Anybody following the fall of the FTX crypto exchange?

[FAST6191]

The once number 2 cryptocurrency exchange FTX seems to be collapsing under a pile of fraud, targeted fun and stupid decisions. There was a letter intent to have them taken over by the number 1 exchange (binance) but apparently they got a look at the books and were all "fuck that noise I am out". Also gone with it is likely its owner (though I imagine a few million are stashed somewhere ready for the end of the prison sentence) with now one of the fastest rises and falls from billionaire status.
Videos, many others available



As they were so outsized in the market then it seems it contagious and it is knocking the market something fierce

https://coinmarketcap.com/currencies/bitcoin/?period=7d

Do bear in mind in November 2021 it was around $64000 USD per bitcoin.

Anybody caught up in this one or are hardware wallets the order of the day here?
Equally the phrase "there are two types of crypto exchange, those that have been hacked and those that don't yet know they have been hacked" was once popular, might it be amended to "those that have been caught with their hand in the cookie jar and those that have not yet been caught but crumbs abound"?

Whether this it the fabled crypto winter or not remains to be seen (previous days did seem somewhat optimistic with it being somewhat above the consolidation zone/magic 20K USD line), though the general state of the economy is not brilliant either so eh.

 

[linuxares]

oh is crypto finally dying? Yay!

 

[Bladexdsl]

oh is crypto finally dying? Yay!

hope so than all the miners can fuck off and video cards can get back to normal. lets hope this pyramid scheme finally comes crashing down SOON. knew this whole thing was a sham from the beginning. lol at all the suckers who invested in it

 

[FAST6191]

I doubt crypto is dying as there is far too much utility in it if done right as a store of wealth governments struggle to tap, means of quick and easy fund transfer (semi anonymous if done right), probably too much big money invested in it at this point...
I would also doubt this is the end of the big speculation era, such that it stabilises to become a medium of longer term transaction, though I could see this being a notable event along the path.

 

[FAST6191]

Couple more videos for the pile I liked and that generally do good stuff in this and similar arenas.



Price wise for bitcoin stable for a day or so at high 16000s-low 17000s.

 

[depaul]

FTX CEO was 'investing' funds of his exchange users. He went too far.
He was supposed to protect those funds, and only invest FTX's own assets.

 

[LainaGabranth]

imagine falling for the crypto meme lol

 

[sombrerosonic]

imagine falling for the crypto meme lol

bet the GPU market will be alot cheaper now

 

[LainaGabranth]

bet the GPU market will be alot cheaper now

Nah, chips are still fucked, sadly.

 

[Marc_LFD]

oh is crypto finally dying? Yay!

Great so we can go back to centralized currencies and eventually everyone's favorite, CBDC. (:

 

[LainaGabranth]

Great so we can go back to centralized currencies and eventually everyone's favorite, CBDC. (:

Here's a pill you aren't ready for:

Centralized currency is good.

 

[Marc_LFD]

Couple more videos for the pile I liked and that generally do good stuff in this and similar arenas.



Price wise for bitcoin stable for a day or so at high 16000s-low 17000s.

"Bankruptcy" "Money missing"

Probably landed somewhere...

Post automatically merged: Nov 16, 2022

Here's a pill you aren't ready for:

Centralized currency is good.

It's good, but we need alternatives.

 

[sombrerosonic]

Nah, chips are still fucked, sadly.

sad, oh well i can still save up for a 4060 ti.... just take me ahile

 

[depaul]

Conclusion : crypto won't make you rich.

 

[LainaGabranth]

Conclusion : crypto won't make you rich.

Pretty much. People harp constantly about the 'power' of the blockmeme and decentralization but both are just going to let shit like this keep happening. I can't wait for the day when this shit's dead for good.

 

[FAST6191]

Conclusion : crypto won't make you rich.

It has made a lot of people very rich, though if I take the meaning as "you" the hypothetical person reading this pondering whether to dip a toe in at this point then not so much. At this point the 100000% rise things are basically gambling, mining is easier said than done, and that leaves arbitrage or high volume active trading (the percentages it rises and falls any given day/week is enough to do what would otherwise be career making trades in most of the normal financial markets) though even that is largely gambling.

Pretty much. People harp constantly about the 'power' of the blockmeme and decentralization but both are just going to let shit like this keep happening. I can't wait for the day when this shit's dead for good.

Is there any system when frauds purporting to manage money don't arise?
Equally the only way I see it going is if enough countries that matter ban it incredibly harshly (drugs ain't got nothing on this sort of thing), which I both don't see happening and would not like to see anyway as that is way too much control to give to a government.
The best you can hope for is it is another medium of exchange rather than speculation asset.

 

[linuxares]

There are alternatives to crypto. It's called gold. Worked for hundreds of years.

 

[ChanseyIsTheBest]

Nah, chips are still fucked, sadly.

Once Nvidia figured out people wouldn't stop buying GPUs at absurd prices over $1000 why lower the price. Feel bad for PC gamers

 

[The Catboy]

Conclusion : crypto won't make you rich.

Although I didn’t become rich, since I was poor as fuck going in, I did end up nearly doubling several of my crypto investments back in 2020. All investments are a gamble, crypto included.

 

[sombrerosonic]

So.... i found out it was politicaly pushed.... huh