Steve Sokolowski
@SteveSokolowsk2
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Member of the Transition Trio -
State College, PA
Joined November 2021
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@HououinTyouma
@Duderichy
This is a way to execute layoffs without having to deal with their unemployment insurance premiums being hiked.
You can see that in how the stock price jumped after the announcement. The topic with the
#1
correlation with positive stock performance, every time, is layoffs.
1
0
93
@TaraViswanathan
But why are they doing this? I don't understand what the purpose is of learning to write the old way anymore, just like people used calculators since the 80s.
Why not teach students how to use GPT-4, and how to edit text generated by it to form a cohesive answer?
22
4
72
Actual changes to lifestyle from AGI or NHI will take time, but tonight think of the following:
This is likely the last Thanksgiving dinner with your family where public consensus will be that humans are the smartest things in the Universe.
10
17
66
To demonstrate the scale of the fraud at DCG:
Claims against Genesis are currently selling for 23%, or 15% with the buyer paying legal bills for clawback defense.
That's lower than the 27.6% that I sold my Celsius claim for, so that says something about Barry Silbert.
5
10
64
Victims were not stupid for taking "risks" at
@BlockFi
and
@GenesisTrading
. The companies made false or misleading statements.
I spent 150 hours of research. If what
@GenesisTrading
and
@BlockFi
had told me was true, those companies would still be operating today.
13
7
50
In a few months, we may look back at today's Reuters article about
@binance
and say that it was the beginning of the end of something worse than
@FTX_Official
,
@BlockFi
, and
@GenesisTrading
combined.
6
5
45
I don't trade on intuitions. But for what it's worth:
-We'll either stop at $19,500 or $16,500 now.
-
@DCGco
could go bankrupt in 3 months, hitting $13,000
-
@binance
will fail after that, hitting $10,000
-
@Tether_to
will fail last, reversing the cycle at $5,000 to $8,000
7
7
42
Genesis's chief lawyer called to warn me about my truthful tweets about their employees.
Calls like that are how the money of the Genesis estate is being spent, as 340,000 victims continue to suffer from
@BarrySilbert
's unwillingness to do the right thing and pay.
6
3
39
Silicon Valley Bank is worse than Silvergate Bank, since Silvergate Bank didn't declare bankruptcy.
We know that USDC is not backed 1:1 anymore by cash and bonds. We don't know what other stablecoins are affected. Do you trust
@Tether_to
to be unaffected?
10
3
39
@UAPJames
@vermontgmg
The mainstream is a few steps behind. By next year at this time, it will likely be publicly understood that intelligent life is here, but people who follow the topic will then understand what these government programs know or don't know while the public is in the dark.
0
1
35
@Empty_America
@datepsych
I said this myself a few months ago. I scored a 150 (but it was many years ago and who knows how valid it is now.) But I still lost 90% of my net worth to scams.
IQ tests measure shapes and math. They don't measure dealing with people, and that requires different skills.
7
0
33
If I mislead an employee of a Pennsylvania Wal-Mart into giving me a $1,000 TV he thinks I paid for, the third degree felony carries a fine 15 times the TV's value.
@ZacPrince
misled me into giving
@BlockFi
$3 million, and as far as I'm aware, he has paid a fine of zero dollars.
1
5
30
@JasonGetgen
@jimmyvs24
@cz_binance
If Zac Prince hadn't scammed me of all my money at
@BlockFi
, I would make a bet with you that an ETF approval would be one of the biggest crashes in
#btc
history.
The reason why I can't make this bet is why there would be a lack of demand for the asset.
57
3
11
@Ross__Hendricks
The issue with posts like this is that most people don't have money to invest during downturns - because they already invested their money.
The market only goes down about 10% of the time, and crashes are sudden, so it's difficult to have money available in times like these.
3
0
32
In their reported statements, even the DOJ recognizes that
@binance
is so fragile that if the company is charged with fraud, it could become the next
@FTX_Official
.
If Binance is guilty of fraud, the possibility of a bank run should not hinder justice.
1
3
28
@mikealfred
Reminder: when an "anonymous source" is quoted on X, you should treat what is said as actually more likely to be false than it would have been had there been no claim made at all.
1
2
26
In the deal,
@BarrySilbert
wants
@GenesisTrading
creditors to exchange a $1.1 billion loan DCG owes to the creditors for DCG equity.
When DCG eventually goes bankrupt, instead of being unsecured creditors as they are now, Genesis creditors will be stockholders who get nothing.
0
5
24
@mustafasuleymn
Exponential gains result in sublinear performance improvements. The difference will be nowhere close to that of 2 to 4.
1
0
25
@SpencerKSchiff
Instead of discounting average people, I think people like him should consider whether the average people are onto something he isn't.
Perhaps it's possible that, at least with GPT-4, the average person's life isn't affected that much?
1
0
23
@robinhanson
The guy isn't really able to develop AGI.
As you're probably aware, the people who make the most money aren't jetting around to conferences doing "networking."
They are always at home, in front of their computers, programming, writing, and getting stuff done alone.
3
1
19
@recostseg
Wow! Thanks for posting this message publicly!
This is the best thing ever for
@BlockFi
creditors. I thought that I was out of luck because Prince would never earn $3.3 million in his entire life. Now, I can garnish his wages.
I will be filing my lawsuit immediately.
5
1
18
@ramahluwalia
As a direct Genesis creditor, I can confirm that I was provided this balance sheet, that Griffin Tiedy explained it to me, and the ONLY reason that we kept half our money at Genesis in September was because the loan appeared to make Genesis solvent when he explained the sheet.
2
6
20
I closed a deal to sell my claims against
@GenesisTrading
for 25% with clawback protection yesterday afternoon.
I'll write a lengthy blog post describing the process early next week.
I'm still accepting offers for $2.6 million in BlockFi debt.
2
1
17
Good morning! While
@ZacPrince
and
@BarrySilbert
relax in their mansions, I'm up for another workday.
Today is the 79th consecutive day - including Christmas - that I have worked for 10 hours or more to get out of debt from these guys and get some positive income again.
3
0
17
@lesternare
This is not a coincidence. We will know the answer to both of these questions within months - without a doubt before end of 2024.
5
0
16
In this podcast, the CEO of
@Grayscale
starts out his interview saying "I had a really good year."
Scumbags like Sonnenshein live on a different planet. It's astonishing how shamefully he acts towards the millions of people whose lives he destroyed.
1
3
16
On Thursday, my father disowned me for not providing him with an unsecured loan, saying I was "no son of his."
It's interesting how people who think you are still rich have an expectation that you will give unsecured loans. I will not do that after
@BlockFi
and
@GenesisTrading
.
4
0
12
@robinhanson
However, the overhead for an office worker is higher than 18%. Commercial real estate and fitting out an office is expensive.
Plus, it's easier to find workers to work from home, so they may accept lower pay. My guess is that 18% is not enough loss to offset these other costs.
2
0
16
@karamanistaken
@AJ_STrader
@maxkeiser
I would have - but I already lost 200
#btc
in the
@GenesisTrading
,
@CelsiusNetwork
, and
@BlockFi
scams. I'll never be back.
$NVDA stock will definitely outperform BTC over the next few years, and that's why I sold the
#ltc
I had left and put it there.
25
0
4
I don't think most people understand how rotten the crypto industry is to the core. Fraud is at the heart of it all.
Aggressive enforcement and major regulation is the only remaining option at this point to bring things under control.
2
2
14
@PostDisclosure
This sort of stuff is why it's so hard to get people to take UFOs seriously.
The
#1
rule in the cult handbook is to set a deadline (2027 seems to fly around a lot) to get followers to take some action (usually giving money). When it doesn't come to pass, it gets postponed.
4
0
15
If you are preferring to remain "anonymous" and not sharing what you know about
@GenesisTrading
employees with the
@FBI
, you should be ashamed of yourself. The employees' assets will be seized as restitution, but only if you actually do something.
You people know who you are.
0
3
14
@JulieChangRE
@Brentooo3
Yes, I do work for "free," until I make money in my business. And yes, I was scammed for $7 million in the
@GenesisTrading
,
@BlockFi
, and
@CelsiusNetwork
scams, and yes, I'm involved in five lawsuits so far.
I have to do the coding first before it actually makes money.
20
0
7
Overview of article:
1.)
@BlockFi
employees falsely or misleadingly stated in writing that the company had not drawn upon the $400m line of credit with FTX days before it was shown in the FTX bankruptcy filing that BlockFi owed FTX $250m on that credit line.
@BlockFi
, and
@ZacPrince
in a personal video call, made false or misleading sales pitches regarding the independence of BlockFi and FTX. I would have not signed any loans had I been provided with truthful information.
All written evidence now released.
1
1
6
5
2
15
@GarrettPetersen
@bayeslord
"Meeting each other in situations that can't lead to relationships" is the crux of the issue.
While the
#metoo
movement achieved a lot for women, it also caused people like me to never possibly consider anyone at work as a partner.
People used to meet in places like that before
0
0
15
@leadlagreport
Why should we expect a blowoff soon when:
-Microsoft hasn't even broken its high yet
-The average person on the street can't yet explain what AGI or superintelligence is
-Most importantly, the world is a lot more digital compared to 2000, so we should expect a higher ratio.
2
1
13
@wintonARK
Those materials won't cost that much for long if this stuff can be produced at scale.
3
0
14
@Ugo_alves
@Yampeleg
These benchmarks are often carefully chosen so the one that scores highest is advertised.
There are probably 20 other benchmarks that the model performed poorly at, and those aren't being mentioned.
1
0
12
Right now, everyone is talking about "equity" in DCG, which is worth zero.
If the
@GenesisTrading
deal was actually going to pay out much real money, then why are companies like Donut and
@Gemini
not posting the full text and screaming about how great it is?
6
4
13
@cremieuxrecueil
I'm sure there are some exceptional cases of stroke victims, but which normal, healthy people are suffering from cognitive decline at age 40? I'm the healthiest I've ever been and accomplish far more than at 20.
5
0
10
@2GuysTake
My thoughts are that this is one of the many reasons I live in Pennsylvania. It's not an accident that I chose the center of the state, in one of the lowest taxed townships, where there are almost no natural disasters, little traffic, and lots of open space.
5
0
12
I suspect that a year or two from now, when more companies fail and we have more information, almost everything that has happened in
#btc
's history and in crypto's history in general will be connected in some way to fraud.
Here are just a few examples of things that still don't
2
2
13
@NotChaseColeman
Come on. The rates went up because the Fed raised rates. It doesn't take a conspiracy theory to recognize that.
1
0
12
@JohnReedStark
This is just wrong,
@JohnReedStark
.
You have no idea how much money these people have, you didn't talk to their lawyers like Gemini and I did, and you didn't see the balance sheets.
You shouldn't be commenting on things you aren't informed about.
6
1
12
@ramahluwalia
Bitcoin hasn't bottomed yet, because there are still scams out there yet to be revealed.
I'm waiting for the
@GenesisTrading
and
@BlockFi
creditors' lists, and the charges against
@Binance
.
0
2
12
1) To follow up on yesterday's post about the timeline of this crash:
I think that as the price of bitcoins continues to fall as the banking crisis spreads,
@DCGco
will not be able to sell its assets and will be in a do-or-die situation with its May loan due to
@GenesisTrading
.
2
4
11
@DrHughHarvey
@StanfordHAI
I agree with these statements; however, if you're like me and have elevated HGB and sleep apnea symptoms and can't get a sleep test scheduled after 5 months, or like my mom when therapists are 100% booked, it's all there is.
GPT-4 is better than nothing. I'll take the 7% risk.
1
0
11
@calvinfroedge
I'm not sure I would call a jungle with unbearable heat and humidity year round "great weather."
I've always doubted that people move to Florida for the "good weather." The weather in Florida is "good" for 2 months, while in Pennsylvania you get 6 months of great weather.
0
0
11
1 of 3) I worked for 15 years to earn and save hundreds of
#BTC
,
#ETH
, LTC, DOGE, ETC, DASH, XRP, and more at
@GenesisTrading
,
@BlockFi
,
@CelsiusNetwork
, and others.
In my entire life, I spent 0.1 bitcoins of all coins I ever owned. The rest were saved and lost.
(continued)
5
3
9
I'm pleased to announce that we obtained 100% of what we asked for in our lawsuit against
@coinbase
for failing to credit our deposits, and we refused to sign an NDA or indemnify against potential future errors.
I'll post more details of the settlement soon.
2
1
9
I think this collapse will be drawn out.
@binance
isn't going to fail tomorrow - this will probably be going on for a year or more.
I also think that
@Nexo
and
@hodlwithLedn
will go down too (although they may simply go out of business, as there is no evidence of fraud.)
1
0
10
@robinhanson
I think in the end it's bad for women who want to have relationships in the physical world with men, or for pornstars and prostitutes who use sex to make money. Their power will be reduced.
As to men "abusing" a non-conscious AI? Who cares about that?
1
0
11
@thepowerfulHRV
Why is my timeline filled with posts about
#btc
going to X amount during the next cycle? How many times can I hear the same thing from 1000000 different accounts?
This is getting ridiculous. Could someone at least provide a reason other than chart magic?
4
0
10
@KrelBackstabba
@TaraViswanathan
I think you're missing the long run. Writing itself is going to be obsolete soon because communication will be computer -> computer.
I tell my AI to E-Mail you, your AI screens E-Mails for spam and summarizes them. Eventually, we just implement APIs for humans to communicate.
5
0
9
One way to increase the payouts for
@BlockFi
and
@GenesisTrading
creditors would be for the trustee to impose strict KYC/AML requirements to accept payouts.
The judge would likely go along with this, and it would be an easy way for honest creditors to take money from criminals.
1
2
10
@robkhenderson
Being in good physical health can also be interpreted as simply as not having cancer. That shows that most of happiness is out of a person's control.
4
0
8
Is anyone aware of any public records of even a single person receiving payment from the
@binance
recovery fund?
This fund has been available for four months now. I'm curious if any investigations have started to find out if anyone has actually been paid.
2
1
9
I contacted my financial advisor to put money from the
@GenesisTrading
claims sale into stocks to hold for 20 years.
This money will never come back to crypto. I can't be the only one like this. The 2022 failures have permanently removed many former holders from the markets.
3
1
10
@ramahluwalia
@DCGco
@BarrySilbert
@ramahluwalia
, you have to love the wording in this statement: he has paid "all the debt that is currently due."
Criminals, including
@BarrySilbert
, are slick. Given that the FBI doesn't seem to care about him, he'll hold onto the "current assets" lie until the day he dies.
1
0
10
@ai_boyfriend_
@Empty_America
@datepsych
1.) It might be necessary to have a high IQ to do sales, but it is not sufficient.
I've tried multiple businesses that involved marketing and eventually I learned to move to stock trading because I can work with math and not people, focusing on my strengths...
0
0
10
@DCGco
This statement is false.
It's completely nonsensical that
@BarrySilbert
was not involved in directing
@michaelmoro
, Hanson Birringer, Griffin Tiedy, and others to defraud me with the fake balance sheet.
DCG has weeks left until it will declare bankruptcy.
1
1
9
The reason I am selling claims is because bankruptcies operate on generational timeframes. BlockFi and Genesis depend on FTX, and FTX will last 15 years. The buying funds survive their employees.
By the time Genesis is done, most of us will be retired, and some will be dead.
2
0
9
Today is day 100 since
@ZacPrince
started it all with
@BlockFi
's failure. It's also the first day that I will only work 5 hours, instead researching purchases like glasses.
Meanwhile, despite damning written evidence, I'm not aware of any investigation into Prince's statements.
4
2
9
We've managed to lose money trading so far, despite the bots being positive.
@krakenfx
cost us $100,000 in missed gains because they won't make a simple database change and Wells Fargo compliance held up the re-wire. Shame on them.
6
1
5
@WayneVaughan
@markallanbovair
The '10s in general were a period of stagnation. The main technological change during that period was social networking, something that made the world worse, not better.
0
0
9
3 of 3) Finally, I owe $246,000 to Wells Fargo as a result of this disaster.
Having started with $7 million, after paying the 40% "income" taxes, the 20% capital gains taxes, the debt, legal bills to defend
@BlockFi
clawbacks, and accountant fees, I will end up with nothing.
9
1
9
We just removed the last of our coins from
@binance
to start the clawback timer ticking.
When
@NexusMutual
is sold out of Binance insurance, and Cherokee is charging twice as much to insure Binance deposits as
@krakenfx
deposits, that is a huge red flag.
0
3
9
I half expect the destination bank to immediately close the account. What would you think if a customer created an account solely to get around
@krakenfx
's withdrawal restrictions, and suddenly a million dollars appeared on it and gets transferred out the same day?
12
0
4
@abacaj
No. The big problem will remain that it simply costs too much.
Even if "AGI" is achieved in 2027, there is not enough electricity generation capacity in the world for it to be cheaper to run than humans (12 watts vs predicted 1.4MW.)
4
0
9
A thread on why this
#BTC
rally will fail:
1)
@GenesisTrading
stated that they were suspending withdrawals on Nov. 16, but they actually failed to honor my emergency withdrawal request of $550,000 to cover payroll almost a week earlier - on the day
@BlockFi
failed.
4
1
8
@ParrotCapital
@NotChaseColeman
We sued
@coinbase
yesterday for not crediting
@dogecoin
s that were sent to our account.
Coinbase's customer service is the worst of any company in the entire world. That's why I closed my account.
2
3
6
@robinhanson
These ships are traveling so quickly that they take miles to stop. It takes a long time to turn around. With currents and winds it's shocking to me that even 40% can be saved.
1
0
9
@TomMontalk
Come on.
The stuff Grusch says should be investigated. This sort of speculation is why so many people are turned off by this topic, and spouting all this nonsense just makes it harder to get people to investigate seriously.
1
0
8
Regardless of how the current situation gets resolved, I will never hold stablecoins again. They may not be scams, but they can cost just as much money as
@GenesisTrading
stole from me.
Surely others agree, and the stablecoin market will shrink dramatically.
2
1
7
@reallbrandonm
@thechosenberg
No, it's not that easy - not any of the things on this list.
Is she supposed to just make a car appear? She can't get to college until the Fall, and needs to pay for it. In particular, finding a boyfriend/girlfriend is much harder than making money.
0
0
6
Someone knew that the
@SECGov
account was going to be hacked. Whales were distributing for the entire day.
This is likely organized crime, not some hacker in his basement.
3
3
8
@ramahluwalia
So, at the same exact time they lent all these bitcoins at 3.8% interest, they borrowed them from me at 4%.
Clearly, the scumbags at
@GenesisTrading
had figured out a way for their business to make money appear out of thin air. If only I knew how to do that now.
0
2
6
@cameron
One word: ridiculous.
Why are you negotiating with a criminal? Do you actually think
@BarrySilbert
will pay any of the "tranches?"
0
4
8
@ramahluwalia
This reminds me of what I've said about
@BlockFi
CEO Zac Prince.
It's incalculable how much better the world would be if he had never been born. The same goes for scumbags like
@BarrySilbert
.
I wonder if these people have ever considered that like in this movie.
5
0
2
I just realized that it's been over three weeks since
@DCGco
became insolvent, and there's absolutely no news about what's going on there or at
@GenesisTrading
.
0
1
8
@AlexOttaBTC
The "
#btc
on exchange" metric is extremely poor. You're going to get slaughtered if you trade on that.
If I still had 200 bitcoins, I could move them to an exchange in 30 minutes and get rid of them, and so could anyone else, and that's exactly what happens during panics.
6
0
8
@TheZvi
But your assessment that things don't make sense is correct.
This is especially true in the government. When a police or military action is taken and it doesn't make sense, that almost always means there is a classified document that will come out in the future.
0
0
8
USDC held dollars at Silvergate, Signature, and Silicon Valley Banks - the worst possible choices.
The FDIC said that balances over $250,000 at Silicon Valley will receive claims against the sale of the bank's assets. USDC is now an unsecured creditor of Silicon Valley Bank.
0
1
8
Key thoughts on the
@GenesisTrading
deal (multiple parts):
1.)
@DCGco
admitted in court that it does owe Genesis by the terms of the promissory note reported in the media. Therefore, unless they prove they had $1.1b in additional current assets, the balance sheets were false.
3
2
7
When
@ZacPrince
is old and looks back on his life, I wonder if he will understand that the world would have turned out better if had he not been born and
#BlockFi
had never existed.
It's difficult for me to comprehend having to live with that knowledge.
3
0
8
@coinbase
placed a "hold" on
@ProHashing
's account, and now hundreds of people are unable to receive fairly mined coins.
Yet, neither the company nor I have ever been subject to a "hold" at "unregulated" exchanges like
@southxchange
.
4
0
4
@Ragnarok12388
That's because $XMR is fairly valued at what the base rate is for its sole use case. It's hard to speculate on because so many exchanges don't support it.
If
#bitcoin
were fairly valued like this, its value would be well below $10,000.
0
1
6
@c4dh3
@BlockFi
@GenesisTrading
They don't need to win all of the trials, just some of them. Some of them are on very shaky grounds anyway, like the Robinhood shares, and have low odds of success.
0
0
1
For the first time, the
@manifoldmarkets
prediction market now shows that it is more likely than not that the US is in possession of non-human craft or unbelievably advanced weaponry.
The non-human odds now exceed
@robinhanson
's 20% interview estimate.
1
1
7
Likewise,
@BlockFi
's unsecured creditors committee should push for Chapter 7.
The crypto lending industry is dead. The company is worth zero. It's not just about the $11m in employee bonuses. Liquidate the firm, lay everyone off, and wait for the FTX bankruptcy to pay out.
2
1
8
You know that the
@GenesisTrading
deal is bad when
@ramahluwalia
criticizes it.
When will people realize that the only out for the creditors now is to force
@DCGco
into bankruptcy? I'm glad I'm not holding a claim caught up in this mess.
1
2
8
I'd be curious to find out from someone like
@ramahluwalia
what he thinks about what happened with
@OpenAI
and
@sama
last night. In corporate history, Ram, has there ever been a corporation that has self-destructed in a way like this - not telling your partners and then firing
3
1
7
@ramahluwalia
In the Madoff scam, there were indictments of 17 frontline employees.
@SBF_FTX
's assertion that only 4 were involved is ludicrous. There will surely be far more than 17 indictments of frontline employees at
@CelsiusNetwork
,
@GenesisTrading
,
@BlockFi
, and
@FTX_Official
.
0
1
6
@JohnReedStark
@JohnReedStark
, have you read ?
I still find it unbelievable that the
@FBI
is going to allow the statute of limitations to expire on this. The evidence is overwhelming.
There's a reason why cryptocurrency is in the state it's in - nobody goes to jail.
0
0
7