Still trying to figure out what happened but SB looks like he lost 97% of his wealth. Sounds like leverage and crypto on the exchange but going to watch and see if they put out the specifics.
Still trying to figure out what happened but SB looks like he lost 97% of his wealth. Sounds like leverage and crypto on the exchange but going to watch and see if they put out the specifics.
Big risk in crypto. I don't know why the people whose crypto blows up don't slowly cash out. Greed will get you I guess, that's why you've always got to have a plan before buying anything
I never understood the allure of it and never understood it. Seems like the Tulip craze where people lost fortunes.Originally Posted by Bassmaster96
Yep, I never have either.
I’ve been beating on that drum since 2017 that it ain’t going to work in the long run. The crypto bros all called me crazy. Even Stevie Wonder could see the writing on the wall.
I saw the MSTR ceo dude said he will keep buying BTC.
I don't think the crypto market should be regulated. I do not want the US taxpayer to ever have to bailout a crypto firm or exchange. It is de centralized finance. It was designed to operate outside the traditional banking system. I say they just put up a sign that says No Lifeguard on Duty. You know the risks so have at it.
Looks like BlockFi is next. When does it hit Coinbase?
Thanos was the hero
Anyone thought the world's leading governments wouldn't undermine crypto was daffy.
Guarantee, there's a bunch going on to disassemble it. No conspiracy, pure economics.
It'll be interesting to see how the Chapter 11 affects all the rest of the crypto world. Does it strengthen them, or is it just completely dead in the US...
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All of the big money that invested is blaming the lack of regulation. I'm not sure how that works. They did their due diligence and invested when it wasn't being regulated. There were several people from various regulatory agencies that told people their money was not insured and these exchanges were not banks. It is pretty bad when companies like BlackRock even got sucked in after saying they did their due diligence. Alot of the companies have some egg on their face.
Are you implying govt is the reason behind FTX and other cryptos and stable coins collapsing into nothing? I'll take the other side of that argument. It was always vaporware.
Thanos was the hero
Of course, it was vaporware. As the US dollar, Euro, Yen, etc. But the difference is they are backed by bullets, goods, etc.
I'm sure they're undermining digital currency whenever the opportunity is presented. The government hates competition.
Operating hundreds of power plants, many with coal, to create a virtual currency that really isn't needed is immoral. That's my opinion and I'm sticking to it.
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I agree. Why waste real resources to create virtual "assets" and I am using the word assets very loosely.
Agreed
Who would invest their money with these clowns that push this junk? Just look at some of these people! All these cryptos will go down as the biggest scam ever. There is no get rich quick schemes that aren’t scams people! My personal opinion, crypto was created to distract and disrupt people from investing in the precious metals markets where there is true wealth preservation.
I saw a reddit post last week where someone said they had made 1.5 million in TSLA stock over a year ago. They put it all into FTX and poof it is gone. Can'y vouch for the veracity of the post but if it is true then that really has to hurt.
$5,500,000,000.00 x Sam x New Math = $659,000.00.
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I know this is an Unpopular opinion around here; but here it goes.
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any ‘coins’ with a ceo, board of directors, marketing team, development team is ripe for disaster……..that’s crypto for yah
bitcoin now………different story……….Bitcoin and ‘crypto’ are very different. Bitcoin=decentralized. ‘Cryptos’(altcoins)=centralized……… self custody is always key. No board of directors or ceo to rug pull yah when decentralized……... But self custody can be tricky. Most people don’t want the hassle. They want in on the Wild West for a possible quick buck and someone else to do the homework for them and hold their ‘coins’. As we see; no quick bucks.
Avoid the ‘crypto-bro’ vids online. Grab some actual books about the fundamentals of Bitcoin. Interesting stuff. But, I wouldn’t bet the farm on it.
Shame so many people losing money in all this; but it’s helping to shake out some of the nonsense.
not financial advice………just, ‘Bitcoin is really worth looking into’ advice
with anything in life; if you can move the needle from ‘skeptical’ to ‘curious’, you’re ahead of the game
Last edited by motomania; 11-19-2022 at 07:36 PM.
$3.1B owed to the Top 50 creditors.
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