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

[shera]

Not sure if this was already posted , but I just read it and learned a lot about the current crypto cefi fiasco. Written by Arthur Hayes (evil genius?) https://entrepreneurshandbook.co/num...e-511f334d8fae

[MultiVerse]

"About 21% of crypto-investors said they’ve used a loan to pay for their cryptocurrency investments. Personal loans were most popular, but payday loans, title loans, mortgage refinances, home equity loans and leftover student loan funds also have been utilized." – DebtHammer

[byates1]

^ that's insane. People are wack.

[J. Barron DeJong]

I haven’t really unwound the voyager thing…. Them folding wouldn’t have anything to do with FDIC. The only time FDIC becomes important is if metropolitan bank folded. But that’s not the news so that’s just a red herring.

I really doubt that the USD funds are actually at risk. Those are protected because regulation is actually a GOOD thing and metropolitan bank is heavily incented to make sure that if voyager says $1k is in USD at metropolitan, that’s actually true. If that isn’t I think it’s a stretch for metropolitan to not be a party to the fraud and they are ultimately collectible, even if FDIC has to kick in.

Crypto assets are fucked tho.

https://twitter.com/edzitron/status/...TnZMCq9Q0akNzA

[Mustonen]

Oh shit. Missed the “omnibus” bit and misread the account agreement and didn’t realize they were carrying it on balance sheet.

That’s pretty fucked. And “FDIC” doesn’t mean dick. Never did. It’s bananas how unregulated this shit is.

Jesus.

[The Suit]

Not sure if this was already posted , but I just read it and learned a lot about the current crypto cefi fiasco. Written by Arthur Hayes (evil genius?) https://entrepreneurshandbook.co/num...e-511f334d8fae

Good article. Not sure he's a genius, but he doesn't seem particularly evil, either. His take on decentralized "protocol" lending was new to me, and thought-provoking. As a long-time software developer, I'm not sure I agree with his faith in protocols. They may be algorithmic and predictable, in my experience there's always an edge case that the protocol didn't plan for.

[stalefish3169]

^ that's insane. People are wack.

Some people take out 100k+ in student loans to get art history degrees. Just sayin'.

I borrowed against my 401k to buy crypto and it worked out pretty dang well for me.

Sent from my Pixel 6 Pro using Tapatalk

[byates1]

Good. As you know, most people shouldn't be fooling around with leverage though.

[stalefish3169]

Good. As you know, most people shouldn't be fooling around with leverage though.

This is true.

Sent from my Pixel 6 Pro using Tapatalk

[J. Barron DeJong]

Oh shit. Missed the “omnibus” bit and misread the account agreement and didn’t realize they were carrying it on balance sheet.

That’s pretty fucked. And “FDIC” doesn’t mean dick. Never did. It’s bananas how unregulated this shit is.

Jesus.

They’re bankrupt:



https://twitter.com/chapter11cases/s...IPDZs6bxMPfFIA

[frorider]

:SMDH:

[J. Barron DeJong]

More gambling with customers money:



https://twitter.com/web3isgreat/stat...IPDZs6bxMPfFIA

(Says they lost shorting Luna when it collapsed, but that should have been a big pay day, right? That’s why I have no interest at all in buying into any fund trying to short BTC. I have no trust in any part of this ecosystem.)

[neufox47]

Sounds like they basically bet most of it on black over and over again. Even though the wheel came up black 90/100 times those few reds still wiped them out. I bet they had lots of paper gains in the meantime though.


Sent from my iPhone using TGR Forums

[Vt-Freeheel]

It will be interesting to see how many more of these gamblers go down over the summer.

[schuss]

What's funny to me is that you have stalefish and co. calling traditional finance folks "corrupt" and "terrible" (which I wouldn't necessarily disagree with to some extent) while pretending crypto isn't just a different set of greedy, corrupt people trying to make money by risking other people's money. The venn diagram is a pretty much a circle here.

[Vt-Freeheel]

What's funny to me is that you have stalefish and co. calling traditional finance folks "corrupt" and "terrible" (which I wouldn't necessarily disagree with to some extent) while pretending crypto isn't just a different set of greedy, corrupt people trying to make money by risking other people's money. The venn diagram is a pretty much a circle here.

This quote from the article Shera posted reeks of cult worship



"They, in the service of the devil that is TradFi, will use any and every opportunity to poke fun at our economic / social experiment — gleefully proclaiming, “we warned you crypto was worthless!” In the holy name of our Lord Satoshi, I shall attempt to correct the invective that seeps forth from these malicious harpies."

[schuss]

This quote from the article Shera posted reeks of cult worship



"They, in the service of the devil that is TradFi, will use any and every opportunity to poke fun at our economic / social experiment — gleefully proclaiming, “we warned you crypto was worthless!” In the holy name of our Lord Satoshi, I shall attempt to correct the invective that seeps forth from these malicious harpies."

Well, the cultish/in group behavior is pretty effective at bringing rubes in and preventing meaningful introspection of practices. Are there crypto outfits actually looking to make resilient, seamless digital currency? I'm sure. Are most of them cash grabs and borderline scams or pyramid schemes - absolutely.
I'm not the only one who thinks this - I work with a bunch of professional innovation/technology incubator folks, including people who have actually built commercial blockchains, and they're all pretty cynical about the space currently.

[MakersTeleMark]

Sorry TriU. You try to get out at 5:30 am from your tent, go down to the ocean and spend 1/2 an hour getting her story then better have your medium format camera with the exposure perfect just on hand. Just like crypto. She was looking for sea glass, got bags of some shell that she thought was 2nd place. Walks that beach every day, no matter the weather. I felt so much strength in her hug. It motivated me to not give up on anything, even if it's just a walk on the beach every morning.



Holding the bag might be better than not having a bag to hold. Listen to that set above. Because there is sure as shit not a rug to pull.

[Mustonen]

Why is her face out of focus, tho?

[MakersTeleMark]

Why is her face out of focus, tho?

Because I was focused on her tits like a proper man, and she was very animated, and again, tough aperture to nail razor sharp sea glass when it kicks you in the ass, ass. Gotta have a little faith with the 120 without autofocus and no meter. You're right, I should have never taken that and shared space with her, or her story with anyone else.

Laps.

You might want to heed your sig, personally.

[mcphee]

^he’s a great photog. Let him tell you. don’t let his pictures do the talking.

[subtle plague]

Why is her face out of focus, tho?

The cameras only allows 7 Focus adjustments per Minute and needs a 7hp Diesel to run. Complicated setup.

[MakersTeleMark]

The cameras only allows 7 Focus adjustments per Minute and needs a 7hp Diesel to run. Complicated setup.

That can't be good for the environment.

[Mustonen]

Because I was focused on her tits like a proper man, and she was very animated, and again, tough aperture to nail razor sharp sea glass when it kicks you in the ass, ass. Gotta have a little faith with the 120 without autofocus and no meter. You're right, I should have never taken that and shared space with her, or her story with anyone else.

Laps.

You might want to heed your sig, personally.

Just giving you shit. You sure as hell dish it out.

My sig is my old handle. Lost the keys during one of the many meltdowns the TRG had over the years.

[MakersTeleMark]

Just giving you shit. You sure as hell dish it out.

My sig is my old handle. Lost the keys during one of the many meltdowns the TRG had over the years.

Dishing is my service. Please have a great Thursday. Maybe PM Pat or Joe, they have been through some serious shit over the years. I don't take anything on the internet seriously, except seriousness internetting. And I wanted to write a poem which I haven't done for a very long time.