The anti-crypto thread

[BFG10K]

Great news, crypto's collapsing across the board: https://www.techpowerup.com/282380/...ions-in-less-than-24-hours-did-the-bubble-pop

Also China's banned crypto, though individuals can still have it: https://finance.yahoo.com/news/chinese-financial-payment-bodies-barred-122712260.html

The sooner this cancerous parasite is wiped out, the better.

 

[KMFJD]

another btc currency exchange bites the dust.

why not stick with coinbase instead of jumping to all these other's?
or is coinbase also in jeopardy?
(i dont own btc nor do i even know how thus MicroStrategy as my surrogate but thankfully havent bought)

this is how it was explained to me in simple term ?not sure how accurate this is

~ftx had a lot of its assets caught up in stuff it couldn't easily liquidate, a personal rivalry meany binance went out of its way to exploit that and foment a run on the bank sort of thing and tank it

https://twitter.com/x/status/1590687085035655172

 

[BFG10K]

https://twitter.com/x/status/1590370950901821446

View attachment 70721

Crypto resists inflation, yo!

 

[Heartbreaker]

https://twitter.com/x/status/1590473641841807360

i want a bailout!!!

Not knowing who "gainzy" is, I'm almost inclined to think that's a satirical post, making fun of the people who bought into Ponzi scheme, that other people warned was a Ponzi scheme, now wanting a handout for their greed and stupidity. Though I suppose it could just be an oblivious idiot.

It's like better you entire net worth on a Vegas roulette wheel, and acting surprised when you don't win.

 

[MrSquished]

crypto - for the little guys!

 

[VirtualLarry]

It's like better you entire net worth on a Vegas roulette wheel, and acting surprised when you don't win.

But doesn't crypto always go up??? ^_^

 

[IronWing]

But doesn't crypto always go up??? ^_^

Crypto didn't move; the dollar underwent rapid and massive deflation.

 

[VirtualLarry]

FTX breakdown info.
NSFW

 

[dullard]

Well if I post about Crypto going down, I should post about it going up. Everything is on fire today. Not nearly enough to make up lost ground, but it is all going up.

Crypto and related meme stocks are imploding with the failure of FTX. Just since yesterday's crypto bloodbath:

• Most meme stocks are down ~10% today.
• Some are down more, such as the AMC spinoff APE, down 20.6% today.
• Bitcoin is down another 11%.
• Tesla down another 6.2% today.
• Even some of the lesser known stablecoins are showing that they aren't stable (Terra, Tribe, Frax, Neutrino), although some of these have been in trouble for a while.

Most of the above are at levels not seen in more than 2 years.

 

[Heartbreaker]

FTX breakdown info.
NSFW

Somehow my single upvote seems inadequate for that great rant.

 

[Fenixgoon]

you mean crypto is a giant ponzi scheme? shockedpikachu.gif

 

[KMFJD]

FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall

Crypto exchange FTX lent billions of dollars worth of customer assets to fund bets by its affiliated trading firm, Alameda Research, setting the stage for the exchange’s implosion, a person familiar with the matter said.

www.wsj.com

just another whoopsie i messed up in the the crypto community?

 

[JEDI]

FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall

Crypto exchange FTX lent billions of dollars worth of customer assets to fund bets by its affiliated trading firm, Alameda Research, setting the stage for the exchange’s implosion, a person familiar with the matter said.

www.wsj.com

just another whoopsie i messed up in the the crypto community?

not to worry, consumer funds are covered by sipc insurance ($500k).
it's like fdic for banks except it's for US trading firms.

oh wait.. ftx is out of Bahamas.
yeah customers are screwed

 

[dullard]

not to worry, consumer funds are covered by sipc insurance ($500k).
it's like fdic for banks except it's for US trading firms.

oh wait.. ftx is out of Bahamas.
yeah customers are screwed

They want regulations when regulations pay them (like when the FDIC pays out insurance money). But they don't want regulations when the regulations protect them (i.e. are too burdensome or too restrictive in their minds, etc.).

 

[Lost_in_the_HTTP]

I don't know what all this means, but I'd imagine it isn't good.

FTX Declares Bankruptcy and Sam Bankman-Fried Resigns in Latest Crypto Blowup

Gizmodo|29 minutes ago
In the meantime, the Bahamas said it has frozen all of FTX's assets. Crypto lender BlockFi also appears to be wrapped up in the exchange's failure.

 

[VirtualLarry]

I don't know what all this means, but I'd imagine it isn't good.

FTX Declares Bankruptcy and Sam Bankman-Fried Resigns in Latest Crypto Blowup

Gizmodo|29 minutes ago
In the meantime, the Bahamas said it has frozen all of FTX's assets. Crypto lender BlockFi also appears to be wrapped up in the exchange's failure.

What's VoskCoin going to do for a video sponsor now...?

 

[KMFJD]

https://twitter.com/x/status/1591106025905704962

https://twitter.com/x/status/1591151312808427520

Some peak content emerging from the Onion

 

[AdamK47]

https://twitter.com/x/status/1591106025905704962

https://twitter.com/x/status/1591151312808427520

 

[sdifox]

I thought this was funny

Here’s How Much Money You've Lost If You Took Matt Damon’s Crypto Advice One Year Ago

Damon’s “Fortune Favors the Brave!” crypto ad premiered one year ago.

theintercept.com

 

[KMFJD]

Not knowing who "gainzy" is, I'm almost inclined to think that's a satirical post, making fun of the people who bought into Ponzi scheme, that other people warned was a Ponzi scheme, now wanting a handout for their greed and stupidity. Though I suppose it could just be an oblivious idiot.

It's like better you entire net worth on a Vegas roulette wheel, and acting surprised when you don't win.

i'm not sure it was satire

https://twitter.com/x/status/1590712124896313344

 

[evident]

Man... i should have cashed out of my crypto 2 years ago. I bought a bitcoin back when it was 100 bucks and still have half of it... i forgot i even had it.

 

[AdamK47]

Coffeezilla's success is Crypto's seemingly never ending failures.

 

[VirtualLarry]

Mudahar ranting, it's pretty good.

 

[Fenixgoon]

Man... i should have cashed out of my crypto 2 years ago. I bought a bitcoin back when it was 100 bucks and still have half of it... i forgot i even had it.

It's still floating around what 15k? Not a bad time to get out even if you didn't sell at the peak

 

[Heartbreaker]

Coffeezilla's success is Crypto's seemingly never ending failures.

The thing is whether the companies are honest or not is almost irrelevant.

Crypto itself is a scam. It's built on a complete house of cards.

It's simply one long running ponzi scheme where it's public knowledge that it's a ponzi scheme, but people are all hoping to cash in before the bottom falls out.

It's like if Bernie Madoff was honest, and told all his investors that he was just shuffling money around and paying you with the newest investors money, and you said: "Sure, I'll get in on that because there is no shortage of other idiots to follow me."

 

[Lost_in_the_HTTP]

^^^ Which is why I've always referred to is as 'VaporBux'. It just isn't there. It never was. All smoke and mirrors. I mean really .... running computers to burn electricity and grabs bits of vapor out of the web traffic? They even made up a whole bunch of weird words to help bamboozle people.