BitCoin
November 13th, 2022 at 3:59:58 AM
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Quote: billryanSeems like only yesterday that someone was saying it was secure since each coin had an individual tag.
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It is definitely secure if you hold your own coins. People are lazy and letting other people hold and manage them. It would be the same as depositing all of your money in a new non-regulated bank that your cousin Jethro decided to open.
At my age, a "Life In Prison" sentence is not much of a deterrent.
November 13th, 2022 at 5:09:52 AM
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These Influencers Were "Scamming" Their Fans - YouTube https://www.youtube.com/watch?v=3wtQzqf3NuA
The NEXT Crypto Bankruptcy is COMING - Meet Kevin - YouTube https://www.youtube.com/watch?v=egEubNvf85g
WORST Week in Crypto History 😰 (GET OFF EXCHANGES! 🚨) Major Contagion! ⚠️ - Crypto Casey -
YouTube https://www.youtube.com/watch?v=T0jHyVx-YT0
The NEXT Crypto Bankruptcy is COMING - Meet Kevin - YouTube https://www.youtube.com/watch?v=egEubNvf85g
WORST Week in Crypto History 😰 (GET OFF EXCHANGES! 🚨) Major Contagion! ⚠️ - Crypto Casey -
YouTube https://www.youtube.com/watch?v=T0jHyVx-YT0
Last edited by: ChumpChange on Nov 13, 2022
November 14th, 2022 at 10:35:37 AM
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When somebody doesn't believe me, I could care less. Some get totally bent out of shape when not believed. Weird. I believe very little on all forums
November 14th, 2022 at 1:05:37 PM
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Quote: DRichQuote: billryanSeems like only yesterday that someone was saying it was secure since each coin had an individual tag.
link to original post
It is definitely secure if you hold your own coins. People are lazy and letting other people hold and manage them. It would be the same as depositing all of your money in a new non-regulated bank that your cousin Jethro decided to open.
link to original post
As opposed to investing in a crypto token your cousin Jethro decided to create?
The older I get, the better I recall things that never happened
November 14th, 2022 at 1:11:47 PM
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The music has died, and this particular game of musical chairs is about to end.
The older I get, the better I recall things that never happened
November 14th, 2022 at 1:27:09 PM
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If you only keep a minimal amount of bitcoin on a platform, say $5K -$10K and only increase it for specific purchases like a car or a house, you can keep the rest of your bitcoin offline. If you die of COVID, I suppose nobody else will know about it. The problem now is bitcoin is crashing in value like a horrible currency crash. The selloff into Cratersville is continuing.
November 14th, 2022 at 2:04:51 PM
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It appears everyone is an expert when the price craters on anything.
For Whom the bus tolls; The bus tolls for thee
November 14th, 2022 at 2:20:57 PM
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Bitcoin crashes faster and more often than 19th century banks.
1837–1863: "Free Banking" Era
Prior to 1837 a bank charter could be obtained only by a specific legislative act, but in 1837, the Michigan Act allowed the automatic chartering of banks that could fulfill the Michigan's chartering requirements so as to no longer require special consent of the state legislature. The following year, New York enacted similar legislation with the Free Banking Act, and other states soon followed. These banks could issue bank notes against specie (gold and silver coins) and the states regulated the reserve requirements, interest rates for loans and deposits, the necessary capital ratio etc. Free banking spread rapidly to other states, and from 1840 to 1863 all banking business was done by state-chartered institutions.[4]
While the banking systems of several states were initially unstable, over time financial indicators in most states stabilized.[5] In the early years of free banking in many Western states, the banking industry degenerated into "wildcat" banking because of the laxity and abuse of state laws. Bank notes were issued against little or no security, and credit was overexpanded; depressions brought waves of bank failures. In particular, the multiplicity of state bank notes caused great confusion and loss. The real value of a bank bill was often lower than its face value, and the issuing bank's financial strength generally determined the size of the discount. However, after several years of experience, with the exception of a few exogenous shocks, different states developed more functional and stable banking industries.
https://en.wikipedia.org/wiki/History_of_banking_in_the_United_States
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On March 16, 2020, amid an economic crisis caused by the COVID-19 pandemic, for the first time since the inception of the Federal Reserve, the fractional reserve requirement was reduced to 0%
1837–1863: "Free Banking" Era
Prior to 1837 a bank charter could be obtained only by a specific legislative act, but in 1837, the Michigan Act allowed the automatic chartering of banks that could fulfill the Michigan's chartering requirements so as to no longer require special consent of the state legislature. The following year, New York enacted similar legislation with the Free Banking Act, and other states soon followed. These banks could issue bank notes against specie (gold and silver coins) and the states regulated the reserve requirements, interest rates for loans and deposits, the necessary capital ratio etc. Free banking spread rapidly to other states, and from 1840 to 1863 all banking business was done by state-chartered institutions.[4]
While the banking systems of several states were initially unstable, over time financial indicators in most states stabilized.[5] In the early years of free banking in many Western states, the banking industry degenerated into "wildcat" banking because of the laxity and abuse of state laws. Bank notes were issued against little or no security, and credit was overexpanded; depressions brought waves of bank failures. In particular, the multiplicity of state bank notes caused great confusion and loss. The real value of a bank bill was often lower than its face value, and the issuing bank's financial strength generally determined the size of the discount. However, after several years of experience, with the exception of a few exogenous shocks, different states developed more functional and stable banking industries.
https://en.wikipedia.org/wiki/History_of_banking_in_the_United_States
********************************************************************************
On March 16, 2020, amid an economic crisis caused by the COVID-19 pandemic, for the first time since the inception of the Federal Reserve, the fractional reserve requirement was reduced to 0%
Last edited by: ChumpChange on Nov 14, 2022
November 14th, 2022 at 2:29:36 PM
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Quote: ChumpChangeBitcoin crashes faster and more often than 19th century banks.
link to original post
Bitcoin is up close to 100% in less than two years. Most people would be very happy if their investments were up 100% in two years.
At my age, a "Life In Prison" sentence is not much of a deterrent.
November 14th, 2022 at 3:00:09 PM
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Quote: DRichQuote: ChumpChangeBitcoin crashes faster and more often than 19th century banks.
link to original post
Bitcoin is up close to 100% in less than two years. Most people would be very happy if their investments were up 100% in two years.
link to original post
I saw a 1 year chart. (Dates approximate). If you bought Bitcoin a year ago at $67,500, you only lost SEVENTY FIVE percent of your investment. Let me repeat that. 75%.
A year ago I think we had a thread here saying Bitcoin $500,000 or some such. So buying at that $67.5k mark looked like a great investment to those thinking $500k was around the corner. And you would have lost 3/4 of your money. Even my shitty stocks/bonds are ‘only ‘ down 15% or so.
I’m certainly not smart enough to make a good guess on Bitcoin. But after FTX I wouldn’t be bullish.
November 14th, 2022 at 3:42:54 PM
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Quote: SOOPOOQuote: DRichQuote: ChumpChangeBitcoin crashes faster and more often than 19th century banks.
link to original post
Bitcoin is up close to 100% in less than two years. Most people would be very happy if their investments were up 100% in two years.
link to original post
I saw a 1 year chart. (Dates approximate). If you bought Bitcoin a year ago at $67,500, you only lost SEVENTY FIVE percent of your investment. Let me repeat that. 75%.
A year ago I think we had a thread here saying Bitcoin $500,000 or some such. So buying at that $67.5k mark looked like a great investment to those thinking $500k was around the corner. And you would have lost 3/4 of your money. Even my shitty stocks/bonds are ‘only ‘ down 15% or so.
I’m certainly not smart enough to make a good guess on Bitcoin. But after FTX I wouldn’t be bullish.
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Confusing the coin with the exchange is the issue.
And historically entrusting your finances with third parties is never very good
I don't recall anyone disparaging the US dollar when Bernie Madoff walked off a few billion.
Probably because everyone realizes it was trusting Bernie versus trusting the US dollar that was everyone's error.
For Whom the bus tolls; The bus tolls for thee
November 14th, 2022 at 4:14:31 PM
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How expert does one need to be to avoid stepping in a heap of goo? Or to warn others of it?
The older I get, the better I recall things that never happened
November 14th, 2022 at 4:34:24 PM
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Quote: DRichQuote: ChumpChangeBitcoin crashes faster and more often than 19th century banks.
link to original post
Bitcoin is up close to 100% in less than two years. Most people would be very happy if their investments were up 100% in two years.
link to original post
What charts are you looking at? In November 2020, bitcoin was around 18,000. Two years later, it is around 16,000.
Aside from its poor performance over the last year, do you have any reason to be optimistic? What fundamental changes do you see make you think this is a good investment?
The older I get, the better I recall things that never happened
November 14th, 2022 at 4:42:00 PM
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Quote: darkozConfusing the coin with the exchange is the issue.
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One does need a wallet to put the coin in. Doesn't there have to be trust in the wallet?
I could use at least the Dummy's version of what happened with FX or any other exchange that failed. Was the collapse due to the fall in the value of the coins they held or did somebody with the exchange steal them? Or something else?
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
November 14th, 2022 at 4:54:43 PM
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Quote: WizardQuote: darkozConfusing the coin with the exchange is the issue.
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One does need a wallet to put the coin in. Doesn't there have to be trust in the wallet?
I could use at least the Dummy's version of what happened with FX or any other exchange that failed. Was the collapse due to the fall in the value of the coins they held or did somebody with the exchange steal them? Or something else?
link to original post
From the article I read FTX arranged a back door by which they could siphon off funds so basically FTX stole the money.
That's why some of the execs are running away.
I suspect the coin crash is what made their theft unfeasible. Similar to what crashed Bernie. Everything was fine with Bernie Madoff Ponzi until the 2008 financial crisis and he couldn't keep up the charade.
For Whom the bus tolls; The bus tolls for thee
November 14th, 2022 at 5:08:05 PM
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Quote: WizardQuote: darkozConfusing the coin with the exchange is the issue.
link to original post
One does need a wallet to put the coin in. Doesn't there have to be trust in the wallet?
I could use at least the Dummy's version of what happened with FX or any other exchange that failed. Was the collapse due to the fall in the value of the coins they held or did somebody with the exchange steal them? Or something else?
link to original post
They co-mingled funds clients gave them to store with funds given to them to invest. The owner created his own token and used funds deposited into his exchange to buy the tokens, propping up their value. As there are no regulations and no watchdogs, he was able to become one of the most respected proponents and spokesmen for crypto. He was the genius who solved an unsolvable problem, only he didn't. At best, his clients will have their funds tied up for months, perhaps years. Most likely, they lose most, if not everything.
Smoke and mirrors.
The older I get, the better I recall things that never happened
November 14th, 2022 at 5:08:59 PM
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Quote: billryanWhat fundamental changes do you see make you think this is a good investment?
I don't. I think all speculation on items of no intrinsic value are foolish. I think speculating on any particular object going up or down in price is foolish unless that object itself can derive income.
At my age, a "Life In Prison" sentence is not much of a deterrent.
November 14th, 2022 at 5:15:23 PM
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Quote: billryan
What charts are you looking at? In November 2020, bitcoin was around 18,000.
You are correct, I was looking at the chart from March 2020 when it was $5400.
At my age, a "Life In Prison" sentence is not much of a deterrent.
November 14th, 2022 at 5:48:24 PM
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If you got in before the summer of 2020, you are okay. After that, not so well.
The older I get, the better I recall things that never happened
November 14th, 2022 at 6:50:15 PM
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Quote: billryanQuote: DRichQuote: ChumpChangeBitcoin crashes faster and more often than 19th century banks.
link to original post
Bitcoin is up close to 100% in less than two years. Most people would be very happy if their investments were up 100% in two years.
link to original post
What charts are you looking at? In November 2020, bitcoin was around 18,000. Two years later, it is around 16,000.
Aside from its poor performance over the last year, do you have any reason to be optimistic? What fundamental changes do you see make you think this is a good investment?
link to original post
Maybe Elon Musk will start buying it at 10x the value?
Sanitized for Your Protection
November 15th, 2022 at 1:06:13 AM
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One doesn't need a hosted wallet.Quote: Wizard
One does need a wallet to put the coin in. Doesn't there have to be trust in the wallet?
link to original post
Cryptocoins don't sit in wallets. Keys sit in wallets. Coins sit on the Blockchain and are going nowhere unless someone has the keys to move them.
When one uses an exchange hosted wallet, you trust the exchange. Just Don't!
Keep the 24 word pass phrase to the key on a piece of paper in your home safe. If you need to move coins, use the passphrase with a hardware or software wallet.
Unfortunately converting Crypto coins to Fiat money does need trust in either an exchange or a trading partner.
incidentally, Paypal offers tricky crypto. They (CLAIM TO) let you convert fiat to Bitcoin and back to fiat, but they don't let you USE the Bitcoin. Basically they pretend you have BTC but only as a balance on their ledger, Very shady and worst of all worlds.
Psalm 25:16
Turn to me and be gracious to me, for I am lonely and afflicted.
Proverbs 18:2
A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.
November 15th, 2022 at 2:46:37 AM
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Quote: SOOPOOQuote: DRichQuote: ChumpChangeBitcoin crashes faster and more often than 19th century banks.
link to original post
Bitcoin is up close to 100% in less than two years. Most people would be very happy if their investments were up 100% in two years.
link to original post
I saw a 1 year chart. (Dates approximate). If you bought Bitcoin a year ago at $67,500, you only lost SEVENTY FIVE percent of your investment. Let me repeat that. 75%.
A year ago I think we had a thread here saying Bitcoin $500,000 or some such. So buying at that $67.5k mark looked like a great investment to those thinking $500k was around the corner. And you would have lost 3/4 of your money. Even my shitty stocks/bonds are ‘only ‘ down 15% or so.
I’m certainly not smart enough to make a good guess on Bitcoin. But after FTX I wouldn’t be bullish.
link to original post
Bitcoin went to about $19000 in 2017. During the first-week virus scare it was down to about $4500. A year and a half later it hit $67,000. Before that it went to $1200 then crashed to I forget what, a few hundred. Next halving in 2024 I look for it to run again. And after that run I expect this board to say how it fell from $250000 to $40,000 and say it is all over again.
All animals are equal, but some are more equal than others
November 15th, 2022 at 4:06:47 PM
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🚨 BREAKING 🚨
CRYPTO PLATFORM BLOCKFI IS PLANNING TO FILE FOR BANKRUPTCY.
*****************************************************************************************
JUST IN: Mastercard, Wells Fargo, Citigroup, and others, launch a 12-week experimental digital dollar pilot with the New York Fed.
CRYPTO PLATFORM BLOCKFI IS PLANNING TO FILE FOR BANKRUPTCY.
*****************************************************************************************
JUST IN: Mastercard, Wells Fargo, Citigroup, and others, launch a 12-week experimental digital dollar pilot with the New York Fed.
Last edited by: ChumpChange on Nov 15, 2022
November 15th, 2022 at 4:34:27 PM
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Quote: OnceDearOne doesn't need a hosted wallet.Quote: Wizard
One does need a wallet to put the coin in. Doesn't there have to be trust in the wallet?
link to original post
Cryptocoins don't sit in wallets. Keys sit in wallets. Coins sit on the Blockchain and are going nowhere unless someone has the keys to move them.
When one uses an exchange hosted wallet, you trust the exchange. Just Don't!
Keep the 24 word pass phrase to the key on a piece of paper in your home safe. If you need to move coins, use the passphrase with a hardware or software wallet.
Unfortunately converting Crypto coins to Fiat money does need trust in either an exchange or a trading partner.
incidentally, Paypal offers tricky crypto. They (CLAIM TO) let you convert fiat to Bitcoin and back to fiat, but they don't let you USE the Bitcoin. Basically they pretend you have BTC but only as a balance on their ledger, Very shady and worst of all worlds.
link to original post
I think this overlooks the fundamental nature of exchange tokens and how they may be used by a legitimate holder for nefarious purposes.
May the cards fall in your favor.
November 15th, 2022 at 7:14:37 PM
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My Chrome browser crashed and I lost my restorable tabs and now twitter doesn't work. I get a blue twitter bird on the screen and nothing else, even when I check other twitter pages. Has twitter been unplugged by Elon or by the weight of neglect by Elon? He fired a bunch of techies last night for thumbing their nose at Elon. I assume there's no one to run the store anymore.
Why Twitter will fail shortly. Sometime soon, Twitter will crash badly. Here's why. https://www.zdnet.com/article/why-twitter-will-fail-shortly/
I waited a few hours then rebooted my computer and now twitter comes back on. There were no mass reports of twitter being down.
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RT: IF YOU HAD ANY MONEY ON FTX GET READY FOR YOUR FULL NAME , ACCOUNT BALANCE , AMOUNT OF CRYPTO YOU HAD ALL OF IT BE MADE PUBLIC FOR EVERYONE TO SEE IN THE FTX BANKRUPTCY FILLINGS.
SAME THING HAPPENED TO EVERY SINGLE USER OF CELSIUS.
Why Twitter will fail shortly. Sometime soon, Twitter will crash badly. Here's why. https://www.zdnet.com/article/why-twitter-will-fail-shortly/
I waited a few hours then rebooted my computer and now twitter comes back on. There were no mass reports of twitter being down.
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RT: IF YOU HAD ANY MONEY ON FTX GET READY FOR YOUR FULL NAME , ACCOUNT BALANCE , AMOUNT OF CRYPTO YOU HAD ALL OF IT BE MADE PUBLIC FOR EVERYONE TO SEE IN THE FTX BANKRUPTCY FILLINGS.
SAME THING HAPPENED TO EVERY SINGLE USER OF CELSIUS.
Last edited by: ChumpChange on Nov 15, 2022
November 16th, 2022 at 4:10:09 PM
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RT: GENESIS SAYS FTX HAS CREATED UNPRECEDENTED MARKET TURMOIL, RESULTING IN ABNORMAL WITHDRAWAL REQUESTS WHICH HAVE EXCEEDED OUR CURRENT LIQUIDITY
November 17th, 2022 at 4:23:35 AM
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Quote: DieterQuote: OnceDearOne doesn't need a hosted wallet.
Cryptocoins don't sit in wallets. Keys sit in wallets. Coins sit on the Blockchain and are going nowhere unless someone has the keys to move them.
When one uses an exchange hosted wallet, you trust the exchange. Just Don't!
Keep the 24 word pass phrase to the key on a piece of paper in your home safe. If you need to move coins, use the passphrase with a hardware or software wallet.
Unfortunately converting Crypto coins to Fiat money does need trust in either an exchange or a trading partner.
incidentally, Paypal offers tricky crypto. They (CLAIM TO) let you convert fiat to Bitcoin and back to fiat, but they don't let you USE the Bitcoin. Basically they pretend you have BTC but only as a balance on their ledger, Very shady and worst of all worlds.
link to original post
I think this overlooks the fundamental nature of exchange tokens and how they may be used by a legitimate holder for nefarious purposes.
link to original post
I don't understand that comment. A legitimate holder would not be one engaging in nefarious purposes.
I'm a legitimate holder and they were useful in engaging in online gambling. But conversion to or from fiat is the hurdle. There's not really many ways of spending or realising value from crypto other than by buying 'illegal goods' or by using an exchange. Peer to peer transactions just move the burden of conversion from one person to another.
Psalm 25:16
Turn to me and be gracious to me, for I am lonely and afflicted.
Proverbs 18:2
A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.
November 17th, 2022 at 6:26:58 AM
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The gentleman that oversaw the Enron case is handling FTX. He has said he has never seen something as bad as FTX is. Hard to imagine after the Enron fiasco.
At my age, a "Life In Prison" sentence is not much of a deterrent.
November 17th, 2022 at 6:46:21 AM
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Quote: OnceDearQuote: DieterQuote: OnceDearOne doesn't need a hosted wallet.
Cryptocoins don't sit in wallets. Keys sit in wallets. Coins sit on the Blockchain and are going nowhere unless someone has the keys to move them.
When one uses an exchange hosted wallet, you trust the exchange. Just Don't!
Keep the 24 word pass phrase to the key on a piece of paper in your home safe. If you need to move coins, use the passphrase with a hardware or software wallet.
Unfortunately converting Crypto coins to Fiat money does need trust in either an exchange or a trading partner.
incidentally, Paypal offers tricky crypto. They (CLAIM TO) let you convert fiat to Bitcoin and back to fiat, but they don't let you USE the Bitcoin. Basically they pretend you have BTC but only as a balance on their ledger, Very shady and worst of all worlds.
link to original post
I think this overlooks the fundamental nature of exchange tokens and how they may be used by a legitimate holder for nefarious purposes.
link to original post
I don't understand that comment. A legitimate holder would not be one engaging in nefarious purposes.
I'm a legitimate holder and they were useful in engaging in online gambling. But conversion to or from fiat is the hurdle. There's not really many ways of spending or realising value from crypto other than by buying 'illegal goods' or by using an exchange. Peer to peer transactions just move the burden of conversion from one person to another.
link to original post
Suppose that DieterCo owns a large number of OMGs, the ODX Ltd exchange token. "I" am a legitimate holder.
DieterCo and ODX are competitors that have done business in the past.
DieterCo wishes to cease trade with ODX, while applying market pressure and voting no confidence.
DieterCo suddenly elects to redeem their entire balance of OMGs, at the only place that can - ODX. ODX doesn't have enough liquid capital to pay out the redemption, so they start scrambling to cover.
... Behold, the glorious run on the bank and devaluations.
Otherwise, a very good assessment of what can go wrong with uninsured deposit accounts in general.
May the cards fall in your favor.
November 17th, 2022 at 9:34:28 AM
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Quote: DRichThe gentleman that oversaw the Enron case is handling FTX. He has said he has never seen something as bad as FTX is. Hard to imagine after the Enron fiasco.
link to original post
https://www.nytimes.com/2022/11/17/business/ftx-bankruptcy.html
November 17th, 2022 at 3:06:14 PM
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RT: GURGAVIN @gurgavin
FTX FILED ITS BANKRUPTCY FILING TODAY
IT IS EVEN WORSE THAN ANYONE IMAGINED AN OVERVIEW 👇
https://twitter.com/gurgavin/status/1593292792582635520
1) FTX LENT SAM BANKMAN OVER $1 BILLION DOLLARS FOR PERSONAL USE
2) FTX USED CUSTOMER FUNDS TO BUY HOUSES FOR EMPLOYEES
3) FTX DIDNT HAVE A LIST OF EMPLOYEES AND WHAT ALL THEY DID
4) FTX DID NOT KEEP ANY BOOKS OR RECORDS OF ITS DIGITAL ASSETS
5) ALAMEDA RESEARCH WAS EXEMPTED FROM AUTO LIQUIDATION ON FTX
6) FTX BUILT A SOFTWARE TO HIDE THE MISUSE OF CUSTOMER FUNDS
7) FTX HAD $400 MILLION IN UNAUTHORIZED TRANSFERS THE DAY THEY FILED FOR BANKRUPTCY
8) FTX HAD BILLIONS IN INVESTMENTS OTHER THAN CRYPTO BUT THERE ARE NO BOOKS OR RECORDS OF ANY OF IT.
9) SAM BANKMAN MADE ALL BUSINESS DECISIONS ON APPS THAT AUTO DELETED EVERYTHING AFTER SOME TIME
HE ENCOURAGED ALL EMPLOYEES TO DO THE SAME
10) MAKE SURE YOU ARE FOLLOWING @GURGAVIN AS THIS IS JUST THE TIP OF THE ICEBERG.
Thread Unroll - https://threadreaderapp.com/thread/1593292792582635520.html
********************
🚨 BREAKING 🚨
FTX ONLY HAS $740 MILLION OF CRYPTO IN COLD WALLETS AGAINST OVER $9 BILLION OF CUSTOMER ASSETS.
FOR EVERY DOLLAR YOU HAD ON FTX YOU WOULD BE LUCKY TO EVEN GET 8 CENTS BACK
FTX FILED ITS BANKRUPTCY FILING TODAY
IT IS EVEN WORSE THAN ANYONE IMAGINED AN OVERVIEW 👇
https://twitter.com/gurgavin/status/1593292792582635520
1) FTX LENT SAM BANKMAN OVER $1 BILLION DOLLARS FOR PERSONAL USE
2) FTX USED CUSTOMER FUNDS TO BUY HOUSES FOR EMPLOYEES
3) FTX DIDNT HAVE A LIST OF EMPLOYEES AND WHAT ALL THEY DID
4) FTX DID NOT KEEP ANY BOOKS OR RECORDS OF ITS DIGITAL ASSETS
5) ALAMEDA RESEARCH WAS EXEMPTED FROM AUTO LIQUIDATION ON FTX
6) FTX BUILT A SOFTWARE TO HIDE THE MISUSE OF CUSTOMER FUNDS
7) FTX HAD $400 MILLION IN UNAUTHORIZED TRANSFERS THE DAY THEY FILED FOR BANKRUPTCY
8) FTX HAD BILLIONS IN INVESTMENTS OTHER THAN CRYPTO BUT THERE ARE NO BOOKS OR RECORDS OF ANY OF IT.
9) SAM BANKMAN MADE ALL BUSINESS DECISIONS ON APPS THAT AUTO DELETED EVERYTHING AFTER SOME TIME
HE ENCOURAGED ALL EMPLOYEES TO DO THE SAME
10) MAKE SURE YOU ARE FOLLOWING @GURGAVIN AS THIS IS JUST THE TIP OF THE ICEBERG.
Thread Unroll - https://threadreaderapp.com/thread/1593292792582635520.html
********************
🚨 BREAKING 🚨
FTX ONLY HAS $740 MILLION OF CRYPTO IN COLD WALLETS AGAINST OVER $9 BILLION OF CUSTOMER ASSETS.
FOR EVERY DOLLAR YOU HAD ON FTX YOU WOULD BE LUCKY TO EVEN GET 8 CENTS BACK
Last edited by: ChumpChange on Nov 17, 2022
November 17th, 2022 at 3:36:55 PM
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FTX is unfortunate and I know this is where Bitcoin naysayers will now point. They will claim this is what happens in an unregulated market
If that was true Bernie Madoff would not have succeeded for decades. His regulated market failed.
Casinos are extremely regulated. Anyone aware of inside dealings in Casinos? Of course you are.
McDonald's hired a private firm to monitor and regulate their Monopoly promotion. Lol, the regulators ran off with the prizes.
Greed is just going to strike anywhere and everywhere.
If that was true Bernie Madoff would not have succeeded for decades. His regulated market failed.
Casinos are extremely regulated. Anyone aware of inside dealings in Casinos? Of course you are.
McDonald's hired a private firm to monitor and regulate their Monopoly promotion. Lol, the regulators ran off with the prizes.
Greed is just going to strike anywhere and everywhere.
For Whom the bus tolls; The bus tolls for thee
November 17th, 2022 at 3:43:41 PM
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I applied for a job at McDonald's in 1984, and the weekend before I was to start doing the lunch shift, the place was robbed and employees were tied up in the back. That stuff never happens here, but other fast food places around the country were subject to mass shootings around that time.
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RT: Twitter offices have been shutdown. It appears the only threat is Elon Musk.
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RT: Twitter offices have been shutdown. It appears the only threat is Elon Musk.
Last edited by: ChumpChange on Nov 17, 2022
November 17th, 2022 at 5:54:05 PM
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Quote: ChumpChangeI applied for a job at McDonald's in 1984, and the weekend before I was to start doing the lunch shift, the place was robbed and employees were tied up in the back. That stuff never happens here, but other fast food places around the country were subject to mass shootings around that time.
link to original post
When I click on a ‘Bitcoin’ thread I have to read this crap?
November 17th, 2022 at 6:13:30 PM
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Bernie Madoff was a boutique broker who at his prime serviced 40,000 people.
FTX was one of the leading crypto brokers and the victims may exceed one million.
The similarity is amazing.
FTX was one of the leading crypto brokers and the victims may exceed one million.
The similarity is amazing.
The older I get, the better I recall things that never happened
November 19th, 2022 at 8:55:01 PM
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RT: First Squawk @FirstSquawk - 3h
120 FIRMS AFFILIATED WITH FTX ARE FILING FOR BANKRUPTCY
120 FIRMS AFFILIATED WITH FTX ARE FILING FOR BANKRUPTCY
November 20th, 2022 at 5:18:51 PM
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RT: JUST IN: Early this morning, the “hacker” of FTX converted $30 million of the funds into Bitcoin.
Just a few days ago, it was revealed that the Bahamas government was behind the FTX hack.
Confidence in crypto is hitting new lows as governments are hacking fraudulent exchanges.
Just a few days ago, it was revealed that the Bahamas government was behind the FTX hack.
Confidence in crypto is hitting new lows as governments are hacking fraudulent exchanges.
November 20th, 2022 at 8:05:39 PM
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Quote: ChumpChangeRT: JUST IN: Early this morning, the “hacker” of FTX converted $30 million of the funds into Bitcoin.
Just a few days ago, it was revealed that the Bahamas government was behind the FTX hack.
Confidence in crypto is hitting new lows as governments are hacking fraudulent exchanges.
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There was no hack. Regulators in The Bahamas seized.the funds. The truth is harsh enough without people making up alternative facts.
The older I get, the better I recall things that never happened
November 21st, 2022 at 5:24:46 AM
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Bitcoin dipped below 16,000 ... came back up but the support is shaky
I predict it soon settles for spell that will be 15 thousand-ish
time to buy?
I predict it soon settles for spell that will be 15 thousand-ish
time to buy?
the next time Dame Fortune toys with your heart, your soul and your wallet, raise your glass and praise her thus: “Thanks for nothing, you cold-hearted, evil, damnable, nefarious, low-life, malicious monster from Hell!” She is, after all, stone deaf. ... Arnold Snyder
November 21st, 2022 at 6:02:02 AM
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Quote: odiousgambitBitcoin dipped below 16,000 ... came back up but the support is shaky
I predict it soon settles for spell that will be 15 thousand-ish
time to buy?
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I think more and more people are realizing the emperor has no clothes. They are offset by those who don't see it yet, buying more while the price is low.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
November 21st, 2022 at 6:30:40 AM
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Quote: odiousgambitBitcoin dipped below 16,000 ... came back up but the support is shaky
I predict it soon settles for spell that will be 15 thousand-ish
time to buy?
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No.
The older I get, the better I recall things that never happened
November 21st, 2022 at 6:33:54 AM
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Quote: WizardQuote: odiousgambitBitcoin dipped below 16,000 ... came back up but the support is shaky
I predict it soon settles for spell that will be 15 thousand-ish
time to buy?
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I think more and more people are realizing the emperor has no clothes. They are offset by those who don't see it yet, buying more while the price is low.
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It's not that the emperor has no clothes. The court jester who was mistaken for the emperor has no clothes and is publicly satisfying himself in full view of the women and children.
The older I get, the better I recall things that never happened
November 21st, 2022 at 7:52:01 AM
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It’s really not relevant that Billy and Wiz and I think Bitcoin is a scam of the ponzi variety. I have seen some 7 figure ‘art’ that to me would be worth less than $1.
I am sure there are some savvy traders that have bought and sold bitcoin depending on factors that I couldn’t figure out. And they are worth millions. A few years back step daughter bought dogecoin at a penny and sold at a nickel. She had real money to spend as a result.
I hate the entire concept of cryptocurrency. I am not unhappy that it has been exposed as riskier than everyone thought. But Axel has posted how it helps him in the shady unregulated online casino world. So it’s useful to him at least.
I am sure there are some savvy traders that have bought and sold bitcoin depending on factors that I couldn’t figure out. And they are worth millions. A few years back step daughter bought dogecoin at a penny and sold at a nickel. She had real money to spend as a result.
I hate the entire concept of cryptocurrency. I am not unhappy that it has been exposed as riskier than everyone thought. But Axel has posted how it helps him in the shady unregulated online casino world. So it’s useful to him at least.
November 21st, 2022 at 8:38:40 AM
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I've never suggested bitcoin is a ponzi scheme. It most certainly isn't. It's far more insidious.
The older I get, the better I recall things that never happened
November 21st, 2022 at 9:43:05 AM
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You can make money selling worthless crap. Pretty sure that's been proven many times. That you can be one of the ones that doesn't has also, I'm sure, been proven over and over.
Sanitized for Your Protection
November 21st, 2022 at 9:45:31 AM
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I would say "worthless crap" is redundant, except there's always the manure business
Sanitized for Your Protection
November 21st, 2022 at 9:59:22 AM
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Quote: rxwineI would say "worthless crap" is redundant, except there's always the manure business
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Just had to check. Organic dried sheep manure seems to be going for about double the price of scrap copper (per pound), although some of that may be a pricing adjustment for "free" shipping.
May the cards fall in your favor.
November 21st, 2022 at 11:28:38 AM
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If I go to the grocery store to purchase $1,000 worth of product and pay with one Bitcoin, will the purchase go through, and will I get $15,000 in change in real $$ (assuming the price of one "coin" is around $16,000 today)?
If not, what exactly can I purchase?
tuttigym
If not, what exactly can I purchase?
tuttigym
November 21st, 2022 at 11:41:34 AM
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November 21st, 2022 at 11:52:10 AM
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there are no doubt 15 y.o. multi millionaires due to Bitcoin, on the other hand realize when it was $67,000 there was somebody who sold it at that price and somebody who bought it . Heard on the news somebody thinks 70% of investors have lost money on bitcoin [there has to be a consequence to the current price]Quote: SOOPOOIt’s really not relevant that Billy and Wiz and I think Bitcoin is a scam of the ponzi variety. I have seen some 7 figure ‘art’ that to me would be worth less than $1.
I am sure there are some savvy traders that have bought and sold bitcoin depending on factors that I couldn’t figure out. And they are worth millions. A few years back step daughter bought dogecoin at a penny and sold at a nickel. She had real money to spend as a result.
I'd guess Axel buys it as needed and sells it immediatelyQuote:I hate the entire concept of cryptocurrency. I am not unhappy that it has been exposed as riskier than everyone thought. But Axel has posted how it helps him in the shady unregulated online casino world. So it’s useful to him at least.
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the next time Dame Fortune toys with your heart, your soul and your wallet, raise your glass and praise her thus: “Thanks for nothing, you cold-hearted, evil, damnable, nefarious, low-life, malicious monster from Hell!” She is, after all, stone deaf. ... Arnold Snyder
