The anti-crypto thread

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BFG10K

BFG10K

Lifer
Aug 14, 2000
22,709
2,958
126
techstartups.com

Ethereum-Killer Solana lost 96% of its value last year with over $50 billion wiped out - Tech Startups

Solana was once touted as an Ethereum killer, in part because of its eco-friendlier approach, high scalability, lower cost, and faster transaction speeds. But 2022 turned out to be the worst year for the one darling of the "Proof of Stake revolution" as investors bought into the hype only to see...
techstartups.com techstartups.com

Even the Russian Ruble didn't crash that bad

"Crypto resists inflation and political instability and maintains its value!" -internet cryptobros
 
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Lost_in_the_HTTP

Lost_in_the_HTTP

Lifer
Nov 17, 2019
10,764
6,452
136
^^ Russian? Did you say Russian?

Justice Dept. charges Russian founder of cryptocurrency firm

abcnews.go.com.ico
ABC|2 hours ago
A Russian national who founded a cryptocurrency exchange the Justice Department says evaded U.S. regulations and became a haven for proceeds of criminal activity has been arrested ...
 
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JEDI

JEDI

Lifer
Sep 25, 2001
30,160
3,300
126
btc is now $21k?!?
it bottomed last week.
buy buy buy!

(then crash again pretty quickly so i can get in at my $10k price point.
k.thx.bye)
 
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AdamK47

AdamK47

Lifer
Oct 9, 1999
15,206
2,838
126
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E

Exterous

Super Moderator
Jun 20, 2006
20,368
3,444
126
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IronWing

IronWing

No Lifer
Jul 20, 2001
69,010
26,888
136
Exterous said:
Nexos agrees to pay $45M to settle SEC and state regulator investigations. Apparently their Bulgarian offices were raided under suspicion of money laundering and tax crimes

www.bloomberg.com

Nexo Office Raided by Bulgarian Police Probing Alleged Crimes

Crypto lender Nexo’s office in Sofia was raided by Bulgarian police on Thursday as part of an investigation into suspected money laundering and tax crimes.
www.bloomberg.com www.bloomberg.com
Click to expand...
1674218244336.jpeg
 
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E

Exterous

Super Moderator
Jun 20, 2006
20,368
3,444
126
Man all these crypto scams falling apart. Well at least the house of cards are collapsing in on just themselves. Wait....they were doing what with whom? Goddamnit...

Two of the biggest banks to cryptocurrency companies are rushing to stem a flood of customer withdrawals by borrowing billions of dollars from Federal Home Loan Banks, the system originally designed to support mortgage lending in the 1930s.

Signature Bank tapped its local home-loan bank for nearly $10 billion in the fourth quarter, among the largest such borrowings by any bank since early 2020, according to securities filings. Silvergate Capital Corp., a competing lender that shifted its business toward crypto a decade ago, received at least $3.6 billion.

The borrowings at Signature—a commercial bank mostly known for multifamily real-estate lending before hitching onto the crypto craze—are more than double its previous highest sum in several years. Silvergate, meanwhile, didn’t have any home-loan bank borrowings a year earlier.
Click to expand...

I thought this was interesting - so bad news for individuals as FDIC won't mean squat if things get bad enough in a bankruptcy
FHLB lending to crypto-exposed banks threatens to amplify that risk. Home-loan bank advances are superior to all other debt, meaning that in the event of a member bank’s bankruptcy, an FHLB bank would be first in the collection pecking order, even ahead of the Federal Deposit Insurance Corp.
Click to expand...

www.wsj.com

Crypto Banks Borrow Billions From Home-Loan Banks to Plug Shortfalls

Signature Bank and Silvergate Capital, after a surge in customer withdrawals, have turned to a system originally designed to support mortgage lending.
www.wsj.com www.wsj.com
 
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Red Squirrel

Red Squirrel

No Lifer
May 24, 2003
67,339
12,099
126
www.anyf.ca
I sometimes toy with starting an exchange, it seems all the mainstream ones go corrupt after a while. I don't really know enough about how crypto works to do it though nor do I have the startup capital. Kinda need to know crypto inside out to run one properly, and not just how it works but the code and such too to implement it at a code level. Not the type of thing you want to mess up as large sums of money could be involved. You also need a hosting provider that accepts crypto, as you will end up with lot of crypto instead of cash as most people are probably exchanging crypto for cash and not the other way around so need a way to keep the bills paid. I think that's why lot of these end up going corrupt as they run out of cash flow and need to figure out what to do with all the crypto they have to try to get cash.

Crypto was suppose to be a currency but it turned more into an investment instrument, I think that's the main issue with it really. The fees and complexity also make it less suitable for average joes to use for every day purchases. If someone came up with a crypto that has zero fees and is super easy to use I could see it perhaps take off. Needs to be easy for a store to implement too.

It's a matter of time until the world government comes up with a crypto that we all use but since it would be government backed all the banks would also start to use it, so you'd end up getting a banking card for it and it would be like using regular cash except there would be no cash. I personally don't know if I like that idea but I think it's coming.
 
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I

igor_kavinski

Lifer
Jul 27, 2020
16,161
10,238
106
Red Squirrel said:
It's a matter of time until the world government comes up with a crypto that we all use but since it would be government backed all the banks would also start to use it, so you'd end up getting a banking card for it and it would be like using regular cash except there would be no cash. I personally don't know if I like that idea but I think it's coming.
Click to expand...
Yep. Central Bank server crash. Data lost. Whole country is poor now.

We can never rely on digital currency. Fiat will always need to be there, when the power goes out or natural calamities wreak havoc on a populace.
 
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Fenixgoon

Fenixgoon

Lifer
Jun 30, 2003
31,548
9,907
136
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SKORPI0

SKORPI0

Lifer
Jan 18, 2000
18,406
2,309
136
Fenixgoon said:
Seems legit...
edition.cnn.com

This 'Cryptoqueen' scammed investors out of $4 billion, the FBI says. Then she boarded a plane and disappeared | CNN Business

Ruja Ignatova launched her cryptocurrency OneCoin with bold statements like, "In two years, nobody will speak about bitcoin anymore." Investors around the world flooded her with cash, but as OneCoin collapsed under criminal investigations, she boarded a flight to Greece and vanished.
edition.cnn.com edition.cnn.com
Click to expand...
www.theregister.com

OneCoin co-founder pleads guilty to $4 billion fraud

Alleged 'mastermind' who proposed 'take the money and run' exit strategy remains a fugitive
www.theregister.com www.theregister.com

So it's been 6 years since since she disappeared. How hard is it to find a "snitch" and tell the FBI where she is hiding. :confused:
 
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BFG10K

BFG10K

Lifer
Aug 14, 2000
22,709
2,958
126
Not only are miners defrauding fiat and power grids, now they're defrauding second hand GPU sales.

hothardware.com

Crypto Miners Are Scamming GPU Buyers By Painting Memory Chips, What You Need To Know

Sellers of used, and possibly abused, old graphics cards have hit upon a new technique to deceive GPU hungry folk—painting memory chips to make them look factory fresh.
hothardware.com hothardware.com

videocardz.com

Radeon GPU cracking not caused by drivers, storing conditions and cryptomining to blame - VideoCardz.com

It’s not the drivers, but crypto mining and air humidity KrisFix provides an update to an unusual increase of Radeon RX 6000 GPU failures at their repair center. AMD Radeon RX 6000 GPUs, Source: KrisFix In the last video from German GPU repair service a sudden spike of Radeon RX 6000 graphics...
videocardz.com videocardz.com

These are good people, yo. Good people. All they care about is the betterment of humanity! o_O
 
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