CREW TECH OFFICIAL Crypto Thread (or you can check out the stonks thread for crypto talk too lmaooo)

gimpshiznit

Totally not Larry
Aug 9, 2003
193,172
Twin Shitties
of fuck they're going after LD





The FTX crisis got even more complicated on Wednesday with two new lawsuits hitting U.S. courts. One of them unites Tom Brady and Gisele Bundchen as defendants with FTX founder Samuel-Bankman Fried, funnyman Larry David and a slew of other presumably deep-pocketed celebrities who helped sell what plaintiffs allege to have been unregistered cryptocurrency securities, while the other action may throw a monkey wrench into the crippled exchange’s bankruptcy proceedings.
 

Kafka

Virtue and Terror
OT Supporter
Feb 16, 2007
50,371
America
Took everything off the exchanges. Even took stuff off Celsius a few weeks before they fucked up. Just had a feeling.
 
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Hisma

OT Supporter
Apr 2, 2006
53,298
Reno, NV
Ain’t such a thing as a free lunch y’all

We went over this in this thread awhile back about Gemini earn and how it’s not worth it.
The thing about defi was that the main draw was earning higher yield than tradfi. Otherwise, why deal with all the risk of maintaining keys and having no protection against smart contract exploits or couhterparty risk etc.
But the yield is created out of thin air and CEXs need to do risky shit with user funds to pay out that yield and still turn a profit.
The system is so fucking broken and all this contagion is just exposing it all.
I knew the whole time defi yiejd was just a giant ponzi, but I just went along with it, because tradfi is a fucking ponzi too and as long as crypto adoption kept going it could adjust to sustainable levels over time.
 

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