****Official Crypto Degen Thread****
- Thread starter Moral
- Start date
FTX made a cryptocurrency that brought in millions. Then it brought down the company
The now-bankrupt cryptocurrency exchange FTX made real money off of its own digital currency, called FTT. That currency is practically worthless now, but investors continue to trade it.
www.npr.org
SBF ran ponzis and funneled enough money to Democrats and their PACs to be the second largest contributor behind George Soros for left wing causes.
Say what you will about Soros pursuits, he does appear to be giving away his own money, and not simply stealing millions from people.
Say what you will about Soros pursuits, he does appear to be giving away his own money, and not simply stealing millions from people.
I can't believe the following this putz has. What a shmuck. And that last clip about market manipulation. That shit infuriates me. Exactly the type of crap the SEC should be there to regulate. Yet, nothing.
This shows why investment companies whether in crypto or any other company. First off you need a CFO that can at the very least assess risk and legality. I think there was a bit of a situation of ignorance is bliss occurring here, but there is also malicious intent evidence by the now 2 separate backdoor transactions that have occurred. Sam is cooked no matter how this goes. In the future proof of reserves, audits and limits regarding leverage will be regulation.
The blockfi bankruptcy was well known. Crypto.com is the one that needs to stay afloat. Bitcoin appears to be bottoming again, it it can pop above the 17k range the next stop is 17,800. To me it appears there Is major support at this level going back to 2017,2019,2020 and now 2022. There is at least 6 points of contact. I am remaining in my long position on MSTR. Have a basis of $150 but mad at myself for not selling a few calls when the price got up to the 290 range And putting a few cheap puts on.
If/when Tether implodes, Bitcoin and other crypto are going to be absolutely destroyed.
Maybe some of them should go out and get a job.
So when is this thing really going to crash. Bitcoin going to get to 10k soon?
Can’t really see much difference between FTX/FTT and all other crypto assets. None of them really created something of value like, say, earnings.
Is there value in the ability to exchange without third party permission?
Is their value in having your monetary balance secure from third party expropriation?
A sufficient nucleus of people seem to think so.
Yeah, probably is some small utility there. Not sure how that accrues value to holders of currency xyz. There’s also a higher risk to holding money outside the banking system, as we’ve seen over and over with crypto being hacked etc.
First thing you want is control over your money.
The point of savings is preservation of purchasing power.
From investments you seek returns, but savings and investments aren’t really the same things.
Bitcoin has seen a rise in value as a consequence of adoption, but even were adoption to be universal hard money like bitcoin will hold value over time relative to fiat currencies that are debased by their monetary authorities.
I’m not aware of bitcoin being hacked.
I’ve seen over and over where third parties have been hacked (or claimed to have been hacked) and they consequently claim their exchange wallet was surreptitiously accessed, but I’ve never heard of that happening to someone with custody over their own bitcoin.
If you think you have crypto, but you don’t actually have access to transfer while someone else does, you are missing a big point of crypto. We’ll see people with that kind of thinking get robbed over and over.
The risk associated with keeping your money in the banking system is that the monetary authorities debase it per policy. Based on official figures the USD has suffered a 40% decline in purchasing power in just the last 20 years.
That’s not a small risk being absorbed.
The U.S. dollar has lost 40% its value since 2002
Updated: November 10, 2022$100 in 2002 is equivalent in purchasing power to about $165.65 today, an increase of $65.65 over 20 years. The dollar had an average inflation rate of 2.56% per year between 2002 and today, producing a cumulative price increase of 65.65%.
This means that today's prices are 1.66 times higher than average prices since 2002, according to the Bureau of Labor Statistics consumer price index. A dollar today only buys 60.368% of what it could buy back then.
Someone has optimism...
Big sponsor of the World Cup which makes it likely that this tanks further in the next year
Big sponsor of the World Cup which makes it likely that this tanks further in the next year
Holy hell. That is some crazy stuff. The $1 billion loan into a system like that is just nuts. Most people can't get $50 without a colonoscopy into their finances.
