-social Darwinist
>
> "FBI is planning to EXTRADITE Sam Bankman-Fried from Bahamas -
> as crypto contagion from FTX collapse spreads to $20BN BlockFi
> that is preparing for bankruptcy"
>
> https://www.dailymail.co.uk/news/article-11433541/FBI-planning-ex
> tradite-SBF-crypto-contagion-FTX-collapse-spreads-20BN-BlockFi.ht
> ml
>
> Looks like the whole crypto thing is going down. Looks like a
> Ponzi scheme to me.
>
Was there ever a point where it *didn't* look like a Pnizi scheme to
you?

--
Terry Austin

"Terry Austin: like the polio vaccine, only with more asshole."
-- David Bilek

Jesus forgives sinners, not criminals.

On 11/16/2022 2:13 PM, Lynn McGuire wrote:
> On 11/15/2022 11:31 PM, peterwezeman@hotmail.com wrote:
>> With the collapse of crypto exchange FTX, some
>> investors, seeking a better balance between risk
>> and security, are pulling their money out of crypto
>> currencies and switching to Dutch tulip bulbs.
>>
>> Peter Wezeman
>> anti-social Darwinist
>
> "FBI is planning to EXTRADITE Sam Bankman-Fried from Bahamas - as crypto
> contagion from FTX collapse spreads to $20BN BlockFi that is preparing
> for bankruptcy"
>
> https://www.dailymail.co.uk/news/article-11433541/FBI-planning-extradite-SBF-crypto-contagion-FTX-collapse-spreads-20BN-BlockFi.html
>
> Looks like the whole crypto thing is going down.  Looks like a Ponzi
> scheme to me.
>
Ponzi schemes tend to once you actually look at them. :P

--
I've done good in this world. Now I'm tired and just want to be a cranky
dirty old man.

On 11/16/2022 4:46 PM, Jibini Kula Tumbili Kujisalimisha wrote:
> Lynn McGuire <lynnmcguire5@gmail.com> wrote in
> news:tl3nam$2en9u$1@dont-email.me:
>
>> On 11/15/2022 11:31 PM, peterwezeman@hotmail.com wrote:
>>> With the collapse of crypto exchange FTX, some
>>> investors, seeking a better balance between risk
>>> and security, are pulling their money out of crypto
>>> currencies and switching to Dutch tulip bulbs.
>>>
>>> Peter Wezeman
>>> anti-social Darwinist
>>
>> "FBI is planning to EXTRADITE Sam Bankman-Fried from Bahamas -
>> as crypto contagion from FTX collapse spreads to $20BN BlockFi
>> that is preparing for bankruptcy"
>>
>> https://www.dailymail.co.uk/news/article-11433541/FBI-planning-ex
>> tradite-SBF-crypto-contagion-FTX-collapse-spreads-20BN-BlockFi.ht
>> ml
>>
>> Looks like the whole crypto thing is going down. Looks like a
>> Ponzi scheme to me.
>>
> Was there ever a point where it *didn't* look like a Pnizi scheme to
> you?

I used to think that crypto was a way for Putin to move his money around
without anyone knowing it was Putin’s money. Supposedly Putin moved $8
billion dollars worth of rubles into dollars a decade or so back using
Bitcoin.

Lynn

On 11/16/22 14:13, Lynn McGuire wrote:
> On 11/15/2022 11:31 PM, peterwezeman@hotmail.com wrote:
>> With the collapse of crypto exchange FTX, some
>> investors, seeking a better balance between risk
>> and security, are pulling their money out of crypto
>> currencies and switching to Dutch tulip bulbs.
>>
>> Peter Wezeman
>> anti-social Darwinist
>
> "FBI is planning to EXTRADITE Sam Bankman-Fried from Bahamas - as crypto
> contagion from FTX collapse spreads to $20BN BlockFi that is preparing
> for bankruptcy"
>
> https://www.dailymail.co.uk/news/article-11433541/FBI-planning-extradite-SBF-crypto-contagion-FTX-collapse-spreads-20BN-BlockFi.html
>
> Looks like the whole crypto thing is going down.  Looks like a Ponzi
> scheme to me.
>
> Lynn
>

Well, yeah, another Ponzi scheme.
Again, planned by elite liberal technocrats to fleece
common people, and achieve two goals, both to get
rich, and donate plenty ($38M) to liberal politicians.
So, it might be, the Feds will go easy on him.

"FTX founder and CEO Sam Bankman-Fried donated the maximum amount an
individual can give to a candidate to House Speaker Nancy Pelosi's,
D-Calif., likely successor.

Bankman-Fried made a contribution worth $5,800 to Rep. Hakeem Jeffries,
D-N.Y., in July 2021, according to Federal Election Commission (FEC)
data. While the amount was relatively tiny compared to the roughly $38
million the crypto entrepreneur funneled to candidates and political
action committees (PAC) ahead of the midterm elections, it represented
the maximum contribution an individual is allowed to donate to a single
candidate under federal campaign finance laws.

According to the FEC, individual contributors are only permitted to give
$2,900 per candidate per election. Individuals may combine two maximum
contributions into a single donation of $5,800 since primaries and
general elections count as two separate elections."

Lynn McGuire <lynnmcguire5@gmail.com> wrote in
news:tl44ko$2fqqb$1@dont-email.me:

> On 11/16/2022 4:46 PM, Jibini Kula Tumbili Kujisalimisha wrote:
>> Lynn McGuire <lynnmcguire5@gmail.com> wrote in
>> news:tl3nam$2en9u$1@dont-email.me:
>>
>>> On 11/15/2022 11:31 PM, peterwezeman@hotmail.com wrote:
>>>> With the collapse of crypto exchange FTX, some
>>>> investors, seeking a better balance between risk
>>>> and security, are pulling their money out of crypto
>>>> currencies and switching to Dutch tulip bulbs.
>>>>
>>>> Peter Wezeman
>>>> anti-social Darwinist
>>>
>>> "FBI is planning to EXTRADITE Sam Bankman-Fried from Bahamas -
>>> as crypto contagion from FTX collapse spreads to $20BN BlockFi
>>> that is preparing for bankruptcy"
>>>
>>> https://www.dailymail.co.uk/news/article-11433541/FBI-planning-
>>> ex
>>> tradite-SBF-crypto-contagion-FTX-collapse-spreads-20BN-BlockFi.
>>> ht ml
>>>
>>> Looks like the whole crypto thing is going down. Looks like a
>>> Ponzi scheme to me.
>>>
>> Was there ever a point where it *didn't* look like a Pnizi
>> scheme to you?
>
> I used to think that crypto was a way for Putin to move his
> money around without anyone knowing it was Putin’s money.
> Supposedly Putin moved $8 billion dollars worth of rubles into
> dollars a decade or so back using Bitcoin.
>
So, the answer to my question is "no."

--
Terry Austin

Proof that Alan Baker is a liar and a fool, and even stupider than
Lynn:
https://www.cbp.gov/newsroom/stats/sw-border-migration

"Terry Austin: like the polio vaccine, only with more asshole."
-- David Bilek

Jesus forgives sinners, not criminals.

On Wednesday, November 16, 2022 at 3:41:45 PM UTC-6, Jibini Kula Tumbili Kujisalimisha wrote:
> Magewolf <Mage...@nc.rr.com> wrote in
> news:tl3ggl$2e4ln$1...@dont-email.me:
> > On Wed, 16 Nov 2022 05:58:37 +0000, Ninapenda Jibini wrote:
> >
> >> "peterw...@hotmail.com" <peterw...@hotmail.com> wrote in
> >> news:778992c2-5918-4e0a...@googlegroups.com:
> >>
> >>> With the collapse of crypto exchange FTX, some investors,
> >>> seeking a better balance between risk and security, are
> >>> pulling their money out of crypto currencies and switching to
> >>> Dutch tulip bulbs.
> >>>
> >> At least with tulip bulbs, you get *something* for your money.
> >> That's infinitely more than crypto-ponzi offers.
> >
> > Worse than a lot of idiots losing their money(because if you are
> > that dumb you were going to lose your money someway regardless)
> > it drove up GPU prices.
> >
> Not to mention used more electricity than some small countries.
>
There is so much energy used in Bitcoin "mining" that it has become
practical to recover the waste heat from the computers and use it
to heat buildings. It can also be useful in some industrial processes
such as fermentation:

https://braiins.com/blog/green-innovation-in-bitcoin-mining-recycling-asic-heat

Peter Wezeman
anti-social Darwinist

On Wednesday, November 16, 2022 at 10:13:46 PM UTC, Lynn McGuire wrote:
> On 11/15/2022 11:31 PM, peterw...@hotmail.com wrote:
> > With the collapse of crypto exchange FTX, some
> > investors, seeking a better balance between risk
> > and security, are pulling their money out of crypto
> > currencies and switching to Dutch tulip bulbs.
> >
> > Peter Wezeman
> > anti-social Darwinist
> "FBI is planning to EXTRADITE Sam Bankman-Fried from Bahamas - as crypto
> contagion from FTX collapse spreads to $20BN BlockFi that is preparing
> for bankruptcy"
>
> https://www.dailymail.co.uk/news/article-11433541/FBI-planning-extradite-SBF-crypto-contagion-FTX-collapse-spreads-20BN-BlockFi.html
>
> Looks like the whole crypto thing is going down. Looks like a Ponzi
> scheme to me.
>
> Lynn
I apologise for something that can't be distinguished from hindsight, but it always looked like a Ponzi scheme (or at least a bubble) to me. Shares and unit trusts are actually funding companies to do stuff. Banks are in practice doing the same thing (which is why Bank failures tend to produce recessions). Crypto was sold on nothing except that it would be worth more because more people would want to buy it. That's a bubble, and the problem with bubbles is that, as an example of exponential growth, most people are invested in them when they fail, which means that the chances of you being one of the small number of investors who made money and got out with it are not good.

ObSF - Point of Dreams, in Scott's Astreiant series, has elements loosely based on the Tulip craze

On Tuesday, November 15, 2022 at 10:31:52 PM UTC-7, peterwezeman@hotmail.com wrote:
> With the collapse of crypto exchange FTX, some
> investors, seeking a better balance between risk
> and security, are pulling their money out of crypto
> currencies and switching to Dutch tulip bulbs.

LOL!

https://en.wikipedia.org/wiki/Tulip_mania

John Savard

On 2022-11-16 19:23, a425couple wrote:
> On 11/16/22 14:13, Lynn McGuire wrote:
>> On 11/15/2022 11:31 PM, peterwezeman@hotmail.com wrote:
>>> With the collapse of crypto exchange FTX, some
>>> investors, seeking a better balance between risk
>>> and security, are pulling their money out of crypto
>>> currencies and switching to Dutch tulip bulbs.
>>>
>>> Peter Wezeman
>>> anti-social Darwinist
>>
>> "FBI is planning to EXTRADITE Sam Bankman-Fried from Bahamas - as
>> crypto contagion from FTX collapse spreads to $20BN BlockFi that is
>> preparing for bankruptcy"
>>
>> https://www.dailymail.co.uk/news/article-11433541/FBI-planning-extradite-SBF-crypto-contagion-FTX-collapse-spreads-20BN-BlockFi.html
>>
>> Looks like the whole crypto thing is going down.  Looks like a Ponzi
>> scheme to me.
>>
>> Lynn
>>
>
> Well, yeah, another Ponzi scheme.
> Again, planned by elite liberal technocrats to fleece
> common people, and achieve two goals, both to get
> rich, and donate plenty ($38M) to liberal politicians.
> So, it might be, the Feds will go easy on him.
>
>
> "FTX founder and CEO Sam Bankman-Fried donated the maximum amount an
> individual can give to a candidate to House Speaker Nancy Pelosi's,
> D-Calif., likely successor.
>
> Bankman-Fried made a contribution worth $5,800 to Rep. Hakeem Jeffries,
> D-N.Y., in July 2021, according to Federal Election Commission (FEC)
> data. While the amount was relatively tiny compared to the roughly $38
> million the crypto entrepreneur funneled to candidates and political
> action committees (PAC) ahead of the midterm elections, it represented
> the maximum contribution an individual is allowed to donate to a single
> candidate under federal campaign finance laws.
>
> According to the FEC, individual contributors are only permitted to give
> $2,900 per candidate per election. Individuals may combine two maximum
> contributions into a single donation of $5,800 since primaries and
> general elections count as two separate elections."
>
>

I like you, Lee.

But you're an ignoramus.

peterwezeman@hotmail.com <peterwezeman@hotmail.com> schrieb:
> On Wednesday, November 16, 2022 at 3:41:45 PM UTC-6, Jibini Kula Tumbili Kujisalimisha wrote:
>> Magewolf <Mage...@nc.rr.com> wrote in
>> news:tl3ggl$2e4ln$1...@dont-email.me:
>> > On Wed, 16 Nov 2022 05:58:37 +0000, Ninapenda Jibini wrote:
>> >
>> >> "peterw...@hotmail.com" <peterw...@hotmail.com> wrote in
>> >> news:778992c2-5918-4e0a...@googlegroups.com:
>> >>
>> >>> With the collapse of crypto exchange FTX, some investors,
>> >>> seeking a better balance between risk and security, are
>> >>> pulling their money out of crypto currencies and switching to
>> >>> Dutch tulip bulbs.
>> >>>
>> >> At least with tulip bulbs, you get *something* for your money.
>> >> That's infinitely more than crypto-ponzi offers.
>> >
>> > Worse than a lot of idiots losing their money(because if you are
>> > that dumb you were going to lose your money someway regardless)
>> > it drove up GPU prices.
>> >
>> Not to mention used more electricity than some small countries.
>>
> There is so much energy used in Bitcoin "mining" that it has become
> practical to recover the waste heat from the computers and use it
> to heat buildings. It can also be useful in some industrial processes
> such as fermentation:
>
> https://braiins.com/blog/green-innovation-in-bitcoin-mining-recycling-asic-heat

Hardly an innovation. Using low-temperature heat is old news (if you
can find somebody who can use it).

In article <9e23b37a-bb98-41a8-83e6-40e6b9828fabn@googlegroups.com>,
Andrew McDowell <mcdowell_ag@sky.com> wrote:
snip
>I apologise for something that can't be distinguished from
>hindsight, but it always looked like a Ponzi scheme (or at least
>a bubble) to me. Shares and unit trusts are actually funding
>companies to do stuff. Banks are in practice doing the same thing
>(which is why Bank failures tend to produce recessions). Crypto
>was sold on nothing except that it would be worth more because
>more people would want to buy it. That's a bubble, and the
>problem with bubbles is that, as an example of exponential
>growth, most people are invested in them when they fail, which
>means that the chances of you being one of the small number of
>investors who made money and got out with it are not good.
>
>ObSF - Point of Dreams, in Scott's Astreiant series, has elements
>loosely based on the Tulip craze

Back when I had the store, I was always amazed at how people never
saw the end of bubbles coming. Not simply that they got the timing
wrong but that they thought the initial period of heavy growth was
sustainable.

A considerable fraction of my starting stock was thanks to a bubble:
trivia games peaked in Canada a year or so before they did in the
US. A crapload of stores went under (leaving a niche for me) and
I was able to buy their trivia games cheap, which I then traded to
a US distributor for stock.
--
My reviews can be found at http://jamesdavisnicoll.com/
My tor pieces at https://www.tor.com/author/james-davis-nicoll/
My Dreamwidth at https://james-davis-nicoll.dreamwidth.org/
My patreon is at https://www.patreon.com/jamesdnicoll

On 11/16/22 22:17, Alan wrote:
> On 2022-11-16 19:23, a425couple wrote:
>> On 11/16/22 14:13, Lynn McGuire wrote:
>>> On 11/15/2022 11:31 PM, peterwezeman@hotmail.com wrote:
>>>> With the collapse of crypto exchange FTX, some
>>>> investors, seeking a better balance between risk
>>>> and security, are pulling their money out of crypto
>>>> currencies and switching to Dutch tulip bulbs.
>>>>
>>>> Peter Wezeman
>>>> anti-social Darwinist
>>>
>>> "FBI is planning to EXTRADITE Sam Bankman-Fried from Bahamas - as
>>> crypto contagion from FTX collapse spreads to $20BN BlockFi that is
>>> preparing for bankruptcy"
>>>
>>> https://www.dailymail.co.uk/news/article-11433541/FBI-planning-extradite-SBF-crypto-contagion-FTX-collapse-spreads-20BN-BlockFi.html
>>>
>>> Looks like the whole crypto thing is going down.  Looks like a Ponzi
>>> scheme to me.
>>>
>>> Lynn
>>>
>>
>> Well, yeah, another Ponzi scheme.
>> Again, planned by elite liberal technocrats to fleece
>> common people, and achieve two goals, both to get
>> rich, and donate plenty ($38M) to liberal politicians.
>> So, it might be, the Feds will go easy on him.
>>
>>
>> "FTX founder and CEO Sam Bankman-Fried donated the maximum amount an
>> individual can give to a candidate to House Speaker Nancy Pelosi's,
>> D-Calif., likely successor.
>>
>> Bankman-Fried made a contribution worth $5,800 to Rep. Hakeem
>> Jeffries, D-N.Y., in July 2021, according to Federal Election
>> Commission (FEC) data. While the amount was relatively tiny compared
>> to the roughly $38 million the crypto entrepreneur funneled to
>> candidates and political action committees (PAC) ahead of the midterm
>> elections, it represented the maximum contribution an individual is
>> allowed to donate to a single candidate under federal campaign finance
>> laws.
>>
>> According to the FEC, individual contributors are only permitted to
>> give $2,900 per candidate per election. Individuals may combine two
>> maximum contributions into a single donation of $5,800 since primaries
>> and general elections count as two separate elections."
>>
>>
>
> I like you, Lee.
>
> But you're an ignoramus.

Do you deny Bankman-Fried was giving millions to liberals ?
That he was publicly appreciated by the "Democratic elite ?
Do you deny that Bankman-Fried was the Democrats' second biggest donor?
Do you claim that $38 million buys no political grease ?

from
https://www.newsweek.com/ftxs-downfall-ho…

https://www.newsweek.com/ftxs-downfall-how-moral-preening-obscured-fraud-opinion-1760135

FTX's Downfall: How Moral Preening Obscured Fraud | Opinion
ANGIE SPEAKS , COHOST OF THE LOW SOCIETY PODCAST
ON 11/16/22 AT 2:14 PM EST
Pause
Unmute
Current Time 1:02
/ Duration 1:20
Quality
Fullscreen

Cryptocurrencies Lose $2 Trillion In Value Since 2021 Peak: What To Know

CRYPTOCURRENCY

The disgrace and downfall of cryptocurrency giant Sam Bankman-Fried has
been astonishing to watch, especially considering that not too long ago,
the 30-year-old multimillionaire graced the cover of the Forbes and was
celebrated as a symbol of progressive market values. Bankman-Fried, or
SBF as he is commonly known, founded the now infamous cryptocurrency
exchange FTX, valued at $32 billion in January, which filed for Chapter
11 bankruptcy last week. Bankman-Fried is now reportedly under
investigation by the U.S. Justice Department and the Securities and
Exchange Commission for alleged fraud and for gambling with investors' cash.

Since SBF's turmoil was publicized, headlines have abounded comparing
the FTX scandal to Bernie Madoff's infamous Ponzi scheme. But SBF's scam
was different in an important way: Bankman-Fried's public image in the
media as a genius and philanthropist was bolstered and given credibility
by his proximity to the powerful Democratic elite, to whom he donated
millions and millions of dollars. Bankman-Fried was one of the
Democrats' biggest donors, second only to George Soros.

SBF's scam was powered by a pseudo-philosophy called "effective
altruism" of which he was the popular face. The idea is for "innovators"
to generate as much money and influence as possible to do the maximum
possible "good."

SBF's downfall reveals just how hollow that idea really was, more an
engine for his own narcissism than anything else. Effective altruism
turned out to be nothing more than the new face of neoliberalism: the
fantasy that you can hide individualist capitalist accumulation behind
the facade of moral leadership and call it saving the world.

But it goes further than that. Altruism, cultural sensitivity and the
need to project a progressive air in the media can make or break the
reputation of a politician, celebrity or corporation these days,
especially in the newly emerging landscape of social media cancellations
and corporate ESG ratings that act as ways for businesses to advertise
their "social responsibility" to investors.

Sam Bankman-Fried
Sam Bankman-Fried has issued an apology after his cryptocurrency
exchange, FTX, cannot fulfill the payments of the withdrawals made by
users since the weekend
GETTY IMAGES
And that's where the danger comes in. Because it's not just hypocritical
to act like capitalist accumulation is altruism. It's also a great way
for people like Bankman-Field to avoid being investigated for what turn
out to be Ponzi schemes.

It's no accident that our hellish cultural landscape that grants favors
in return for moral posturing and patronage has unleashed the insidious
ambitions of opportunistic figures like SBF, or Elizabeth Holmes,
another Silicon Valley darling revealed as a fraudster.

Who can forget the infamous scandal surrounding Holmes and her defunct
medical technology company Theranos, an endeavor that promised blood
testing technology that would revolutionize health care infrastructure
but failed to produce the technology. President Joe Biden famously
visited the Theranos headquarters in 2015 while he was Vice President
and called Holmes "inspiring." Holmes was enthusiastically embraced by
the Obama administration as a shining example of their goals for
American health care, and Biden told Holmes at their 2015 meeting that
he and then-President Barack Obama "share your vision of a health care
paradigm focused on prevention."

Holmes and Bankman-Fried were able to sell an illusion of altruism to a
hungry-for-virtue liberal elite with the same logic that elite
constantly weaponizes against its political rivals. From the constant
rhetoric about "threats to democracy" and "disinformation spreaders" and
"election deniers" and "white supremacist terrorists," the liberal
establishment sends the same message as Holmes and SBF: Supporting me
makes you look like a good person. In so doing, they manufacture the
same undeserved consent that Holmes and Bankman-Fried used to allegedly
swindle investment and credibility from their establishment milieu.

The ability of Sam Bankman-Fried and the liberal elite to style
themselves as dazzling influencers and moral leaders employs the same
brutal logic behind why corporations have seemingly embraced wokeness
and its socially, financially and politically lucrative dogma: Anything
we do is justified because we are the good guys and contribute to the
good of all.

Crypto President Pushes for Government Regulation Amid Massive Losses
Tom Brady's FTX partner admits $16Bn crypto blunder on Twitter: "I'm sorry"
In a way, both the Holmes and Bankman-Fried FTX scandals represent the
liberal establishment getting a taste of its own medicine. The
celebrities, media conglomerates and political entities who endorsed
these tech wolves in sheep clothing for the benefit of being attached to
progressive hype have now been exposed for their lack of diligence and
moral authority.

But there's a larger lesson here, too: Moral preening often obscures not
just self-interested capitalist accumulation but fraud.

Angie Speaks is the cohost of the Low Society Podcast.

The views expressed in this article are the writer's own.

Comments

NewsView
21 hours ago

It is worth noting that Sam Bankman-Fried (SBF) is reportedly the second
largest Democrat donor behind George Soros. In 2020 Democrats took in a
record amount of "dark money", after which a TIME magazine article
bragged on the secret plan to "save" the 2020 election through a series
of efforts that included "Zucker bucks" (Mark Zuckerberg), which reigned
down on elections offices where, coincidentally, Democrats could not
afford to lose. Similarly, the 2022 midterm elections were the most
costly midterm elections in history — again owing to dark money.

a425couple <a425couple@hotmail.com> writes:
>On 11/16/22 22:17, Alan wrote:
>>
>> But you're an ignoramus.
>
>Do you deny Bankman-Fried was giving millions to liberals ?

Do you deny that other rich fuckheads were giving millions to conservatives?

Citizens United has screwed up everything.

a425couple <a425couple@hotmail.com> wrote in
news:SsvdL.23023$b3p2.175@fx46.iad:

> Holmes was enthusiastically embraced by the Obama
> administration as a shining example of their goals for American
> health care, and Biden told Holmes at their 2015 meeting that
> he and then-President Barack Obama "share your vision of a
> health care paradigm focused on prevention."
>
If they were honest, they would still embrace her, because she *is*
the shining example of their goals for American health care: rich
liberal democrats getting richer while providing nothing of value in
return, at the expense of people they disapprove of.

The only "health care paradigm focuses on prevention" they intend is
to prevent those who refuse to their their indentured servants from
having access to it at all.

--
Terry Austin

"Terry Austin: like the polio vaccine, only with more asshole."
-- David Bilek

Jesus forgives sinners, not criminals.

scott@slp53.sl.home (Scott Lurndal) wrote in
news:MHvdL.4$f3U2.1@fx39.iad:

> a425couple <a425couple@hotmail.com> writes:
>>On 11/16/22 22:17, Alan wrote:
>>>
>>> But you're an ignoramus.
>>
>>Do you deny Bankman-Fried was giving millions to liberals ?
>
> Do you deny that other rich fuckheads were giving millions to
> conservatives?

Have any of them committed Ponzi frauds anywhere near as big as FTX,
which publicly endorsed by the current administration?

Your attempt at distraction - from the utter, all pervasive
corruption of the fascist left - is noted.
>
> Citizens United has screwed up everything.
>
So has the utter, all pervasive corruption of the fascist left.

--
Terry Austin

"Terry Austin: like the polio vaccine, only with more asshole."
-- David Bilek

Jesus forgives sinners, not criminals.

On Wednesday, November 16, 2022 at 4:58:41 PM UTC+11, Ninapenda Jibini wrote:
> "peterw...@hotmail.com" <peterw...@hotmail.com> wrote in
> news:778992c2-5918-4e0a...@googlegroups.com:
> > With the collapse of crypto exchange FTX, some
> > investors, seeking a better balance between risk
> > and security, are pulling their money out of crypto
> > currencies and switching to Dutch tulip bulbs.
> >
> At least with tulip bulbs, you get *something* for your money.

and apparently they're edible

>That's infinitely more than crypto-ponzi offers.
>
I don't know of anything in crypto that makes it a ponzi scheme
A Ponzi scheme is where you pay returns for early investors with new investor's money

Cryptocurrency is just people speculating on the various cryptocurrencies.
I'm sure there's been a lot of people creating or pushing cryptocurrencies to sell if the price jumps but I don't know of anything in them which fits a ponzi scheme definition

FTX looks like a clearcut case of fraud (taking the sucker's money and investing it riskily in ways your terms of service says you won't and trying to cover things up by shifting assets between entities to try and pass audits) but it's not a Ponzi scheme

On 18/11/22 20:31, Hamish Laws wrote:
> On Wednesday, November 16, 2022 at 4:58:41 PM UTC+11, Ninapenda Jibini wrote:
>> "peterw...@hotmail.com" <peterw...@hotmail.com> wrote in
>> news:778992c2-5918-4e0a...@googlegroups.com:
>>> With the collapse of crypto exchange FTX, some
>>> investors, seeking a better balance between risk
>>> and security, are pulling their money out of crypto
>>> currencies and switching to Dutch tulip bulbs.
>>>
>> At least with tulip bulbs, you get *something* for your money.
>
> and apparently they're edible
>
>> That's infinitely more than crypto-ponzi offers.
>>
> I don't know of anything in crypto that makes it a ponzi scheme
> A Ponzi scheme is where you pay returns for early investors with new investor's money
>
> Cryptocurrency is just people speculating on the various cryptocurrencies.
> I'm sure there's been a lot of people creating or pushing cryptocurrencies to sell if the price jumps but I don't know of anything in them which fits a ponzi scheme definition
>
> FTX looks like a clearcut case of fraud (taking the sucker's money and investing it riskily in ways your terms of service says you won't and trying to cover things up by shifting assets between entities to try and pass audits) but it's not a Ponzi scheme

Probably the first sensible comment in this thread.

Hamish Laws <hamish.laws@gmail.com> wrote in
news:d0ef2952-70ec-404a-9e95-29174ef29672n@googlegroups.com:

> I don't know of anything in crypto that makes it a ponzi scheme
> A Ponzi scheme is where you pay returns for early investors with
> new investor's money
>
Since the initial investors invested - literally - nothing, anything
they get is is "paying returns for early investors with new investor
money."

Crypto is a Ponzi scheme by *your* definition.

--
Terry Austin

Proof that Alan Baker is a liar and a fool, and even stupider than
Lynn:
https://www.cbp.gov/newsroom/stats/sw-border-migration

"Terry Austin: like the polio vaccine, only with more asshole."
-- David Bilek

Jesus forgives sinners, not criminals.

On Friday, November 18, 2022 at 7:31:55 AM UTC, Hamish Laws wrote:
> On Wednesday, November 16, 2022 at 4:58:41 PM UTC+11, Ninapenda Jibini wrote:
> > "peterw...@hotmail.com" <peterw...@hotmail.com> wrote in
> > news:778992c2-5918-4e0a...@googlegroups.com:
> > > With the collapse of crypto exchange FTX, some
> > > investors, seeking a better balance between risk
> > > and security, are pulling their money out of crypto
> > > currencies and switching to Dutch tulip bulbs.
> > >
> > At least with tulip bulbs, you get *something* for your money.
> and apparently they're edible
> >That's infinitely more than crypto-ponzi offers.
> >
> I don't know of anything in crypto that makes it a ponzi scheme
> A Ponzi scheme is where you pay returns for early investors with new investor's money
>
> Cryptocurrency is just people speculating on the various cryptocurrencies.
> I'm sure there's been a lot of people creating or pushing cryptocurrencies to sell if the price jumps but I don't know of anything in them which fits a ponzi scheme definition
>
> FTX looks like a clearcut case of fraud (taking the sucker's money and investing it riskily in ways your terms of service says you won't and trying to cover things up by shifting assets between entities to try and pass audits) but it's not a Ponzi scheme
The Dutch tried eating tulips during a Nazi-produced famine. You might get away with it, but you probably won't enjoy the experience - https://www.ehow.com/info_12315251_tulips-poisonous-humans.html https://www.poison.org/articles/tulip-bulb-toxicity-191

On 2022-11-17 10:55, a425couple wrote:
> On 11/16/22 22:17, Alan wrote:
>> On 2022-11-16 19:23, a425couple wrote:
>>> On 11/16/22 14:13, Lynn McGuire wrote:
>>>> On 11/15/2022 11:31 PM, peterwezeman@hotmail.com wrote:
>>>>> With the collapse of crypto exchange FTX, some
>>>>> investors, seeking a better balance between risk
>>>>> and security, are pulling their money out of crypto
>>>>> currencies and switching to Dutch tulip bulbs.
>>>>>
>>>>> Peter Wezeman
>>>>> anti-social Darwinist
>>>>
>>>> "FBI is planning to EXTRADITE Sam Bankman-Fried from Bahamas - as
>>>> crypto contagion from FTX collapse spreads to $20BN BlockFi that is
>>>> preparing for bankruptcy"
>>>>
>>>> https://www.dailymail.co.uk/news/article-11433541/FBI-planning-extradite-SBF-crypto-contagion-FTX-collapse-spreads-20BN-BlockFi.html
>>>>
>>>> Looks like the whole crypto thing is going down.  Looks like a Ponzi
>>>> scheme to me.
>>>>
>>>> Lynn
>>>>
>>>
>>> Well, yeah, another Ponzi scheme.
>>> Again, planned by elite liberal technocrats to fleece
>>> common people, and achieve two goals, both to get
>>> rich, and donate plenty ($38M) to liberal politicians.
>>> So, it might be, the Feds will go easy on him.
>>>
>>>
>>> "FTX founder and CEO Sam Bankman-Fried donated the maximum amount an
>>> individual can give to a candidate to House Speaker Nancy Pelosi's,
>>> D-Calif., likely successor.
>>>
>>> Bankman-Fried made a contribution worth $5,800 to Rep. Hakeem
>>> Jeffries, D-N.Y., in July 2021, according to Federal Election
>>> Commission (FEC) data. While the amount was relatively tiny compared
>>> to the roughly $38 million the crypto entrepreneur funneled to
>>> candidates and political action committees (PAC) ahead of the midterm
>>> elections, it represented the maximum contribution an individual is
>>> allowed to donate to a single candidate under federal campaign
>>> finance laws.
>>>
>>> According to the FEC, individual contributors are only permitted to
>>> give $2,900 per candidate per election. Individuals may combine two
>>> maximum contributions into a single donation of $5,800 since
>>> primaries and general elections count as two separate elections."
>>>
>>>
>>
>> I like you, Lee.
>>
>> But you're an ignoramus.
>
> Do you deny Bankman-Fried was giving millions to liberals ?
> That he was publicly appreciated by the "Democratic elite ?
> Do you deny that Bankman-Fried was the Democrats' second biggest donor?
> Do you claim that $38 million buys no political grease ?

Your ignorance comes from imagining that the "elite" is "liberal".

Tell me:

Which party gave massive tax breaks to the uber-rich?