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.

 

[MrSquished]

The whole idea behind crypto is that it's not regulated and decentralized so it shouldn't be banned, but people should realize that when they use it, they're on their own.

And look how well that's working out. Do you think any financial institutions or transactions should be regulated in any way shape or form?

as happens every time, Squirrel will avoid responding to any salient point that may counter is tiny little conservative bubble worldview that ignores reality.

 

[biostud]

We've already had the gold discussion 70-80 pages ago.

Gold has industrial uses, and can be used for cultural things like jewelry, which may be considered to be worth far more than the value of the natural resource price+labor price.

Cryptocurrency is just like regular money, in it self a $100 bill is not really worth anything and isn't useful in any regards, if we didn't accept that it actually was worth $100. Currencies are not unique. Raw materials and art are.

 

[Heartbreaker]

Cryptocurrency is just like regular money, in it self a $100 bill is not really worth anything and isn't useful in any regards, if we didn't accept that it actually was worth $100. Currencies are not unique. Raw materials and art are.

No it's NOT just like regular money. Regular money is backed by the government and the economies of the issuing country.

Ponzi-Coins are back by nothing but the hype/pump cycle.

 

[biostud]

No it's NOT just like regular money. Regular money is backed by the government and the economies of the issuing country.

Ponzi-Coins are back by nothing but the hype/pump cycle.

I know, but money in that regard it only hold value because someone believes it to do so. But bitcoin is only backed by anarchy.

 

[dullard]

Brutal day for crypto and the related meme stocks so far.

• APE is down more than 10% today, down 87% in it's short existence.
• AMC broke down through its $5 floor.
• Coinbase down 5% today, down 90% overall from its start.
• Mid-tier stablecoins are struggling. Neutrino continues its crash from last week down to $0.55 when it was supposed to be stable at $1. TerraClassic and Tribe are down quite a bit too.
• Binance has lost roughly 10% of its total assets in the last week. If outflows continue and/or underlying "assets" continue to fall in price then expect Binance to have to keep selling its stuff. Which means more outflows and more price falls in its assets. Which means Binance needs to keep selling stuff.
• Most cryptos are down today. A lot of this is lead by FTX and now Binance. Ether (down 6% in a week) and BNB (down 11% in a week) will be under a lot of pressure to fall in value until Binance somehow stabilizes as that is what Binance will be selling.

 

[Mai72]

These fools put money into Logan Pauls blockchain CryptoZoo. One guy gave Logan $500k. What did Logan do? He took their money, and disbanded the blockchain. Its worthless now.

Why would anyone give Logan $500k? Are they insane.

 

[Lost_in_the_HTTP]

I hope they're checking him for self induced poisons.

FTX's Bankman-Fried appears to fall asleep during court hearing where he does not agree to extradition: report

Fox Business|1 hour ago
Disgraced FTX founder Sam Bankman-Fried declined an extradition agreement while in court in the Bahamas, and the ex-billionaire appeared to fall asleep during proceedings.

 

[dullard]

Disgraced FTX founder Sam Bankman-Fried declined an extradition agreement while in court in the Bahamas, and the ex-billionaire appeared to fall asleep during proceedings.

Is he allowed to get his array of stimulants, anti-depressants, and parkinson's medications while in custody?

 

[Lost_in_the_HTTP]

No clue, but I've read of several cases where someone gets 'sick' in court and dies soon after being hauled out.

 

[JEDI]

I hope they're checking him for self induced poisons.

FTX's Bankman-Fried appears to fall asleep during court hearing where he does not agree to extradition: report

Fox Business|1 hour ago
Disgraced FTX founder Sam Bankman-Fried declined an extradition agreement while in court in the Bahamas, and the ex-billionaire appeared to fall asleep during proceedings.

i was wondering why he agreed to waive extradition to the US in the 1st place?
unless the jails in bahamas suck?

 

[VirtualLarry]

I wasn't aware that alleged criminals (those with at least charges against them) had a choice in the matter of extradition.

 

[JEDI]

I wasn't aware that alleged criminals (those with at least charges against them) had a choice in the matter of extradition.

he waived extradition meaning no court battle to get him to the US.
He voluntarily be xferred to the US authorities.

when i 1st heard that, i didnt understand why.
but apparently he has changed his mind

 

[Heartbreaker]

I wasn't aware that alleged criminals (those with at least charges against them) had a choice in the matter of extradition.

I think everyone (with money) has the option to fight extradition. There have been a lot of high profile extradition cases.

 

[KMFJD]

lol, crypto, so stable and revolutionary

 

[Fenixgoon]

View attachment 73164

lol, crypto, so stable and revolutionary

Just weeding out the weak players in the market. The strong will survive! /S

 

[biostud]

Just weeding out the weak players in the market. The strong will survive! /S

When something is not controlled, then it leads to Anarchy which leads to a few strong players setting the rules, and guess what then the market is controlled. Not by democratic states but those with most money.

 

[biostud]

Just weeding out the weak players in the market. The strong will survive! /S

When something is not controlled, then it leads to Anarchy which leads to a few strong players setting the rules, and guess what then the market is controlled. Not by democratic states but those with most money.

 

[Fenixgoon]

When something is not controlled, then it leads to Anarchy which leads to a few strong players setting the rules, and guess what then the market is controlled. Not by democratic states but those with most money.

i believe the most up-to-date term for that is "Proof of Stake" (no i'm not a cynic at all)

 

[Meghan54]

i was wondering why he agreed to waive extradition to the US in the 1st place?
unless the jails in bahamas suck?

He's being held in the only prison in the Bahamas, Fox Hill. I'll let some others talk about it.....

https://www.yahoo.com/news/bahamian-prison-where-sam-bankman-024059598.html

Silver Lining: Bahamas Jail Housing Crypto Fraudster SBF Is a Rat-Infested Hellhole

Sam Bankman-Fried, the Democratic megadonor charged with what the Department of Justice called "one of the biggest financial frauds in American history," is being held in a Bahamas prison that's notorious for pest infestations, unsanitary conditions, and violence.

freebeacon.com

Sam Bankman-Fried risks trading one notorious jail for another back in the US

The embattled crypto CEO’s agreement to start his extradition process means he could go from the Bahamas’ notorious Fox Hill prison to Brooklyn’s troubled Metropolitan Detention C…

nypost.com

 

[Lost_in_the_HTTP]

^^^ Your choice of 'news' sources is very crypto-bro-ish.

 

[AdamK47]

Atari went all in on the Web3 NFT cash grab hype. It's good to see game companies that have embraced it not so long ago now failing. Atari will go under. Again.

Atari says it may need extra funding to continue following VCS retro console flop and blockchain struggles

Atari is in a spot of bother, and has signalled it may need extra cash to continue.

www.eurogamer.net

 

[Lost_in_the_HTTP]

Back in the US.
Back in the US
Back in the US of A

FTX founder Sam Bankman-Fried lands in New York following extradition from Bahamas

Fox Business|2 hours ago
FTX founder Sam Bankman-Fried landed in New York Wednesday night, following his extradition from the Bahamas. He faces multiple criminal charges following FTX's collapse.


...

 

[Lost_in_the_HTTP]

How do you lose 98% of your value, file Chapter 11 and continue to operate 'as usual'?



U.S. News // 6 hours ago
Core Scientific files for bankruptcy after losing 98% of its value
Dec. 21 (UPI) -- A leading cryptocurrency mining company filed for Chapter 11 bankruptcy Wednesday, but plans to keep operating as usual.

 

[sdifox]

That is what a Chapter 11 is.

 

[Lost_in_the_HTTP]

CryptDudes can take solace knowing where their fantasy bux were used ....

North Korea Has Stolen $1.2 Billion in Crypto Since 2017, Spy Agency Says

Gizmodo|11 minutes ago
The country uses its stolen funds to finance its missile program. As of November, North Korea had carried out 34 weapon tests involving 88 missiles this year.

...

 

[Heartbreaker]

Coffeezilla digging through Logan Pauls zoo token scam. It's interesting how they plan the pump and dump, and are planning to limit their cash out to not tank the market while they were dumping: