BitCoin
Quote: billryanBitcoin has zero forward momentum and will soon be the myspace of cryptocurrency The kool kids have found a new shiny object.
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I've never understood why crypto has to have constant forward motion. USD. dollar has none and is worth less every year and it does just fine. But if crypto stalls it's like the end of the world. I would think being a fixed price would be a good thing because then you know what it's always worth.
Quote: billryanThe kool kids have found a new shiny object.
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Which is?
Quote: EvenBobThe 1st of May, 5 months ago, Bitcoin was worth $36,000. The 1st of July it was worth 19000 and today October 24th it's worth $19,000. A year ago it was worth $65,000. This has got to be driving the TwinkleToesTwins crazy. The Winklevoss were original investors in Bitcoin.
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Original investors?
So they brought it at less than $1 and are being driven crazy because it's at $19,000?
Quote: darkozQuote: EvenBobThe 1st of May, 5 months ago, Bitcoin was worth $36,000. The 1st of July it was worth 19000 and today October 24th it's worth $19,000. A year ago it was worth $65,000. This has got to be driving the TwinkleToesTwins crazy. The Winklevoss were original investors in Bitcoin.
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Original investors?
So they brought it at less than $1 and are being driven crazy because it's at $19,000?
link to original post
""Early investors in bitcoin, the Winklevoss brothers are estimated to have lost around $2.2 billion, or 40%, of their fortunes this year, according to a report by Bloomberg last month." July 2022
Quote: EvenBobQuote: darkozQuote: EvenBobThe 1st of May, 5 months ago, Bitcoin was worth $36,000. The 1st of July it was worth 19000 and today October 24th it's worth $19,000. A year ago it was worth $65,000. This has got to be driving the TwinkleToesTwins crazy. The Winklevoss were original investors in Bitcoin.
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Original investors?
So they brought it at less than $1 and are being driven crazy because it's at $19,000?
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""Early investors in bitcoin, the Winklevoss brothers are estimated to have lost around $2.2 billion, or 40%, of their fortunes this year, according to a report by Bloomberg last month." July 2022
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Right
So they were early investors who got in at $1 per coin
Turned it into $60,000 per coin.
And then lost a large part of what they had earned so their $1 is only worth $19,000 instead of $60,000
And you feel they 'lost" on their investment
Quote: EvenBobQuote: darkozQuote: EvenBobThe 1st of May, 5 months ago, Bitcoin was worth $36,000. The 1st of July it was worth 19000 and today October 24th it's worth $19,000. A year ago it was worth $65,000. This has got to be driving the TwinkleToesTwins crazy. The Winklevoss were original investors in Bitcoin.
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Original investors?
So they brought it at less than $1 and are being driven crazy because it's at $19,000?
link to original post
""Early investors in bitcoin, the Winklevoss brothers are estimated to have lost around $2.2 billion, or 40%, of their fortunes this year, according to a report by Bloomberg last month." July 2022
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You have obviously never had a lot of money. If you have $100,000 in the bank and you lose 40% of it you don't think oh well, I still have $60,000 left. No, you are sick to your stomach that you lost 40% of your $100,000. You think they aren't sick that they've lost two billion dollars? Of course they are.
A large portion of bitcoin mining was done in China before power outages put them out of business. Video cards have been scalped and are selling for multiples of their retail value and in response, video card makers recently crimped new video cards so they don't do bitcoin mining like they used to in an effort to bring video card prices back down from the multiples.
It's X-Mas season so I'm going to look for new computer deals, because who knows if this China embargo puts the major computer manufacturers out of business.
Quote: WizardSeems to me Bitcoin has been in the range of 18K to 23K since mid June. I have never seen such stability in it's value. I am not sure what my point is, but just wanted to make the observation.
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I have been noticing the same myself. It might be maturing a bit as an investment. We also have way more institutional interest now than before. Still, next halving in 600 or so days hopefully it moves like every other time.
Quote: darkozQuote: EvenBobQuote: darkozQuote: EvenBobThe 1st of May, 5 months ago, Bitcoin was worth $36,000. The 1st of July it was worth 19000 and today October 24th it's worth $19,000. A year ago it was worth $65,000. This has got to be driving the TwinkleToesTwins crazy. The Winklevoss were original investors in Bitcoin.
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Original investors?
So they brought it at less than $1 and are being driven crazy because it's at $19,000?
link to original post
""Early investors in bitcoin, the Winklevoss brothers are estimated to have lost around $2.2 billion, or 40%, of their fortunes this year, according to a report by Bloomberg last month." July 2022
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Right
So they were early investors who got in at $1 per coin
Turned it into $60,000 per coin.
And then lost a large part of what they had earned so their $1 is only worth $19,000 instead of $60,000
And you feel they 'lost" on their investment
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And you think they didn't?
Quote: ChumpChangeChina just got sent back into the dark ages and their stock market is crashing. The USA has nuked China financially on top of all the internal problems they've been having with real estate and bank runs. The worldwide chip shortage moves to who controls Taiwan. American workers in China have been told to leave the country or lose American citizenship. So what does that mean for Apple and Tesla and many things made for WalMart? China will be made chipless imminently, no chips coming into the country.
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Could you cite some news articles to support your assertions?
What I see is that China market is tanking on news about Xi becoming President for Life. Can't see how the US is to blame/credit for that. I also see that the US as imposed tech control export rules but I don't see the overarching general demand for US citizens to leave the country??
Sources?
Quote: EvenBobQuote: EvenBobQuote: darkozQuote: EvenBobThe 1st of May, 5 months ago, Bitcoin was worth $36,000. The 1st of July it was worth 19000 and today October 24th it's worth $19,000. A year ago it was worth $65,000. This has got to be driving the TwinkleToesTwins crazy. The Winklevoss were original investors in Bitcoin.
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Original investors?
So they brought it at less than $1 and are being driven crazy because it's at $19,000?
link to original post
""Early investors in bitcoin, the Winklevoss brothers are estimated to have lost around $2.2 billion, or 40%, of their fortunes this year, according to a report by Bloomberg last month." July 2022
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You have obviously never had a lot of money. If you have $100,000 in the bank and you lose 40% of it you don't think oh well, I still have $60,000 left. No, you are sick to your stomach that you lost 40% of your $100,000. You think they aren't sick that they've lost two billion dollars? Of course they are.
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I understand what you are saying but it's still like going into a casino with $100, winning $5000, then handing back $2000, walking out with $3000 profit angry that you lost money.
. happens all the time but how about this logic. If I knew in advance that would always happen, I would jump all over it. Imagine every day winning five thousand and handing back two thousand for a daily profit of three grand.
Anyone who said that makes them angry and refuses is an idiot.
And most rich people are idiots. Case above cited.
Quote: ChumpChangeChina Was Just Sent Back To The Dark Ages
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The Shanghai Composite is down 22% over the last year. By comparison, the S&P is down 13%.
Quote: darkozQuote: EvenBobQuote: EvenBobQuote: darkozQuote: EvenBobThe 1st of May, 5 months ago, Bitcoin was worth $36,000. The 1st of July it was worth 19000 and today October 24th it's worth $19,000. A year ago it was worth $65,000. This has got to be driving the TwinkleToesTwins crazy. The Winklevoss were original investors in Bitcoin.
link to original post
Original investors?
So they brought it at less than $1 and are being driven crazy because it's at $19,000?
link to original post
""Early investors in bitcoin, the Winklevoss brothers are estimated to have lost around $2.2 billion, or 40%, of their fortunes this year, according to a report by Bloomberg last month." July 2022
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You have obviously never had a lot of money. If you have $100,000 in the bank and you lose 40% of it you don't think oh well, I still have $60,000 left. No, you are sick to your stomach that you lost 40% of your $100,000. You think they aren't sick that they've lost two billion dollars? Of course they are.
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I understand what you are saying but it's still like going into a casino with $100, winning $5000, then handing back $2000, walking out with $3000 profit angry that you lost money.
. happens all the time but how about this logic. If I knew in advance that would always happen, I would jump all over it. Imagine every day winning five thousand and handing back two thousand for a daily profit of three grand.
Anyone who said that makes them angry and refuses is an idiot.
And most rich people are idiots. Case above cited.
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It is in no way similar, but it's pretty obvious you really don't understand investing so perhaps someone else might explain the differences.
Quote: billryanQuote: darkozQuote: EvenBobQuote: EvenBobQuote: darkozQuote: EvenBobThe 1st of May, 5 months ago, Bitcoin was worth $36,000. The 1st of July it was worth 19000 and today October 24th it's worth $19,000. A year ago it was worth $65,000. This has got to be driving the TwinkleToesTwins crazy. The Winklevoss were original investors in Bitcoin.
link to original post
Original investors?
So they brought it at less than $1 and are being driven crazy because it's at $19,000?
link to original post
""Early investors in bitcoin, the Winklevoss brothers are estimated to have lost around $2.2 billion, or 40%, of their fortunes this year, according to a report by Bloomberg last month." July 2022
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You have obviously never had a lot of money. If you have $100,000 in the bank and you lose 40% of it you don't think oh well, I still have $60,000 left. No, you are sick to your stomach that you lost 40% of your $100,000. You think they aren't sick that they've lost two billion dollars? Of course they are.
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I understand what you are saying but it's still like going into a casino with $100, winning $5000, then handing back $2000, walking out with $3000 profit angry that you lost money.
. happens all the time but how about this logic. If I knew in advance that would always happen, I would jump all over it. Imagine every day winning five thousand and handing back two thousand for a daily profit of three grand.
Anyone who said that makes them angry and refuses is an idiot.
And most rich people are idiots. Case above cited.
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It is in no way similar, but it's pretty obvious you really don't understand investing so perhaps someone else might explain the differences.
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Or perhaps investors don't understand they are actually gambling.
Far be it from me to make idiots understand.
I wish I had the Winklevoss problem of only profiting a few billion instead of several billion
Quote: darkozQuote: billryanQuote: darkozQuote: EvenBobQuote: EvenBobQuote: darkozQuote: EvenBobThe 1st of May, 5 months ago, Bitcoin was worth $36,000. The 1st of July it was worth 19000 and today October 24th it's worth $19,000. A year ago it was worth $65,000. This has got to be driving the TwinkleToesTwins crazy. The Winklevoss were original investors in Bitcoin.
link to original post
Original investors?
So they brought it at less than $1 and are being driven crazy because it's at $19,000?
link to original post
""Early investors in bitcoin, the Winklevoss brothers are estimated to have lost around $2.2 billion, or 40%, of their fortunes this year, according to a report by Bloomberg last month." July 2022
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You have obviously never had a lot of money. If you have $100,000 in the bank and you lose 40% of it you don't think oh well, I still have $60,000 left. No, you are sick to your stomach that you lost 40% of your $100,000. You think they aren't sick that they've lost two billion dollars? Of course they are.
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I understand what you are saying but it's still like going into a casino with $100, winning $5000, then handing back $2000, walking out with $3000 profit angry that you lost money.
. happens all the time but how about this logic. If I knew in advance that would always happen, I would jump all over it. Imagine every day winning five thousand and handing back two thousand for a daily profit of three grand.
Anyone who said that makes them angry and refuses is an idiot.
And most rich people are idiots. Case above cited.
link to original post
It is in no way similar, but it's pretty obvious you really don't understand investing so perhaps someone else might explain the differences.
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Or perhaps investors don't understand they are actually gambling.
Far be it from me to make idiots understand.
I wish I had the Winklevoss problem of only profiting a few billion instead of several billion
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Last time I saw your posts about your investing, you said you had only invested in stocks twice in your life. One was your laughable investment in lemonlabob where you seem to have lost about 90% on a stock most savvy investors wouldn't touch with a ten-foot pole and some unnamed other stock you claim to have done well on. You also seemed to think bitcoin at 60,000plus was a good investment.
Maybe people who actually invest might know just a bit more about it. Perhaps.
OTOH,I was reading about some would-be celebrity whose money manager bought her $10,000 worth of bitcoin at $250 each and who forgot about them until a week or two ago.
Quote: billryanQuote: darkozQuote: billryanQuote: darkozQuote: EvenBobQuote: EvenBobQuote: darkozQuote: EvenBobThe 1st of May, 5 months ago, Bitcoin was worth $36,000. The 1st of July it was worth 19000 and today October 24th it's worth $19,000. A year ago it was worth $65,000. This has got to be driving the TwinkleToesTwins crazy. The Winklevoss were original investors in Bitcoin.
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Original investors?
So they brought it at less than $1 and are being driven crazy because it's at $19,000?
link to original post
""Early investors in bitcoin, the Winklevoss brothers are estimated to have lost around $2.2 billion, or 40%, of their fortunes this year, according to a report by Bloomberg last month." July 2022
link to original post
You have obviously never had a lot of money. If you have $100,000 in the bank and you lose 40% of it you don't think oh well, I still have $60,000 left. No, you are sick to your stomach that you lost 40% of your $100,000. You think they aren't sick that they've lost two billion dollars? Of course they are.
link to original post
I understand what you are saying but it's still like going into a casino with $100, winning $5000, then handing back $2000, walking out with $3000 profit angry that you lost money.
. happens all the time but how about this logic. If I knew in advance that would always happen, I would jump all over it. Imagine every day winning five thousand and handing back two thousand for a daily profit of three grand.
Anyone who said that makes them angry and refuses is an idiot.
And most rich people are idiots. Case above cited.
link to original post
It is in no way similar, but it's pretty obvious you really don't understand investing so perhaps someone else might explain the differences.
link to original post
Or perhaps investors don't understand they are actually gambling.
Far be it from me to make idiots understand.
I wish I had the Winklevoss problem of only profiting a few billion instead of several billion
link to original post
Last time I saw your posts about your investing, you said you had only invested in stocks twice in your life. One was your laughable investment in lemonlabob where you seem to have lost about 90% on a stock most savvy investors wouldn't touch with a ten-foot pole and some unnamed other stock you claim to have done well on. You also seemed to think bitcoin at 60,000plus was a good investment.
Maybe people who actually invest might know just a bit more about it. Perhaps.
OTOH,I was reading about some would-be celebrity whose money manager bought her $10,000 worth of bitcoin at $250 each and who forgot about them until a week or two ago.
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So your point is the would be celebrity lost a lot of money?
Because you basically are pointing out that she purchased at $250 a coin, they went up to $60,000 a coin and now they are down to $19,000 a coin in your opinion she lost money and that's because she understands investing.
Oh, she understands investing so well, she even FORGOT she owned her investment.
Again what was I saying about idiots?
Quote: ChumpChangeChina just got sent back into the dark ages and their stock market is crashing. The USA has nuked China financially on top of all the internal problems they've been having with real estate and bank runs. The worldwide chip shortage moves to who controls Taiwan. American workers in China have been told to leave the country or lose American citizenship. So what does that mean for Apple and Tesla and many things made for WalMart? China will be made chipless imminently, no chips coming into the country.
A large portion of bitcoin mining was done in China before power outages put them out of business. Video cards have been scalped and are selling for multiples of their retail value and in response, video card makers recently crimped new video cards so they don't do bitcoin mining like they used to in an effort to bring video card prices back down from the multiples.
It's X-Mas season so I'm going to look for new computer deals, because who knows if this China embargo puts the major computer manufacturers out of business.
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Apple announced a couple months ago they were moving all their business out of China and into India. This had to be a blow that you don't recover from.
Quote: EvenBobQuote: ChumpChangeChina just got sent back into the dark ages and their stock market is crashing. The USA has nuked China financially on top of all the internal problems they've been having with real estate and bank runs. The worldwide chip shortage moves to who controls Taiwan. American workers in China have been told to leave the country or lose American citizenship. So what does that mean for Apple and Tesla and many things made for WalMart? China will be made chipless imminently, no chips coming into the country.
A large portion of bitcoin mining was done in China before power outages put them out of business. Video cards have been scalped and are selling for multiples of their retail value and in response, video card makers recently crimped new video cards so they don't do bitcoin mining like they used to in an effort to bring video card prices back down from the multiples.
It's X-Mas season so I'm going to look for new computer deals, because who knows if this China embargo puts the major computer manufacturers out of business.
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Apple announced a couple months ago they were moving all their business out of China and into India. This had to be a blow that you don't recover from.
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Apple moved 5% of their China production to India, and may move about a quarter of the rest.
Quote: billryanQuote: EvenBobQuote: ChumpChangeChina just got sent back into the dark ages and their stock market is crashing. The USA has nuked China financially on top of all the internal problems they've been having with real estate and bank runs. The worldwide chip shortage moves to who controls Taiwan. American workers in China have been told to leave the country or lose American citizenship. So what does that mean for Apple and Tesla and many things made for WalMart? China will be made chipless imminently, no chips coming into the country.
A large portion of bitcoin mining was done in China before power outages put them out of business. Video cards have been scalped and are selling for multiples of their retail value and in response, video card makers recently crimped new video cards so they don't do bitcoin mining like they used to in an effort to bring video card prices back down from the multiples.
It's X-Mas season so I'm going to look for new computer deals, because who knows if this China embargo puts the major computer manufacturers out of business.
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Apple announced a couple months ago they were moving all their business out of China and into India. This had to be a blow that you don't recover from.
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Apple moved 5% of their China production to India, and may move about a quarter of the rest.
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I read they're getting out of China entirely. Obviously they won't do it all at once but they're gone out of China
Quote: EvenBobQuote: billryanQuote: EvenBobQuote: ChumpChangeChina just got sent back into the dark ages and their stock market is crashing. The USA has nuked China financially on top of all the internal problems they've been having with real estate and bank runs. The worldwide chip shortage moves to who controls Taiwan. American workers in China have been told to leave the country or lose American citizenship. So what does that mean for Apple and Tesla and many things made for WalMart? China will be made chipless imminently, no chips coming into the country.
A large portion of bitcoin mining was done in China before power outages put them out of business. Video cards have been scalped and are selling for multiples of their retail value and in response, video card makers recently crimped new video cards so they don't do bitcoin mining like they used to in an effort to bring video card prices back down from the multiples.
It's X-Mas season so I'm going to look for new computer deals, because who knows if this China embargo puts the major computer manufacturers out of business.
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Apple announced a couple months ago they were moving all their business out of China and into India. This had to be a blow that you don't recover from.
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Apple moved 5% of their China production to India, and may move about a quarter of the rest.
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I read they're getting out of China entirely. Obviously they won't do it all at once but they're gone out of China
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I don't know what you read, but apple still makes well over 90% of its goods in China and has an eight-year plan to see up to 25% of their products made elsewhere. Even then, most components will be purchased from Chinese vendors.
Quote: billryanI didn't realize the S&P was down 13%. No wonder my FA was not happy when I complained about the puny 3.7% growth. Thankfully, he did show me a way to put more than the $10,000 per person limit on the Ibonds that are paying currently paying 9% plus.
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Anything you can share? My wife and I each put our $10k in I-Bonds at 9.62% and I would like to put more in.
Quote: DRichQuote: billryanI didn't realize the S&P was down 13%. No wonder my FA was not happy when I complained about the puny 3.7% growth. Thankfully, he did show me a way to put more than the $10,000 per person limit on the Ibonds that are paying currently paying 9% plus.
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Anything you can share? My wife and I each put our $10k in I-Bonds at 9.62% and I would like to put more in.
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You make $962 over what period of time? Federal and state taxes are what? Net? Would it not be better to get a 3% 13 month CD for $100k at $3300+ return and have a higher net? Just asking.
tuttigym
Quote: tuttigymQuote: DRichQuote: billryanI didn't realize the S&P was down 13%. No wonder my FA was not happy when I complained about the puny 3.7% growth. Thankfully, he did show me a way to put more than the $10,000 per person limit on the Ibonds that are paying currently paying 9% plus.
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Anything you can share? My wife and I each put our $10k in I-Bonds at 9.62% and I would like to put more in.
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You make $962 over what period of time? Federal and state taxes are what? Net? Would it not be better to get a 3% 13 month CD for $100k at $3300+ return and have a higher net? Just asking.
tuttigym
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The 9.62% is an annual return. Requires a one year minimum deposit but can be withdrawn after that. Sadly, I don't have $100k liquid at this point to invest. Most of our investments are managed by Morgan Stanley. I just decided it was silly to have $xx,xxx in a savings account earning almost nothing.
Quote: DRichQuote: billryanI didn't realize the S&P was down 13%. No wonder my FA was not happy when I complained about the puny 3.7% growth. Thankfully, he did show me a way to put more than the $10,000 per person limit on the Ibonds that are paying currently paying 9% plus.
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Anything you can share? My wife and I each put our $10k in I-Bonds at 9.62% and I would like to put more in.
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You'd have to look up exactly how it works, but it is about being able to buy them as an individual and then buy more through a business account. Another way to get around the $20,000 per couple is to overpay your taxes. You can put your refund into them, though I'm sure there is a limit on how much you can do.
Quote: billryanQuote: DRichQuote: billryanI didn't realize the S&P was down 13%. No wonder my FA was not happy when I complained about the puny 3.7% growth. Thankfully, he did show me a way to put more than the $10,000 per person limit on the Ibonds that are paying currently paying 9% plus.
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Anything you can share? My wife and I each put our $10k in I-Bonds at 9.62% and I would like to put more in.
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You'd have to look up exactly how it works, but it is about being able to buy them as an individual and then buy more through a business account. Another way to get around the $20,000 per couple is to overpay your taxes. You can put your refund into them, though I'm sure there is a limit on how much you can do.
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Thank you, the tax refunds invested in I-Bonds I was aware of. Unfortunately I rarely get a refund but I guess I could manufacture one.
I believe the limit on the tax refund is $5k a year. If it was larger it might be worth manufacturing but for $5k I won't bother.
New rate for the next six months after November will be around 6.75.
Quote: DRichThe 9.62% is an annual return. Requires a one year minimum deposit but can be withdrawn after that. Sadly, I don't have $100k liquid at this point to invest. Most of our investments are managed by Morgan Stanley. I just decided it was silly to have $xx,xxx in a savings account earning almost nothing.
I understand, so if you had the liquid 100k, would a 3% CD be preferable?
DO probably could give you the answer on the multiple bonds, but without being rude, the answer is "multi-carding."
tuttigym
Quote: billryanYou can also put another $10K into a living trust, as well as another 10K if you own a business. In this day, I don't know why everyone doesn't own a business.
New rate for the next six months after November will be around 6.75.
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Living trusts, I hadn't thought about that. My wife and I each have one. I would assume I would have to get an EIN for it as now it is under my SS#.
It's Bonus Hunting Time!
Quote: billryanA 13-month cd at 3% would seem foolish right now. Banks are starting to compete for our money. Ally Bank was offering a 1% bonus with an adjustable 2.25% a few weeks ago, and the adjustable rate went up since then. That's great for short term money at this moment but better rates are coming,
It's Bonus Hunting Time!
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I do not disagree, but the question was asked in relation to the small amount of the I bond vs earnings with larger $$$ investment.
tuttigym
Two weeks ago, I'd have said put it in ATT for the dividends, but it jumped nicely from its sub-15 low, and the yield has suffered. There are still a few days left to take advantage of the 9.62 rates for the next six months. Rates change on Nov. 1 and should be under 7%.
If you don't have $10,000, you can buy them in any amount over a very small minimum. No state or local taxes on them, either.
Two weeks ago, I'd have said put it in ATT for the dividends, but it jumped nicely from its sub-15 low, and the yield has suffered. There are still a few days left to take advantage of the 9.62 rates for the next six months. Rates change on Nov. 1 and should be under 7%.
If you don't have $10,000, you can buy them in any amount over a very small minimum. No state or local taxes on them, either.
Two weeks ago, I'd have said put it in ATT for the dividends, but it jumped nicely from its sub-15 low, and the yield has suffered. There are still a few days left to take advantage of the 9.62 rates for the next six months. Rates change on Nov. 1 and should be under 7%.
If you don't have $10,000, you can buy them in any amount over a very small minimum. No state or local taxes on them, either.
Quote: PokerGrinderDrop in the bucket compared to the 10 billion they stole from customers.
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Can you give a summary of how they stole 10 billion? As in a criminal event?
FTX story on The 11th Hour up next. 11:22 pm EST. 11:30 pm and I'm still waiting. If Trump gets indicted, I guess these pundits will still be talking election results. Trump just confessed to more crimes on Truth Social today, so Garland will be Rip Van Winkle-ing.
11:41 pm they have a short update on the problem with very few details.
So I'm gonna have to watch some YouTube videos to catch up on the carnage.
FTX Crypto Assets Frozen By Authorities | FTX.US Bitcoin Exchange To Collapse -
YouTube https://www.youtube.com/watch?v=3lGU5S3x2Vw
Crypto Exchange FTX Files for BANKRUPCY | SBF'S $35M Mansion Revealed -
YouTube https://www.youtube.com/watch?v=E-dAwmVIUYk
BREAKING NEWS - BINANCE CHIEF CHANGPENG ZHAO WARNS OF CASCADING CRYPTO CRISIS SIMILAR TO THE 2008 FINANCIAL CRASH
JUST IN: More than $380 million in crypto has left bankrupt crypto company FTX’s wallets in the last few hours, with little clear explanation as to why, per CoinDesk.
Many FTX wallet holders are also reporting that they are seeing $0 balances in their FTX and FTX US wallets.
FTX Official & FTX US’s wallets appear to be hacked, with over $600 million leaving the exchange
“FTX has been hacked. FTX apps are malware. Delete them. Chat is open. Don't go on FTX site as it might download Trojans,”
https://unusualwhales.com/news/ftx-official-ftx-uss-wallets-appear-to-be-hacked-with-over-600-million-leaving-the-exchange
BREAKING: Over $1 billion in customer funds are now missing from FTX after a hack was just reported.
How convenient…
A Musk verified tweeter ($8), who was absolutely fake and non-verified, tweeted as Eli Lilly that Eli Lilly was making insulin available for free. Eli Lilly lost $30 billion in market cap in a couple hours from that tweet.
Quote: ChumpChangeFTX is going to zero. Crypto-wide state of emergency. Pension funds at severe risk. Still looking for valid information on the story, and there's probably too much to digest at the moment. Payout freezes in effect or going into effect.
FTX story on The 11th Hour up next. 11:22 pm EST.
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FTX is a modern-day Ponzi scheme and is a perfect example of what I've been warning against for the last few years. A billion dollars in teachers' pension funds are gone and won't be coming back. Friedman invented his own crypto-tokens and convinced others to invest in them. Fools and their money.
Quote: SOOPOOQuote: PokerGrinderDrop in the bucket compared to the 10 billion they stole from customers.
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Can you give a summary of how they stole 10 billion? As in a criminal event?
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Basically he/his people were gambling with customer funds and they lost badly.
Some pesky reporters started digging around and wrote that there was no there there and cast doubt on the worth of the pixie dust.
In a reverse Tinkerbell scenario, people no longer believed in the pixie dust, and all the king's men couldn't put it back together after the fall.
BUT SERUM’S ENTIRE MARKET CAP IS CURRENTLY ONLY $84 MILLION
RT: FTX’S BALANCE SHEET ALSO HAS A MULTI MILLION DOLLAR POSITION IN A CRYPTO CALLED “TRUMPLOSE” LISTED AS AN ASSET.
BREAKING: FTX users balances are now reading $0.
BREAKING: FTX had a “backdoor” built into its accounting software by SBF, which he used to move billions without triggering alerts to other staff, auditors etc - Reuters
CEO of FTX sister company Alameda is in Hong Kong and trying to get to Dubai, a country that doesn’t have extradition treaty with the U.S., a source tells Cointelegraph
Yup, missed that.
🚨 BREAKING 🚨
FTX CEO SAM BANKMAN WAS LOOKING TO SELL HIS $472 MILLION POSITION IN ROBINHOOD FOR $9 A SHARE ON FRIDAY.
RT: GURGAVIN @gurgavin - Nov 10
FOR THE LOVE OF GOD IF YOU STILL HAVE ANY FUNDS / CRYPTO ON ANY UNREGULATED / SHADY PLATFORM TAKE IT OUT ASAP.
THIS IS FINANCIAL ADVICE.
SOME OF THE INVESTORS IN FTX
SOFTBANK
BLACKROCK
ONTARIO TEACHERS PENSION
SEQUOIA CAPITAL
THOMA BRAVO
THIRD POINT
TIGER GLOBAL
LIGHTSPEED
COINBASE
PAUL TUDOR JONES
BINANCE
11:19 AM · Nov 12, 2022
Tom Brady may have lost $650 million in FTX.
Tom Brady is getting flamed for his FTX commercial amid crypto company scandal
https://fansided.com/2022/11/12/tom-brady-flamed-ftx-commercial/
RT: Looks like SMF got to Argentina they took a flight towards Brazil. Where there is no extradition laws between Brazil and U.S.
(Other reports have him under police guard in the Bahamas and delayed on his way to South America.)
FTX US And Four Other Firms Aren't Insured, FDIC Says https://www.investopedia.com/ftx-is-not-insured-6501192
Crypto credit cards are being frozen. Still required to make payments, but can't use the card otherwise.
Trending tweet: Don’t trust exchanges showing proof of reserves. They are not proving anything.
Quote: WizardMy wallet is Blockchain.com. Anyone here anything?
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Not about them, but just in general I decided to go to a hardware wallet for most all other than staked coins I have.
