End of Crypto?

[huncho]

and here we go...

[Mifune]

His family is wealthy... besides, the DNC can forward him the monies.

[brandrea]

Originally Posted by huncho

and here we go...

Will be get paid in Crypto? Sorry I have to ask…

[BNA/LION]

Originally Posted by joeychitwood

I saw Sam Bankman-Fried interviewed today on the morning news shows in the US. I'm frankly surprised that he could keep a neighborhood Dungeons and Dragons game going in his mom's basement, much less lead a world financial revolution. The more I see of the debacle, the more amazed I am that cryptocurrency actually exists.

I agree with you 100%! It seems like the crypto game is full of scammers and get rich quick schemers.

[enjoythemusic]

Originally Posted by BNA/LION

I agree with you 100%! It seems like the crypto game is full of scammers and get rich quick schemers.

Guess we should ask ourselves who benefitted from his actions. Follow the _____.

[Star Ferry]

Originally Posted by enjoythemusic

Guess we should ask ourselves who benefitted from his actions. Follow the _____.

Clearly you don’t understand the blockchain or web3 well enough. There is no “benefit” in a blockchain, just dreams coming true. To make those dreams come true, you’ll need to give me your money without even seeing a basic pitch deck. If anything feels weird, it’s just because I’m a genius and you’re not.

^^ crypto in a nutshell ^^

[enjoythemusic]

i just hope they honestly follow the money when the lawsuits come down.... and they name names and have them before the court too. The whole Ghislaine Maxwell thing was a bust as they never named or prosecuted the politicians, famous, and rich 'Johns'. But in reality, let's face it, we all know he's fine as are those who greatly benefitted financially.

Business as usual.

[Star Ferry]

Is crypto just the final stage of capitalism? Wherein you pay everything and receive nothing, and imaginary tokenized NFT sandwiches cost more than a real sandwich?

[joeychitwood]

Originally Posted by Star Ferry

Clearly you don’t understand the blockchain or web3 well enough. There is no “benefit” in a blockchain, just dreams coming true. To make those dreams come true, you’ll need to give me your money without even seeing a basic pitch deck. If anything feels weird, it’s just because I’m a genius and you’re not.

^^ crypto in a nutshell ^^

A great description of cryptocurrency and the cult it has inspired.

[OverGeared]

https://web3isgoinggreat.com/?id=ceo...-bankman-fried

Turns out a major crypto publication has been bought and paid for by FTX for close to two years. If anyone's been using The Block to make investment decisions (or citing anything they've written to bolster a pro-crypto argument) it may be time to rethink your sources.

[jamesbondOO7]

I apply the rule: “do not invest in something you do not understand”.

[904VT]

Originally Posted by Star Ferry

Is crypto just the final stage of capitalism? Wherein you pay everything and receive nothing, and imaginary tokenized NFT sandwiches cost more than a real sandwich?

I don’t think it’s the end stage of capitalism. I do think it is in the Minsky Ponzi Unit of valuation phase of its current cycle though. I think it’s more indicative of a fractional banking system being taken advantage of by public sector that cannot stop spending. It’s like an addiction to the public sector. I guess inflation is one way to inflate away your obligations. The increased rates and inflation rates that will increase nominal rates, sure does seem to benefit the defunct Social Security program in the long run though as Age demographics evolve. Now their estimated rate of return assumption makes the programs look less underfunded. Sure seems like a shortcut to me.

[904VT]

Originally Posted by jamesbondOO7

I apply the rule: “do not invest in something you do not understand”.

I agree. But 99.9% of folks don’t even understand the most basic equities and debt instruments. Unless one can understand financial statement analysis at a professional level, they’re just essentially speculating. No matter how many news articles read. So many imo don’t understand the difference between a good stock and a good company.

[Onikage]

Great window of opportunity I missed.. I'm relieved as I almost got into it last year thinking I should probably have some. Not anymore. Best of luck gentlemen.

[enjoythemusic]

Wow, they actually arrested FTX guy.

So, he walks free, gets jail time, or 'suicide'? Wha cha think?

[77T]

He wears orange to testify before the House Financial Services Committee tomorrow…


Sent from my iPhone using Tapatalk Pro

[330ci]

Originally Posted by enjoythemusic

Wow, they actually arrested FTX guy.

So, he walks free, gets jail time, or 'suicide'? Wha cha think?

Too many people are getting suicided lately, we're starting to look like Russia.

My guess is he gets fed massive amounts of L?D in an isolation cell while being played sound loops to drive him mad.

[superdog]

Okay. I’m going to be “that guy”.

Clearly I called this. Just sayin. Too big for it not to happen. Simply can’t go unpunished or at a minimum uninvestigated (I know, not a word).

The politicians would never live it down.

I say he gets squished at some point. Some folks are really angry.

[HHIslander]

Originally Posted by 77T

He wears orange to testify before the House Financial Services Committee tomorrow…


Sent from my iPhone using Tapatalk Pro

I was hoping they would wait until after his testimony, I was really looking forward to that.

[huncho]

i think there was news that came out this week that basically pointed to FTX US operating under the same ponzi as the one in the bahamas. previously he said FTX US operated as a separate entity but with the US operation also declaring bankruptcy as part of the rest more questions started being asked. i guess now it becomes a US problem and all his donated money might not be enough for the feds to turn the other way. who knows

btw Gary Gensler has yet to make any statements on this whole thing. same guy who calls btc too dangerous and consistently blocks etf requests even from giants like fidelity. apparently now is the time for him to stay quiet despite being vocal about it for 2 years. the icing on the cake would be if they somehow found a way to get him out of the SEC or locked up, but i know that'll never happen sadly

[Star Ferry]

But, like, this is just the beginning of his personal journey, yaknow? This wasn’t the right stage in his life to be a billionaire CEO, and he’s had a bad month for sure, but he’ll be onto bigger and better things.

[Star Ferry]

Anyway, the Feds aren’t good at many things, but they do have a high conviction rate. Goodbye, Sam. It’s been real

[Mifune]

Sam Bankman Fried has been arrested and is in jail.

BREAKING: SBF has been charged with wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering, per NYT.

and that is just for starters...

[kopi-c]

Originally Posted by dmash

I’m not against crypto and dabbled in it around 2016 on the first ‘run up’.

But anybody with half a brain can put together that when a bunch of underage kids are even making money and screaming ‘to the moon’ rocket emoji, and talking about how they’ll never need a job……it’s pretty obvious it’s not going to last.

I actually don’t mind BTC being referred to as digital gold, but the stuff some crypto bros claim about the space being the future and all these alt coins having potential is borderline ridiculous.

Lastly, I like how BTC was literally made as a means of never being regulated or controlled by any governmental organization, and now people talk about it becoming more regulated is a good thing. That will 100000% drive the price down further.

Very true. Also, with so many different crypto coins out there, it is a scam... nobody can walk into a Rolex AD and use their crypto to buy a watch.

[huncho]

Originally Posted by kopi-c

Very true. Also, with so many different crypto coins out there, it is a scam... nobody can walk into a Rolex AD and use their crypto to buy a watch.

you also can't use cash to buy a lot of things in the US. what's your point?

[Mifune]

Originally Posted by kopi-c

nobody can walk into a Rolex AD and use their crypto to buy a watch.

you're going to end up eating your own words in the future.

I've made several large physical goods luxury purchases using crypto.

in all practicality sake, it actually makes much more sense to use Crypto.

[enjoythemusic]

Bloomberg: FTX Bankruptcy Means $73 Million in Political Donations at Risk of Being Clawed Back

[pickettt]

Originally Posted by Mifune

you're going to end up eating your own words in the future.

I've made several large physical goods luxury purchases using crypto.

in all practicality sake, it actually makes much more sense to use Crypto.

Nearly 450 posts and only a few get it.

[OverGeared]

"[T]he resource FTX, Binance, and all of the other bankrupt or soon-to-be-bankrupt crypto exchanges are competing for is not, say, wood that could be processed into timber, but a steady supply of suckers looking to make a buck in a zero-sum casino game. This is something of a renewable resource, it turns out, but it is not an inexhaustible one."

https://defector.com/binance-lawyer-...human-pyramid/

https://www.reuters.com/markets/us/u...es-2022-12-12/

Sometimes I think I should just start a company called DummyCashForDummies, wherein I show nothing but contempt for the state of crypto and its basic tenets, but still offer it for sale/minting to the community, just to see how many people take the bait while being explicitly insulted. But then I remember: someone's already beat me to it; that's almost literally how DogeCoin got started.

[espanol]

Originally Posted by Mifune

His family is wealthy... besides, the DNC can forward him the monies.

What's the DNC have to do with this?