The anti-crypto thread

[BFG10K]

Great news, crypto's collapsing across the board: https://www.techpowerup.com/282380/...ions-in-less-than-24-hours-did-the-bubble-pop

Also China's banned crypto, though individuals can still have it: https://finance.yahoo.com/news/chinese-financial-payment-bodies-barred-122712260.html

The sooner this cancerous parasite is wiped out, the better.

 

[VirtualLarry]

More contagion in the market... Genesis Earn and DCG.

 

[JEDI]

• El Salvador President Nayib Bukele and legendary crypto entrepreneur Justin Sun are now buying one Bitcoin per day regardless of market conditions.

dollar cost avg
great strategy (if you believe the value will go up someday)

 

[dullard]

Why isn't Sam in jail yet?

This crook steals billions and is still free. If I were to walk into a 7-11, steal $20 worth of junk food, get caught. I'd be in prison.

George Floyd would be happy to just be in prison over $20.

 

[biostud]

Yet another fun explanation of what might happen next

 

[Charmonium]

This is some seriously cold sh**

https://www.theonion.com/what-to-say-to-someone-who-lost-money-in-the-crypto-cra-1849792955

 

[Lost_in_the_HTTP]

More reason to trust .....

U.S. News // 6 hours ago
Two Estonian citizens arrested for $575 million crypto fraud scheme
Nov. 21 (UPI) -- Two men from Estonia were arrested for allegedly executing an elaborate fraud scheme involving cryptocurrency and a fictitious bank.

Two Estonian citizens arrested for $575 million crypto fraud scheme - UPI.com

Two men from Estonia were arrested for allegedly executing an elaborate fraud scheme involving cryptocurrency and a fictitious bank.

www.upi.com

... Ooopps, wait .

 

[VirtualLarry]

Yet another fun explanation of what might happen next

That guy is awesome.

He makes a good point, too, that the influencers shilling those securities, not in accordance with existing securities laws, are liable, potentially for prison sentances. Andrew Jikh, I barely knew ye!

 

[dullard]

At least some of the FTX money bought $121 million of property in the Bahamas. https://www.reuters.com/technology/...ht-bahamas-property-worth-121-mln-2022-11-22/ So at least you know your lost money went to a good cause.

 

[igor_kavinski]

https://twitter.com/x/status/1594742129556746240

Imagine the e-waste when everyone dumps their miners.

 

[pmv]

https://twitter.com/x/status/1594742129556746240

Imagine the e-waste when everyone dumps their miners.

What are those? Dedicated PCs full of SLI video cards? Do they manufacture custom PC cases specifically targetted at BitCoinBollocks now? Interesting.

 

[biostud]

What are those? Dedicated PCs full of SLI video cards? Do they manufacture custom PC cases specifically targetted at BitCoinBollocks now? Interesting.

Obviously, when they als create motherboards like this:

 

[KMFJD]

https://www.news.com.au/finance/money/investing/bankruptcy-fears-for-crypto-firm-genesis-grayscale-refuses-to-show-proof-of-reserves/news-story/05e9242f5e1f79465a72906443ec17be

more crypto bro's taking a L

~Speculation is swirling around the health of Digital Currency Group, a sprawling $US10 billion ($A15 billion) crypto empire which includes brokerage Genesis, asset manager Grayscale and industry news website CoinDesk.

Genesis was one of many firms caught up in the collapse of Bahamas-based FTX – one of the world’s largest crypto exchanges – freezing redemptions last week after revealing it had $US175 million ($A264 million) locked in its FTX trading account.

Bloomberg reports Genesis executives spent the weekend scrambling to raise fresh cash from investors to deal with a liquidity crunch, warning it may need to file for bankruptcy unless it can access at least $US1 billion ($A1.5 billion) in capital.

On Monday, Binance reportedly turned down a request to invest in Genesis.

“We have no plans to file bankruptcy imminently,” the company said in an earlier statement to Bloomberg. “Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.”

 

[sdifox]

What are those? Dedicated PCs full of SLI video cards? Do they manufacture custom PC cases specifically targetted at BitCoinBollocks now? Interesting.

ASIC miners

 

[igor_kavinski]

What are those? Dedicated PCs full of SLI video cards?

They are ASIC miners. They can be used to mine only a specific currency, most likely bitcoin. They are not cheap so just leaving loads of them lying around means their demand has tanked hard.

 

[pmv]

They are ASIC miners. They can be used to mine only a specific currency, most likely bitcoin. They are not cheap so just leaving loads of them lying around means their demand has tanked hard.

So they aren't general purpose PCs, they are using chips dedicated to cryptocurrency mining?
So would all the hardware involved be dedicated? I had no idea how big this nonsense had become. They still use gaming-grade video cards, though?

(My only thought was if they would make good gaming rigs, tbh - looks like decent cooling there!)

 

[sdifox]

So they aren't general purpose PCs, they are using chips dedicated to cryptocurrency mining?
So would all the hardware involved be dedicated? I had no idea how big this nonsense had become. They still use gaming-grade video cards, though?

(My only thought was if they would make good gaming rigs, tbh - looks like decent cooling there!)

No these ASICs are purpose built for mining, no GPU involved. GPUs are no match for ASIC mining

https://en.m.wikipedia.org/wiki/Application-specific_integrated_circuit

 

[MrSquished]

So is this the right time to invest in crypto?

 

[Charmonium]

https://twitter.com/x/status/1594742129556746240

Imagine the e-waste when everyone dumps their miners.

https://twitter.com/x/status/1594820013344661505

if you look closely, you'll see an old Casio watch. I'm currently wearing that model. I am geek. I am strong(ish).

 

[VirtualLarry]

Good young CoffeeZilla... Bloomberg implicated in conflict of interest with advertisers at end of video.

 

[Lost_in_the_HTTP]

Can we just flat outlaw this crimebux stuff?

Crypto exchanges enabled online child sex-abuse profiteer

Reuters|2 hours ago
In the eight years he ran an online market selling images of violent child sexual abuse, Michael Mohammad made the equivalent of more than 100,000 euros. At his trial in May, while some of his victims listened,


.

 

[JEDI]

Can we just flat outlaw this crimebux stuff?

Crypto exchanges enabled online child sex-abuse profiteer

Reuters|2 hours ago
In the eight years he ran an online market selling images of violent child sexual abuse, Michael Mohammad made the equivalent of more than 100,000 euros. At his trial in May, while some of his victims listened,

what about the people that paid for the photos?

 

[Lost_in_the_HTTP]

They're already outlawed. Kill Crimebux and all other ways to transfer money anonymously and you'll be on your way to better identifying them.

 

[MrSquished]

Can we just flat outlaw this crimebux stuff?

Crypto exchanges enabled online child sex-abuse profiteer

Reuters|2 hours ago
In the eight years he ran an online market selling images of violent child sexual abuse, Michael Mohammad made the equivalent of more than 100,000 euros. At his trial in May, while some of his victims listened,


.

Now I'm confused. Is now the time to buy crypto? Or only if I am a pedophile? Can someone explain?

 

[dullard]

Now I'm confused. Is now the time to buy crypto? Or only if I am a pedophile? Can someone explain?

It is pretty simple. If you are willing to lose all your money, and give it to billionaires like Carl Icahn, then yes by all means get in. Remember, the establishment needs your money.

Carl Icahn holds short position in GameStop - Bloomberg News

Activist investor Carl Icahn has a sizeable short position in video game retailer GameStop Corp , Bloomberg News reported on Monday, citing sources familiar with the matter.

www.reuters.com

 

[darkswordsman17]

Now I'm confused. Is now the time to buy crypto? Or only if I am a pedophile? Can someone explain?

Nah, it was always about supply side, so I guess go make child porn if you wanna make money from the cryptobros. That's the next shoe that's gonna drop is how many of these fucking clowns are gonna get sent away for amassing child porn collections. And imagine them crying in court "its an NFT, its supposed to be non-fungible, only I'm supposed to be able to see it!"