The anti-crypto thread

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KMFJD

Lifer
Aug 11, 2005
29,044
41,733
136
another btc currency exchange bites the dust.

why not stick with coinbase instead of jumping to all these other's?
or is coinbase also in jeopardy?
(i dont own btc nor do i even know how thus MicroStrategy as my surrogate but thankfully havent bought)
this is how it was explained to me in simple term ?not sure how accurate this is

~ftx had a lot of its assets caught up in stuff it couldn't easily liquidate, a personal rivalry meany binance went out of its way to exploit that and foment a run on the bank sort of thing and tank it

 
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Heartbreaker

Diamond Member
Apr 3, 2006
4,222
5,224
136

Not knowing who "gainzy" is, I'm almost inclined to think that's a satirical post, making fun of the people who bought into Ponzi scheme, that other people warned was a Ponzi scheme, now wanting a handout for their greed and stupidity. Though I suppose it could just be an oblivious idiot.

It's like better you entire net worth on a Vegas roulette wheel, and acting surprised when you don't win.
 
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dullard

Elite Member
May 21, 2001
24,998
3,326
126
Well if I post about Crypto going down, I should post about it going up. Everything is on fire today. Not nearly enough to make up lost ground, but it is all going up.
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.
 

JEDI

Lifer
Sep 25, 2001
30,160
3,300
126

just another whoopsie i messed up in the the crypto community?
not to worry, consumer funds are covered by sipc insurance ($500k).
it's like fdic for banks except it's for US trading firms.

oh wait.. ftx is out of Bahamas.
yeah customers are screwed
 

dullard

Elite Member
May 21, 2001
24,998
3,326
126
not to worry, consumer funds are covered by sipc insurance ($500k).
it's like fdic for banks except it's for US trading firms.

oh wait.. ftx is out of Bahamas.
yeah customers are screwed
They want regulations when regulations pay them (like when the FDIC pays out insurance money). But they don't want regulations when the regulations protect them (i.e. are too burdensome or too restrictive in their minds, etc.).
 

VirtualLarry

No Lifer
Aug 25, 2001
56,227
9,990
126

KMFJD

Lifer
Aug 11, 2005
29,044
41,733
136
Not knowing who "gainzy" is, I'm almost inclined to think that's a satirical post, making fun of the people who bought into Ponzi scheme, that other people warned was a Ponzi scheme, now wanting a handout for their greed and stupidity. Though I suppose it could just be an oblivious idiot.

It's like better you entire net worth on a Vegas roulette wheel, and acting surprised when you don't win.
i'm not sure it was satire

 

evident

Lifer
Apr 5, 2005
11,894
496
126
Man... i should have cashed out of my crypto 2 years ago. I bought a bitcoin back when it was 100 bucks and still have half of it... i forgot i even had it.
 

Heartbreaker

Diamond Member
Apr 3, 2006
4,222
5,224
136
Coffeezilla's success is Crypto's seemingly never ending failures.

The thing is whether the companies are honest or not is almost irrelevant.

Crypto itself is a scam. It's built on a complete house of cards.

It's simply one long running ponzi scheme where it's public knowledge that it's a ponzi scheme, but people are all hoping to cash in before the bottom falls out.

It's like if Bernie Madoff was honest, and told all his investors that he was just shuffling money around and paying you with the newest investors money, and you said: "Sure, I'll get in on that because there is no shortage of other idiots to follow me."
 
Nov 17, 2019
10,672
6,396
136
^^^ Which is why I've always referred to is as 'VaporBux'. It just isn't there. It never was. All smoke and mirrors. I mean really .... running computers to burn electricity and grabs bits of vapor out of the web traffic? They even made up a whole bunch of weird words to help bamboozle people.