I kept saying over and over again **this has nothing to do with crypto and complexity**. This is ALL about what a group of extremely rich kids were allowed to get away with in the Bahamas. My first question when I heard the statement, "*I miscalculated the margins*" was, where was the Risk Manager. And the Securities Commission "*did everything possible*"?? ** This guy took 2 days to come to this conclusion, "regulation abject failure". BEC's entire board was fired for much much less**

This mess is not about crypto currency, this mess is about a bunch of college kids with alot of money who were allowed to do whatever they want. Now monkey putting question to he ma

Did anybody hear the Juan Talkie show as Tal calls it?

Pirates restored! And Im not talking about Sam.

If you recall Sam made a statement that as per regulators he was asked to restore Bahamian customers. The securities commission then said they did not give any such order.

Here was my comment on that a few days ago:
"*Somebody in power, not necessarily "the regulators", told him to do this. He didnt do this on air. He wanted people to know he was following instructions*"

**I will say over and over all the data is there, this talk about nobody could have known and backdoor and we did everything possible and who could possibly understand this etc etc... its there for everyone to see. CZ took 24 hours to see it, John Wang(?) is it, took 2 days to see it and concluded:**

"**this was the worst violation of regulatory controls he'd ever seen in all his experience overseeing liquidation of complex structures**

All I have to say is boards have been fired for less. Brave Davis needs to revisit his statement about all regulatory controls being in order. He also needs to reconsider this Bahamian clients first... they talking about "actions" by a "**state actor**" now.

So the govt was looking at launching this carbon credit token. Possibly buoyed by the billions Sam was making off of the FTT tokens that had no basis in reality, it was in fact monopoly money.

Carbon credit tokens is also monopoly money will people pay especially after FT. Well...

I "believe" (from brief searches) the thinking is carbon sinks are good for the planet. One of the best carbon sinks on the planet is sea grasses said to be 35% times more efficient at absorbing carbon dioxide than rainforests of equal size. The Bahamas has one of the largest seagrass beds in the world. So break that into logical units and create a token for each unit and sell it. Countries and investors around the world should have a vested interest in paying us to keep that area healthy.

From oceanconversation.org these are the ways to keep seagrass healthy or at least the main threats which you try to minimize

"*decline – The International Union for the Conservation of Nature (IUCN) estimated in 2014 that **seagrasses are declining by 7% a year globally. This estimate makes it the fastest disappearing habitat on the planet**. In the UK alone, we are losing around 500 hectares of seagrass meadows every year.*
*Human impact – The biggest issues facing seagrass habitats come from human impacts, due to **physical disturbances, such as boats anchoring and destructive fishing activity**, as well as **degradation of water quality due to sewage** and agricultural run-off.*
*Seagrass location – One of the key issues is that boat users don’t know where the seagrass meadows are and therefore don’t realise the harm is being done to them when anchoring or fishing.*

So where are the seagrasses located, what state are they in, are they in decline or maintaining healthy growth, from the nassau guardian the govt has a firm conducting studies to answer those questions. Now are they in danger of harmful human contact from bahamian fishing, poachers, cruise ships and what about oil drilling? Can a Bahamian govt root out corrupt actors who could get paid gazillions to let cruise ships dump waste or the Chinese to start a massive seagrass or mother boat fishing exercise? Can we be noncorruptable? What about oil drilling will we take a bird in the hand? What about oil spills can we regulate an oil drilling industry?

I think once again theyre creating a rosy picture without any understanding of the risks. Remember from this day avoid any more "*who could have known?*" scenarios at all costs. So what happens to these tokens if the seagrass suddenly starts dying? Remember "*are declining by 7% per year*", 7 into 100 is ~14 years, 2038. Do we have a plan to 2123 and not just a get rich quick scheme for "*the boys*". Theres alot you need to tell the Bahamian people beyond "*we could make millions*"

And where is the Bahamian team to start running this monitoring effort in 30years and forever? No 100 year contracts and no promises to train Bahamians. A "plan".

From vice

"*Lerner told Vice that he was "very concerned" that staff, many of whom were in their 20s, would "leave the company due to lack of romantic relationships available," adding that some staff dated "within the company" which he said was "not a great idea."*

*Lerner said that life in the Bahamas for young FTX staff meant "limited social and entertainment choices." As a result, he was "always looking for dating options for FTX people," he told crypto advisor Margaux Avedisian, in a message reviewed by Vice.*

*Avedisian said Lerner was "trying to find women" for FTX workers to improve their lives in the Bahamas.*

What kinda weird company is this?? You have to find girlfriends and boyfriends for your staff???..... Well on second thought, with the amount of divorces around maybe people shouldnt be trusted to pick their own mates. Great idea!

They need to have some really tough questions put to them. Did they let Sam get away with that because it was Sam? Because I've heard Darcy Rahming of ArawakX talk about his company's requirements for onboarding firms wanting to offer shares to the public and one of the things he stresses as a MUST is a proper governance structure. So how could Rahming demand this but the Securities exchange doesnt??? It doesnt make sense. Then there's the pic of the CEO of the exchange next to Sam at the groundbreaking for his headquarters, it's all too cozy. I think people lost all their perspective when Sam started giving out money. The emperor has no clothes on but nobody dares tell him, *beautiful outfit your majesty!*

From cnn.com today:

"**CZ, as he’s known, was speaking at a conference in Indonesia on Monday. He said last week that comparing the current crypto turmoil to the 2008 global financial crisis is “probably an accurate analogy.”**

"*His money should be no good here.*"

As George Smith famously said "*why does it matter how you made your money?*" And as billionaire Nygard said "*it's our country now*". And as the chief executive of Albany said ~"*we invested, stay out of our business*"

*His money should be no good*?? You dont know the Bahamas government.

"*Mr Hobbs continued: “A lot of us in the industry saw this a long time ago. I got out of FTT tokens in mid-April.*

*There was something weird going on with FTX and Alameda. There was too much weird stuff going on. It didn’t feel right. I told people on my own team about it. I have some people on my team who have got hurt because they still have FTT tokens.”*

So this guy who was on the outside had no access to financial reporting or compliance documents could see it but the securities commission who had access to internal reports didn't? I'm not sure its appropriate for the regulator to be standing next to the investor at this ground breaking ceremony... too much cheerleading

I wholeheartedly agree. There are some things that the regulator should spearhead in the interest of the public one of which is customer harassment. Each utility should have a do not call list. Noone should be able to send a broadcast message to my phone either. Ive noticed unsolicited messages coming from private companies that I am not a customer of.