You wrote back to back columns. One of them is about the SEC failing to regulate #FTX.
Other one calls @SenToomey "a free-market champ." Toomey was also a champ of SEC deregulating "non-banks" like #FTXScam.
🧵2/Ω
Also nowhere in your attempt to shill as hard as possible for the crypto industry by shifting blame onto @GaryGensler and the SEC is it mentioned that the shameful #Blockchain8 wrote a letter to #SEC urging them to stop investigating the #FTXScam.
🧵3/Ω
It's also not mentioned that Americans were not allowed to trade on #FTX. This seems kind of important.
And yes I know there is #FTXUS but it was a much smaller deal.
🧵4/Ω
Perhaps you are merely ignorant of the role that pressure from electeds plays in the regulatory space. If so I can assure it's Kind Of A Big Deal.
If not you may want to take a test for early Alzheimer's because you seem to be incredibly forgetful. Your family can help.
🧵5/Ω
Note that I'm not saying @GaryGensler did a great job (he didn't). I'm just pointing out that the people who bribed you, @RepTomEmmer, @RepRitchie, @SenToomey, and all the rest to shill crypto deserve a mention if you're going to cast stones.
➽ is apparently paying > $40,000 per $BTC
➽ turned off their brand new facility for "cold weather" (wtf? cold cools!)
➽ says it's for "safety of team" (wtf? its #bitcoinmining. $RIOT can't administer it remotely?)
Something smells.
🧵2/Ω
The price of energy in Texas as reported by ERCOT is rising.
Texas taxpayers have, in their ∞ wisdom¹, decided to pay $RIOT a bunch of money to turn off during times of peak demand.
🧵3/Ω @WSJ article 2 weeks ago put the #SEC etc. filings of 22 publicly traded cryptocurrency companies through an AI tool that checks for anomalies. The vast majority were flagged as suspicious.
🧵1/Ω.
🚨 #OKEX exchange seems to be in trouble. Given the massive outflow of crypto from all exchanges I suspect they are running low on customer reserves.
🧵2/Ω. @hellspawncrypto is an extremely active and experienced trader. assuming he is not a criminal ("¯\_(ツ)_/¯") he would be aware of what kinds of activity trigger alerts / holds and avoid those kinds of activity. #OKEX
🧵3/Ω.
So then I checked the #OKEX tag. What I found was a fast moving stream of X-rated content and sketchy links.
"Thank you Mr. Bankman-Fried for helping us understand the extensive guardrails #FTX has in place to protect investors from fraud and manipulation [and giving me so much money]." - @RepTomEmmer
I. @GenesisTrading, by far the biggest portal between Wall St. money and the crypto verse and the biggest trading desk handling the off market trading of very large amounts of money for very large amounts of crypto, is going to declare bankruptcy on Monday at 10 A.M.
🧵3/Ω
II. Prosecutors at the Southern District of New York Will Indict Sam Bankman-Fried Very Soon
Planting a timestamped flag here in the internet saying that I think the #FTX bankruptcy is going to end up triggering crypto nuclear winter and then grow into an extinction level event.
we barely saw the explosions's.
the shockwave is still on its way.
then, tsunami 🌊🌊🌊🌊
as if crypto wasn't looking grim enough, here comes an Italian investigative journalist talking about scandals rocking "the whole ecosystem".
Ask yourself: which big names in crypto are from Italy?
(ps typo is driving me nuts but I can't move the flag.)
I can't find the source now but that giant sucking you hear is a slowly rising tsunami of already over $1B per day of crypto being sucked off the exchanges and back into fiat or into self custody.
the exchanges won't be able to deal w/this. something is going to snap soon.
1/Ω
🤔
"as least as informed as the press" level speculation on #Alameda / #FTX based on some numbers that imply some things
FTX folded quickly. could only process < $1B digit billions before running out of coins. Sure there are other wallets...
2/Ω: FTX IS NOT SUPPOSED TO BE ABLE TO RUN OUT OF CASH (or tokens).
it's an EXCHANGE not a hedge fund. should have everyone's cash ready to be picked up at any given time in neat little separate piles.
THUS: AT A MINIMUM we know that #SBF commingled funds (maybe illegally)
2.5/Ω: SBF IS SMART. ALSO WORKED AS A PRO TRADER AT ONE OF THE TRADING DESKS THOUGHT TO BE "really smart money" (#JaneStreet).
SBF: 2 MIT degrees (hard to get in a way most people cannot comprehend). SBF has taken exams for trading licenses. Fully 0% chance he doesn't know this