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Sam Bankman-Fried Is A 'Criminal,' Says Coinbase CEO, Calls Out Mainstream Media For 'Puff Pieces' - Coinbase Global (NASDAQ:COIN)
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Twitter has broken just about every piece of this FTX story using blockchain analytics, while NYT is writing puff pieces on a criminal
Brian is absolutely right!
Sad that Twitter has become a better source than the NYT for news!
What about NYT Twitter? Double danger!
Better one good source than none. Every main-street media has an agenda.
NYT is a fake news pioneer. Just look at their coverage of famine in the USSR in 1930s...
They are still denying they did anything wrong.
And the Associated Press *ACTIVELY* collaborated with the Nazis during WWII. AP even fired all their Jewish staffers and allowed Nazi political advisors to be placed in every AP newsroom in Germany during the war.
When asked to apologize in 2017, the Associated Press refused to do so, saying their collaboration with the Nazis was justified.
The New York Times hid the genocide committed by international socialists while the Associated Press whitewashed the genocide committed by national socialists.
If you're detecting a theme about how the American news organizations work, you aren't wrong.
Didnt know that about ap but yeah another OG fake news source for sure.
It’s probably all that money stolen from people and funneled into the Democratic Party that causes outlets that love that from reporting too strenuously.
Twitter and news source do not go well together
Its about the only news source getting shit right at the moment
Maybe you haven't noticed it but actual, legitimate (formerly legitimate tbh) new sources started using tweets as sources. I wish I could make this shit up but it's been happening for years.
Old people apparently voted for an orange spray-tan celebrity for president too.
Nothing really makes sense anymore
There are definitely people on Twitter who are qualified to be some sort of authority on this type of stuff.
Though I suspect a part of it is also the easy sourcing of information by quoting their tweets vs. actually reaching out to them and conducting a full interview.
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Kinda feel like twitter is a real threat to a lot of the elite that control the media, events unfolding right in our social media accounts in real time
Lets be real, if musk had not bought the platform...right now all news about FTX would be censored unless it was puff pieces
Why do you say that?
Because he's not smart lol. Burgersburg has been showing crypto frauds long before Elon bought twitter, and a collapse like this all starts when someone's bluff gets called from another person showing that they're bluffing
Because Ligma & Johnson were fired of course.
Truth has been spoken
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it depends if ftx was funding the left. anything painting them in a bad light was mercilessly censored. even ideas. they had entire teams strictly to censor anti left sentiments. those are now gone of course.
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FTX was trying to buy influence on both side of the aisle. The CEO to Democrats and the CO-CEO to Republicans.
Politico Reported Bankman-Fried distributed $40 million to Democrats through direct contributions and super PACs. Salame gave roughly $24 million to Republicans.
Who do we believe that he only contributed 40 and 24 million, respectively? Isn't there at least a billion that's completely unaccounted for?
They are donating the money to charities now.
His right hand man at FTX donated just as much as Peter thiel did to republicans
Source:
https://www.bloomberg.com/news/articles/2022-11-08/ftx-crypto-bros-clashing-politics-meet-cz-chaos-on-election-day
You are just parroting bullshit. FTX greased both parties. NYT is dog shit, but wherever you get your news from is just as bad.
The dude you're replying to said that he was one of the biggest donors, which he was, SBF donated the second most in the last cycle. It's literally objective reality, if anything where you get your news is bullshit if you can't just recognize that fact without immediately going on the defensive.
https://fortune.com/2022/11/10/sam-bankman-fried-ftx-joe-biden-democratic-party-second-biggest-donor/
NYT leans more to democrats. Simple as that. As long as you are one of us, you are protected. Complete tribal bullshit.
His right hand man at FTX donated just as much as Peter thiel did to republicans
Source:
https://www.bloomberg.com/news/articles/2022-11-08/ftx-crypto-bros-clashing-politics-meet-cz-chaos-on-election-day
You are just parroting bullshit. FTX greased both parties. NYT is dog shit, but wherever you get your news from is just as bad.
This is a get money out of politics thing. Not a “dems bad” “republicans bad”. It’s “money in politics is bad”.
Dont get your panties in a bunch...FTX donations to dems were much larger, and meant to ensure they win and turn blind eye, republican establishment were just paid enough to turn blind eye. Conservative news is calling it all out, liberal news is running puff pieces. Both are dead wrong, but one is worse imo.
Protecting their kind. Fox does it for republicans. Rest of the MSM does it for democrats.
Just have to look at who the underlying owner of each major media company is and which political party they donate money to.
His right hand man at FTX Ryan Salame donated just as much as Peter thiel did to republicans
Source:
https://www.bloomberg.com/news/articles/2022-11-08/ftx-crypto-bros-clashing-politics-meet-cz-chaos-on-election-day
You are just parroting bullshit. FTX greased both parties. NYT is dog shit, but wherever you get your news from is just as bad.
Oh he gave money to both sides? Yea that’s so much better. Eat a fat dick trying to act like I’m wrong about media going soft on people they see “helping” their side regardless of what the crime/wrongdoing was.
I didn't read it that way at all. The article in question was an interview with SBF. Of course he's going to present his view of things.
NYT (and 95% of the rest of the MSM) is the mouthpiece for the Democrats...using that filter to view the situation makes everything crystal clear
His right hand man at FTX donated just as much as Peter thiel did to republicans
Source:
https://www.bloomberg.com/news/articles/2022-11-08/ftx-crypto-bros-clashing-politics-meet-cz-chaos-on-election-day
You are just parroting bullshit. FTX greased both parties. NYT is dog shit, but wherever you get your news from is just as bad.
This is a get money out of politics thing. Not a “dems bad” “republicans bad”. It’s “money in politics is bad
Where are the puff pieces on SBF's righthand-man?
It's harder to pay stfu money to horde of Twitter anons than the chairman of nyt
Someone who funds the dems just can't be a really bad person. He gave money to the good people. How can he be a bad boy?
This is sarcasm
Brian is right here but he’s done plenty of shady things like manipulating the prices of ltc in 2018 , wash trading and trading against his own customers, buying ahead of time and listing too many ICP. Jasmy etc
He never did any of those things, you're just gullible.
Coinbase is one of the most customer unfriendly businesses I've ever used. I swear half my customers end up coming to me after giving up trying to get in touch with someone at Coinbase.
Twitter & Reddit >
Twitter finally was useful for something
One of the best things about crypto. With Wall St it's all opaque and regular people can't expose them, but blockchain ledgers are available to everyone.
We ALL need to support Coinbase and Kraken as they see through the BS….
I don’t know if NYT can call him a criminal if he has not been charged with any crimes let alone convicted.
Well twitter is cancer, it spreads fast. For better or for worse.
Tldr;
Also slamming a Wall Street Journal report on Bankman-Fried as being a “puff piece,” Armstrong said this was a turning point in citizen journalism.
“Twitter has broken just about every piece of this FTX story using blockchain analytics, while NYT is writing puff pieces on a criminal. Feels like a turning point for citizen journalism and loss of trust in MSM,” he said.
Saved you a click!
It's a crap story anyway. They literally took a tweet, stretched it out into an entire story, and somehow managed to get a major detail wrong (he called out the NYT and they swapped it for WSJ). Pathetic "journalism" and it actually speaks to Armstrong's point.
Welcome to modern journalism
Why u lookin at wsj. Bbg Matt Levine ftw. Check out his latest couple pieces. No puff.
Coinbase is the only exchange I currently have anything on, and even then most of my crypto has been kept of exchanges for years. I'm sure Coinbase has just as much chance to fail as the rest of them, but being publicly traded gives a lot more transparency to them. Even so, only 10% of my crypto is on Coinbase, and it's mostly ETH and random shitcoins from learn and earn.
Anyway, seeing the CEO call this bullshit out gives me even more faith in them as a business - but I will still keep most of my shit in my own wallets. Even public companies can make poor choices and investments and be brought down through shit like this.
Coinbase will not fail & if it does GG for crypto
Coinbase may fail, their burn rate is somewhat high and they only make money on trading so if volume goes down that’s bad for them. What I am completely confident in is if Coinbase goes under all the customer funds will still be there.
Except for when they updated their TOS to say that in the event of bankruptcy customer assets would be theirs (Coinbase’s)
I could be wrong, but I thought the background behind that was that courts have so far held that in bankruptcy that crypto on the company's books would be treated as an asset of the company rather than assets held in trust on behalf of the customers, and because coinbase became a public company, I believe it was the SEC that required coinbase to publicly clarify that risk to comply with Securities disclosure laws. So it was my understanding that coinbase was required to updated their ToS to reflect how the courts would likely treat the assets in the event of bankruptcy. The issue gets forced because creditors of bankrupt crypto businesses have wanted to go after the crypto deposits.
Terms of Service wins again
right. although you could have written that way better. because it inaccurately sounds like customers are fine if coinbase goes bankrupt.
They’re FDIC insured up to $250,000 so at-least your cash is safe. The crypto is another story.
Edit: I am wrong.
If Coinbase fails, BTC will drop significantly & crypto will not recover for years and years…
Might as well start investing somewhere else, as even an IRA would have a better return
Dude an IRA is just a tax advantaged account… you can put anything, including Bitcoin in it
Couldn't agree more. The fact that they are publicly traded makes me think they will survive the longest. CEO of an exchange advocating for self custodial wallets, gotta respect that.
Love learn and earn. Got tired of my shitcoins freefalling so I convert most of them to USDC as soon as I get them now.
And SBF was saying that there were some exchanges out there that were secretly insolvent...
Must of assumed other exchanges were like his...
Armstrong was trying to set up exactly the same yield farming scams as FTX, Celsius etc but was shot down by the SEC because its a publicly traded company.
And I bet he's really happy about that for now. I mean this is a good example of regulation protecting people... CEO wants to do something very risky, and is prevented from doing so by the SEC.
Voyager was/is a publicly traded company
Very different. Voyager is an OTC stock. Coinbase is Nasdaq listed. There are loads more financial reporting requirements necessary to trade on a listed exchange. OTC doesn't have these guardrails.
I knew Voyager was doomed when they gave me that free $100 in BTC with the one month lock in.
I did that with 50 accounts with the same SSN.
Free $5K.
Convert those shitcoins into eth or btc.
Send 40 mln donation to a politician party and they PUFF PIECE no matter what you do. Its not journalism - it's corrupted act.
If it were any other country we would be calling it state run media.
Drag him, Armstrong.
Nanomachines son!
Glad to see SBF is being called out for exactly what he is. Mf needs to be put behind bars.
Straight to Jail, do not pass Bahamas
And everyone he gave out money to
And not club Fed. He should share a cell with Ted Kazinsky!
Lol Ted Kazinsky is in super max. That might be a bit extreme.
Not just Media but SBF was meeting with the CFTC and SEC top officials. But I suppose that's what being a top donor to politicians gets you.
US is corrupted to the bone.
SBF was working diligently to outlaw DeFi in the USA at very least.
Mainstream corporate media was in on it because they are all owned by a handful of masters. Those people are also deeply involved in TradFi. Same ultra rich people who are kingmakers and pick people to ascend the political ranks.
I'll keep saying it until I'm blue in the face: practice extreme skepticism with the media. It is classic manufacturing consent, just as Chomsky demonstrated with other issues and events. They were and are trying to get people on a certain side of the issue.
Crypto needs to be bipartisan. People here fall for the partisan trap, too. Imagine how an uninformed reader, viewer, or listener outside of this space just absorbs and affirms their own biases based on what the media is telling them.
But what you call "DeFi", firstly, is not decentralized at all. Trading centralized shittokens is not decentralization. Secondly, "DeFi" as it is, should be outlawed. Millions of people lost money on so called "Defi hacks" but I'm sure most were not hacks at all, most were features.
Thats CeDeFi.
Why are you in a crypto subreddit if you think defi should be outlawed? DEXs are proving much safer than CEXs lately, if smart contracts are exploited then they are fixed and the same issue doesn’t happen again - risk is part of the deal.
Probably a Bitcoin maxi. It can't do anything so they try to get DeFi banned
Yeah but some smart contracts are known to be corrupt and siphon off funds from user wallets. Also, who really uses DeFi? Right now it only appeals to technical users only.
These guys sucked off Madoff too.
I mean he’s right
Throw that lil bish in jail for life. His girlfriend as well.
The propaganda arm of the Democrat party is protecting its own..
well, he is really a criminal
Boy, they'd love that afro in prison.
He is a criminal and he should be in prison.
Or just punched whenever he's seen in public
Puff puff pass that Sam guy from the blockchain to the real block
His parents are Stanford elite and contributors to the DNC.
He is a criminal!
Let's go Coinbase!
I’m glad they aren’t letting those NYT fluff pieces to just float away
It speaks volumes on the real integrity of that publication.
Being “left leaning”, how ironic that they want to sweep this under the rug when it’s the little man that got run over
I love this. I don't know how anyone could watch that piece of shit on CNBC and not know he was a piece of shit. Whiney little snot nosed spoiled brat.
Decentralized news reporting
Send him to jail
Ledger’s sales for cold wallets must be going through the roof right now. What I’d give to be able to buy stocks in Ledger.
Puffington Times.
As a fellow bald man, I agree.
No shit.
Explosive interview. Interview starts at 27.00
The SEC was provided solid proof of high level criminal activity at FTX.
The manistream media was also provided with proof.
NEITHER did anything.
https://www.youtube.com/watch?v=WoadAorAZZE
The media will protect this guy because their brand of politics is involved.
Lol how fast they all turn on each other
Sam Bank Fried deserves the death sentence. The world would be a much better place without any of them, the most sincere and kind act of "Effective Altruism" would be to death sentence those fuckers.
Those NYT journalists should be banned from working in journalism, press and from even having an online blog.
While I think he's a criminal, this opinion is ridiculous. Death? C'mon. This isn't Iran.
What do you mean, the USA has quite many people on death row. Some of them innocent too. What did they do to deserve it that SBF didn't?
I 've lost mid-6 figures in FTX and until I get it back I believe that putting SBF on death row is a fine deterrent to future criminals (making an example out of him, to paraphrase the verdict of the Ross Ulbricht sentence). You can have your own opinion of course and we can agree to disagree.
The USA doesn't put non violent criminals on death row. Your emotions are running high I'm sure, I'd be unreasonably angry as well. Just pointing out how ridiculous it is for you to wish death on another person in this way. But I'm anti-state sponsored murder even for the worst of criminals.
Hopefully your takeaway from this experience is that keeping that amount on an unregulated exchange wasn't a great idea - cold storage is your best friend.
Fair enough. What do you think is a reasonable non-emotional/non-biased punishment that I should advocate for and spread throughout the corners of the internet.
Is life without possibility of parole sensible enough?
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SBF is behind the ICP price crash. SBF also attacked Binance a few times, unsuccessfully, this is why the long feud with CZ. He's a total piece of shit, who believes that he having money is better than you having money, because he's smarter so he 'll spent it better than you (by buying stadium sponsorships, $40m apartments, and making political donations).
It is clear you have no idea what you are talking about. Why would SBF want to hack his own crypto when he was already robbing ftx?
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You think SBF would short his own crypto that he is using for a spending spree? The same crypto that he was using to gamble and provide collateral? The same crypto he ended up dumping to try to keep ftx afloat? That doesn't make any fucking sense.
Do you even understand how ftx had fraudulent balance sheets?
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Hes right you know
I think it is pretty simple. SBF was a huge donor for democrats.
How true is this? I was in the impression that US investor can't open their account overseas, so why is Americans still losing money in these overseas blowups?
It feels a bit to me like CB is just taking the opportunity to criticise SEC here? Given how shit coin is not listed in US exchange as compared to FTX and Binance(non US) exchange, I would imagine the SEC did a decent job in protecting investors as compared to unregulated exchange? Isn't this also why FTX collapse, but yet FTX US client is still able to withdraw their money? If anything, didn't SEC did a great job in protecting US investors?
He's still pissed because they stopped him from opening a yield farming scam like Celsius and FTX, because it would be an unregistered security.
People can covert to crypto in the US, then transfer the crypto to less regulated international exchanges on the blockchain.
All the real trading and shenanigans happen in those places.
Also FWIW FTX US is bankrupt and all the customers lost their money.
obviously I know that, but point is due to this regulation, a lot of investors are protected(I am quite certain not many do what you describe).
I don't think you are right about their customers losing their money. I think they are going bankcrupt due to ftx intl, and ftx us customer is not affected(happy to be prove otherwise, but the last I heard, they allowed withdrawal, but is just going bankcrupt).
The CEO of Coinbase is correct when he says the majority of crypto trading happens on offshore exchanges (and defi). That’s just a fact.
Not the majority of people who bought a few shitcoins. But the majority of trades.
You are completely incorrect in general about FTX. All of the FTX / Alameda entities have filed for bankruptcy. FTX.us stopped all withdrawls last week.
Customers may get some money, eventually, from the bankruptcy procedure. But I highly doubt it’ll be more than cents on the dollar.
https://www.ft.com/content/c236d6f9-da5a-4da7-8dc8-5cd450dfe39d
https://amp.cnn.com/cnn/2022/11/14/business/ftx-customer-money-bankruptcy/index.html
Crypto is just another ponzi scheme. They’re all criminals, he just happened to get caught because he screwed over the elite.
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It's a public company, look it up
Good point, but it could have just as easily been Coinbase had the SEC not stopped their lending program.
Puff pieces because he is backed by neocons
https://opensea.io/assets/matic/0x2953399124f0cbb46d2cbacd8a89cf0599974963/30350131921332036536257234094296103742392012744897236881226076513054616453121/
They knew it. Why he said just now? He is such a snake.
Scam Bankrun-Fraud?
Lmao how is Brian Armstrong any different. Look at COIN stock. Look at price performance of every token ever listed on Coinbase. Look at the volumes/price of those tokens right before listing is announced. Look at their investment in tokens they list (conflict of interest) and the fee/spread they take off retail buyers.
SBF got burned cause he used leverage, but these two are two apples from the same tree lol.
Wait till people start withdrawing from COIN. Then we will see what debt/leverage they're playing with.
This seems like hes trying to gain good attention by jumping on the bandwagon, he probably knew long before we did given his position in the industry.
Not a bandwagon thing calling out someone who commits crimes as a criminal
If Coinbase told people that ftx was insolvent, they would have accused Coinbase of projecting because of public sentiment at the time. it is not up to exchanges to save you from other exchanges. It is up to you and your cold wallet.
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This is NOT shit slinging. He is stating that a criminal is a criminal
Pot, meet kettle.
Takes one to know one
Ayyy I’m starting to get bad vibes about this Sam Bankman guy…
Do you just copy and paste this comment in every thread about SBF?
whoops, guess this is that sign we all needed that Coinbase will be the next to go under…
That won't happen. CB doesn't participate in the type of fuckery that got FTX into this mess...for obvious reasons.
Duh. I would never call someone a criminal before conviction though. ANYTHING could happen and you could get sued for libel. Coinbase CEO is even dumber than I thought. Pulling my $$ out of coinbase now.
"You gotta learn to rugpull legally" ~Brian Armstrong
Hopefully he gets knicked, same as do kwon
tldr; Coinbase CEO Brian Armstrong on Wednesday termed Sam Bankman-Fried, the founder of FTX, a "criminal" and slammed a Wall Street Journal report on him as being a "puff piece". "Twitter has broken just about every piece of this FTX story using blockchain analytics, while NYT is writing puff pieces on a criminal," he added.
This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
He's caused a lot of shit. So he better keep his head down whatever happens to him next.
He’s right
About time people stop lauding these bros as geniuses.
Crypto journalists have been reporting for years about the different scammers in the industry. Yet most people ignore the warnings until main stream media finally acknowledges an issue. Usually after msm has made ad revenue from the scams.
ACJR has over 800+ crypto journalists, researchers and more. Time this industry wakes up and listens to them. You would all lose less money.
They have been telling everyone since the start. Not your keys, not your coins.
Man, there's gonna be like 3-5 exchanges left when this all blows over. Gettin spicy
SBF pulled off an Elizabeth Holmes and we all wonder why it keeps happening lol
Elizabeth Holmes and Adam Neumann of wework are innocent compared to SBF.
It’s crazy how they’re still protecting him when his money is all gone. He’s not gonna be doing any more favors for awhile!
I dare say this is about to be the beginning of a revolution.
If Brian did what sam did he would go to jail
But , has he not been sorry ?
Watch him get arrested next lol
So far most of Twitter is heresy. Bitboy has been going on about "evidence" for over a month but after watching his podcast today it seems that evidence is severely slacking.
Lex Luthor calls our younger lex Luthor for being lex Luthor.
Centralized exchanges CEOs aren’t any better. Fall for the centralized trap
Mu guy really fucked up and broke the one rule that billionaires can't break, don't steal from the rich. Unlikely he manages to avoid spending some time in jail imo.
yessss, speak the truth!!!!
Guys he just misplaced $8 billion. I do it all the time! I'm sure he'll find it tomorrow or next week. Give him a break. It can happen to anyone!
https://twitter.com/CryptoKaleo/status/1592930121803255810?t=XHAZtbIRrwcojG-3EVijBA&s=19
He should be a criminal
I wanna see them sort it out with a boxing match.
Somehow I think Coino will win.