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The general opinion from those following the saga is that Upton’s demo matches the precise technical challenges offered by Isaac. Yes, I know you don’t want regulation of your precious crypto. But you keep demanding to be taken seriously, while throwing around numbers in the hundreds of millions of dollars. Being taken seriously involves oversight. Part two will be over on Amy’s blog. Don’t forget to sign up for Amy’s Patreon! [ Amy Castor; Patreon] In January 1993, cryptographer Hal Finney suggested “cryptographic art,” in the form of trading cards as a way to sell cryptographers the idea of an anonymous form of digital cash: Genesis lent out BTC that 3AC then used to buy shares of GBTC. “At this point we have absurd coincidence #1: 3AC sold 15 million shares [ of GBTC] during a period where DCG bought somewhere between 15 and 18 million shares. If these are arms-length operations that feels exceptionally unlikely. It is possible. But come on.”
Binance’s “compliance unit(s)” will have “sufficient authority and autonomy” and be adequately resourced in staff, expertise, and equipment to be effective in practice. That means a lot of compliance staff and expensive outside consultants and auditors. Elon Musk did the same, promoting electric cars and energy transition while Tesla’s accounts looked increasingly puffed-up and driven only by his image. As Upton says: “Earth 2 used a lot of technobabble and a lot of flowery language to describe the very basic things that every game developer uses.” Upton used these basic tools to recreate large swathes of the Earth 2 tech demo’s claimed technical achievement.Sam Altman, 38, is a venture capitalist and the CEO of OpenAI, the company behind ChatGPT. The media loves to tout Altman as a boy genius. He learned to code at age eight! After filing a bankruptcy petition, Voyager and Celsius have 120 days to come up with a settlement plan, but the court can extend that up to 18 months if needed. After that, the creditors can submit their own plans. [ Bankruptcy Basics] The only bit of Earth 2 that does anything right now is the virtual land trading system. Earth 2 is very proud of this, per the 2022 Update document:
The development is being done by a small indie team called Five Studios. Five Studios’ total output is DRONE, an arena shooter game based on the Unity engine. DRONE was released as early access (an unfinished public beta), but hasn’t been updated since late 2020 — about when Earth 2 was announced. [ Steam] In our 100%* reliable guide to the future of crypto in December 2022, our crystal balls showed us that: Earth 2 released a tech demo a couple of weeks ago that was promptly dismantled by an actual game developer, Callum Upton. Earth 2’s founder, Shane Isaac, then challenged Upton to do as well as Earth 2 had. He wasn’t happy when Upton did. Meanwhile, Binance.US is bleeding staff. It’s fired another 100 people — a third of its workforce. CEO Brian Shroder has quit and Chief Legal Officer Norman Reed has stepped in as interim CEO. Krishna Juvvadi, head of legal, and Sidney Majalya, chief risk officer, are also jumping ship. [ Bloomberg , archive ; WSJ , archive]
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i can’t tell you how many pieces i have read that have me mentally screaming “YOU ARE TALKING TO A TWEAKER. THAT’S IT. IT’S NOT SOME MYSTERIOUS SIDE EFFECT OF AUTISTIC GENIUS, IT’S JUST A HELL OF A LOT OF ADDERALL” This sort of arbitrage on international exchanges was well known. The bitcoin world rabidly sought out international arbitrages. But for some reason, only Alameda was in a position to exploit this one on a large scale — if you believe Sam.
Ethereum’s pitch has always been ridiculously aspirational — it’s a “smart contracts platform.” It’s a “worldwide distributed computer.” Ethereum co-founder Gavin Wood called it “Web 3.0.” Venture capitalists would later take the term “Web3” and use it to promote NFTs. Genesis also messed around with whether GBTC was accounted for at its market price or at the net asset value. Grayscale’s accounting treatments also varied wildly.
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The CEO and senior management are required to promote a “culture of compliance” throughout Binance with “sufficiently strong, explicit, and visible support and commitment to Binance’s AML program.” All employees will undertake AML training. Just how Satoshi wanted it. What compliance means for Binance customers DCG has proposed a plan that offers unsecured creditors 70%–90% baseline recovery with a “meaningful portion of the recovery in digital currencies.” [ Doc 698 , PDF]
Smart contracts are hard to alter, by design. So they require the most painstaking code review and analysis — so that you don’t lose money to an exploit. His first book was The Cultural Logic of Computation (2009), setting out how the mere fact of applying computers to bureaucratic issues consistently turns into a gateway for control over people. The altcoins all promised to do something bigger and more spectacular than bitcoin. They were, of course, almost all just made-up magic beans for speculation. Developers would launch a coin and keep a pile of “premined” tokens as a way to pay themselves and cover the costs of marketing. If the coin went up in value like bitcoin, they too could get rich! The bitcoin use case shows up again! It’s money laundering. Caio Marchesani, an Italian fintech owner in the UK, allegedly converted hoards of cash into crypto via Binance for Sergio Roberto de Carvalho — who Interpol called “one of the world’s most wanted kingpins” — and Flor Bressers, a.k.a. “the finger cutter.” Nice. De Carvalho and Bressers were both arrested in 2022. [ Bloomberg , archive] ChatGPT, a chatbot developed by Sam Altman’s OpenAI and released in November 2022, is a stupendously scaled-up autocomplete. Really, that’s all that it is. ChatGPT can’t think as a human can. It just spews out word combinations based on vast quantities of training text — all used without the authors’ permission.David’s funeral will be 12:00 noon Tuesday 19 September at Beth El Memorial Park, Livonia, Michigan. There will be a live stream for those who can’t attend in person. Update: Video is now up! What an excellent eulogy. [ Ira Kaufman Chapel] David Golumbia, noted bitcoin critic and author of The Politics of Bitcoin, passed away on Thursday. He will be deeply missed. His last book, Cyberlibertarianism, is going through its final edit and is set for a 2024 release. He also put a free copy of The Politics of Bitcoin up on Academia.edu for all to read. [ University of Minnesota Press; Academia.edu , PDF] i really don't think NFT and crypto people have any realization at all about how successfully they've been mobilizing people against them. i've never seen something that feels like it's everywhere be received so universally negative by basically everyone outside the bubble. OFAC is concerned by the extensive sanctions violations. FinCEN is also concerned by how Binance just ignored the BSA and acted as the cashier’s desk for ransomware operators and the darknet markets. FinCEN wasn’t happy with the child pornography either.
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