The anti-crypto thread

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MrSquished

MrSquished

Lifer
Jan 14, 2013
26,067
24,397
136
Red Squirrel said:
The whole idea behind crypto is that it's not regulated and decentralized so it shouldn't be banned, but people should realize that when they use it, they're on their own.
Click to expand...

MrSquished said:
And look how well that's working out. Do you think any financial institutions or transactions should be regulated in any way shape or form?
Click to expand...

as happens every time, Squirrel will avoid responding to any salient point that may counter is tiny little conservative bubble worldview that ignores reality.
 
biostud

biostud

Lifer
Feb 27, 2003
19,960
7,050
136
We've already had the gold discussion 70-80 pages ago. :p

Gold has industrial uses, and can be used for cultural things like jewelry, which may be considered to be worth far more than the value of the natural resource price+labor price.

Cryptocurrency is just like regular money, in it self a $100 bill is not really worth anything and isn't useful in any regards, if we didn't accept that it actually was worth $100. Currencies are not unique. Raw materials and art are.
 
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Heartbreaker

Heartbreaker

Diamond Member
Apr 3, 2006
5,194
6,809
136
biostud said:
Cryptocurrency is just like regular money, in it self a $100 bill is not really worth anything and isn't useful in any regards, if we didn't accept that it actually was worth $100. Currencies are not unique. Raw materials and art are.
Click to expand...

No it's NOT just like regular money. Regular money is backed by the government and the economies of the issuing country.

Ponzi-Coins are back by nothing but the hype/pump cycle.
 
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biostud

biostud

Lifer
Feb 27, 2003
19,960
7,050
136
guidryp said:
No it's NOT just like regular money. Regular money is backed by the government and the economies of the issuing country.

Ponzi-Coins are back by nothing but the hype/pump cycle.
Click to expand...
I know, but money in that regard it only hold value because someone believes it to do so. But bitcoin is only backed by anarchy.
 
dullard

dullard

Elite Member
May 21, 2001
26,083
4,733
126
Brutal day for crypto and the related meme stocks so far.
  • APE is down more than 10% today, down 87% in it's short existence.
  • AMC broke down through its $5 floor.
  • Coinbase down 5% today, down 90% overall from its start.
  • Mid-tier stablecoins are struggling. Neutrino continues its crash from last week down to $0.55 when it was supposed to be stable at $1. TerraClassic and Tribe are down quite a bit too.
  • Binance has lost roughly 10% of its total assets in the last week. If outflows continue and/or underlying "assets" continue to fall in price then expect Binance to have to keep selling its stuff. Which means more outflows and more price falls in its assets. Which means Binance needs to keep selling stuff.
  • Most cryptos are down today. A lot of this is lead by FTX and now Binance. Ether (down 6% in a week) and BNB (down 11% in a week) will be under a lot of pressure to fall in value until Binance somehow stabilizes as that is what Binance will be selling.
 
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Mai72

Mai72

Lifer
Sep 12, 2012
11,562
1,742
126
These fools put money into Logan Pauls blockchain CryptoZoo. One guy gave Logan $500k. What did Logan do? He took their money, and disbanded the blockchain. Its worthless now.

Why would anyone give Logan $500k? Are they insane.

 
Lost_in_the_HTTP

Lost_in_the_HTTP

Lifer
Nov 17, 2019
13,335
7,888
136
I hope they're checking him for self induced poisons.

FTX's Bankman-Fried appears to fall asleep during court hearing where he does not agree to extradition: report

www.foxbusiness.com.ico
Fox Business|1 hour ago
Disgraced FTX founder Sam Bankman-Fried declined an extradition agreement while in court in the Bahamas, and the ex-billionaire appeared to fall asleep during proceedings.
 
dullard

dullard

Elite Member
May 21, 2001
26,083
4,733
126
Lost_in_the_HTTP said:
Disgraced FTX founder Sam Bankman-Fried declined an extradition agreement while in court in the Bahamas, and the ex-billionaire appeared to fall asleep during proceedings.
Click to expand...
Is he allowed to get his array of stimulants, anti-depressants, and parkinson's medications while in custody?
 
JEDI

JEDI

Lifer
Sep 25, 2001
29,391
2,738
126
Lost_in_the_HTTP said:
I hope they're checking him for self induced poisons.

FTX's Bankman-Fried appears to fall asleep during court hearing where he does not agree to extradition: report

www.foxbusiness.com.ico
Fox Business|1 hour ago
Disgraced FTX founder Sam Bankman-Fried declined an extradition agreement while in court in the Bahamas, and the ex-billionaire appeared to fall asleep during proceedings.
Click to expand...
i was wondering why he agreed to waive extradition to the US in the 1st place?
unless the jails in bahamas suck?
 
VirtualLarry

VirtualLarry

No Lifer
Aug 25, 2001
56,587
10,225
126
I wasn't aware that alleged criminals (those with at least charges against them) had a choice in the matter of extradition.
 
JEDI

JEDI

Lifer
Sep 25, 2001
29,391
2,738
126
VirtualLarry said:
I wasn't aware that alleged criminals (those with at least charges against them) had a choice in the matter of extradition.
Click to expand...
he waived extradition meaning no court battle to get him to the US.
He voluntarily be xferred to the US authorities.

when i 1st heard that, i didnt understand why.
but apparently he has changed his mind
 
Heartbreaker

Heartbreaker

Diamond Member
Apr 3, 2006
5,194
6,809
136
VirtualLarry said:
I wasn't aware that alleged criminals (those with at least charges against them) had a choice in the matter of extradition.
Click to expand...

I think everyone (with money) has the option to fight extradition. There have been a lot of high profile extradition cases.
 
biostud

biostud

Lifer
Feb 27, 2003
19,960
7,050
136
Fenixgoon said:
Just weeding out the weak players in the market. The strong will survive! /S
Click to expand...
When something is not controlled, then it leads to Anarchy which leads to a few strong players setting the rules, and guess what then the market is controlled. Not by democratic states but those with most money.
 
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biostud

biostud

Lifer
Feb 27, 2003
19,960
7,050
136
Fenixgoon said:
Just weeding out the weak players in the market. The strong will survive! /S
Click to expand...
When something is not controlled, then it leads to Anarchy which leads to a few strong players setting the rules, and guess what then the market is controlled. Not by democratic states but those with most money.
 
Fenixgoon

Fenixgoon

Lifer
Jun 30, 2003
33,370
12,966
136
biostud said:
When something is not controlled, then it leads to Anarchy which leads to a few strong players setting the rules, and guess what then the market is controlled. Not by democratic states but those with most money.
Click to expand...
i believe the most up-to-date term for that is "Proof of Stake" :D (no i'm not a cynic at all)
 
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Meghan54

Meghan54

Lifer
Oct 18, 2009
11,684
5,228
136
JEDI said:
i was wondering why he agreed to waive extradition to the US in the 1st place?
unless the jails in bahamas suck?
Click to expand...

He's being held in the only prison in the Bahamas, Fox Hill. I'll let some others talk about it.....


freebeacon.com

Silver Lining: Bahamas Jail Housing Crypto Fraudster SBF Is a Rat-Infested Hellhole

Sam Bankman-Fried, the Democratic megadonor charged with what the Department of Justice called "one of the biggest financial frauds in American history," is being held in a Bahamas prison that's notorious for pest infestations, unsanitary conditions, and violence.
freebeacon.com freebeacon.com

nypost.com

Sam Bankman-Fried risks trading one notorious jail for another back in the US

The embattled crypto CEO’s agreement to start his extradition process means he could go from the Bahamas’ notorious Fox Hill prison to Brooklyn’s troubled Metropolitan Detention C…
nypost.com nypost.com
 
Heartbreaker

Heartbreaker

Diamond Member
Apr 3, 2006
5,194
6,809
136
Coffeezilla digging through Logan Pauls zoo token scam. It's interesting how they plan the pump and dump, and are planning to limit their cash out to not tank the market while they were dumping:

 
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