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A comment on IRS Files $44B Claims Against Bankrupt FTX. Parent comment

Re:IRS Files $44B Claims Against Bankrupt FTX by grey-area on Friday May 12, 2023 @06:04AM (#35914120)
Well that level of risk certainly applies to some risky instruments (say CDOs), but I'd say there is far less risk in VWRL say than speculating on the value of a plethora of currencies which are almost purely vehicles for speculation rather than used for everyday transactions.

Doesn't matter if you own your keys if nobody wants to buy your Crypto/NFT etc.

Re your numbers, I'm afraid I don't trust any of the numbers in this market as none of them are audited.

[ Parent | on HN ]
Re:IRS Files $44B Claims Against Bankrupt FTX by xk_id on Friday May 12, 2023 @06:45AM (#35914404)
> I'm afraid I don't trust any of the numbers

You don’t have to. That’s the point. It’s a trustless infrastructure, with public data that anybody can audit. There are countless independent services that are reporting the same numbers, from querying the blockchain data.

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Re:IRS Files $44B Claims Against Bankrupt FTX by grey-area on Friday May 12, 2023 @08:18AM (#35915104)
Uhm, no, the pricing is mostly provided by exchanges which have been found guilty of wash trades, money printing, front running and every crime in the financial playbook, and most definitely are not audited.

So while the blockchains provide public records of transactions, the prices are not set by the blockchains and participants are anonymous enough to be difficult to track.

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Re:IRS Files $44B Claims Against Bankrupt FTX by everfree on Friday May 12, 2023 @10:58AM (#35917246)
The smart-contract exchanges agree on the same prices too, though. They can't lie, because the entire exchange is public record on the blockchain.

Uniswap, Cowswap, Kyber, Balancer, they all agree.

[ Parent | on HN ]