intersubjective mechanism design @ poidh.xyz - come chill /poidh + follow @poidhbot

perhaps the glee is more that people who engaged in the industry in bad faith are seeing their comeuppance, with no hat tip or respect to the feds

BDFL of Quilibrium, Eng @ Farcaster, ex-Coinbase, always opinionated, never hydrated

/quilibrium

CZ, Jesse Powell and SBF (and a few others, including a Tether exec) were in an exchange coordination signal group chat (this has been revealed during the FTX turmoil), where CZ was telling Sam to stop trying to take positions he thought would harm Tether (a leveraged short of $250k). It was revelatory because:
1. why would exchanges have a coordination chat for any purpose beyond security related concerns?
2. why would this coordination chat discuss trading _at all_?
3. why would Tether seeing such a small leveraged short be dangerous if it's on stable footing?
4. and if it's not on stable footing, and CZ knew it, why did Binance list it?

This is not only to mention the fact that Binance knowingly did business with sanctioned entities, and had a "wink and nod" process of onboarding americans onto the international exchange.