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This sort of arbitrage on international exchanges was well known. The bitcoin world rabidly sought out international arbitrages. But for some reason, only Alameda was in a position to exploit this one on a large scale — if you believe Sam. BAM is claiming that this completely Binance entity somehow isn’t a Binance entity and is refusing to provide the SEC with information on Ceffu: [ Motion to Compel , PDF; Memorandum in support , PDF] Better chatbots only amplify the ELIZA effect. When things do go wrong, the results can be disastrous: The FDIC and the Federal Reserve issued a cease-and-desist statement and gave Voyager two days to remove all the misleading marketing material about being FDIC insured. Nice of them to bother, about a year too late. Voyager filed for bankruptcy three weeks ago, and customer deposits are already frozen. [ Press release ; Letter]
We aim for Earth 2® to be the beginning of the Earth’s fully immersive virtual reality similar to “The Matrix” or “Ready Player One”. s failure wasn’t from UST collapsing — it had been coming for years. 3AC’s December 2020 accounts show just how indebted and overleveraged it was, with badly strained cash flows.
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All of this would, of course, be resolved if GBTC was converted into a proper ETF. No wonder Grayscale is suing the SEC to try to force an ETF through. The Jobs archetype is a poison in tech culture. Jobs made amazing things, but he was also a toxic asshole — and his emulators assume you have to be an asshole to make it work. Binance CEO Changpeng Zhao (CZ) flew into Seattle from Dubai to personally plead guilty to willful violations of the Bank Secrecy Act. Per the plea agreement, “Defendant prioritized Binance’s growth, market share, and profits over compliance with the BSA.” The plea agreement also contains a statement of facts in the case. [ CZ plea agreement , PDF]
Meanwhile, Binance.US is bleeding staff. It’s fired another 100 people — a third of its workforce. CEO Brian Shroder has quit and Chief Legal Officer Norman Reed has stepped in as interim CEO. Krishna Juvvadi, head of legal, and Sidney Majalya, chief risk officer, are also jumping ship. [ Bloomberg , archive ; WSJ , archive] From Argentina to Nigeria, people wanted US dollars instead of their local currency, because of instability and high inflation — but governments often regulated against actual US dollars. Stablecoins like UST were advertised as a reasonable alternative, so the buyers went all-in. They lost everything. “I felt betrayed by Binance for promoting this as safe and stable.” The collapse of UST has hit the crypto market worldwide: “The impact of what happened will be, by far, the biggest negative impact that crypto has ever had in Latin America.” [ RestofWorld] The DOJ and FinCEN will have 24/7 access to current and historical customer information as they need it. Bittrex US declared bankruptcy in May. In a bizarre The International Organization of Securities Commissions (IOSCO) recommends that regulators go after DeFi “developers,” in that they’re usually the protocol operators as well: “In reality, regardless of the operating model of the DeFi arrangement, ‘responsible persons’ can be identified,” said Tuang Lee Lim, chair of the IOSCO fintech task force. [ IOSCO Report , PDF; Bloomberg , archive]The other popular hype right now is AI art generators. Artists widely object to AI art because VC-funded companies are stealing their art and chopping it up for sale without paying the original creators. Not paying creators is the only reason the VCs are funding AI art.
Colored coins” proposed to take a few satoshis (the smallest fragment of a bitcoin — one one-hundred-millionth of a bitcoin) and “color” or tag them with a unique symbol. These “colored coins,” unique coins in their own right, could then be used to represent real-world assets. Altman told the US Senate Judiciary Subcommittee that his autocomplete system with a gigantic dictionary was a risk to the continued existence of the human race! So they should regulate AI, but in such a way as to license large providers — such as OpenAI — before they could deploy this amazing technology. [ Time ; transcript] Breaking capital controls was an explicit stated aim of Facebook’s Libra, a dream of bitcoin bros for many years ( Libra Shrugged, chapter 7).The real threat of AI is the bozos promoting AI doom who want to use it as an excuse to ignore real-world problems — like the risk of climate change to humanity — and to make money by destroying labor conditions and making products worse. This is because they’re running a grift. David’s upcoming book Cyberlibertarianism is his magnum opus, years in the planning and construction. I think The Politics Of Bitcoin started as a section of it. The big difference with Second Life’s land market versus Earth 2’s land market is that Second Life’s “world” is a topological plane with infinite dimensions; that is, the only premium for one piece of land versus another piece of land is proximity, and even then Second Life has teleporting, so proximity is only useful in the context of planned communities that attempt to create a vaguely urban setting.
Altman has a long-running interest in weird and bad parasitical billionaire transhumanist ideas, including the “young blood” anti-aging scam that Peter Thiel famously fell for — billionaires as literal vampires — and a company that promises to preserve your brain in plastic when you die so your mind can be uploaded to a computer. [ MIT Technology Review ; MIT Technology Review]Earth 2 was launched in November 2020. The idea is that Earth 2 will be a finely detailed representation of the surface of the entire globe: [ Earth 2] Prime Trust similarly failed to do its one and only job — safeguarding other people’s money — and went bankrupt. Coincidentally, Scott Purcell, the CEO of Fortress, was previously the CEO of Prime. This is called “experience.” OFAC and FinCEN may ask Binance for any relevant information, or to interview any relevant staff, at any time.
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