Bitcoin

Multi Sport said:
And?
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The hidden cost of Bitcoin is that"miners" are paid (in Bitcoin, of course) for executing the technological exercises that are behind the security of the Bitcoin transactions. The more mining they do, the more they get paid, so there is competition among miners to do the most work, which means bigger and faster computers set up as Bitcoin servers and a correspondingly large electrical demand.

Texas doesn't have spare power in the summer -- they need it for the air conditioners.
 
"Zhu and Davies are two ambitious young men, by all descriptions exceedingly smart, who appeared to understand the structural opportunity of digital currency rather well: that crypto is a game of creating virtual fortunes out of thin air and convincing other humans with traditional forms of money that those virtual fortunes deserve to be real-world ones. They built social-media cred by playing the part of billionaire financial geniuses, translated that to actual financial credit, then put billions of dollars in borrowed money to work in speculative investments they could cheerlead to success with their large, influential platforms. Before you know it, the pretend billionaire is a real billionaire shopping for super-yachts. They grokked the game, and the plan worked perfectly — until it didn’t. "

 
espola said:
The hidden cost of Bitcoin is that"miners" are paid (in Bitcoin, of course) for executing the technological exercises that are behind the security of the Bitcoin transactions. The more mining they do, the more they get paid, so there is competition among miners to do the most work, which means bigger and faster computers set up as Bitcoin servers and a correspondingly large electrical demand.

Texas doesn't have spare power in the summer -- they need it for the air conditioners.
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Hidden cost?? Lol.
 
espola said:
The hidden cost of Bitcoin is that"miners" are paid (in Bitcoin, of course) for executing the technological exercises that are behind the security of the Bitcoin transactions. The more mining they do, the more they get paid, so there is competition among miners to do the most work, which means bigger and faster computers set up as Bitcoin servers and a correspondingly large electrical demand.

Texas doesn't have spare power in the summer -- they need it for the air conditioners.
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And?
 
espola said:
"Zhu and Davies are two ambitious young men, by all descriptions exceedingly smart, who appeared to understand the structural opportunity of digital currency rather well: that crypto is a game of creating virtual fortunes out of thin air and convincing other humans with traditional forms of money that those virtual fortunes deserve to be real-world ones. They built social-media cred by playing the part of billionaire financial geniuses, translated that to actual financial credit, then put billions of dollars in borrowed money to work in speculative investments they could cheerlead to success with their large, influential platforms. Before you know it, the pretend billionaire is a real billionaire shopping for super-yachts. They grokked the game, and the plan worked perfectly — until it didn’t. "

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Wow! I wonder if something like this has ever happened before...
 
espola said:
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Trading real money for virtual money, what could go wrong? I'm not convinced yet that it was a Ponzi scheme. It seems it is just a garden variety fraud.

It should be a no brainer for the Bankruptcy Trustee to recover the donated money to the Democrats as a "Fraudulent Transfer".
 
watfly said:
Trading real money for virtual money, what could go wrong? I'm not convinced yet that it was a Ponzi scheme. It seems it is just a garden variety fraud.

It should be a no brainer for the Bankruptcy Trustee to recover the donated money to the Democrats as a "Fraudulent Transfer".
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This dude was about to spill the beans, a prosecutors dream, but "they" decided to keep his mouth shut instead. What a trip. He was 100% paying the Dems with other peoples money because their shell games are over!!! One of my best pals bought into bitcoin at $48,000 and tried to get me in on this once in a lifetime chance at $55K. I hope it makes a come back.
 
crush said:
This dude was about to spill the beans, a prosecutors dream, but "they" decided to keep his mouth shut instead. What a trip. He was 100% paying the Dems with other peoples money because their shell games are over!!! One of my best pals bought into bitcoin at $48,000 and tried to get me in on this once in a lifetime chance at $55K. I hope it makes a come back.
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Keep in mind that there is no fraud requirement on behalf of the debtor or the recipient to recover a "fraudulent transfer". The requirements are that the debtor was insolvent at the time of the transfer (which will be simple to prove in this case) and that the transfer was made for less than equivalent value, which is also clear in this case since the Court will not consider "political influence" to be equal to $73 mm, probably valued closer to $0.

I'd be surprised if the Dem PAC's had direct knowledge of the Bankman fraud, although they should have been very suspicious. However, greed trumps common sense in politics. I will be curious to see what political influence he achieved with his contributions.

It will also be curious to see if any of the "woke" charities return the money he donated. By law the charities don't have to return the money in most cases; however, any legitimate charity should have "ill gotten" provisions which would influence their decision to return the donations.
 
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