Cory dismissed my post before, calling me "not a customer." ...I was a prospective customer of Prime Trust and had good reason for turning them down! #189598
Anyway, now it seems likely Prime Trust was rehypothecating and David Bailey has tweeted that there is a 3 month rehypothecation period, which Swan will fall into. I expect if these clawbacks happen, Swan will go bankrupt. https://twitter.com/DavidFBailey/status/1671876348007022595
Also, how did Swan do their emergency transfer to fortress unilaterally if it was supposed to be a trust with a firewall preventing movement of funds clients do not authorize? šŸ§ Violates qualified custodian laws??
I think Strike has a better chance of surviving due to their more diversified operations and much higher valuation (I don't think anyone would fund reviving Swan).
GTFO NOW IF YOU STILL HAVE FUNDS LEFT ON SWAN... if Swan is honest, they should love this post since they claim they want people to self-custody. Though even if you do, you might still get sued for your bitcoin by shitcoiners and they might win if it was within 90 days.
I have been criticizing Swan for a long time and talking shit about them since they fucked over their customers with a trivial-to-avoid fuck up that screwed customers out of up to 10% of their funds over a several day period. https://bitcoinmagazine.com/markets/ftx-collapse-cause-huge-bitcoin-price-spike
Michael youā€™re wrong on every point as usual. Man, you hold a grudge šŸ˜… Saylor was a guest at our conference and I wouldnā€™t set up a meeting for you. Get over it.
For anyone new to Michaelā€™s world, heā€™s literally walking anti-signal.
reply
Not here to take sides but
Looks like he's also pumping his anti-Swan posts artificially
reply
poxohu has 0 trust. They are the big spender here but he had ZERO effect on ranking. I'm not sure what they intended but the only effect of the zap was sending the reward pool 9400 sats and the op the rest.
It was the other 14 people zapping this that sent it to the top.
reply
I already disclosed in another comment pumping a prior post. You're really reaching if you think I am using multiple wallets. 100k sats is exactly the opposite of what someone being sneaky would do.
I am broadly critical of bitcoin startups because of how important building tools that actually accelerate things is rather than squandering resources. I also criticize StackerNews for instance and VCs investing at $25m val, or synota or whatever Ln electric bill payments making absurd claims also getting a stupid valuation.
Like in the fiat world, stupid things outbid attention from smart things. If I were as accusatory as you, I might call you a Keynesian!
reply
@k00b this is a pretty easy thing to fix. Just charge a 5% rake on zaps and it basically eliminates all possible manipulation, plus gives you a real revenue model so you are not running a charity project.
reply
  1. We take 10% exactly for this reason
  2. Even if you're willing to lose an infinity of money, the effect of zapping is weighted by your trust ... and gaining trust requires hard and consistent work that's difficult even if you're earnest.
reply
Oh, I didn't know you take 10%, haha. Nice!
Can you explain the 2nd point more? You're saying there is a more complex algorithm that will weight more heavily zaps by certain accounts deemed as high status? Does that increase the Sybil resistance?
reply
Yes the effect of (2) is to increase sybil resistance by adding another "resistor."
reply
reply
Evil background story revealed
reply
It's evil to have a good reason to not be part of your circlejerk? Have fun being a tribal collectivist cuck.
reply
deleted by author
reply
It's almost like not everyone is part of your little circlejerk, and no obviously that wasn't me pumping this post since there is no point to >10k or so to effectively pump. Also, it's not FUD if it's true, and I have praised Swan various times as well for their educational efforts.
reply
reply
Any response from the creator of this post?
I personally do not care which one operates well and which one fails .... you should always treat exchanges as a public toilet ..... U WANT TO GET IN AND OUT AS FAST AS YOU CAN
reply
I agree with David Bailey's follow up tweet that it is a complex situation. I was highlighting the situation and not trying to make definitive claims.
I think adding a bit of extra fear to help motivate people to self-custody is worthwhile. https://twitter.com/DavidFBailey/status/1671918278141267970
reply
It took me 2 1/2 weeks, but my transaction finally went through a few days ago. Not a huge amount, but I'm glad I can cut ties.
reply
Swan can finally become an official media company šŸ‘
reply
Swan is hosting a casual Coffee chat on Twitter spaces right now while all this is going on
reply
They were casually hosting a conference during spreadgate. I crashed one of their parties and some of their clients were finding out from me for the first time what was going on.
reply
convince me this isn't a fedi performing a psyops in order to push a direction. They certainly do not have any interest in helping BR or the big gov.
reply
Sure. Check my background and my newsletter and you'll get a sense of why I'm not the biggest Swan fan. https://heaviside.substack.com
Ask people who were at what I think was maybe the first beefsteak, June 2019 about me, or Nik Bhatia's early 2019 Lightning Carnivory dinner.
I don't expect anyone to simply trust me.
Swan is noise imo. They are too tiny for anyone to care one way or another at a high level. More often the nefarious conflict of interest would be the shitcoin operators that Cory goes after, which is also easy to disprove. Cory is more of a shitcoiner than I ever was -- he was giving talks pumping shitcoins and investing in shitcoin platforms before Swan. Why don't you convince me Swan + Saylor isn't a Fed op? MSTR 10 minutes from CIA HQ and Saylor & Swan sure seem to be close.
reply
so if you dont trust saylor, why did you want to meet with him then?
reply
So you believe in trusting people, or you just never talk to anyone, ever?
But to answer your question, it's called being a useful person, something you seem to know rather little about.
reply
ok chief
reply
Ok, trustoor, LARPer šŸ¤”
reply
Always self custody, never trust a third party
reply
Not sounds good
reply
Thanks for the reads
reply
Here is a tweet indicating what appears to be Swan violating their terms of service in their emergency shift away from Prime Trust.
reply
Would it have really been better for Swan to have continued holding assets with prime trust rather than moves assets to a new custodian so customers could withdraw their BTC? Seems like a pretty bizarre thing to be upset about.
reply
Just saying, I had 0BTC or dollar left before the move, now I have 0.00004937BTC or $1.48 displayed on my dashboard on Swan Bitcoin. So in my case I gained money with this operation.
reply
96.7k sats? Why?
reply
Holy shit, I'm ngl, I pumped like 20k sats into my own posts couple weeks ago to make sure they got visibility with a 2nd account, but 0 on this one.
Thank you, kind stranger
reply
You can use boost when creating posts for this exact purpose
No need to game the algorithm
reply
why would you admit that. it only makes us more suspicious now
reply
that kind stranger looks to be @poxohu
a brand new account, weird
reply
My guess is it's some shitcoiner who doesn't like Cory and is not active on Stacker News
reply
Haven't you heard of the bitcoin-autism connection meme?
I wrote an entire newsletter post largely about bitcoin and autism.
Maybe you can take this as an opportunity to learn a bit more about it.
My prior post was not in question, so a nefarious actor would have to be pretty retarded to bring it up as the notion that by giving up a small piece of concealed data trust is gained would be a highly suboptimal tactic in this situation. https://heaviside.substack.com/p/bitcoin-autism-and-dabrowskis-theory
reply
Who cares anymore
reply
Calm down bro
reply
You don't know why I'm not calm (Chesterton's fence, my dude)... if they do go bankrupt or take a big hit regardless, I will write a newsletter post on why I feel a certain way about it.
reply
100000 Sats?
reply
It's been discussed. See various comments here
reply
Let the market play out as it may, no company is too big or small to fail, as a user you just need to be comfortable with your exposure to any company
reply
Yup self custody!
reply