The anti-crypto thread

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sdifox

sdifox

No Lifer
Sep 30, 2005
95,236
15,249
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DrMrLordX said:
Ahahahah what? You're going down that road? You're insane. Go back to P&N with that, please. You can't just freeze the assets of any criminal for any reason. Civil forfeiture is already completely out of control, and now you want to lock out bank accounts for people protesting? Give them 24h in jail and tow their crap out of the way, don't starve them. Sure hand them all bills for the tow but cmon now, what is wrong with you?



So does towing the trucks! Which is what they did, and it worked! Nobody got shot, nobody got hurt. How stupid can you be to think that it's a good idea to just starve them out? That kind of passive-aggressive nonsense is what let the protest go on as long as it did. Total lack of leadership.

And why are you still derailing? What does any of this have to do with disproving the idea that banks are safe? You're both just ranting about white supremacists or whatever is your stupid agenda. At least one of you actually agrees with the idea of banks locking accounts, as if every criminal protester out there were running an Al Qaeda terrorist cell. Which they weren't. But hey thanks for reinforcing my point that politicians and bureaucrats can and will debank you if you rub them the wrong way. Why anyone would actually be in favor of that is completely beyond imagination. One election goes the wrong way and now all your buddies are "criminals" getting debanked, how does that make any sense? Would either one of you like to see the Trump tards ruin the finances of street protesters blocking a thoroughfare or something?

Are we going to debank people for double parking next?

You are both balls-to-the-walls crazy. Please get that crap out of here.
Click to expand...

MAGA money was flowing in from the States to the trucker protesters. About 44% of the money was American. We call that foreign interference. Organisers got their accounts frozen temporarily to impair their operational effectiveness. Apparently the authorities didn't want to strong arm for fear of making them martyrs. Shit, they treated G20 protesters much harsher than they treated these clowns. And since the government also froze crypto accounts of the trucker protesters, your crypto is more freeze proof than bank accounts goes out of the window.

www.marketwatch.com

How the U.S. cash flowing to truck protesters in Canada could also shift politics south of the border

With the likes of Rand Paul, Ted Cruz and Tucker Carlson voicing support for the disruptions, some 44% of the $10 million in donations to the protesters...
www.marketwatch.com www.marketwatch.com
 
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VirtualLarry

VirtualLarry

No Lifer
Aug 25, 2001
56,389
10,072
126
dullard said:
But they are freezing self-custodial wallets on the blockchain: https://brandsmiths.co.uk/blog/view...e-wallets---a-new-approach-in-crypto-recovery
Click to expand...
Apparently, this is something specific to Tether, which is argueably centralized, and not like most of what people would consider "crypto".

I'll grant you, I didn't realize that was possible with Tether.


This concept ensures that minters of certain cryptocurrencies are now liable to enforce injunctions served upon them. In reality this may stem from THL’s own Terms which detail their rights over all USDT, “Tether reserves the right to refuse registration to, to bar transactions from or to, or to suspend or terminate the administration of Services, Digital Tokens Address, or Digital Tokens Wallet for or with, any user for any reason (or for no reason) at any time”. These rights are also referenced at page 6 of their White Paper, which notes the rights to “[g]rant (create) and revoke (destroy) digital tokens” and “[t]rack and report the circulation of tethers”.
Click to expand...


That couldn't happen, with, say BTC, which is decentralized, with no-one in particular "owning" all of BTC.
 
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D

darkswordsman17

Lifer
Mar 11, 2004
23,093
5,572
146
Gee, I wonder why you crypto nutters didn't freak out over these terms:

In reality this may stem from THL’s own Terms which detail their rights over all USDT, “Tether reserves the right to refuse registration to, to bar transactions from or to, or to suspend or terminate the administration of Services, Digital Tokens Address, or Digital Tokens Wallet for or with, any user for any reason (or for no reason) at any time”.
Click to expand...

You guys are fucking clowns.
 
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njdevilsfan87

njdevilsfan87

Platinum Member
Apr 19, 2007
2,330
251
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darkswordsman17 said:
Gee, I wonder why you crypto nutters didn't freak out over these terms:



You guys are fucking clowns.
Click to expand...

Because we know that anyone can release a centralized token with full control at any time? It's really not that difficult to understand the fundamental differences between a crypto like Bitcoin and and a token like Tether of which the devs can mint any amount of new supply at any time. The concerns over Tether are EXACTLY the same of those with coming fed CBDC. You just trust that Uncle Sam won't screw you over as badly. And while I do trust them order of magnitude over whoever created Tether, I do not trust the random human error, or the few bad apple politicians that too will mess it up.

Literally every concern you all keep posting fallacies about - I've seen already... in 2014. Mt Gox. Cryptsy. Other smaller exchanges going down with all coins lost/stolen. The endless amount of dev premine altcoin scam clones. Blockchains being compromised, rolled back. Etc. And they all have one thing in common: centralization.

The only new exploit vector since then has been smart contracts due to users being able to exploit codes. But the same basic security principles apply to those as in 2014: not your keys, not your coins. If you decide to store funds in a DeFi pool claiming to yield some high APR, whether or not you realize it - you've accepted that you may lose all of those funds due to code exploit.

This is not rocket science but it's obvious the internet and social media have wrecked attention spans beyond the point of repair. Because it takes more than browsing forums or Reddit (where it's just extremists cesspools either way) to get it. But that's a bit too much to ask of anyone today - no wonder our world is collectively losing its mind.
 
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njdevilsfan87

njdevilsfan87

Platinum Member
Apr 19, 2007
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I don't have a fear of centralization. I just got that some things may work better running on a decentralized database and network. And even if that weren't a reason, then the experimentation on networks like Ethereum was going to cause a surge demand since you know - you need the native tokens to process state changes.

Crypto has taught me this is why few get wealthy while most others don't: I don't need this (right now). But it sure is useful for billions of others.
 
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VirtualLarry

VirtualLarry

No Lifer
Aug 25, 2001
56,389
10,072
126
KMFJD said:
https://twitter.com/x/status/1589645453091827712
LBRY was found guilty of securities fraud for advertising and selling their LBC coin without registering it as a security with the SEC.

great news everyone, precedent set, more will follow
Click to expand...
"Summary Judgement Ruling"? They weren't even able to present their case?

Or some court shenanigans, where they ended up a no-show and lost the summary judgement because of that?
 
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dullard

dullard

Elite Member
May 21, 2001
25,113
3,485
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Binance helped Iran get $7.8 Billion around US sanctions.
www.reuters.com

Crypto exchange Binance helped Iranian firms trade $8 billion despite sanctions

Crypto giant Binance has processed Iranian transactions with a value of $8 billion since 2018 despite U.S. sanctions intended to cut Iran off from the global financial system, blockchain data show.
www.reuters.com www.reuters.com

Feds seize $3.36 Billion of Bitcoin. Good thing people here think it is impossible to seize Bitcoin if you keep it stored on your own computer. :rolleyes:
www.cnbc.com

Feds announce seizure of $3.36 billion in bitcoin stolen a decade ago from illegal Silk Road marketplace—the second-largest crypto recovery

James Zhong, of Gainesville, Georgia, pleaded guilty Friday to wire fraud in the theft of about $3.36 billion in bitcoin from the illegal Silk Road marketplace.
www.cnbc.com www.cnbc.com

  • Coinbase down 12.3% today, near the lowest closing price ever.
  • Robinhood down 10.84% today.
  • FTX down 31.1% today. This is because Binance might liquidate FTX holdings (see link above for reason why)
  • Meme stocks like Tesla are down, Tesla is down 17.1% in 5 days to its lowest price in 2 years.
  • Crypto itself is down, example, Ether down 7.7% today.
 
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dullard

dullard

Elite Member
May 21, 2001
25,113
3,485
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Crypto and related meme stocks are imploding with the failure of FTX. Just since yesterday's crypto bloodbath:
  • Most meme stocks are down ~10% today.
  • Some are down more, such as the AMC spinoff APE, down 20.6% today.
  • Bitcoin is down another 11%.
  • Tesla down another 6.2% today.
  • Even some of the lesser known stablecoins are showing that they aren't stable (Terra, Tribe, Frax, Neutrino), although some of these have been in trouble for a while.
Most of the above are at levels not seen in more than 2 years.
 
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njdevilsfan87

njdevilsfan87

Platinum Member
Apr 19, 2007
2,330
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KMFJD said:
https://twitter.com/x/status/1589645453091827712

LBRY was found guilty of securities fraud for advertising and selling their LBC coin without registering it as a security with the SEC.

great news everyone, precedent set, more will follow
Click to expand...

Unfortunately necessary. I'm all for user/company created tokens that act like "stock alternatives", but not without regulation that legitimizes them. You can't create an ERC20 or any L1 token and just sell it off. Ripple went (or actually still is going) through the same thing a few years ago. Because instead of selling stocks for share in the company with expectation of profit, you're buying tokens for share in the network (basically the company) for expectation of profit.

LBRY’s arguments that its tokens are a true cryptocurrency used primarily to pay for services on its blockchain-backed data network and that the SEC failed to provide fair warning that it would sue over unregistered tokens that did not enter the market in an initial coin offering.
Click to expand...

A blockchain like Tezos was actually able to settle with the SEC because everything was accounted for in their ICO, and because there was no company really controlling where the token went (although Tezos Foundation does fund a lot of development, it's a non-profit operation). I don't know the exact details of it all, but they made it work with the SEC.

On the note of FTX, it's another example of stupid greedy capitalist pigs getting slaughtered. Because who the hell ties a significant portion of their liabilities to a volatile crypto token instead of stable assets or cash reserves? People do this in crypto all the time, but on a small and more personal level (and get liquidated)... $8-11K BTC incoming. Beyond that I pretty much expect the "Tether bomb" that will liquidate billionaire Saylor (liquidation price of $3.5K).
 
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JEDI

JEDI

Lifer
Sep 25, 2001
30,160
3,300
126
dullard said:
Crypto and related meme stocks are imploding with the failure of FTX. Just since yesterday's crypto bloodbath:
  • Most meme stocks are down ~10% today.
  • Some are down more, such as the AMC spinoff APE, down 20.6% today.
  • Bitcoin is down another 11%.
  • Tesla down another 6.2% today.
  • Even some of the lesser known stablecoins are showing that they aren't stable (Terra, Tribe, Frax, Neutrino), although some of these have been in trouble for a while.
Most of the above are at levels not seen in more than 2 years.
Click to expand...
Microstrategy is down 20% today.
Yikes.

(Microstrategy is defacto Bitcoin surrogate.)

Wonder how that 3rd world country that switched to Bitcoin is doing?
 
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KMFJD

KMFJD

Lifer
Aug 11, 2005
29,343
42,763
136
JEDI said:
Microstrategy is down 20% today.
Yikes.

(Microstrategy is defacto Bitcoin surrogate.)

Wonder how that 3rd world country that switched to Bitcoin is doing?
Click to expand...
China to the rescue...

markets.businessinsider.com

El Salvador says China offered to buy all its foreign debt as the nation looks to avoid default

"China has offered to buy all our debt, but we need to tread carefully," Vice President Felix Ulloa told Bloomberg.
markets.businessinsider.com markets.businessinsider.com

https://twitter.com/x/status/1590418133051125761

1668044280871.png

he looks trustworthy...i wonder if he bought any more dips?

Nayib Bukele Portfolio Tracker

A website tracking the amount of bitcoin (and value in USD) owned by Nayib Bukele (read: El Salvador).
nayibtracker.com nayibtracker.com

yup, he bought another dip, that idiot

He's spent $107 155 283.37 on BC and it's now worth $38 663 058.96

nice place to launder money though
 
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