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Old 10 November 2022, 07:33 AM   #1
superdog
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End of Crypto?

Just saw the news about FTX and Binance. Watching BTC tank right now.

And the markets appear to all be tied together these days.

This could get really bad, really fast.

Crazy thing is without the regulation, those trying to sell their crypto now might not even get paid. Wow, this could get crazy.
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Old 10 November 2022, 07:36 AM   #2
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Just like in a casino, don't play with the money that you can't afford to lose ...
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Old 10 November 2022, 07:38 AM   #3
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I put play money in. The amount I would spend during a good night at the strip club. If it all goes bye bye, not an issue.
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Old 10 November 2022, 07:40 AM   #4
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Just like in a casino, don't play with the money that you can't afford to lose ...
did not put in any.
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Old 10 November 2022, 07:40 AM   #5
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I put play money in. The amount I would spend during a good night at the strip club. If it all goes bye bye, not an issue.
that could be a lot or a little, depending on the club.
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Old 10 November 2022, 07:51 AM   #6
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I realized it was a scam when I was playing with it in 2016. All these people who pushed all the chips in on this scam deserve the pain.
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Old 10 November 2022, 08:12 AM   #7
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End of Crypto?

Like a house of cards.

Or is it some kind of market manipulation?
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Old 10 November 2022, 08:22 AM   #8
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SBF admits to an $8 billion shortfall.

Regardless, less liquidity for consumption of stuff does not help a consumer-based economy.

Time for e-coin backed by SDR? ;-)
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Old 10 November 2022, 09:14 AM   #9
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Where’s mifune he’s the crypto guy.

Everything is down right now. I mean BTC is down about the same as Meta stock when you think about it. I never could make sense of the pricing but that’s bound to true with intangible assets.

My opinion is put your money in waterfront RE above sea level or simply cash flowing RE.
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Old 10 November 2022, 09:18 AM   #10
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End of Crypto?.
Not only no... HELL NO.

getting rid of shady players and adding the overlay of Governmental regulation is going to be positives that were really needed for the space to be even more legitimate.

In case anyone is interested I can explain the nuances, but it's slightly complicated and requires a history lesson. Suffice to say, Sam Bankman Fried is probably going to jail for a long time. They are just starting the investigations, but his company was Rehypothicating customers funds and raising liquidity by printing tokens and selling them to investors under the guise of a high rate of return even though those tokens were stable coins (Tokens pegged to the dollar and supposedly backed by assets at 1 to 1)

Thankfully, due to my personal cost basis, I am only down 15.41% over 24 hours... but it still stings and more importantly it puts a haze of uncertainty over the entire Crypto space just as we were getting back to normalization after the Terra Luna fiasco several months ago... and this one is much worse.
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Old 10 November 2022, 09:26 AM   #11
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I'm in for a very small amount and though I wouldn't want to, I can afford the loss.

Now my 24 year old son who talked me into crypto, he better start panicking.
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Old 10 November 2022, 09:27 AM   #12
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Buy the dip!
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Old 10 November 2022, 09:34 AM   #13
Mifune
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Buy the dip!
Then there's that^... because it's never been cheaper for more than a year, and Crypto has the ability to rip the roof on it's way up. Unfortunately you need liquidity, and while there is a BUNCH of money sitting on the sidelines no one wants to be the first one in the pool.

it will definitely come back, but it might not be until sometime next year... we'll see.

One bitcoin is still equal to one Bitcoin, so I am not selling... I am adding.
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Old 10 November 2022, 10:29 AM   #14
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I’ll be just fine never buying crypto.
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Old 10 November 2022, 10:32 AM   #15
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I’ll be just fine never buying crypto.
X2. Not in a million years
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Old 10 November 2022, 10:57 AM   #16
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A digital currency made out of thin air originally used as a medium of exchange by shady dark web masters for illegal activities. What could go wrong? Oh, I know, we'll market it as a legit asset class to the masses to really make $$$$.... At least the dot com bubble was a bit more regulated.


2022 RIP: Lesser crypto than BTC, SPACs, NFTs, what am I missing?
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Old 10 November 2022, 10:57 AM   #17
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I’m actually looking to buy crypto. Anyone interested in selling off his? No need reminding me about it’s predicament.
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Old 10 November 2022, 11:17 AM   #18
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A digital currency made out of thin air originally used as a medium of exchange by shady dark web masters for illegal activities. What could go wrong?

that doesn't even make sense... and illustrates the fundamental misconception of the uneducated (uneducated in terms of crypto assets and perhaps monetary systems not you personally).

can I ask you please... are your crisp new USD 100 dollar bills made out of something other than Thin air?
be careful how you answer that
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Old 10 November 2022, 11:20 AM   #19
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if any of you are really interested in what happened, here is an amazing video on the happenings...

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Old 10 November 2022, 11:40 AM   #20
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Originally Posted by Mifune View Post
that doesn't even make sense... and illustrates the fundamental misconception of the uneducated (uneducated in terms of crypto assets and perhaps monetary systems not you personally).

can I ask you please... are your crisp new USD 100 dollar bills made out of something other than Thin air?
be careful how you answer that
Not thin air but almost. All I can go on is the full faith of the US govt to back the currency, which is at this time, the reserve currency. can i ask you please... Are your home or rentals any more secure than a piece of paper at the county recorders office with the full faith of the laws upholding those as yours?

The real question is do I trust some guy in his basement working math equations for my medium of payment?

To each their own, but real money has been lost in dollar denominations. The story is as old as time, "Fear & Greed" lead markets.
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Old 10 November 2022, 11:42 AM   #21
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Quote:
Originally Posted by Mifune View Post
that d)...are your crisp new USD 100 dollar bills made out of something other than Thin air?
be careful how you answer that
Side question: Cost difference to produce a physical $1 versus $100 Fed Res Debt Note currency...

Extra bonus question... versus a US Mint silver Dollar money.
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Old 10 November 2022, 11:44 AM   #22
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Something PT Barnum something something.
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Old 10 November 2022, 11:45 AM   #23
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Wake me up when BTC is under 200.
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Old 10 November 2022, 12:11 PM   #24
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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.
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Old 10 November 2022, 12:12 PM   #25
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Ibtl
Reported!
Close thread!

I’m down $719,183,172.02 since Halloween
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Old 10 November 2022, 12:42 PM   #26
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Crypto skeptic for life

One of my employees told me her son was into crypto. I told her it had no store of value. The Treasury can print money, corporations have profits, bonds are backed by revenues, bridge tolls, sewer, water, etc.Even gold can be sold for a price. Crypto is based on nothing.

Going to nuthin’ fast.
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Old 10 November 2022, 12:55 PM   #27
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Originally Posted by dmash View Post
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.
yeah btc will ultimately be fine because it's not meant to be a security. btc regulation is a bit of a weird case, you can't necessarily regulate what it was trying to solve, which is become a financial system with no middle man, because once someone holds their own keys you can't control what they do with their btc. the part that people want regulated is having platforms in the US that allow people to trade derivatives (perp contracts, options), or even trade spot efficiently. they're not even letting 401ks buy spot because it's "too risky" yet there are plenty of stocks down much more even after today and tons of people wiping out in the stock market, including kids. coinbase is the biggest and safest one currently as it's US based and publicly traded, but most of its functionality is heavily limited as most states don't allow a large amount of crypto functionalities. this pushes people to offshore exchanges that are unregulated and have no insurance. sadly nothing will change and the sec will put more pressure on crypto, but still btc will be what it was meant to be. it's been stated that it's not a security and i think digital gold/large payments will be its use case. i think there are real legitimate reasons for people to own btc in a diversified portfolio

the rest of crypto is literally just unregulated equities that have no real use yet or scam projects that get rugged every week with devs running away with all the money. it remains to be seen if there will be actual use cases like defi or something new but for now they're mostly ponzis that are only useful in bull markets. it's now obvious that the last 3 years had no actual innovation in the space and the entire bull run was just propped up by 4 trading firms all trading on insane amounts of leverage (and even worse, some were using customer funds) and all of which have blown up this year

this is imo the worst day for crypto in its history, although maybe that one day in march 2020 was a bit worse because it actually felt over the day everyone woke up to btc down 50% with the s&p collapse. there were huge hacks and people losing tons of money but never on a global scale like this that will be widely reported by every media outlet. today kinda just makes people realize that we're set back years and a lot of lives have been ruined. just goes to show 99% of it is a ponzi or scam and it's just a lotto to get rich for a lot of people. i feel really bad for people who had large amounts of money on ftx which is now gone. no one even saw it coming because ftx was just one of the absolute safest places to have your money in given its track record until everything came out. SBF was still a horrible person because it was almost known that the firm he worked with would counter trade people on ftx, but it was mostly a meme that was unproven, and the platform itself was about as tier 1 as it gets in terms of safety. on the surface this guy was lobbying with congress and regulators, buying sponsorships in major US sports, working with the biggest celebs, etc and expanding even during this bear market. just the last thing anyone would imagine
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Old 10 November 2022, 01:06 PM   #28
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Old 10 November 2022, 01:18 PM   #29
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yeah btc will ultimately be fine because it's not meant to be a security. btc regulation is a bit of a weird case, you can't necessarily regulate what it was trying to solve, which is become a financial system with no middle man, because once someone holds their own keys you can't control what they do with their btc. the part that people want regulated is having platforms in the US that allow people to trade derivatives (perp contracts, options), or even trade spot efficiently. they're not even letting 401ks buy spot because it's "too risky" yet there are plenty of stocks down much more even after today and tons of people wiping out in the stock market, including kids. coinbase is the biggest and safest one currently as it's US based and publicly traded, but most of its functionality is heavily limited as most states don't allow a large amount of crypto functionalities. this pushes people to offshore exchanges that are unregulated and have no insurance. sadly nothing will change and the sec will put more pressure on crypto, but still btc will be what it was meant to be. it's been stated that it's not a security and i think digital gold/large payments will be its use case. i think there are real legitimate reasons for people to own btc in a diversified portfolio

the rest of crypto is literally just unregulated equities that have no real use yet or scam projects that get rugged every week with devs running away with all the money. it remains to be seen if there will be actual use cases like defi or something new but for now they're mostly ponzis that are only useful in bull markets. it's now obvious that the last 3 years had no actual innovation in the space and the entire bull run was just propped up by 4 trading firms all trading on insane amounts of leverage (and even worse, some were using customer funds) and all of which have blown up this year

this is imo the worst day for crypto in its history, although maybe that one day in march 2020 was a bit worse because it actually felt over the day everyone woke up to btc down 50% with the s&p collapse. there were huge hacks and people losing tons of money but never on a global scale like this that will be widely reported by every media outlet. today kinda just makes people realize that we're set back years and a lot of lives have been ruined. just goes to show 99% of it is a ponzi or scam and it's just a lotto to get rich for a lot of people. i feel really bad for people who had large amounts of money on ftx which is now gone. no one even saw it coming because ftx was just one of the absolute safest places to have your money in given its track record until everything came out. SBF was still a horrible person but the platform itself was about as tier 1 as it gets in terms of safety. this guy was lobbying with congress and regulators, buying sponsorships in major US sports, working with the biggest celebs, etc. just the last thing anyone would imagine

yup, I agree with practically everything here.

I also think the sell off has not ended. this is going to permanently scar the guys new to crypto. 1000000%. as said I've been around it for near 7 years now, in and out, but never saw it as anything more than a digital gold. and I think that's it's best use case. this event (as you said) isn't really like some of the other pump and dumps and odd occurrences, this was supposed to be a safe haven that wasn't just involved in something minor, this is some unreal stuff. a total manipulation. It really does make one ask 'what is even real in this space?'

also really agree with you about showcasing that nothing really has ben innovated and it was ALL smoke and mirrors about all these amazing use cases. this could be a major turning point for crypto, for the worst.
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Old 10 November 2022, 01:23 PM   #30
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Look out if the Russian mafia have any assets tied up in FTX .

These boys and girls will not be happy.

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