lol
― longtime caller, first time listener (man alive), Wednesday, 4 January 2023 03:09 (one year ago) link
seems like all the big crypto players just panic every time someone expects liquid assets and get one of their peers to give them money, and in return they might give the other company some tokens or magic beans that are, as all cryptocurrency, going to always go up in value
you see it's not a ponzi scheme because I traded my very valuable magic beans for real money to pay people trying to cash out and magic beans are an infinite resource
― mh, Wednesday, 4 January 2023 16:28 (one year ago) link
prob impossible but it would be interesting to figure out how much real money went into the system and where it ended up
― lag∞n, Wednesday, 4 January 2023 16:55 (one year ago) link
what if all money is made up
― mark s, Wednesday, 4 January 2023 16:57 (one year ago) link
its all made up to some degree but some is more made up than others, crypto was trying to grow to the point that it by virtue of its size became more real, but it never really got close, particularly considering a lot of its growth was fake too
― lag∞n, Wednesday, 4 January 2023 17:00 (one year ago) link
that's not what this 14-year-old turd told me online. and he seemed extremely confident
― Karl Malone, Wednesday, 4 January 2023 17:03 (one year ago) link
Real money? You mean the made upFIAT currency crying laughing emoji, drools into lap
― Lord Pickles (Boring, Maryland), Wednesday, 4 January 2023 17:03 (one year ago) link
the next stage is to arbitrage the made-upness differential, enjoy being real ilxors
― mark s, Wednesday, 4 January 2023 17:04 (one year ago) link
hey its the company that advertises during sports that its the above the board fully audited usa based exchange
Coinbase fined $100M over KYC and AML failures https://t.co/JI5peeKy63— Protos (@Protos) January 4, 2023
― lag∞n, Wednesday, 4 January 2023 18:21 (one year ago) link
hah that's just a state investigation, that's not even the feds
― 龜, Wednesday, 4 January 2023 18:24 (one year ago) link
2023 and you can't find a slurp juice anywhere
― mh, Wednesday, 4 January 2023 18:45 (one year ago) link
Can’t get over the fact that Logan Paul subscribed to my Patreon, advertised it on his main channel, said he admired my “work ethic” & “creativity”, and then said he’s suing me. https://t.co/eYB57EIHgQ pic.twitter.com/8guq428rtM— Coffeezilla (@coffeebreak_YT) January 4, 2023
― lag∞n, Wednesday, 4 January 2023 22:28 (one year ago) link
fyi that guy is a crypto muckraking youtuber who just did a video on logan pauls many nft crimes
― lag∞n, Wednesday, 4 January 2023 22:35 (one year ago) link
he has this extreme cringe scifi noir schtick but he does do a good job digging stuff up, its actual journalism happening on youtube now that i think about it, waht a world
― lag∞n, Wednesday, 4 January 2023 22:37 (one year ago) link
“One second of research would prove that to be false,” Paul hit back. “You can definitely hatch eggs and even breed your animals.”
― Tracer Hand, Wednesday, 4 January 2023 22:57 (one year ago) link
lmao just the dumbest shit ever
― lag∞n, Wednesday, 4 January 2023 22:59 (one year ago) link
Want a MasterShake read of that line
― Lord Pickles (Boring, Maryland), Thursday, 5 January 2023 01:13 (one year ago) link
is this a slurp juice thing
― mh, Thursday, 5 January 2023 02:48 (one year ago) link
its slurp juice adjacent
― lag∞n, Thursday, 5 January 2023 03:13 (one year ago) link
it’s also extremely On Cinema
― Tracer Hand, Thursday, 5 January 2023 07:49 (one year ago) link
this is one of my favorite songs
https://cointelegraph.com/news/bitcoin-core-developer-claims-to-have-lost-200-btc-in-hack/
bonus, he's a mel gibson-y "fuck this newfangled catholicism" catholic *and* a monarchist
― doctor w00t (cat), Thursday, 5 January 2023 17:45 (one year ago) link
and oh wow what's this, there was a bitcoin fundraiser for him just 5 yrs ago, after his house got dinged by hurricane irma. maybe the bitcoin-munity will pull together once again and funnel more fake dumb money to this choad.
― doctor w00t (cat), Thursday, 5 January 2023 17:48 (one year ago) link
More generally, the sentiment is that a bunch of crypto VCs are in a really bad spot regarding insider trading, something I've called out here on many occasionsIt doesn't matter if they were/are securities, you can't insider trade— Leigh Drogen (@LDrogen) January 5, 2023
― lag∞n, Friday, 6 January 2023 00:22 (one year ago) link
what if you're in congress when you do it
― mookieproof, Friday, 6 January 2023 00:41 (one year ago) link
then its ok
― lag∞n, Friday, 6 January 2023 01:13 (one year ago) link
It doesn't matter if they were/are securities, you can't insider trade— Leigh Drogen (@LDrogen) January 5, 2023
What is the basis of that statement?
― longtime caller, first time listener (man alive), Friday, 6 January 2023 01:13 (one year ago) link
I mean I will feel a bit uninformed if/when someone points it out to me, but I'm pretty sure that "insider trading" isn't just, like, a common law crime. You have to have some specific regulatory scheme involved. And if it's not a security, then what is the basis of "you can't insider trade"?
― longtime caller, first time listener (man alive), Friday, 6 January 2023 01:14 (one year ago) link
insider trading is pretty much based on caselaw, there is no statutory basis iirc https://en.wikipedia.org/wiki/Insider_trading#Court_decisions
― 龜, Friday, 6 January 2023 01:18 (one year ago) link
yeah heres a matt levine column examining the issue https://www.bloomberg.com/opinion/articles/2022-06-02/don-t-insider-trade-nfts
iirc he basically says insider trading is a type of securities fraud and its really the fraud that matters, so if youre not insider trading securities its just some other type of fraud
― lag∞n, Friday, 6 January 2023 01:21 (one year ago) link
Paywalled. Insider trading in securities is all under 10b-5 and 20A. I've never heard it suggested that you could insider trade, like, beanie babies or real estate, for example.
― longtime caller, first time listener (man alive), Friday, 6 January 2023 02:26 (one year ago) link
heres an archived one https://archive.ph/eFNP9, great service btw just put the url of the paywalled article in and its prob already there, the article is about a guy getting charged for insider trading nfts
― lag∞n, Friday, 6 January 2023 02:30 (one year ago) link
which def arent securities
Paywalled. Insider trading in securities is all under 10b-5 and 20A. I've never heard it suggested that you could insider trade, like, beanie babies or real estate, for example.― longtime caller, first time listener (man alive), Thursday, January 5, 2023 9:26 PM (four minutes ago)
― longtime caller, first time listener (man alive), Thursday, January 5, 2023 9:26 PM (four minutes ago)
as you know, 10b-5 doesn't define what insider trading is. and obviously, there is nothing statutory that says how to define crypto.
i'm not an expert here but it seems to me a lot of the crypto cases the SEC is bringing is trying to establish caselaw that says yes, crypto is securities - and once you get that hook you can then try to use 10b-5 (if you're the SEC). 20A appears to be private right of action only?
― 龜, Friday, 6 January 2023 02:36 (one year ago) link
that insider trading NFT case isn't a 10b-5 case, they're charging the guy with wire fraud. levine's point is though that the 'fraud' in question here looks just like insider trading, which is based on a theory of fraud via caselaw under 10b-5, 20A, etc.
― 龜, Friday, 6 January 2023 02:40 (one year ago) link
seems like the reason insider trading is associated with securities is because its just a good fit as far as a fraud to do theres tons of opportunity for it, as levine points out the nft case is pretty weird a byproduct of that market just being bizarre, like straight crypto coins eg bitcoin is prob not a security because its not a group investment and then if you think about the insider trading opportunities theyre just not there they way they are for stocks, like maybe if you worked for a mining company you might have some inside info to trade on i guess, but then some of the web3 stuff and crypto derivative things are obvs securities
― lag∞n, Friday, 6 January 2023 02:52 (one year ago) link
i think you meant to say 'crypto' instead of 'securities' in the first instance
― 龜, Friday, 6 January 2023 03:01 (one year ago) link
idk with crypto it seems like its often other types of fraud, a lot market manipulation stuff
― lag∞n, Friday, 6 January 2023 03:04 (one year ago) link
you said 'insider trading is associated with securities' which is, uh, true... i think you meant to say 'crypto' instead
― 龜, Friday, 6 January 2023 03:08 (one year ago) link
no thats what i meant to say
― lag∞n, Friday, 6 January 2023 03:12 (one year ago) link
Rule 10b5-1 does define what insider trading is, fwiwhttps://www.law.cornell.edu/cfr/text/17/240.10b5-1
― longtime caller, first time listener (man alive), Friday, 6 January 2023 03:12 (one year ago) link
insider trading is a good crime to do with securities, its a market where theres lots of actionable inside info
― lag∞n, Friday, 6 January 2023 03:13 (one year ago) link
IDK if the SEC is now trying to define crypto as a security, my memory (although I didn't follow this that closely) was that both the SEC and CFTC kept dicking around on whether or not crypto is a security, commodity, or neither, and never resolved it, although I think there are specific cases of token type offerings or crypto-related products being found to be securities.
I don't think crytpo itself (bitcoin, eth, etc.) is really a good fit for "securities" fwiw.
― longtime caller, first time listener (man alive), Friday, 6 January 2023 03:14 (one year ago) link
yeah thats what i think, but like a DAO is obvs just a company and its coins are effectively stock, obvious security
― lag∞n, Friday, 6 January 2023 03:16 (one year ago) link
― 龜, Friday, 6 January 2023 03:16 (one year ago) link
Rule 10b5-1 does define what insider trading is, fwiwhttps://www.law.cornell.edu/cfr/text/17/240.10b5-1🕸
― 龜, Friday, 6 January 2023 03:19 (one year ago) link
I’ve got some material nonpublic information about my ass I can sell you if you act now
― G. D’Arcy Cheesewright (silby), Friday, 6 January 2023 03:19 (one year ago) link
wait what are the non-securities contexts where insider trading applies?― 龜, Thursday, January 5, 2023 10:16 PM (twenty-one seconds ago) bookmarkflaglink
i think theres been commodity market insider cases, and of course the famous nft case from the article, but what i was tryin to say is insider trading is almost exclusively prosecuted re securities not because theyre regulated in some special way but rather because insider trading happens with securities a lot
― lag∞n, Friday, 6 January 2023 03:23 (one year ago) link
because the opportunity exists a lot, you could say insider trading is a fundamental truth about the structure of the securities market
― lag∞n, Friday, 6 January 2023 03:25 (one year ago) link
CFTC also has a specific regulation on insider trading though.
― longtime caller, first time listener (man alive), Friday, 6 January 2023 03:26 (one year ago) link
insider trading is exclusively prosecuted re: securities because it is a crime that was created re: securities lol
― 龜, Friday, 6 January 2023 03:26 (one year ago) link