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  • fuzzyfuzzyfungusfuzzyfuzzyfungus@cyberplace.social
    Nov 1, 2026, 4:22 PM

    @molly0xfff @ssiekmann That's an especially depressing blind spot because it seems like it should be the most familiar part. 'Crypto' likes to exaggerate how much the math really matters; but there are details there that you would expect a finance reporter to need to read up on if they want to get into the weeds. "Shady things happen on quasi-securities markets and people do perjury and fraud sometimes" seem like much more universal concepts.

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  • Cassandrichdalias@hachyderm.io
    Nov 1, 2026, 5:41 PM

    @HenryT @fuzzyfuzzyfungus @molly0xfff @ssiekmann Most "investors" don't even understand how cryptocurrency works and don't have possession of their own coins. They just have a pinky-promise from whatever exchange they use that "X amount of coins in the exchange's possession belong to you and are available for you to withdraw" tracked in an ordinary database. It's utter clowncar shit.

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  • Sascha Siekmann :verified:ssiekmann@infosec.exchange
    Nov 1, 2026, 4:56 PM
    @fuzzyfuzzyfungus@cyberplace.social @molly0xfff@hachyderm.io especially since Binance isn’t publicly traded, has a history of shady ownership and financial crimes and there simply is no way a company generating less than $500M profit can easy peasy make $6B apparate. This isn’t Hogwarts. Now I’m learning they have a large private holding of SpaceX and boy does it all make sense. Leverage on leverage on crypto. I wish this would finally all crater like it should. End of rant
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