Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)

[52-80 19150]

I still find it hard to process that 1,000 of “one million dollars” is 1 billion…..and sbf blackholed 10 of them.

His (paper, marked to market) wealth was supposed to be way in excess of that and it too has been vaporized. 

And, finally, while the schadenfreude has been visited upon him by the public, theres not actually been a lot of accusatory *heat* written by the media. The general tone has been like “this dude grew too big so his company collapsed and its kinda tragic”

 

 

 

[midtown 3345]

When you have unregulated markets and unregulated coins etc there really isn't much in the way of broken laws or fraud is my guess. That's kind of the whole point of regulation or lack there of.

[52-80 19150]

5 minutes ago, midtown said:

When you have unregulated markets and unregulated coins etc there really isn't much in the way of broken laws or fraud is my guess. That's kind of the whole point of regulation or lack there of.
 

well for sure they located and structured their businesses to be as outside the bounds of regulation and prosecution as possible. 

but the financial mechanics and principles are universally recognized, no matter the jurisdictional particulars. 

if your neighbor takes his wife to the Sentinel Islands and kills her there, maybe its technically not prosecutable, but society should still point fingers at him and say “hey, this dude is a fucking evil murderer” instead “oh, his hand slipped and accidentally jabbed his wife in the throat; they had a bad vacation”

[52-80 19150]

I guess because crypto is mostly seen as a fringe economic pursuit, $B sized malfeasance is not seen as morally-corrupt as ‘Bernie Madoff robs old pensioners of their retirement’

[Parliament 14255]

Yeah.  The stock market has not been affected much.  That tells me crypto wasn't very connected into the actual real world.  Some kid stole a buncha Dungeons and Dragons cards, and then lost them.  In the eyes of the "grownups," that's all that happened. 

ETA

But actual money was used to buy this stuff originally.  That money was real money, got turned to fake money and is now lost.  Seems to me that destroying actual money (indirectly) is deflationary?  Ie, crypto collapsing is taking some heat off of inflation?

Edited November 16, 2022 by Parliament

[Humble Beast 258]

3 hours ago, 52-80 said:

I still find it hard to process that 1,000 of “one million dollars” is 1 billion…..and sbf blackholed 10 of them.

His (paper, marked to market) wealth was supposed to be way in excess of that and it too has been vaporized. 

And, finally, while the schadenfreude has been visited upon him by the public, theres not actually been a lot of accusatory *heat* written by the media. The general tone has been like “this dude grew too big so his company collapsed and its kinda tragic”

 

 

 

It’s not really CR because as some one pointed out, a different executive gave big to Republicans, but it would be pretty naive to think that who he donated to isn’t affecting coverage of this story. NYT had a pretty subdued article on him. Evidently Marc Cohodes presented evidence of a lot of shady shit to Bloomberg crypto and they passed. They passed because they wanted to keep “access” to him. 
 

I just listened to an interesting podcast with Cohodes. He has some pretty out there insinuations. The billionaire cofounder that has almost zero internet presence is interesting. Basically Sam’s backstory makes no sense. 
 

He’s given everything he’s gathered to a Pulitzer winning journalist and says he expects some stuff to be released soon.  
 

https://podcasts.apple.com/us/podcast/hidden-forces/id1205359334?i=1000585956796
 

[Humble Beast 258]

 

[midtown 3345]

Not that I really listen to Dr. Doom but just leaving this here

This can't be real.  As many above pointed out.  What does this guy have on all these people and media where they are still talking highly of him?

 

Edited November 16, 2022 by midtown

[Parliament 14255]

1 hour ago, Humble Beast said:

 

Narrator: "They can't."

[jeevsie 3733]

Whole bunch of noise.  Did this crash create any good values out there to buy?

[Humble Beast 258]

2 hours ago, midtown said:

Not that I really listen to Dr. Doom but just leaving this here

This can't be real.  As many above pointed out.  What does this guy have on all these people and media where they are still talking highly of him?

 

I think there’s some CR reasons behind it, but it’s a weird deal with all the connections of the people. 
 

 

😂 

[Humble Beast 258]

The in-house psychiatrist (um, wtf) that was used in NYT puff piece has some interesting past reviews. 
 

 

[Humble Beast 258]

2 hours ago, midtown said:

Not that I really listen to Dr. Doom but just leaving this here

This can't be real.  As many above pointed out.  What does this guy have on all these people and media where they are still talking highly of him?

 

Maybe some of them don’t want to have give back money?

 

 

[txduck87 985]

Whole bunch of noise.  Did this crash create any good values out there to buy?

Nope

[Parliament 14255]

1 hour ago, jeevsie said:

Whole bunch of noise.  Did this crash create any good values out there to buy?

Rolexes and Lamborghini's are gonna be cheap when they come off lease.

[midtown 3345]

Rumor is SBF is being extradited to the US

I think it all unravels at 14000 for bitcoin.  That's where Saylor gets a call and the selling goes runaway freight train.  The fed and banks offer to peg bit coin at something small like $100.  LOL.  this is going to be hilarious for the crypto bros

Edited November 16, 2022 by midtown

[Humble Beast 258]

17 minutes ago, midtown said:

Rumor is SBF is being extradited to the US

I think it all unravels at 14000 for bitcoin.  That's where Saylor gets a call and the selling goes runaway freight train.  The fed and banks offer to peg bit coin at something small like $100.  LOL.  this is going to be hilarious for the crypto bros

Re Saylor margin call:

He pledged BTC as collateral for cash loan to buy more BTC. Classic degen behavior. He would have to pledge more. Not sure it sets off a cascade. Here are the numbers. 
 

First bonds due in 2025. That’s not a coincidence. That would be after next bull cycle. He’ll either be the Goat or an epic bust. Whatever you say, he has conviction.  

[Humble Beast 258]

Another crypto lender in trouble. The last tweet is the key point. DCGs other interests include GBTC trust. If those assets were comingled or otherwise impaired would be disaster. I see that as unlikely though. They are regulated, have SEC filings, but caution is still warranted now. 

[Hefeweizen 5311]

35 minutes ago, midtown said:

Rumor is SBF is being extradited to the US

I think it all unravels at 14000 for bitcoin.  That's where Saylor gets a call and the selling goes runaway freight train.  The fed and banks offer to peg bit coin at something small like $100.  LOL.  this is going to be hilarious for the crypto bros

Real life unwinding of a high tension spring is going to hurt a lot of people badly.  I just hope it doesn’t cause too much damage, but I know it will.  
 

I feel the worst for the dipshits who bought in to BTC at 30k plus.  There are a lot of bag holders now.

[midtown 3345]

7 minutes ago, Hefeweizen said:

I feel the worst for the dipshits who bought in to BTC at 30k plus.  There are a lot of bag holders now.

Agreed.  There are going to be a lot of families broke/bankrupt because they believed all this crap and pump.    I wouldn't be surprised to hear about a lot of suicides over this.  Lots of expensive stuff is about to get cheap. 

[TonyTexas 10510]

As far as the media coverage of SBF and the crypto crash are concerned, I think the general public is reacting with a big yawn. They don’t see it affecting them. Rather see it as the problem of a bunch of nerds and hipsters, many of which got rich on the way up and subsequently went broke on the way down. I suspect many are actually happy about it. What was once FOMO, is now ROMO, Relief Of Missing Out. 

Edited November 16, 2022 by TonyTexas

[Humble Beast 258]

8 minutes ago, Hefeweizen said:

Real life unwinding of a high tension spring is going to hurt a lot of people badly.  I just hope it doesn’t cause too much damage, but I know it will.  
 

I feel the worst for the dipshits who bought in to BTC at 30k plus.  There are a lot of bag holders now.

How much high tension unwinding do you think there is left when we’re already 75% down? The bubble has already popped. This is all sorting out the bottom. 
 

 

[midtown 3345]

18 minutes ago, Humble Beast said:

The bubble has already popped.

Not even close.   There are still hundreds of coins, exchanges, funds, loans, margin calls etc that are probably coming. 

Edited November 16, 2022 by midtown

[Captainant 27655]

41 minutes ago, Humble Beast said:

How much high tension unwinding do you think there is left when we’re already 75% down? The bubble has already popped. This is all sorting out the bottom. 

The entire point of every single altcoin and shitcoin is to drive demand for BTC. Much of BTC's value is inflated by this dynamic and people needing BTC to interact with and exchange these other coins.

We've still got a long way to go, comrade

[Hefeweizen 5311]

15 minutes ago, Captainant said:

The entire point of every single altcoin and shitcoin is to drive demand for BTC. Much of BTC's value is inflated by this dynamic and people needing BTC to interact with and exchange these other coins.

We've still got a long way to go, comrade

Yeah I think it could go to zero.  Literally.

[Humble Beast 258]

25 minutes ago, Hefeweizen said:

Yeah I think it could go to zero.  Literally.

It? Everything? Very doubtful. Too many zealots, criminals, undesirables. 
 

And since you quoted CaptainAntifa I’ll address his attempt at making a point. 
 

54 minutes ago, Captainant said:

The entire point of every single altcoin and shitcoin is to drive demand for BTC. Much of BTC's value is inflated by this dynamic and people needing BTC to interact with and exchange these other coins.

We've still got a long way to go, comrade

The entire point of every single shitcoin is to make money for the creators and “teams”. Most shitcoiners are lukewarm at best on Bitcoin.  Also, needing BTC to trade in and out of shitcoins isn’t really true anymore. Eth is a more common trading pair if you aren’t just using stablecoins, especially in DeFi. Thanks for telling on yourself and your lack of current understanding. This isn’t 2017. Time to catch up if you want to FUD. 

Edited November 16, 2022 by Humble Beast

[Parliament 14255]

2 hours ago, midtown said:

Rumor is SBF is being extradited to the US

I think it all unravels at 14000 for bitcoin.  That's where Saylor gets a call and the selling goes runaway freight train.  The fed and banks offer to peg bit coin at something small like $100.  LOL.  this is going to be hilarious for the crypto bros

I think the pegging has been going on for some time.

[Captainant 27655]

20 minutes ago, Humble Beast said:

This isn’t 2017.

No, but the the price is below where it was in 2018. Give it a couple weeks and we'll get back there as more NFT's and altcoins fail and undercut demand for BTC further. 

24 minutes ago, Humble Beast said:

Also, needing BTC to trade in and out of shitcoins isn’t really true anymore. Eth is a more common trading pair if you aren’t just using stablecoins, especially in DeFi.

Oh really? What, do they just stroll on down to their favorite (totally not a scam lulz) crypto exchange and hope they don't get rugpulled or defrauded? And fucking L M A O at credulously using the term "stablecoin" when they all unpegged a couple months ago

[midtown 3345]

The fact that this is ALL over social media and none of it is positive.  Everyone with a page is saying to liquidate.   I can't imagine what is going on at all these exchanges and coins in the background.  

And what happens when they get a few of these fraud guys like SBF under a bright light at the FBI or wherever and they start really mapping this stuff out and the fraudsters start pointing to where all the bodies are to save their own necks?  YIKES 

Edited November 16, 2022 by midtown

[Humble Beast 258]

35 minutes ago, midtown said:

The fact that this is ALL over social media and none of it is positive.  Everyone with a page is saying to liquidate.   I can't imagine what is going on at all these exchanges and coins in the background.  

And what happens when they get a few of these fraud guys like SBF under a bright light at the FBI or wherever and they start really mapping this stuff out and the fraudsters start pointing to where all the bodies are to save their own necks?  YIKES 

I haven’t seen anyone say to liquidate. I’ve seen tons of people say to pull your coins off exchanges. 
 

As far as criminals getting put under pressure and turning, I’d love that. He didn’t bolt to Dubai or somewhere in Asia like the other recent frauds. Either he was totally blindsided or he’s delusional and doesn’t think he did anything wrong.  I hope he gets brought into custody today. 
 

I’m not sure what he would spill necessarily. The fraud he committed was two things. He issued an illegal security and gamed the resulting system to lever up. (This should be enforced. It’s already illegal.) He also co-mingled funds and stole from his own customers. Also illegal. I think those two things are the basis of majority of crypto exchange fraud that will come out. Now if you’re telling me he’s going to spill more on the mysterious origins of his wealth or maybe give more details on Gary Wang, his mysterious co-founder that has almost zero internet presence, then I will really be interested. 

[midtown 3345]

Now Binance is under investigation by congress for their role in the FTX collapse.  Guess there were quite a few congressman had some assets at FTX?

Quote

I haven’t seen anyone say to liquidate. I’ve seen tons of people say to pull your coins off exchanges.

Fair enough

Edited November 16, 2022 by midtown

[Humble Beast 258]

20 minutes ago, midtown said:

Now Binance is under investigation by congress for their role in the FTX collapse.  Guess there were quite a few congressman had some assets at FTX?

 

Lol CZ is no saint but unless I’m mistaken he did nothing illegal selling his tokens and stress testing FTX. Maybe Congress is waiting for the criminal investigation of Sam to take care of him? Still looks weird from an optics perspective. Another example of diverting attention from Sam. 
 

On a related note. 
 

 

Edited November 16, 2022 by Humble Beast

[Captainant 27655]

21 minutes ago, Humble Beast said:

The fraud he committed was two things. He issued an illegal security and gamed the resulting system to lever up. (This should be enforced. It’s already illegal.) He also co-mingled funds and stole from his own customers. Also illegal. I think those two things are the basis of majority of crypto exchange fraud that will come out.

This is the fraud pattern of every unregulated crypto exchange that's out there and goes up in flames. They build layers and layers of obfuscation and abstraction and give you an NFT of a DAO voting token to keep you distracted from the fact that you CAN'T withdraw your funds or crypto anymore

27 minutes ago, Humble Beast said:

I haven’t seen anyone say to liquidate. I’ve seen tons of people say to pull your coins off exchanges. 

Yeah dude. The whole FTX collapse started because a large enough depositor withdrew their funds from the exchange, and it touched off a liquidity crisis. 

Every crypto exchange that's gone under has done so because of a liquidity crisis from fraudulently handling customer assets. This is just what crypto is, bro! TO THE MOOOON!

[Captainant 27655]

Also, in happy news, everyone who did those idiotic crypto commercials is getting sued hooray!

https://www.washingtonpost.com/business/2022/11/16/ftx-class-action-lawsuit/

Quote

A new lawsuit filed by one of the country’s most prominent attorneys seeks to extract billions of dollars from a cryptocurrency executive and a star-studded cast of his 11 paid endorsers, including Tom Brady, Gisele Bundchen, Shaquille O’Neal and Naomi Osaka.

 

...

 

The lawsuit, which was filed in Miami, alleges that FTX was designed “to take advantage of unsophisticated investors” by convincing them to use the company’s services to invest in crypto. None of the defendants who appeared in advertisements for the investment platform “performed any due diligence prior to marketing these FTX products to the public,” the filing added.

 

 

The lawsuit, which will need court approval to move forward, said that overall American consumers have lost more than $11 billion dollars as a result of FTX’s actions. It was filed late Tuesday at U.S. District Court in Miami on behalf of Oklahoma resident Edwin Garrison.

 

The proposed class action alleges the parties promoted unregistered securities and accuses them of violating Florida’s Securities and Investor Protection Act and the Deceptive and Unfair Trade Practices Act.

 

...

Adam Moskowitz, another counsel for the plaintiffs, said in the filing that he could not remember a time when “so many powerful and influential celebrities promoting as strongly and as persuasively as these people who are role models and are so well-respected by everyone.”

By using their social media accounts, he said, the marketing appeals appeared more personal. They “targeted the regular consumer,” he said.

Don't be like Larry.

[Humble Beast 258]

And…Twitter has him located. 
 

 

 

[Parliament 14255]

As seedy as his business was, it seems like he shoulda been capped by now.

[bullzak 421]

9 minutes ago, Parliament said:

As seedy as his business was, it seems like he shoulda been capped by now.

Its been a week. Give it time. 

Saylor is my favorite knucklehead. How about when MSTR went from 1400/share to 90 in six months back in 2000 after a bunch of accounting fraud? And yet there he is, no shame at all, flogging for crypto. 

Amazing that guy hasn't seen the inside of a jail cell. 

[Humble Beast 258]

Wow. What a story. Psychopath. The lack of empathy is what allows to just keep talking about all of this. 
 

 

30 minutes ago, Parliament said:

As seedy as his business was, it seems like he shoulda been capped by now.

Someone will take him out.  

[52-80 19150]

1 hour ago, Humble Beast said:

 

On a related note. 
 

 

Wait, wasnt twitter supposed to have turned into a right ring hellscape by now and imperiled the safety of colored furries and the fragility of democracy?

What else are plainfolk supposed to catastrophize about now ? the y2.022k computer bug?

[midtown 3345]

All those crypto commercials were fing cringy.   Where's Matt Damon? 

Oh and someone claims to have a copy of a sex tape between SBF and that creepy chick and will release it if justice isn't served.  Um no one.  I mean no one wants to see that. 

Edited November 16, 2022 by midtown

[Parliament 14255]

25 minutes ago, midtown said:

  I mean no one wants to see that. 

[UTGrad98 2271]

I demand to be compensated by cnbc and Jim Cramer for the financial advice they give. Meta can suck it. I also demand to be compensated by the university of Texas for not telling me my major in biology sucked and was not worth a shit. I take no responsibility for my actions or decisions over the last 20 years which have cost me money or time and demand to be made whole.

[Humble Beast 258]

40 minutes ago, midtown said:

All those crypto commercials were fing cringy.   Where's Matt Damon? 

Oh and someone claims to have a copy of a sex tape between SBF and that creepy chick and will release it if justice isn't served.  Um no one.  I mean no one wants to see that. 

 

14 minutes ago, Parliament said:

 

[Humble Beast 258]

This is also why people want to minimize it. 
 

 

[Neonmoon 38129]

The bubble has not already popped. 1 Bitcoin currently equals supposedly $16,679.50 USD. Why? What good or service does it provide that supports that valuation? What assets does it have? None. It is not a security. It’s not a stable store of value because it’s decentralized. It fluctuates on pump and dump schemes. It’s not a currency. The bubble will have popped once it goes to $0 or near $0 or whatever value is attributed to it by people that need a medium of exchange without government oversight or regulation. (i.e. black market)

[Parliament 14255]

OK boomer

[Dahobbs 17534]

4 hours ago, 52-80 said:

Wait, wasnt twitter supposed to have turned into a right ring hellscape by now and imperiled the safety of colored furries and the fragility of democracy?

What else are plainfolk supposed to catastrophize about now ? the y2.022k computer bug?

I feel like that is exactly what that post demonstrates. 

[Humble Beast 258]

35 minutes ago, Neonmoon said:

The bubble has not already popped. 1 Bitcoin currently equals supposedly $16,679.50 USD. Why? What good or service does it provide that supports that valuation? What assets does it have? None. It is not a security. It’s not a stable store of value because it’s decentralized. It fluctuates on pump and dump schemes. It’s not a currency. The bubble will have popped once it goes to $0 or near $0 or whatever value is attributed to it by people that need a medium of exchange without government oversight or regulation. (i.e. black market)

You don’t get it. That’s ok. 
 

5 minutes ago, Dahobbs said:

I feel like that is exactly what that post demonstrates. 

How does pointing out repeated media dishonesty or bias equate to a right wing hellscape?

[Dahobbs 17534]

2 minutes ago, Humble Beast said:

You don’t get it. That’s ok. 
 

How does pointing out repeated media dishonesty or bias equate to a right wing hellscape?

Keep pumping up your scam. 

[Humble Beast 258]

1 minute ago, Dahobbs said:

Keep pumping up your scam. 

Figured.