Bitcoin....who's gotten into it?

[bennymac]

https://twitter.com/__overflow_/stat...cMXCRopNQ&s=35

making synthetic bitcoins out of thin air - dogshit wrapped in catshit

[SkiLyft]

^^ hahaha hilarious good thing BTC is an inflationary hedge 🤪


Sent from my iPhone using TGR Forums

[MultiVerse]

Fraud is illegal even in the Bahamas. Sam Bankman-Fried belongs in prison. The Securities Commission of The Bahamas (SCB) froze his company’s assets and appointed a provisional liquidator for the embattled FTX. The SCB released a statement explaining that it became aware of public statements suggesting that the Bahamas-headquartered FTX mishandled client assets and “mismanaged and/or transferred (assets) to Alameda Research”, which is FTX’s supposed “sister” company in the United States.

For all SBF's criminal behavior, at least there haven't been any government bailouts and there hasn't been much in the way of contagion affecting otherwise sound investments in the economy at large. That's why we should be very skeptical of regulating extremely risky assets. Mainstream Wall Street types like "Mr. Wonderful" would love to privatize the gains and socialize the losses for things like crypto.

The government should not be used as a tool to make people feel safer about crypto investments. Especially given the fact at present there's little social value in crypto and so there's no reason why the government should encourage the crypto space. If in the future crypto ends up creating lots of useful innovation then that's something best left for markets not governments to discover.

[neckdeep]

BTC FTW

"Roughly three-quarters of people who have bought bitcoin have lost money according to a study published Monday as the cryptocurrency sector reels from the collapse of a major exchange that has sapped confidence.

Economists at the Bank of International Settlements, an institution widely considered as the central banks of central banks, analysed data on investors in cryptocurrencies in 95 countries between 2015 and 2022.

"Overall, back of the envelope calculations suggest that around three-quarters of users have lost money on their bitcoin investments," they said in their study.

During the period studied, the price of bitcoin rose from $250 in August 2015 to peak at nearly $69,000 in November 2021. It is now trading at around $16,500.

The number of people using smartphone apps allowing one to purchase and sell cryptocurrencies rose from 119,000 to 32.5 million during the same period.

"Our analysis has shown that, around the world, bitcoin price increases have been tied to greater entry by retail investors," the researchers wrote.

Moreover, they said they found that "as prices were rising and smaller users were buying bitcoin, the largest holders (the so-called 'whales' or 'humpbacks') were selling –- making a return at the smaller users’ expense."
https://www.barrons.com/news/three-o...opics_afp-news


Winning! Only a dumbass thinks these folks are coming back to crypto. Crypto has entered its "fool me twice" moment.

[Timberridge]

Anybody know how much TB12 lost in FTX, or was he just a paid shill with no $ in it?

"What’s missing is the money. What’s missing is that FTX had at some point something like $16 billion of customer money, but most of its assets turned out to be tokens that it made up. It did not pay $16 billion for those tokens, or even $1 billion, probably. Money came in, but then when customers came to FTX and pried open the doors of the safe, all they found were cobwebs and Serum. Where did the money go?
I don’t know, but the leading story appears to be that FTX gave the money to Alameda, and Alameda lost it. I am not sure about the order of operations here. The most sensible explanation is that Alameda lost the money first — during the crypto-market meltdown of this spring and summer, when markets were crazy and Alameda spent money propping up other failing crypto firms — and then FTX transferred customer money to prop up Alameda. And Alameda never made the money back, and eventually everyone noticed that it was gone."

[neckdeep]

Anybody know how much TB12 lost in FTX, or was he just a paid shill with no $ in it?

"What’s missing is the money. What’s missing is that FTX had at some point something like $16 billion of customer money, but most of its assets turned out to be tokens that it made up. It did not pay $16 billion for those tokens, or even $1 billion, probably. Money came in, but then when customers came to FTX and pried open the doors of the safe, all they found were cobwebs and Serum. Where did the money go?
I don’t know, but the leading story appears to be that FTX gave the money to Alameda, and Alameda lost it. I am not sure about the order of operations here. The most sensible explanation is that Alameda lost the money first — during the crypto-market meltdown of this spring and summer, when markets were crazy and Alameda spent money propping up other failing crypto firms — and then FTX transferred customer money to prop up Alameda. And Alameda never made the money back, and eventually everyone noticed that it was gone."

A multibillion trading firm that had something like a dozen years of experience COLLECTIVELY as junior traders who had never worked in a bear market.



What could possibly go wrong?

[byates1]

"Roughly three-quarters of people who have bought bitcoin have lost money according to a study published Monday as the cryptocurrency sector reels from the collapse of a major exchange that has sapped confidence.

Economists at the Bank of International Settlements, an institution widely considered as the central banks of central banks, analysed data on investors in cryptocurrencies in 95 countries between 2015 and 2022.

"Overall, back of the envelope calculations suggest that around three-quarters of users have lost money on their bitcoin investments," they said in their study.

During the period studied, the price of bitcoin rose from $250 in August 2015 to peak at nearly $69,000 in November 2021. It is now trading at around $16,500.

The number of people using smartphone apps allowing one to purchase and sell cryptocurrencies rose from 119,000 to 32.5 million during the same period.

"Our analysis has shown that, around the world, bitcoin price increases have been tied to greater entry by retail investors," the researchers wrote.

Moreover, they said they found that "as prices were rising and smaller users were buying bitcoin, the largest holders (the so-called 'whales' or 'humpbacks') were selling –- making a return at the smaller users’ expense."
https://www.barrons.com/news/three-o...opics_afp-news


Winning! Only a dumbass thinks these folks are coming back to crypto. Crypto has entered its "fool me twice" moment.

So what you're saying is you didn't buy early enough, and will fold like a walmart lawn chair in the wind. Weak sauce pussy.

[Timberridge]

So what you're saying is you didn't buy early enough, and will fold like a walmart lawn chair in the wind. Weak sauce pussy.

You have the fighting spirit, soldier.

[byates1]

Once more into the breach dear friend

[neckdeep]

So what you're saying is you didn't buy early enough, and will fold like a walmart lawn chair in the wind. Weak sauce pussy.

Wow. Buy early and scream "hodl hodl hodl" at everyone who buys too late...repeating what just failed miserably is a brilliant plan to bring retail investors back into crypto.

[bennymac]

So what you're saying is you didn't buy early enough, and will fold like a walmart lawn chair in the wind. Weak sauce pussy.

the children of El Salvador didn't buy early enough. fucking weak sauce pussies they are. where are their diamond hands amirite?

[hatchgreenchile]

"The Product is perfect. You, and your motivations, are the problem."
That's right out of the MLM playbook.

[neckdeep]

Some snicker inducing stuff being culled from Ellison's old social media



There's also something about her poly situation being "Chinese imperial harem".

IMHO this girl's ideal man is a James Bond villain.

Adderall fueled nerd orgies!! The race is on in Hollywood. I may watch this one myself.

[JimmyCarter]

Some snicker inducing stuff being culled from Ellison's old social media



There's also something about her poly situation being "Chinese imperial harem".

IMHO this girl's ideal man is a James Bond villain.

Adderall fueled nerd orgies!! The race is on in Hollywood. I may watch this one myself.

“Your honor, my client would like to submit the following post in support of her plea that the laws don’t apply to her because she is clearly not even a human being”

[Mustonen]

For all SBF's criminal behavior, at least there haven't been any government bailouts and there hasn't been much in the way of contagion affecting otherwise sound investments in the economy at large. That's why we should be very skeptical of regulating extremely risky assets. Mainstream Wall Street types like "Mr. Wonderful" would love to privatize the gains and socialize the losses for things like crypto.

Most financial regs privatize the losses, why do you think this would be different? Also, I’m skeptical that just because this implosion happened before it went fully mainstream and this didn’t destabilize too many related industries, that’s a happy accident and we shouldn’t rely on that kind of luck. And we still haven’t seen all the downstream effects.

[Danno]

has anyone pointed out that Larry David was right?

[MultiVerse]

^ Somebody posted the commercial upstream a few days ago saying it didn't age well and I remember thinking actually it did, Larry was right in the end.

Most financial regs privatize the losses, why do you think this would be different? Also, I’m skeptical that just because this implosion happened before it went fully mainstream and this didn’t destabilize too many related industries, that’s a happy accident and we shouldn’t rely on that kind of luck. And we still haven’t seen all the downstream effects.

Regulations should address market failure. Things like monopolies and externalities. Where is the market failure with SBF and FTX other than fraud? Fraud is already regulated.

On the flipside, as a society we want to encourage some investment in very risky ventures even though they fail most of time. Things like biotech and other early stage tech. The last thing we want is for regulators to disallow such investments under the umbrella "sometimes Americans get hurt."

Crypto investors failed to exercise good sense by believing it was possible to safely earn 8% interest on Bitcoin deposits without incurring any risk. Some believed they were making benign safe bank-like investments when in reality they had no idea where the yield was coming from. The last thing we want is for any sort of FDIC taxpayer subsidized insurance to protect fools and their tokens.

[byates1]

What will you all be saying when BTC is 35k in a few months?

[J. Barron DeJong]

What will you all be saying when BTC is 35k in a few months?

What will you be saying when BTC is nowhere near $35k in a few months?

I’d guess it will be ‘what will you all be saying when Bitcoin is 35k in a few months?’.

[bennymac]

What will you all be saying when BTC is 35k in a few months?

that I profited off the cult like devotion rather than any fundamentals

[JimmyCarter]

https://decrypt.co/114622/alameda-re...token-listings
Man the “silly mistakes” from this lovable group of crypto scamps get shittier by the minute.

[Bunion 2020]

What will you all be saying when BTC is $35.00 in a few months?

FIFY, what will I say? Nothing. Not my lane.

[SumJongGuy]

What will you all be saying when BTC is 35k in a few months?

This time you're going to get it!

[Mustonen]

Regulations should address market failure. Things like monopolies and externalities. Where is the market failure with SBF and FTX other than fraud? Fraud is already regulated.

On the flipside, as a society we want to encourage some investment in very risky ventures even though they fail most of time. Things like biotech and other early stage tech. The last thing we want is for regulators to disallow such investments under the umbrella "sometimes Americans get hurt."

Crypto investors failed to exercise good sense by believing it was possible to safely earn 8% interest on Bitcoin deposits without incurring any risk. Some believed they were making benign safe bank-like investments when in reality they had no idea where the yield was coming from. The last thing we want is for any sort of FDIC taxpayer subsidized insurance to protect fools and their tokens.

It’s hard to pick between all the last things we want, but….

(1) it might have been nice to require some degree of rigor and documentation and reporting to better suss out the fraud prior to the crash.

(2) nobody suggested they should be disallowed.

(3) the FDIC isn’t funded by taxpayers.

[MultiVerse]

Instead of strawmanning and shitposting you could occasionally try strongmanning an argument.

- This was hardly a well disguised fraud when half the population, when half the people in this thread including you, were already telling the other half that it’s a fraud. That it's a Ponzi scheme.

- Fraud is already illegal. I’m asking why certain legal things should be made illegal?

- As for FDIC insurance, yes it is privately funded but it is also backed by the full faith and credit of the government of the United States of America. Is that what you want for crypto too?

- Getting back to the original post, what would happen to the big banks if bitcoin, ETC, and every other crypto token wen to zero overnight? My guess is pretty much close to nothing. If so, then that would also tell us crypto is not systemically important.