I don’t like to say “I told you so,” but slowly but surely all the “crypto bros” who thought they were above the law were shown the error of their ways. I can’t help but notice what is being shown.
I caught part of an interview that Three Arrows Capital (3AC) co-founder Kyle Davis gave to journalist Laura Singh last week. Davis said he was a little nervous about giving a lengthy interview on camera, given that 3AC’s bankruptcy in mid-2022 resulted in billions of dollars in losses for both institutional and individual investors. is.
However, despite a well-documented history of self-serving dealings by Davis and his 3AC partner Hsu Tzu, Davis has expressed no remorse for his actions. There wasn’t. In fact, he showed something akin to pride when he admitted that there was no cooperation with authorities investigating 3AC’s demise.
After the interview, Mr. Davis said: was suggested He and Sue “believed fervently in nothing but forever. Still do.” Mr. Davis said that the companies that entrusted their funds to 3AC’s leadership were not willing to “transfer low-risk customer funds into high-risk They insinuated that they alone were to blame for choosing to “bet on the paper.”
Let me be clear: believing that it will “last forever” is not high risk, it is insanity. Nevertheless, Davis and Sue continue to launch new ill-fated “crypto” projects, seemingly convinced that they can keep stealing forever without consequences (in Sue’s case, even if they slack off) (He was briefly detained in a Singaporean prison for his actions) (he invaded the town before investigators could finish investigating the collapse of 3AC).
As I listened to Davis justify all his crimes with a smug grin on his face, all I could think of was the psycho-goofy “I’ll do it again” meme. That might also be the motto of the broader “crypto” sector. At least until law enforcement authorities around the world finally realize that the laws are already in place to take action against old-school criminals who use high-tech tools to blind and rob people. Yes, it was.
The ever-growing lineup of criminals
Former FTX clumsy person Sam Bankman Freed (SBF) is scheduled to be sentenced later this week for crimes that led to the collapse of FTX. Like Davis, the SBF remains unconvinced by his actions, despite being inundated with victim impact statements detailing the very real harm caused by his belief that he is above the law. He has shown little remorse. SBF could be in prison for decades, a scenario that still may not satisfy the public seeking his blood.
Next month, Binance exchange founder Changpeng Chao (CZ) is also awaiting a similar day of liquidation. CZ believed that “cryptocurrency” is so unique and special that it can ignore any rules that prevent it from making a profit. That history will come back to him with a big boomerang when the judge announces how long Mr. CZ will have to spend in a US solitary confinement cell.
Moving forward, Alex Mashinsky, the former head of the Celsius Ponzi scheme, will face his own legal liquidation. So was Richard Hart, who was able to defraud countless Hex “investors” with his high-performance luxury shopping sprees.
Mr. Davis, Mr. SBF, Mr. Mashinsky, Mr. Hart, Digital Currency Group’s Barry Silbert, and countless others all agree with the “I’m not doing anything wrong” argument with cryptocurrencies. He is a charter member of the philosophy.It’s like a malignant narcissistic superpower (more info the boys than the avengers).
And then there are all the crypto casinos (Coinbase (NASDAQ: COIN), Kraken) masquerading as exchanges, with the public somehow being led to believe that the value of their tokens will continue on a trajectory that will “only go up forever.” I’m selling lottery tickets.These casinos rely on a steady flow of purposeless shitty coins, and thanks to Solana a new version of that is being created Per minute. Incredibly, some think the 2017 initial coin offering (ICO) fiasco deserves an encore.
Behind all of this is a tether. Without Tether, the entire “cryptocurrency” ecosystem would be exposed as a Potemkin village of wash trade and razor-thin liquidity. Regardless of whether USDT is fully backed by real-world assets, the bigger challenge for Tether is its reputation as the common coin of money launderers, drug traffickers, pig-slaughter scammers, and yes, Islamic terrorists. It means letting go of a certain reputation.
And last week brought news that the U.S. Securities and Exchange Commission (SEC) is investigating the Ethereum Foundation, reportedly due to the SEC’s belief that ETH is an unregistered security. It is something. A central authority issues tokens (mostly to themselves) that are predicted to rise in value based on the efforts of that same authority, and now a small core of ETH whales (also mostly to themselves) have verified network transactions. Are you rewarding yourself?Maybe that Unregistered security? Sigh…
Flawed technology leads to flawed goals
The ICO encore is evidence of the lack of development that the blockchain sector as a whole has shown over the past decade. Because the technology cannot scale, these blockchain backers end up reusing the same old scams. Perhaps even more outrageous that people continue to fall into such warm cracks, PT Burnham may have underestimated the magnitude of the problem.
That said, I take solace in the old adage that the wheels of justice turn slowly, but very finely. Crypto bros may be stuck in a state of arrested adolescence forever, but some overgrown youngsters have actually been arrested and have been threatened with more than just being unable to access their PlayStation for a week. It’s encouraging to see that.
I take even greater comfort in the fact that the BSV blockchain has operated in an ethical manner since its launch as the original Bitcoin in 2009. BSV believes that the Bitcoin White Paper is by no means a declaration of war on traditional finance, as many anarchists have tried to portray Bitcoin as. There is no inherent conflict between its innovative technology and existing financial/legal guardrails.
For example, BSV believes that crime victims should not be forced to accept losses.
This is due to the quasi-religious observance of the credo of “no keys, no coins.” Don’t put off your concept of justice just because some of the self-anointed high priests of the tech world don’t think you’re smart enough to join their club.
BSV’s potential continues to expand with the launch of the long-awaited Teranode scaling solution. Teranode allows the BSV blockchain to significantly exceed Visa and Mastercard’s transaction per second limits at a fraction of the cost of these “mature” networks.
Teranode’s overlay services add greater functionality to network nodes while ensuring faster and more efficient transaction processing. Combined with BSV’s unparalleled immutable data storage capacity, businesses and governments continue to discover real-world big data solutions not available on other chains.
I’m not at all surprised that BSV is still regularly attacked by its rivals. BSV is baffling the developers behind other networks. Developers (understandably) refuse to accept the fact that enterprise blockchain technology can do more than recreate feudalism with themselves as lords.
BSV’s commitment to honoring the unilateral contracts set out by Satoshi Nakamoto will further distinguish it from chains that pretend to offer little more to the world than false promises of instant wealth. . I have only been in this field for the technology. With criminals pushed back into the shadows, perhaps the world can finally learn of the rich benefits this technology offers.
After years of anarchy dominating the digital asset space, I am encouraged by the return of sanity and the reassertion of the rule of law. BSV’s longstanding rule-abiding will likely remain in place even after authorities finish dealing with unrepentant criminals who still cling to the illusion of anarchy. Goodbye, and good exile.
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