Legacy media are missing two key details of David Sacks' bio in their description of his hiring. 1) He is an exceedingly stupid but very enthusiastic Russophile. 2) He played a key role in the crash, and then bailout of, SVB. www.emptywheel.net/2024/12/06/t... - ThreadSky

emptywheel.bsky.social • 80 days ago

Legacy media are missing two key details of David Sacks' bio in their description of his hiring.

1) He is an exceedingly stupid but very enthusiastic Russophile.
2) He played a key role in the crash, and then bailout of, SVB.

https://www.emptywheel.net/2024/12/06/the-white-house-crypto-czar-trumps-election-has-helped-bitcoin-far-more-than-the-dollar/

Comments

oweniverson.bsky.social•80 days ago

1) In case anyone really wants to understand why crypto is a scam and the US dollar is not, the Dollar has a built-in demand mechanism and that is taxation under penalty of jail.

No crypto has any demand mechanism other than bros hyping it.

oweniverson.bsky.social•80 days ago

2) And if anyone is interested in how money works - why there is nothing with "inherent value" but only "a money of account" (it's ALL just accounting - keeping track of who owes whom how much of a given currency)

https://www.youtube.com/watch?v=E5JTn7GS4oA

prairiecrab.bsky.social•80 days ago

Whenever the next inept nominee is announced, it always makes me think of this scene from the HBO Chernobyl miniseries….

https://m.youtube.com/watch?v=idb_qsAAe1c&pp=ygUjY2hlcm5vYnlsIGhibyBpIHJhbiBhIHNob2UgZmFjdG9yeSA%3D

ctinstyle.bsky.social•80 days ago

So y'all know that the move to Bitcoin makes their theft of government money way much easier because it hides it.

melissamonet.bsky.social•80 days ago

It just the government money (which is ours of course), but it makes it so easy to steal personal investments too https://bsky.app/profile/hunterw.bsky.social/post/3lcldkflkos2e

bdyguy.bsky.social•80 days ago

"Legacy" media is too lazy to investigate. That's why we have to find other sources.

jonniola.com•80 days ago

You forgot 3) An absolute piece of shit.

emptywheel.bsky.social•80 days ago

I mean, Trump picked him. Goes without saying.

motherjones38.bsky.social•80 days ago

Someone update his Wikipedia

leefromvt.bsky.social•80 days ago

Welfare for the rich is OK with the poor's that voted to give all the US Treasury to dangerously unqualified under-educated 'people' many are immigrants. They seem unafraid of the nomination to the most powerful police agency given to a person MAGATS have been calling a "towel head" for years...

jjjessee.bsky.social•80 days ago

Even if you saw Bush I and Bush II bailouts, you ain't seen nothin' yet.

howarddalton.bsky.social•80 days ago

yeah, I recall his insane twitter rants after the SVB collapse demanding Biden bail him out, and then still hating on him when it happened 2 days later

shyscorpio02.bsky.social•80 days ago

They intend to make Russia great again-
Through crypto!

mikethemadbiol.bsky.social•80 days ago

The SVB bailout is so infuriating. There are long-established ways for deposit holders to protect large amounts of cash, and they were too stupid and irresponsible to use them.

gmacdonell.bsky.social•80 days ago

Just wait til crypto gets bailed

mikethemadbiol.bsky.social•80 days ago

It's going to be so predictable and so stupid

gmacdonell.bsky.social•80 days ago

Every authoritarian needs a base of aristocratic support that is large enough to matter and small enough to be able actually to enrich. Crypto enthusiasm is a great marker of who should be in this aristocracy. Crypto started off as a Ponzi scheme, but Soros' reflexivity has kicked in -- politically.

elparece.bsky.social•79 days ago

Marcy, listen closely: Howard Lutnick's company Cantor Fitzgerald owns at least a third of the securities backing Tether. A group of 🇺🇸, 🇬🇧, 🇦🇪, 🇹🇭 entities were popped by OFAC this week for using Tether to launder money for Russian nationals to evade sanctions.
https://home.treasury.gov/news/press-releases/jy2735

jaymarose.bsky.social•80 days ago

All about the bailout. Thats what they want.

dmhfreeatlast.bsky.social•80 days ago

Number 2 is the one I remember most.

americareformed.bsky.social•80 days ago

Crypto Currency is Worthless. It will go up in smoke sooner than you think.

It's only value is perceived value with no backing, no revenue, no product and only the speculation keeping it afloat.

No better than Ponzi

https://substack.com/@americareformed/note/c-78912448

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