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10 November 2022, 07:33 AM | #1 |
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End of Crypto?
Just saw the news about FTX and Binance. Watching BTC tank right now.
And the markets appear to all be tied together these days. This could get really bad, really fast. Crazy thing is without the regulation, those trying to sell their crypto now might not even get paid. Wow, this could get crazy.
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10 November 2022, 07:36 AM | #2 |
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Just like in a casino, don't play with the money that you can't afford to lose ...
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10 November 2022, 07:38 AM | #3 |
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I put play money in. The amount I would spend during a good night at the strip club. If it all goes bye bye, not an issue.
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10 November 2022, 07:40 AM | #4 |
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did not put in any.
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If happiness is a state of mind, why look anywhere else for it? IG: gsmotorclub IG: thesawcollection (Both mostly just car stuff) |
10 November 2022, 07:40 AM | #5 |
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that could be a lot or a little, depending on the club.
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If happiness is a state of mind, why look anywhere else for it? IG: gsmotorclub IG: thesawcollection (Both mostly just car stuff) |
10 November 2022, 07:51 AM | #6 |
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I realized it was a scam when I was playing with it in 2016. All these people who pushed all the chips in on this scam deserve the pain.
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10 November 2022, 08:12 AM | #7 |
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End of Crypto?
Like a house of cards.
Or is it some kind of market manipulation? |
10 November 2022, 08:22 AM | #8 |
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SBF admits to an $8 billion shortfall.
Regardless, less liquidity for consumption of stuff does not help a consumer-based economy. Time for e-coin backed by SDR? ;-)
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__________________ “Life should not be a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming 'Wow! What a Ride!'” -- Hunter S. Thompson Sent from my Etch A Sketch using String Theory. |
10 November 2022, 09:14 AM | #9 |
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Where’s mifune he’s the crypto guy.
Everything is down right now. I mean BTC is down about the same as Meta stock when you think about it. I never could make sense of the pricing but that’s bound to true with intangible assets. My opinion is put your money in waterfront RE above sea level or simply cash flowing RE.
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10 November 2022, 09:18 AM | #10 |
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Not only no... HELL NO.
getting rid of shady players and adding the overlay of Governmental regulation is going to be positives that were really needed for the space to be even more legitimate. In case anyone is interested I can explain the nuances, but it's slightly complicated and requires a history lesson. Suffice to say, Sam Bankman Fried is probably going to jail for a long time. They are just starting the investigations, but his company was Rehypothicating customers funds and raising liquidity by printing tokens and selling them to investors under the guise of a high rate of return even though those tokens were stable coins (Tokens pegged to the dollar and supposedly backed by assets at 1 to 1) Thankfully, due to my personal cost basis, I am only down 15.41% over 24 hours... but it still stings and more importantly it puts a haze of uncertainty over the entire Crypto space just as we were getting back to normalization after the Terra Luna fiasco several months ago... and this one is much worse. |
10 November 2022, 09:26 AM | #11 |
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I'm in for a very small amount and though I wouldn't want to, I can afford the loss.
Now my 24 year old son who talked me into crypto, he better start panicking. |
10 November 2022, 09:27 AM | #12 |
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Buy the dip!
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10 November 2022, 09:34 AM | #13 |
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Then there's that^... because it's never been cheaper for more than a year, and Crypto has the ability to rip the roof on it's way up. Unfortunately you need liquidity, and while there is a BUNCH of money sitting on the sidelines no one wants to be the first one in the pool.
it will definitely come back, but it might not be until sometime next year... we'll see. One bitcoin is still equal to one Bitcoin, so I am not selling... I am adding. |
10 November 2022, 10:29 AM | #14 |
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I’ll be just fine never buying crypto.
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10 November 2022, 10:32 AM | #15 |
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10 November 2022, 10:57 AM | #16 |
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A digital currency made out of thin air originally used as a medium of exchange by shady dark web masters for illegal activities. What could go wrong? Oh, I know, we'll market it as a legit asset class to the masses to really make $$$$.... At least the dot com bubble was a bit more regulated.
2022 RIP: Lesser crypto than BTC, SPACs, NFTs, what am I missing? |
10 November 2022, 10:57 AM | #17 |
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I’m actually looking to buy crypto. Anyone interested in selling off his? No need reminding me about it’s predicament.
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10 November 2022, 11:17 AM | #18 | |
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Quote:
that doesn't even make sense... and illustrates the fundamental misconception of the uneducated (uneducated in terms of crypto assets and perhaps monetary systems not you personally). can I ask you please... are your crisp new USD 100 dollar bills made out of something other than Thin air? be careful how you answer that |
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10 November 2022, 11:20 AM | #19 |
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if any of you are really interested in what happened, here is an amazing video on the happenings...
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10 November 2022, 11:40 AM | #20 | |
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Quote:
The real question is do I trust some guy in his basement working math equations for my medium of payment? To each their own, but real money has been lost in dollar denominations. The story is as old as time, "Fear & Greed" lead markets. |
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10 November 2022, 11:42 AM | #21 | |
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Quote:
Extra bonus question... versus a US Mint silver Dollar money.
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__________________ “Life should not be a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming 'Wow! What a Ride!'” -- Hunter S. Thompson Sent from my Etch A Sketch using String Theory. |
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10 November 2022, 11:44 AM | #22 |
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Something PT Barnum something something.
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10 November 2022, 11:45 AM | #23 |
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Wake me up when BTC is under 200.
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10 November 2022, 12:11 PM | #24 |
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I’m not against crypto and dabbled in it around 2016 on the first ‘run up’.
But anybody with half a brain can put together that when a bunch of underage kids are even making money and screaming ‘to the moon’ rocket emoji, and talking about how they’ll never need a job……it’s pretty obvious it’s not going to last. I actually don’t mind BTC being referred to as digital gold, but the stuff some crypto bros claim about the space being the future and all these alt coins having potential is borderline ridiculous. Lastly, I like how BTC was literally made as a means of never being regulated or controlled by any governmental organization, and now people talk about it becoming more regulated is a good thing. That will 100000% drive the price down further. |
10 November 2022, 12:12 PM | #25 |
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Ibtl
Reported! Close thread! I’m down $719,183,172.02 since Halloween |
10 November 2022, 12:42 PM | #26 |
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Crypto skeptic for life
One of my employees told me her son was into crypto. I told her it had no store of value. The Treasury can print money, corporations have profits, bonds are backed by revenues, bridge tolls, sewer, water, etc.Even gold can be sold for a price. Crypto is based on nothing.
Going to nuthin’ fast. |
10 November 2022, 12:55 PM | #27 | |
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Quote:
the rest of crypto is literally just unregulated equities that have no real use yet or scam projects that get rugged every week with devs running away with all the money. it remains to be seen if there will be actual use cases like defi or something new but for now they're mostly ponzis that are only useful in bull markets. it's now obvious that the last 3 years had no actual innovation in the space and the entire bull run was just propped up by 4 trading firms all trading on insane amounts of leverage (and even worse, some were using customer funds) and all of which have blown up this year this is imo the worst day for crypto in its history, although maybe that one day in march 2020 was a bit worse because it actually felt over the day everyone woke up to btc down 50% with the s&p collapse. there were huge hacks and people losing tons of money but never on a global scale like this that will be widely reported by every media outlet. today kinda just makes people realize that we're set back years and a lot of lives have been ruined. just goes to show 99% of it is a ponzi or scam and it's just a lotto to get rich for a lot of people. i feel really bad for people who had large amounts of money on ftx which is now gone. no one even saw it coming because ftx was just one of the absolute safest places to have your money in given its track record until everything came out. SBF was still a horrible person because it was almost known that the firm he worked with would counter trade people on ftx, but it was mostly a meme that was unproven, and the platform itself was about as tier 1 as it gets in terms of safety. on the surface this guy was lobbying with congress and regulators, buying sponsorships in major US sports, working with the biggest celebs, etc and expanding even during this bear market. just the last thing anyone would imagine |
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10 November 2022, 01:06 PM | #28 |
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Tom Brady has had better months.
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10 November 2022, 01:18 PM | #29 | |
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Quote:
yup, I agree with practically everything here. I also think the sell off has not ended. this is going to permanently scar the guys new to crypto. 1000000%. as said I've been around it for near 7 years now, in and out, but never saw it as anything more than a digital gold. and I think that's it's best use case. this event (as you said) isn't really like some of the other pump and dumps and odd occurrences, this was supposed to be a safe haven that wasn't just involved in something minor, this is some unreal stuff. a total manipulation. It really does make one ask 'what is even real in this space?' also really agree with you about showcasing that nothing really has ben innovated and it was ALL smoke and mirrors about all these amazing use cases. this could be a major turning point for crypto, for the worst. |
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10 November 2022, 01:23 PM | #30 |
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Look out if the Russian mafia have any assets tied up in FTX .
These boys and girls will not be happy. |
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