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Crypto exchange FTX collapses.

Smokken

Banned
I see a lot of confusion about crypto in general. FTX was a shitty company creating shitcoins out of thin air. Doing the good old fractional reserve thing, which is what your fiat money is based on already btw.
Most of altcoins are pure uncapped supply shit, then there's Bitcoin which is capped at a finite amount. There's crypto, then there's Bitcoin....huge difference.
Not gonna lie, the whole industry has a bad rep right now. But SOME of the underlying tech is still sound imo. Just gotta shake off all the posers and useless crap. Letting a company like FTX (or any other exchange for that matter) hold your wealth is the exact opposite of what it was intended for in the first place.
 

Dreamin

Member
It's painful to me that the backlash is against cryptocurrency and not against central exchanges... If everyone starts withdrawing from a bank the same thing will happen. People should hold their own currency.
 

Sub_Level

wants to fuck an Asian grill.
3u5xqdzo6fz91.jpg

♫ I DID IT ALL FOR THE NOOKIE
 

Ionian

Member
Sorry but I think banks are insane risk takers and should be viewed the same way. I'm expecting another 2008 crash any time.
Devaluing the currency from all the fed printing is just as bad as money getting lost.

Been crashing for years already, not seen inflation on property and loaning?
 

jason10mm

Gold Member
Not the best Ive ever seen but back in the day I would have called her after a night of drinking then snuck her out of my apartment in the morning before my roommates could see her.
Back in the day we called that a...

SPnBE1w.jpg


Because, much like how a coyote will gnaw off its own leg to escape a trap, you would gnaw off your arm to avoid waking her up as you slipped away in the morning :p

It's the guy equivalent to the "walk of shame" of all the girls slinking away from fraternity row in the wee hours.

Damn, I miss college :p
 

Dreamin

Member
There is no fundamental difference between centralized cripto and the money a central bank prints. Bitcoin, is the only decentralized cripto around, and it will be fine. The rest will probably go down.
Eth w loopring are doing good stuff, I use the loopring wallet to store my crypto and to trade on. It's not built up much yet but it's a legit decentralized exchange. It's a Layer 2 but not like matic etc because it doesn't compromise anything.
 
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Ionian

Member
I wonder how the Winklevoss twins are doing. Quick Google says they were worth $6 billion in April. Ain't worth shit if you can't sell, just curious if they held on or cashed out.
 

sendit

Member
I try but I can’t feel sorry for those who dumped thousands of dollars into this crypto shit. It’s like gambling, you’ll get fucked eventually and you know it.
Great analysis. This is kind of like the stock market.
 
There's something about that opening line "she got job because she was fucking" that irks me, she's supposedly his girlfriend, plenty of people decide to give responsibility jobs to people who are close to them and that in no way means they're incompetent on it's own. I'm not defending it, as it obviously often creates other problems and barriers and well as a feeling within the company of some people being untouchable, but it happens because it works to the people in power interests.

She was in a position of responsibility so I'm guessing she didn't get the job because she was fucking, but because someone trusted her.
The implication is that she wouldn’t have qualified for the position through regular channels, she saw the opportunity to get in close with this dude who had a ton of power, and sucked his dick real good in order to foster that intimate level of trust and gain some control of that power. It seems like a weird distinction to say no it was about trust not sex, don’t you see how those things are related and one can be used to manipulate the other?
 

StreetsofBeige

Gold Member
Never bought into crypto. I want to make money like everyone else, but I'm not doing that junk. When you read about crypto exchanges or a cryptocoin itself saying shit like pull out asap or your coins will get frozen, you know you got sketchy issues. And when was the last time you ever heard of someone getting their stocks stolen from their account? Never. Every once in a while you hear about these supposedly ultra secure cryptocoins being stolen and there's nothing that can be done to trace it.

There's nothing you can even go on to help you judge if it'll go up or down except pure day to day watching and speculating.

At least for stocks, you might get burned with a bad buy, but at least it's not as volatile and there's info to go on like daily news or earnings reports.
 
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The implication is that she wouldn’t have qualified for the position through regular channels, she saw the opportunity to get in close with this dude who had a ton of power, and sucked his dick real good in order to foster that intimate level of trust and gain some control of that power. It seems like a weird distinction to say no it was about trust not sex, don’t you see how those things are related and one can be used to manipulate the other?
I haven't changed my mind, but you made me laugh.

I don't have a response for it though.
 

daveonezero

Banned
Bitcoin community and crypto communities in general have failed explaining what a blockchain is if this thread is any indication.

The blockchain isn’t an asset without the transfer of value system that replaces traditional bank wires for a fraction of the cost.

It is that and also the a one of a kind technology which has become the most secure network and time interplanetary time keeper ever created.

These thing alone make it valuable.

Giving people your hard earned cash for no reason has never been a good idea. That’s basically what leaving your money in an exchange is doing.
 

Porcile

Member
Yeah, if you're going to invest then put your money into companies who are producing real goods that you can analyse accordingly based on real revenue growth from their product and not companies offering vague "services" that can implode at any minute. Obviously craptocurrency is the biggest one but personally I would stay far far away from things like Facebook, Twitter and pure subscription-based services like Netflix too.
 

RavageX

Member
People will give you billions of dollars in exchange for digital tokens you can magic up from nothing that do nothing, and the party never ends? Sounds like a good idea. The sort of thing that happens in a sane economy that is functioning properly.
This is all I ever saw it as, no matter how it was explained. Just didnt make sense to me.
 

Ionian

Member
This is all I ever saw it as, no matter how it was explained. Just didnt make sense to me.

That's the thing, at least with cash (although banks are guaranteed mostly and I mean mostly, plenty of fuck ups there) cash is king in the right economy. You feel ownership. Now for small things, can't roll up on a house with a suitcase of cash like a gangsta due to the legal process. and rightfully so as your payment has to be insured and legally processed.

All crypto needs is another gobshite to pay cash for it. It's a fools game, rug can get pulled under your feet at any stage.

I ask again how are the Vinklebros doing? How much liquidated and kept?

It's pump and dump 101. Also gamers hate it as the gfx cards got stolen for farms. Tanked the market for ages.

Now in saying that, there is a logic, however it's been proven to be retarded. Every attempt from using ATMs, that would deal with crypto to online sales had people either claim to be millionaires or lost their money.

Pure gambling and I have zero sympathy. Investors keep getting robbed of savings yet continue, kinda like lemmings.
 

nocsi

Member
Gary Gensler (SEC) tried to prevent this type of thing but the people involved w/ crypto exploit the gray area state it currently is and prevent regulators from coming in.
 

Cyberpunkd

Member
This is all I ever saw it as, no matter how it was explained. Just didnt make sense to me.
There was a great quote from Warren Buffet on why he didn’t invest in dot com bubble in 2000 - he replied “because I didn’t understand it”.

Same approach to crypto - if you don’t understand it (and 99% of people don’t), don’t invest in it, or invest but know at any moment you can lose all that money.
 

Dr.D00p

Member
Lol at the thumbnail of this video in my recommendations



This shows how the 1% stay on top....make everything so fucking complicated & convoluted to understand that no one knows which questions to ask to find out if its just one big fucking scam...apart from the 1%, with their friends in the legal profession, to keep them safe and the pleb suckers handing over their money, in the hope of joining the 1% at the top table.

Newsflash...they don't want you at the top table, folks.
 

daveonezero

Banned
Gary Gensler (SEC) tried to prevent this type of thing but the people involved w/ crypto exploit the gray area state it currently is and prevent regulators from coming in.
How? You don’t understand how crypto works if you think you can prevent this from the top down.

The only way to prevent it is to use p2p exchanges, not hold your coins in a wallet you don’t own and finally have a small understanding of why and how Bitcoin is a new technology.

It’s literally impossible for an exchange to affect the btc I have. I don’t have it for a $ value. I have it as a hedge against the dollar and fiat fractional reserve banking.
 

Ionian

Member
I wonder if the idiot who cried about dumping his HD that ended up in a land fill ever found it. Despite the fact it wouuld have been corroded and buried under tonnes of waste, was good PR and a hilarious story if true which I doubt.

Nobodies gonna be allowed dig up a landfill for a HD back then unless it was looking for human remains and the HD would have been dead/corroded anyway. I wish it was true though and he wasted more money. Either free publicity or someone who mined yet didn't know computer mechanics. Perfect either either way.

"I found it!", was covered in shitty nappys and was destroyed by rotting waste, corroded and smashed from the dump. I wish the story was true, honestly.
 
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nocsi

Member
How? You don’t understand how crypto works if you think you can prevent this from the top down.

The only way to prevent it is to use p2p exchanges, not hold your coins in a wallet you don’t own and finally have a small understanding of why and how Bitcoin is a new technology.

It’s literally impossible for an exchange to affect the btc I have. I don’t have it for a $ value. I have it as a hedge against the dollar and fiat fractional reserve banking.
Gary Gensler has been trying to investigate FTX for over a year now. I didn’t say anything about preventing things from the top down. But nice ad hominem argument, A+ right there
 

daveonezero

Banned
Gary Gensler has been trying to investigate FTX for over a year now. I didn’t say anything about preventing things from the top down. But nice ad hominem argument, A+ right there
He is a government agent. That is top down prevention. Nice deflection though. and it isn’t an attack or made up personal attack.

I’m just explaining what most people in the crypto currency space already know.

No one is going to talk about the FTX and Alameda research ties to pilitical parties or Ukrainian though so anything regulatory is just lip service.

Wait till you find out about blockchains that will never and will never be able to be regulated watched or audited in any way.

The governments and their banking partners are scared of p2p technology that replaces their institutions.
 
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nocsi

Member
How? You don’t understand how crypto works if you think you can prevent this from the top down.
That's ad hominem, as if you don't understand how crypto, or more abstractly, the financial markets actually works.
He is a government agent. That is top down prevention. Nice deflection though. and it isn’t an attack or made up personal attack.

I’m just explaining what most people in the crypto currency space already know.

No one is going to talk about the FTX and Alameda research ties to pilitical parties or Ukrainian though so anything regulatory is just lip service.

Wait till you find out about blockchains that will never and will never be able to be regulated watched or audited in any way.

The governments and their banking partners are scared of p2p technology that replaces their institutions.
As a disclosure, I used to work for the feds. I moved onto doing security audits for numerous blockchain projects. I'm now retired in my 30's. Feel free to keep arguing with me like you understand what crypto is, it's enlightening
 

TheMan

Member
So, if like me, you are kind of interested in this shit but completely ignorant of how it works, I've copied and pasted this reddit post which has been making the rounds lately. Feel free to critique.

"
Ironically enough, Sam Bankman Fried explained it correctly and with a remarkable level of accuracy.

Imagine you have a box. It doesn't do anything, but the exchange pretends it does some magic finance shit that gives you some stupid 25% or 15% interest if you fill it with dollars.

So you empty your pockets and fill the box with dollars. The exchange hands you an IOU(the shitcoin) that always tracks how many dollars you can ostensibly take out of the box at a future time of your choosing, ie. you give back the IOUs, and the exchange hands you back dollars in a value equivalent to the value of IOU.

The exchange says that it does some magic shit with your dollars inside the box that multiplies it, so your IOU (your shitcoins) are accurate (backed). But you don't actually know that, since the exchange prints the IOUs(the coins), and you can't see inside the box(no audits!), and you are actually brain damaged so you didn't learn anything from the terraluna or celsius shit.

So you believe it! Number go up on your IOU(shitcoin), so you dig deeper in your pockets for more dollars to put in. Worse, multiple other cretins put in dollars in the box, and you do not want to be the last ngmi, right? Everyone can be rich!

Ocassionally some mook is gonna withdraw a small portion of the dollars in the box according to the IOU they hold. The exchange serves them promptly, and the mook goes and spreads the good word! It is a magic box! The box is solvent! The box is backed! Huraaah, praise the lord it is a miracle, toss more dollars in!

And then, a wobble happens. Some shit somewhere else breaks. Some big fish needs dollars NOW, and they go rummaging in the box. Maybe they take out a bunch, in return for their IOU. Rumor starts spreading that hey...that dollar filled box looks kinda empty for what the IOUs say should be left... The exchange steps in! "No! The box is magic and full, and due to entirely unrelated circumstances, no one can take dollars out of the box anymore, no matter what the IOU says. Please put more in it, though."

So the cretins are spooked now. Ok, no one can take dollars out of the box (except exchange's boss, friends and 'hackers'), but maybe they can sell the IOU on the open market? Yes, let's ALL do that. Only problem, everyone is spooked and not buying the IOUs, so their value collapses, everyone being desperate to sell at ANY price, no matter what is written on their face value.

Only, problem! Somewhere else, some other exchange reveals that they also had a magic box filled with dollars! Only their box had a fake bottom, and they took fistfuls of dollars from it, and stuffed first exchange's IOUs instead so no one could see the box is kinda empty. Only, now those IOUs are worth fuck all, and the box starts looking pretty light on value regardless. Also, for entirely unrelated reasons, they also halt withdrawals of dollars.

And now you got contagion. When shit like this happened in the real world, the feds said. "Ok, this is retarded. You shitters played stupid games behind my back, but in the interest of keeping this house of cards from collapsing, I am gonna loan you money from ME, do you can ACCURATELY stuff your boxes back, take all the shit papers out, and we'll discuss punishments neverlater, after you pay me back."

But there are no feds in the crypto space. Oh no, what do as a CEO cryptoboss of a exchange? Break open the fake box, stuff your pockets with dollars and run to Cambogia.

Got a little bit carried away there. The exhange printing their own shit IOU is pivotal to the entire scheme though. They gotta print large numbers of IOUs, so that mooks put dollars in, and NOT take them out. So long as that happens, they can write any number of them they want of their shit IOUs, and everyone pretends to believe it because line go up. This is, in essence, a Ponzi scheme. It's fake. There is no magic box (duh).

In the real world, when banks give you interest, they basically loan your money to other people, and they give you back a cut of the increased economic activity as interest. Also, they pay your interest in money that you give them, not in money that they invented and control but it's totes real and is valued at a bajillion USD(tm), because of regulations. It works, but the cut is SMOL. Like, not even joking. But in crypto? There is no increased economic activity. There is NO economic activity at all! It is worse, crypto is negative sum, so the economic activity should be negative. Bitcoin is deflationary, where the fuck do these exchanges pull 20% interest on your bitcoin from? (Are they running a reverse kind of Erdogan-o-nomics? What is even happening?) Insanity. It's a game of musical chairs and not being the last one holding the bags full of worthless papers when the music stops.
"
 

SJRB

Gold Member


Good summary.

Amazing content overall. Standing on the sidelines this is incredible to watch unfold. What a time to be alive.
 
That’s a shame, I’d love to hear what you thought was so funny.
The mannerism and conviction in your opinion. I can't really explain but I found it amusing to read.

Primarily what I meant is that I enjoyed your post and didn't have anything to argue against it despite not suddenly agreeing, and I didn't mean it as if I was laughing at you.
 
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The mannerism and conviction in your opinion. I can't really explain but I found it amusing to read.

Primarily what I meant is that I enjoyed your post and didn't have anything to argue against it despite not suddenly agreeing, and I didn't mean it as if I was laughing at you.
That’s cool, I love to argue but we need not. I guess I’ll chock it up as a positive internet interaction.
 

daveonezero

Banned
That's ad hominem, as if you don't understand how crypto, or more abstractly, the financial markets actually works.

As a disclosure, I used to work for the feds. I moved onto doing security audits for numerous blockchain projects. I'm now retired in my 30's. Feel free to keep arguing with me like you understand what crypto is, it's enlightening
is Bitcoin the most secure computer network ever created?

I stated my opinions. I think it’s futile to think you can regulate BTC.
 
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20cent

Banned
Unregulated cryptos will die (market manipulation for collapse, exchange distrust, etc) and official e-currencies will take over.
NFTs are a joke for monkey pixelart now, but "the" blockchain is the future for all monetary, contractual exchange of mankind.

too late?
EllipticalEminentAfricangroundhornbill-max-1mb.gif
 

daveonezero

Banned
Unregulated cryptos will die (market manipulation for collapse, exchange distrust, etc) and official e-currencies will take over.
NFTs are a joke for monkey pixelart now, but "the" blockchain is the future for all monetary, contractual exchange of mankind.

too late?
EllipticalEminentAfricangroundhornbill-max-1mb.gif
A block chain is built on trust. That trust is from the network of computers that “agree” on transactions.

Making a government the only authority in trust ruins the whole thing.

They can not control a privacy focused crypto. Cryptonote and zero knowledge proofs can’t be destroyed.

Regulators couldn’t do anything even if they wanted. Short of shutting down the internet and confiscating all computers in the world.
 
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