Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)

[Humble Beast 258]

Amazing how many people this douchebag fooled. 
 

I’d like pics of the female executive.

edit-lol it’s an edited post. Obvious in retrospect. I’ll leave it up because it’s funny. 

Edited November 10, 2022 by Humble Beast
Fooled

[Parliament 14111]

More on that guy who lost some money:

https://www.cnn.com/2022/11/09/business/sam-bankman-fried-wealth-ftx-ctrp/index.html

I'll suggest if you lost fourteen billion dollars in one day, you never really had fourteen billion dollars.

[Wally Fairway 5517]

8 minutes ago, Parliament said:

More on that guy who lost some money:

https://www.cnn.com/2022/11/09/business/sam-bankman-fried-wealth-ftx-ctrp/index.html

I'll suggest if you lost fourteen billion dollars in one day, you never really had fourteen billion dollars.

It took longer than a day, but in less than a year Enron went from a $60b market cap to zero. 

Thanks to strippers, block box accounting & ignoring down-side risk 

[CoTex 1160]

11 hours ago, Parliament said:

More on that guy who lost some money:

https://www.cnn.com/2022/11/09/business/sam-bankman-fried-wealth-ftx-ctrp/index.html

I'll suggest if you lost fourteen billion dollars in one day, you never really had fourteen billion dollars.

I spent a few hours reading the Voyager bankruptcy docs this week trying to predict the recovery from a locked voyager account.  Then I wrote an email that included “when ftx closes the purchase …”. Probably should have gone with “if FTX closes the purchase…”

Oh well.

 

[CoTex 1160]

Serious question.  All the voyager crypto is locked in ch. 11.  Whatever “all” is (1.8billion?), it’s out of the “market.”  Not in the “float.”

Now, FTX and Alameda’s assets will be locked/frozen, etc.  I would say odds of that are 100% and I’m surprised they haven’t filed anything in bankruptcy court yet.  Those assets come out of the float market.

And so these two failures have decreased the supply of multiple cryptocurrencies.

Does that supply decrease inflate the remaining float’s price?  And if so, when these bankruptcies unwind, will that supply increase depress the prices?  
 

Can anyone try to explain why I’m correct that these events pull supply off the table and artificially increase prices for a time?

[Humble Beast 258]

Hope no one here left funds on FTX US  

 

 

[Fudge Nuggets 19118]

1 hour ago, CoTex said:

Can anyone try to explain why I’m correct that these events pull supply off the table and artificially increase prices for a time?

I’m sure people will be lining up around the corner to put their money into an asset that has a proven track record of being locked up / lost forever.  You may have the supply part of the equation right, but have neglected the demand part big time.

[Trey3216 15325]

2 hours ago, CoTex said:

Serious question.  All the voyager crypto is locked in ch. 11.  Whatever “all” is (1.8billion?), it’s out of the “market.”  Not in the “float.”

Now, FTX and Alameda’s assets will be locked/frozen, etc.  I would say odds of that are 100% and I’m surprised they haven’t filed anything in bankruptcy court yet.  Those assets come out of the float market.

And so these two failures have decreased the supply of multiple cryptocurrencies.

Does that supply decrease inflate the remaining float’s price?  And if so, when these bankruptcies unwind, will that supply increase depress the prices?  
 

Can anyone try to explain why I’m correct that these events pull supply off the table and artificially increase prices for a time?

Some of this bullshit you’d be just as well off investing in real estate in Second Life or being a Metaverse home flipper.   

[Firemans4Horn 17792]

Consumer protections are for losers. Trust me, SBF, the pied piper of shit mountain. 
 

 

[Parliament 14111]

When this whole crypto thing started, I totally didn't understand the appeal.  Then it all went to the moon and I started wondering if I was just an old Boomer.  Because every way I looked at it, it looked like total bullshit.  And the leaders of the movement looked like insufferable dipshits.

Turns out I was right, and I'm not any angry old man just yet.

[Parliament 14111]

On 3/26/2018 at 9:50 AM, DanRydell said:

The beanie babies of our time.

 

On 3/26/2018 at 3:06 PM, taybo20 said:

I’m holding a coin with .02... fuck I need this bubble to reinflate so I can get out

 

On 3/29/2018 at 6:09 PM, GlenFromTheMailRoom said:

The biggest takeaway from the crypto craze is going to be blockchain.  Immutable transaction ledgers have huge implications for securely transmitting information.  

I have one of my teams PoC'ing it as we speak.

 

On 4/9/2018 at 3:33 PM, RDCanecutter said:

I wonder how one goes about cashing in this particular coin to get some actual gold. I would be very wary-- this is another thing that was theoretically going to be backed by gold, some day:

 

On 6/13/2018 at 6:33 PM, XYZ said:

I wouldn’t call it a scam. Pump-and-dump? Yes. But people should remember that everything goes with unregulated currencies. I’ve been thinking for a while that if a government really felt like shitting on bitcoin, they could secretly do a huge pump-and-dump and destroy the market. It just takes some big pockets.

 

On 6/14/2018 at 6:46 PM, Incredulity said:

Also,  if you can’t understand how it is going to a Million then you are just too stupid.

 

On 6/21/2018 at 2:13 PM, ABSR said:

Speculative?   No way.  These tulips are always going to increase in value!   Best investment ever.

 

On 6/26/2018 at 3:40 PM, XYZ said:

You mean new idiots. But what happens when you run out of idiots?

 

On 6/26/2018 at 4:11 PM, Angry Gorilla said:

Always and inevitably everyone underestimates the number of stupid individuals in circulation.

 

On 6/30/2018 at 1:36 PM, 52-80 said:

So....who's the big talker shorting Bitcoin ?

So me posts from the 1st 2 pages of this thread.  Lotsa old Boomers yelling at clouds, some sarcasm, and maybe a true beleiver or 2.

[Incredulity 11532]

You need to quote my post directly ahead of the one you quoted, which was very tongue in cheek.

 

 

[52-80 19066]

On 6/30/2018 at 8:36 PM, 52-80 said:

So....who's the big talker shorting Bitcoin ?

whoever had the big balls to short $100k of bitcoin from this date on the summer of 2018, would've hit profit of $45k that winter, swung to a -42k loss the next summer, growing to a -840k loss in 2021, and as of today "recovered" to a -$165,000 PnL

[Parliament 14111]

8 minutes ago, Incredulity said:

You need to quote my post directly ahead of the one you quoted, which was very tongue in cheek.

 

 

I know.  All in good fun, Dude.

[Humble Beast 258]

2 hours ago, Fudge Nuggets said:

I’m sure people will be lining up around the corner to put their money into an asset that has a proven track record of being locked up / lost forever.  You may have the supply part of the equation right, but have neglected the demand part big time.

Coins end up locked up when you leave them on exchanges and they blow up. It’s like leaving a lot amount of funds in banks without FDiC insurance. The solution is to utilize one of the main value props and take possession of your own money. Take your coins off exchanges. If you’re not comfortable doing that there’s resources out there to help. It’s not hard, although a new experience. If you have a large amount and are anxious about taking possession there are white glove services that walk you through setting up multi-signature wallets.  Very easy. 
 

unchained capital is based in Austin. 
 

Casa is another option.

 

1 hour ago, Parliament said:

When this whole crypto thing started, I totally didn't understand the appeal.  Then it all went to the moon and I started wondering if I was just an old Boomer.  Because every way I looked at it, it looked like total bullshit.  And the leaders of the movement looked like insufferable dipshits.

Turns out I was right, and I'm not any angry old man just yet.

As I’ve been preaching more aggressively for the last year or so, you have to separate bitcoin and “crypto”. Crypto universe is almost universally scammers or naive participants. Look at this SBF. Comes out of nowhere. Starts offshore exchange. Does illegal security offering of a native token for the exchange. Had an investment/trading/VC arm that counter traded order flow on his own exchange. That’s just what was public knowledge. Of course he took it farther. 
 

Businesses that are bitcoin only are much more trustworthy. They’re genuinely looking to build out something useful and new as we head into uncertainty economic times. You may disagree with the goals, but that’s the deal. In fact “bitcoin maxis” get grief all the time for being “toxic” and calling out all these scams like it’s a big buzzkill. And these scams all blow up. 
 

41 minutes ago, 52-80 said:

whoever had the big balls to short $100k of bitcoin from this date on the summer of 2018, would've hit profit of $45k that winter, swung to a -42k loss the next summer, growing to a -840k loss in 2021, and as of today "recovered" to a -$165,000 PnL

Facts. 
 

More regulation is coming that will make using “crypto” and bitcoin harder, but none of the geopolitical or economic tailwinds have changed. The Fed is tightening, but that’s a temporary situation. The only way forward for the US over medium and long term is massive money printing. 

[Captainant 27308]

8 minutes ago, Humble Beast said:

Businesses that are bitcoin only are much more trustworthy. They’re genuinely looking to build out something useful and new as we head into uncertainty economic times. You may disagree with the goals, but that’s the deal. In fact “bitcoin maxis” get grief all the time for being “toxic” and calling out all these scams like it’s a big buzzkill. And these scams all blow up. 

Can you give me some examples of "Bitcoin only" businesses? Because bitcoin is not viable for realtime transactions. Transaction costs alone kill consumer transactions, and the uncertainty of your transaction getting written into a block discourages meaningful financial transactions unless you're willing to wait upwards of an hour for a block with your TX plus a couple more blocks (at LEAST 30 minutes, by protocol) for safety against double spend.

You spin a nice yarn, but it doesn't hold up my man. 

[taybo20 2815]

1 hour ago, Parliament said:

 

 

 

 

 

 

 

 

 

So me posts from the 1st 2 pages of this thread.  Lotsa old Boomers yelling at clouds, some sarcasm, and maybe a true beleiver or 2.

Mine actually inflated heavily through 2021 and I cashed out. 
 

I now only hold ETH. Who knows where it will ultimately go.

[Firemans4Horn 17792]

9 minutes ago, Humble Beast said:

Coins end up locked up when you leave them on exchanges and they blow up. It’s like leaving a lot amount of funds in banks without FDiC insurance. The solution is to utilize one of the main value props and take possession of your own money. Take your coins off exchanges. If you’re not comfortable doing that there’s resources out there to help. It’s not hard, although a new experience.

 

The richest, “smartest” Silicon Valley VC firms all just got duped by FTX. Which is like the 11th big Ponzi scheme to collapse this year. Good luck if you think some guy that dabbles in this for fun 45 minutes a week has a chance in this snake pit. 
 

here’s some life advice for all of you: buy SPY and don’t touch it for 40 years. 

[txduck87 981]

 
The richest, “smartest” Silicon Valley VC firms all just got duped by FTX. Which is like the 11th big Ponzi scheme to collapse this year. Good luck if you think some guy that dabbles in this for fun 45 minutes a week has a chance in this snake pit. 
 
here’s some life advice for all of you: buy SPY and don’t touch it for 40 years. 

But Kim said it was a good deal.

[txduck87 981]

 
The richest, “smartest” Silicon Valley VC firms all just got duped by FTX. Which is like the 11th big Ponzi scheme to collapse this year. Good luck if you think some guy that dabbles in this for fun 45 minutes a week has a chance in this snake pit. 
 
here’s some life advice for all of you: buy SPY and don’t touch it for 40 years. 

+1

You cannot beat the market . Quit trying. I do feel bad for all the 18-24 year old kids at my gym who have been telling me how much they were “killing it” in crypto and that I was “just too old to understand it”. Every generation has to learn their lessons in investing ( I know I did.. proud owner of nortel networks and Enron back in the day) and fortunately they’ve still got time to recover and see the light. Slow and steady wins the race . Now get off my lawn!

#retiredat56

[gyroprotagonist 2591]

luckily never kept any money on cex yield farms.  But now i think i am going to pull all non-trading assets from cexs and back into my custodial wallet or even some into a *gasp* FDIC insured bank.

Maybe the bottom comes in the next 2 months or so and will try to find some new entry points.

[Humble Beast 258]

6 minutes ago, Firemans4Horn said:

 

The richest, “smartest” Silicon Valley VC firms all just got duped by FTX. Which is like the 11th big Ponzi scheme to collapse this year. Good luck if you think some guy that dabbles in this for fun 45 minutes a week has a chance in this snake pit. 
 

here’s some life advice for all of you: buy SPY and don’t touch it for 40 years. 

I Think we’re actually in agreement. You shouldn’t be trying to trade with these scammers. The idea is to DCA whatever amount you feel comfortable  saving in BTC, take it into your own possession and wait/watch. I have a 401k like everyone else, I just think I have lower expectations for its performance over time than you do. 

 

7 minutes ago, txduck87 said:

But Kim said it was a good deal.

“Crypto”. 
 

Also lol at the sec clamping down on Kim K for that ad but taking sit down meetings with these SBF shithead. Nice work. 

[txduck87 981]

“Crypto”. 
 
Also lol at the sec clamping down on Kim K for that ad but taking sit down meetings with these SBF shithead. Nice work. 

And remember….
I’ve always admired Matt Damon’s investing prowess. Lebron as well. Two legends in the investing community.

[RDCanecutter 26238]

11 minutes ago, txduck87 said:

And remember….
I’ve always admired Matt Damon’s investing prowess. Lebron as well. Two legends in the investing community.

Well Matt got that role where he was the math whiz and they wouldn't have cast him as that if he wasn't really good with numbers. And all of Lebron's money couldn't have come from basketball so it must be from crypto.

[Humble Beast 258]

19 minutes ago, txduck87 said:

And remember….
I’ve always admired Matt Damon’s investing prowess. Lebron as well. Two legends in the investing community.

Funny enough. There’s rumors online that crypto.com is one of the next ones to go. 

[txduck87 981]

Funny enough. There’s rumors online that crypto.com is one of the next ones to go. 

[Humble Beast 258]

8 minutes ago, txduck87 said:

 

 

[52-80 19066]

SBF was the 2nd largest D political donor this cycle to the tune of 10s of millions of dollars. 
 

If that money was earned illegally, do the courts go claw it back?

[Humble Beast 258]

11 minutes ago, 52-80 said:

SBF was the 2nd largest D political donor this cycle to the tune of 10s of millions of dollars. 
 

If that money was earned illegally, do the courts go claw it back?

No clue. I’m guessing not.

 

All part of his elaborate con and curated image. He claimed to be big on pandemic preparedness. 😆 

Edited November 11, 2022 by Humble Beast

[txduck87 981]

Probably time to just move this to the gambling thread.

[Blotto 23418]

2 hours ago, txduck87 said:

+1

You cannot beat the market . Quit trying. I do feel bad for all the 18-24 year old kids at my gym who have been telling me how much they were “killing it” in crypto and that I was “just too old to understand it”. Every generation has to learn their lessons in investing ( I know I did.. proud owner of nortel networks and Enron back in the day) and fortunately they’ve still got time to recover and see the light. Slow and steady wins the race . Now get off my lawn!

#retiredat56

Im surprised you were able to hear them over the noise while blowdrying your nutsack.

[Humble Beast 258]

23 minutes ago, Blotto said:

Im surprised you were able to hear them over the noise while blowdrying your nutsack.

 

[Chewbacca 7723]

6 hours ago, Firemans4Horn said:

Consumer protections are for losers. Trust me, SBF, the pied piper of shit mountain. 
 

 

I want to punch him in the face just from watching 10 seconds of that clip.  Don't care that he lost $14 billion today.

[RDCanecutter 26238]

11 minutes ago, Chewbacca said:

I want to punch him in the face just from watching 10 seconds of that clip.  Don't care that he lost $14 billion today.

The last time I heard that voice, somebody was getting welcomed by the Lollypop Guild.

[CleverNickname 1291]

 

[CoTex 1160]

10 hours ago, Fudge Nuggets said:

I’m sure people will be lining up around the corner to put their money into an asset that has a proven track record of being locked up / lost forever.  You may have the supply part of the equation right, but have neglected the demand part big time.

Yeah, I agree.  I was looking at the voyager deal and just contemplating all that crypto sitting in a bk court and then one day it dumps into market.

Now, we got a twofer because FTX will follow the same course.

And, when it does happen, demand will have evaporated which I guess exacerbates the situation.

[CleverNickname 1291]

Are these fucking polycule nerds rugging FTX in real time right now? From their semen encrusted bean bag chairs, moving funds to new wallets. DISGUSTING. Ganking little kids in League of Legends. Ganking south American shit holes and Sequoia Capital from their Bamahan manions. SNF fucking MIT nerd shit holes and Sequoia Capital while high on crushed Adderall. DAMMIT.

[Hefeweizen 5307]

Can you repeat that in English for us old people?

[UTGrad98 2257]

6 hours ago, CleverNickname said:

Are these fucking polycule nerds rugging FTX in real time right now? From their semen encrusted bean bag chairs, moving funds to new wallets. DISGUSTING. Ganking little kids in League of Legends. Ganking south American shit holes and Sequoia Capital from their Bamahan manions. SNF fucking MIT nerd shit holes and Sequoia Capital while high on crushed Adderall. DAMMIT.

[Telegraph_it 3353]

It’s all good. Apparently the dude had enough coin to fill up the Gulf Stream. 
 

 

[bernorange 8346]

Clever coming on strong with the authentic frontier gibberish.

[Humble Beast 258]

40 minutes ago, Telegraph_it said:

It’s all good. Apparently the dude had enough coin to fill up the Gulf Stream. 
 

 

Because he stole some more. I mean the exchange was “hacked”  

 

 

 

 

This video is funny. Couldn’t happen to a nicer guy. 
 

 

 

[nycHorn 2958]

Sultry Wood Nymph aka Alamedas CEO

[Incredulity 11532]

25 minutes ago, nycHorn said:

 

 

 

Sultry Wood Nymph aka Alamedas CEO

 

 

Makes me ragey.  Specifically, under the perspective that the IRS is preparing to crawl up the ass of legitimate businesses and citizens over the next several years.  The money didn’t, “disappear” it was stolen and spent.

[Firemans4Horn 17792]

1 hour ago, nycHorn said:

 

 

 

Sultry Wood Nymph aka Alamedas CEO

 

 

 

This is a great watch. He has an awesome sense of humor. 

[CleverNickname 1291]

From what I have gathered, this the current state of the fuckfest:

● SBF (Sam Bankman-Fried), who is well connected politically, and a notable figure among Effective Altruists. He had said he wanted to take a small chance of massive intergenerational wealth, rather than sure of thing of being conventionally rich.

● he is fucking Caroline, another MIT nerd, who is part of management of FTX/Almeada. It is known she is a Harry Potter fan, and many suspect she writes harem fanfics where fuckfests are common and curly haired genius Hermione gets all the D she wants in bean bag chair filled Slytherin common room.

● allegedly the whole management is a polyamorous polycule (aka a fuckfest), titillating but also further evidence that poly fuckfests are always not who you want to be in a fuckfest with, but also exactly who you expect.

● in a notable bio snipped on the Sequia website, they bragged about how SBF wowed them in an investor meeting, while simultaneously playing League of Legends on his phone.

● SBF often wears new balance sneakers and shorts, and was known to sleep on been bag chairs. One may assume the Bahamas mansion where the polycule had their fuckfests was littered with semen encrusted bean bags.

● last night, after filing Ch 11, it appears FTX was either hacked or an insider was cashing out. Rugging. Said potential insiders have recently fled to South America, possibly Uruguay, where fuckfests may continue without extradition. 

[Firemans4Horn 17792]

There are going to be quite a few people deservedly going to prison for this. Fuck them. 
 

 

[Parliament 14111]

My god this is hilarious.

[washparkhorn 9931]

from @Firemans4Horn link above. 
 

If true, the “external auditors” will need to contact their E&O carriers, while preparing their backdoors for no lube at all.  

[nycHorn 2958]

 
This is a great watch. He has an awesome sense of humor. 

So good. I clicked initially just to see the wood nymph bit and ended up watching the whole thing.