Cryptocurrency

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flycy

Well-Known Member
Jul 17, 2008
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I am not 100% sure that he is a crook per se, or a scammer (which is the word being used a lot around here).

From what I have read (and in fairness, just following casually), it seems to me like there is at least some possibility he just had zero idea of what he was doing from a business standpoint. Both in terms of what is legal/allowable, and how to be prudent in running a business. But had about 1000x more hubris that was good for him.
  • He just kept buying companies in trouble, and assumed the money tree would fund it all, and he would make it work because he was so smart.
  • When his one company needed billions, he took it from different company and moved it - acting like they were all 100% his and there were no rules on doing that, or other claims on the money. Or that he could break the rules, and just put the money back once the money tree took care of it, and by the time the dust he would just pay a fine.
  • There was no one else involved available to say "hey you can't do that" like, idk, a seasoned CFO or a Board Member to hit the brakes and prevent that kind of egregious violation. Just everyone in charge way too enamored of their own intelligence and infallibility.
So it's possible that it wasn't a scam with malice aforethought.

But all that said, it definitely could be that he knew exactly what was doing and was trying to sneak out as much silverware as possible before the house burned down. If there's some smoking gun stuff out there let me know, I haven't been following that close.

Note- I am talking about SBF particularly, not crypto in general, of which I am very skeptical.
The "silverware" that was snuck out the back door right before the collapse would indicate it was a scam. You can bet there are secret accounts all over the place. No different than any Ponzi scheme. Too good to be true returns, with folks trying to not miss out jumping in late only to lose everything. Although you are correct that it is no different than what the big banks do with a lot of risky leveraged loan schemes, and then demand bail outs because they are "too big to fail." I'm sure we will eventually see some cry for a "bail out" at some point.
 

JustAnotherTimeline

Well-Known Member
Jul 29, 2021
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Keep pumping homey!!!!

How big of a jack ass do you have to be to hope folks lose their jobs and money?

Lol, don't be a clown. Buffet....or the government will bail em out in some fashion. Warren will expand FDIC insurance amounts to a gazillion. I don't wish I'll on anyone. I hope whatever investments you choose do well! Just matching your snark bud.

non crypto folks are the only people I know who wish others investments to go down. It's messed up.

I don't have anywhere near life changing money in crypto... no reason to shill. I'm just a regular dude with a w2.

If you want to discuss the merits of smart contracts, or stateless currency, let's go. Your comments so far only indicate you may be ignorant to the subject.
 
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CycloneDaddy

Well-Known Member
Sep 24, 2006
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Lol, don't be a clown. Buffet....or the government will bail em out in some fashion. Warren will expand FDIC insurance amounts to a gazillion. I don't wish I'll on anyone. I hope whatever investments you choose do well! Just matching your snark bud.

non crypto folks are the only people I know who wish others investments to go down. It's messed up.

I don't have anywhere near life changing money in crypto... no reason to shill. I'm just a regular dude with a w2.

If you want to discuss the merits of smart contracts, or stateless currency, let's go. Your comments so far only indicate you may be ignorant to the subject.
When does the govt bail out people that lose their jobs?

I dont invest in Crypto so why would I care if I’m ignorant on the subject?

Keep cheering W2 folks to lose their jobs.
 

JustAnotherTimeline

Well-Known Member
Jul 29, 2021
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When does the govt bail out people that lose their jobs?

I dont invest in Crypto so why would I care if I’m ignorant on the subject?

Keep cheering W2 folks to lose their jobs.

I made an objective comment about a strong decoupling move by btc in the face of banking failures. Considering btc is a banking alternative that was a strong bullish indicator.

I was commenting on a macro level. Nobody is cheering for people to lose jobs. It's no different then when people comment on the unemployment report and it's relation to possible fed moves. There is no ill intent to flippantly talk about people's jobs.

You don't think you should try to understand something before making public comments?
 

CycloneDaddy

Well-Known Member
Sep 24, 2006
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Johnston
I made an objective comment about a strong decoupling move by btc in the face of banking failures. Considering btc is a banking alternative that was a strong bullish indicator.

I was commenting on a macro level. Nobody is cheering for people to lose jobs. It's no different then when people comment on the unemployment report and it's relation to possible fed moves. There is no ill intent to flippantly talk about people's jobs.

You don't think you should try to understand something before making public comments
I havent talked about Crypto, just pointing out you cheering for Bank failures and W2 earners losing jobs so you can make $10.
 

clonehome

Well-Known Member
Jul 29, 2006
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I’m sure the bank troubles have given btc and other cryptos a boost but I’m still skeptical that a large percentage of trades in btc and other cryptos are wash trades to pump up the price. So far the only value that I see in crypto is to put real dollars into the machine, ride it up, then cash out and convert back to real dollars so you can buy stuff. I build trading software and view crypto holdings as unrealized P&L. It becomes realized when you put it back into dollars. Similar to the casino where your chips can’t buy you anything outside until you cash them in. It will be interesting to see how long this phenomena continues.
 
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twojman

Well-Known Member
Jun 1, 2006
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Clive
Isn't it like 90% of all crypto transactions are for illicit activities?

Some crypto bro made a bet that BTC will hit a million in 90 days.
 
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JustAnotherTimeline

Well-Known Member
Jul 29, 2021
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I’m sure the bank troubles have given btc and other cryptos a boost but I’m still skeptical that a large percentage of trades in btc and other cryptos are wash trades to pump up the price. So far the only value that I see in crypto is to put real dollars into the machine, ride it up, then cash out and convert back to real dollars so you can buy stuff. I build trading software and view crypto holdings as unrealized P&L. It becomes realized when you put it back into dollars. Similar to the casino where your chips can’t buy you anything outside until you cash them in. It will be interesting to see how long this phenomena continues.

Hmmm. I spend crypto with my debit card from Coinbase. What happens with settlement after I spend is not relevant to my tax situation ( as I suspect it settles in dollars somewhere along the rails). I have 1000's of direct crypto spending transactions I just reported on my taxes.

Further, do you have the same critique of Gold? Most people just have paper gold waiting to convert to dollars at some point. Bitcoin is probably more accepted on the streets than gold as a currency. Also, gold and bitcoin are both in the same category of commodities so a comparison seems reasonable.
 
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JustAnotherTimeline

Well-Known Member
Jul 29, 2021
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Isn't it like 90% of all crypto transactions are for illicit activities?

Some crypto bro made a bet that BTC will hit a million in 90 days.

Yeah, it's Balaji Srinivasan from Coinbase CTO. He's another one of those ignorant crypto bros with two Phds in engineering from Stanford.

He knows it wont hit 1 mil. He's just looking for the pub, imo.
 

Cyclonepride

Thought Police
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Apr 11, 2006
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www.oldschoolradical.com
Isn't it like 90% of all crypto transactions are for illicit activities?

Some crypto bro made a bet that BTC will hit a million in 90 days.
Crypto is a threat to the existing order (the ability to print fiat currency with impunity). There will always be a ton of misinformation and push back that stems from that.
 
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