Do they have a link to their methods used in their report or a link to all of the transactions or other data used to generate their charts? Am I wrong to expect the same rigor that a court or an academic publication would apply?
What FTX has said is basically "we used customer's commodities like a bank would. we lent them out to a trading firm that we also operate and we really hoped that we'd cover these trades". This is fundamentally no different than how banks operate but with a key difference: They didn't seem to make this known to any parties and they seemed to be massively over-leveraged. I have no problem with these activities being illegal. This is not the same thing as a bucket shop.
And I still don't know what any of this has to do with $36 billion worth of Tether, Deltec, Chalopin, Bitfinex, Geniome, Moonstone... and that's just the threads mentioned in this brief discourse we've been having! Every time I ask questions the plot thickens!
So what more do I want? I want sobriety. I want people to ask themselves why they are interested in this story. I want to people to ask themselves why they are writing articles, tweeting, making YouTube videos and posting comments about this story. I want to see primary source material and I want intellectual rigor. I want to see justice served and that is founded on notions of individuals being innocent until proven guilty in a court of law. I want to see no gossip, no speculation, no mentions of how things are convenient, no things appearing a certain way.
This isn't a criminal proceeding. But no one has rebutted Protos despite ample opportunity. And Tether specifically cited FTX as a major customer on multiple occasions. It's hardly a radical claim.
> ""we used customer's commodities like a bank would. we lent them out to a trading firm that we also operate and we really hoped that we'd cover these trades".
FTX wasn't a bank, it was a brokerage. Brokerages do not lend out customer funds in this manner! In a regulated brokerage, the customer owns the securities traded. If the brokerage goes bust, they have the claim to them.
I know that FTX wasn't a bank. I was just loosely summarizing their remarks. I also know that this is not a good thing to be doing. What I don't know is what else they were doing. And neither do you. I'm sure that when this goes to trial that this will all be sorted out.
I know it isn't a criminal proceeding but to me that isn't an excuse for a lack of rigor in any discussion. Why not the Kardashians if we want to have a little fun trash talking strangers online?
I'm actually not very interested in the "Protos Papers" because I still have no idea what that has to do with FTX misusing customer commodities! If it is being used to speculate that they were pumping and dumping other coins or some other fraudulent behavior I am still not interested. Why? Because it is speculation! The courts will figure it out! Why are there so many people "doing research" like it's QAnon or something?
I'll get to the meat of it: I see the current media ecosystem as being a conspiracy theory generating machine and as every day goes by more people that I interact with are finding some kind of rabbit hole to get lost in, speaking of things as objective facts when they have never left their living rooms and their only source of information is an array of pixels sitting on their lap or held in the palm of their hands.
What FTX has said is basically "we used customer's commodities like a bank would. we lent them out to a trading firm that we also operate and we really hoped that we'd cover these trades". This is fundamentally no different than how banks operate but with a key difference: They didn't seem to make this known to any parties and they seemed to be massively over-leveraged. I have no problem with these activities being illegal. This is not the same thing as a bucket shop.
And I still don't know what any of this has to do with $36 billion worth of Tether, Deltec, Chalopin, Bitfinex, Geniome, Moonstone... and that's just the threads mentioned in this brief discourse we've been having! Every time I ask questions the plot thickens!
So what more do I want? I want sobriety. I want people to ask themselves why they are interested in this story. I want to people to ask themselves why they are writing articles, tweeting, making YouTube videos and posting comments about this story. I want to see primary source material and I want intellectual rigor. I want to see justice served and that is founded on notions of individuals being innocent until proven guilty in a court of law. I want to see no gossip, no speculation, no mentions of how things are convenient, no things appearing a certain way.