Cryptocurrency

CyCrazy

Well-Known Member
Dec 17, 2008
24,701
11,645
113
Ames
Its not a scam per se. But a LOT of people got burned trying to get rich quick by jumping on the bandwagon of something they didnt understand at all. And there were people taking advantage of that "greater fool" and greed to make money off them.

Never invest in something you dont understand.

Thats fair but its splitting hairs.
 

dafarmer

Well-Known Member
Mar 17, 2012
4,187
3,908
113
SW Iowa
Do Kwan -free
Alex Machinsky -free
Sam Bankman-Fried - free
Su Zhu - free
Kyle Davies -free
Voyager CEO - free
Guess these boys were all in the club.

Meanwhile, tornado cash guy wrote some open source software , and he's locked up with the key thrown away.

Stealing from you is fine. Stealing from them will get you whacked. As long as Bitcoin is useful to them , it lives, but always remember it's their game and their rules.

You still think Kevin O'Leary vetted FTX? He vetted the people, and knew whom they had access. He lost money because he still thought those pretty power brokers were in control. They aren't but that's a conversation for another day.

I don’t understand my wife most times, does that mean I can close her accounts?
Before or after the divorce.;)
 

Drew0311

Well-Known Member
Nov 7, 2019
4,315
6,361
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49
Norwalk, Iowa
I’m glad I never got caught up in this. I don’t usually invest in something I don’t understand. Something I do understand and say hell no. I kind of get cryptic and still say hell no. I’m not going to become rich off my investments but I doubt I go broke either.
 

MuskieCy

Well-Known Member
Nov 4, 2006
2,613
4,117
113
I will sell anybody this for $37.5M,.......BUT NOT THROUGH FTX!!!!

Just DM me. B^)

1668316115688.png
 

JustAnotherTimeline

Well-Known Member
Jul 29, 2021
1,873
89
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The FTX contagion is terrible for optics and sentiment for the crypto space. It could certainly be a long winter.

However, the demise of FTX was needed considering the efforts of SBF to obtain political favor for centralized entities, like his. He was in bed with the SEC and is one of the single biggest donors to the democratic party. Good riddance.

Hopefully the regulation that comes from this will ensure centralized entities have 1:1 reserves on client assets. Also, this is bullish for the supply side of the crypto market. FTX was selling Bitcoin and other crypto supply that didn't exist. Goodbye fractional reserve crypto banking. Leave that trash to the legacy system.

Bitcoin will continue to gain adoption. Hopefully devs will continue to make strides in the UI/UIX department with better solutions for non-tech folks with seed storage, etc. It will rise again to the disbelief of many.
 

nocsious3

Well-Known Member
Aug 23, 2013
877
760
93
For one, insinuating that we're going to have a nuclear war because of a crypto exchange going belly up seems pretty hilarious.
Might want to reread. They possible nuclear war is about the dollar reserve status, and the United States implementing monetary restrictions, including weaponizing SWIFT.
For one, insinuating that we're going to have a nuclear war because of a crypto exchange going belly up seems pretty hilarious.
The nuclear war possibility is a result of the United States forcing currency sanctions and weaponizing SWIFT.

The quickly growing BRICS membership and their desire to create a settlement currency without dollars is a symptom of US monetary policy. The inflation inflicted worldwide by massive monetary printing could very well lead to nuclear war. Most wars are really about money.
 

BCClone

Well-Known Member
SuperFanatic
SuperFanatic T2
Sep 4, 2011
53,888
47,031
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Not exactly sure.
The FTX contagion is terrible for optics and sentiment for the crypto space. It could certainly be a long winter.

However, the demise of FTX was needed considering the efforts of SBF to obtain political favor for centralized entities, like his. He was in bed with the SEC and is one of the single biggest donors to the democratic party. Good riddance.

Hopefully the regulation that comes from this will ensure centralized entities have 1:1 reserves on client assets. Also, this is bullish for the supply side of the crypto market. FTX was selling Bitcoin and other crypto supply that didn't exist. Goodbye fractional reserve crypto banking. Leave that trash to the legacy system.

Bitcoin will continue to gain adoption. Hopefully devs will continue to make strides in the UI/UIX department with better solutions for non-tech folks with seed storage, etc. It will rise again to the disbelief of many.
If he was short selling Bitcoin and other stuff, wouldn’t he have made it big with the crash? I’m not following that part.
 

Ames

Well-Known Member
SuperFanatic
SuperFanatic T2
Sep 5, 2006
2,109
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If he was short selling Bitcoin and other stuff, wouldn’t he have made it big with the crash? I’m not following that part.
It's really a run on the bank. People got scared and tried to withdraw. FTX didn't have the money to cover it.

Alameda was too heavy into 3 arrows and some bad investments. If he'd let Alameda go then FTX would likely have been ok.

He was out buying other companies. Building at a crazy pace. Donating to politicians and charity. Spending investors money. And making bad investments with their money.

It wasn't so much that he was short selling Bitcoin. He had platforms to allow investors to all kinds of investments so it was even easier to get behind on being able to cover funds. Really he got rich by arbitraging Bitcoin across countries in the early days. Nobody said he was good at investments since.

All of this is reportedly. Not proven.

Not your keys not your cheese.
 

BryceC

Well-Known Member
Mar 23, 2006
24,375
15,164
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Might want to reread. They possible nuclear war is about the dollar reserve status, and the United States implementing monetary restrictions, including weaponizing SWIFT.

The nuclear war possibility is a result of the United States forcing currency sanctions and weaponizing SWIFT.

The quickly growing BRICS membership and their desire to create a settlement currency without dollars is a symptom of US monetary policy. The inflation inflicted worldwide by massive monetary printing could very well lead to nuclear war. Most wars are really about money.

Okay. Insinuating this would lead to a nuclear war is absurd.
 
  • Agree
Reactions: Entropy

JustAnotherTimeline

Well-Known Member
Jul 29, 2021
1,873
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If he was short selling Bitcoin and other stuff, wouldn’t he have made it big with the crash? I’m not following that part.

What I am referring to here is that users bought bitcoin and it reflected in their account. But that bitcoin doesn't exist. FTX took the funds out the "backdoor" and "invested in high risk start ups and $hitcoins.
 

BCClone

Well-Known Member
SuperFanatic
SuperFanatic T2
Sep 4, 2011
53,888
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Not exactly sure.
What I am referring to here is that users bought bitcoin and it reflected in their account. But that bitcoin doesn't exist. FTX took the funds out the "backdoor" and "invested in high risk start ups and $hitcoins.
Okay, I understand better what he was doing now. I have thought about dabbling a little, but always hesitate when it’s on a rocket ship. The faster things go up the faster they go down in 99% of things.
 

CyCrazy

Well-Known Member
Dec 17, 2008
24,701
11,645
113
Ames
Might want to reread. They possible nuclear war is about the dollar reserve status, and the United States implementing monetary restrictions, including weaponizing SWIFT.

The nuclear war possibility is a result of the United States forcing currency sanctions and weaponizing SWIFT.

The quickly growing BRICS membership and their desire to create a settlement currency without dollars is a symptom of US monetary policy. The inflation inflicted worldwide by massive monetary printing could very well lead to nuclear war. Most wars are really about money.
You are off your rocker. You are nuts.