Anybody following the fall of the FTX crypto exchange?

[LainaGabranth]

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

>Mental Outlaw
lol, you may as well be posting Paul Joseph Watson at that point

 

[sombrerosonic]

>Mental Outlaw
lol, you may as well be posting Paul Joseph Watson at that point

you way as well be sucking deez nuts (Shitpost)

Also kinda strange how there stock and currency went down fast after he coudn't pay it all back.

 

[AncientBoi]

I was all for the crypto, but was awaiting to see what happens further.

Now I see that I'm glad I didn't invest in it.

 

[lattechan]

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

is this post from 2020 gpu prices have been normie-lized for like at least a year and a half now.

Post automatically merged: Nov 20, 2022

for the thread:

There was another video covering it but I can't figure it out cuz he makes dumb clickbait titles

Anybody caught up in this one or are hardware wallets the order of the day here?

In my humble opinion you have to be mental to keep your crypto in an exchange instead of a wallet that YOU PHYSICALLY CONTROL at minimum.
Let alone the whole eggs in one basket thing in general

 

[FAST6191]

I was all for the crypto, but was awaiting to see what happens further.

Now I see that I'm glad I didn't invest in it.

Depending upon when you caught up and when you got out you could have made an absolute packet.

 

[LainaGabranth]

In my humble opinion you have to be mental to keep your crypto in an exchange instead of a wallet that YOU PHYSICALLY CONTROL at minimum.

The pipe dream that Crypto will ever be valuable as a currency, instead of just being what it is which is a useless investment would be fucking hilarious if it wasn't for the fact it's part of a cult mentality. Not to mention that said cult mentality is costing people their life savings. I can't wait for Crypto to die along with all the wannabe influencers shilling it.

 

[FAST6191]

Another interesting video, seems some legacy media is running defence after a fashion but are too incompetent to do it well.

The pipe dream that Crypto will ever be valuable as a currency, instead of just being what it is which is a useless investment would be fucking hilarious if it wasn't for the fact it's part of a cult mentality. Not to mention that said cult mentality is costing people their life savings. I can't wait for Crypto to die along with all the wannabe influencers shilling it.

Do you have a pathway for it to die? From where I sit it is a bit like hoping for pay to win microtransaction games to die in that one can hope but reality/basic economics says no.

It is fairly entrenched within the financial system right now, offers serious benefits over a lot of conventional banking methods as far as ease and timeline for transfers that the banking system is going to be loathe to match (as it stands day long transfers are only a thing vs several days it was in the 90s despite computers very much existing), is fairly entrenched in the minds of the public.

The only one I can see is somehow it is made super illegal in every country that matters (pretty much going to be US, Canada, UK, Germany, France, Japan, probably India, Australia, New Zealand might have enough juice and that probably means Spain as well as the Nordics, South Korea has previously been a player but could not sustain it without the others earlier on the list, China would be a perk in this but nothing drastic, Russia maybe as well but even less of a perk than China, Vietnam maybe, Brazil if doing much) which is dreaming at best (the freedom to be dumb is part of those countries, and the holdings of big financial players that whisper in the ears of said same are equally ). Even if it is (and your "OMG the terrorist paedophile drug dealer disease spreading inside trader making you unsafe" psy op actually manages to work at the same time) then a convenient alternative would also have to be in place to further force things down which pretty much means central bank digital currency (please no I will be good -- every transaction monitored and traceable, every transaction potentially easily audited without even having to open up the paper records and have an accountant look at things, subject to confiscation at the whims of government, subject to the whims of the government as far as printing because inflation is not high enough as it is, could be set to expire/only used on goods they deem acceptable*, ) or people go back to trusting paypal et al (have you seen their censorious ways and those of the likes of Stripe?).
To that end again the best you could reasonably hope for it is settles down to being banal and boring like normal money, a medium of exchange rather than a medium of speculation (save for the ultra rich that can chuck around lifetimes worth of money for even high end professionals to make something on the fractions of a percent that whatever inefficiencies or diversification of risk**, and probably still lose life savings, pensions and the like when fraud occurs).


*much like censorship always remember the powers will be in the hands of the other guys, including the hypotheticals that see the wacky side of their party gain control somehow, when they get in next.

**the credit markets are generally a good representation of this if they do it properly and don't get greedy, which can happen (not everybody is in sub prime housing in 2008, or sub prime car loans today). That is to say some rich young professional in an in demand field will probably want something now that they have not quite saved for; they might lose a game of beat the bus one evening before it is all settled (though even then you probably only need about half to get ahead if you have some kind of insurance) but do that 9000 times and the remaining 8900 will in turn make you a nice profit even if you could never predict the future .

 

[lattechan]

A

I think a lot of people forget/don't know how long crypto has been around now.
I remember buying some BTC for 0.25 (25 cents each) before people even thought it would ever be anything.
(Don't worry I sold it long before I would have become a millionaire off it lol I sold it when it was a couple hundred each )
It's been around about as long as microtransactions (Bethesda's infamous Horse Armor from Oblivion in 2006, first time >I< heard about crypto was early 2011)

 

[UltraDolphinRevolution]

If you zoom out a bit. the trajectory of crypto is always going up while that of the USD is always going down (having lost most of its value so far). There is no way USD will survive crypto.

That said, you can make losses along the way depending on which coin you have invested in (as I have because I took risks after having been prevented by my family to become a ETH millionare).

If you think your bank has your money stored safely somewhere, I hate to disappoint you. Entrusting an exchange with your crypto wallet is like entrusting a bank with your USD.

 

[LainaGabranth]

If you zoom out a bit. the trajectory of crypto is always going up while that of the USD is always going down (having lost most of its value so far). There is no way USD will survive crypto.

 

[gnmmarechal]

 

[sombrerosonic]

View attachment 339340View attachment 339341

huh, if you dont mind for a noob like me, please explain. Thank you my infuriating friend

 

[FAST6191]

huh, if you dont mind for a noob like me, please explain. Thank you my infuriating friend

The first chart is some kind of bitcoin to USD exchange rate for some exchange (not sure which but the differences matter little for the broad strokes at this point in time, though I will note the differences between exchanges/countries some years ago was how the FTX guy made his money in the first place), the latter is the DXY (might hear it referred to as the dixy in financial discussions)
https://www.marketwatch.com/investing/index/dxy
trading view
It is a kind of comparison against a bunch of currencies at once rather than just against the Euro, pound, yen, canadian dollar or the like to save you having to have 15 charts and have to factor out something stupid happening in one of those places (Greece going pop again for the Euro, politician that makes Erdogan look like an economic genius in the UK*, whatever happening in Japan for Japan, Quebec rattling a sabre in Canada or its politicians looking on at Australia and Europe being idiots and being all hold my beer) as it is not going to happen all at once**

*and this last go around was the Conservative party (nominally a right wing party), the other guys wanted to print more money and seemingly actually believe in modern monetary theory.

**despite all those, and the US, doing money printer go brr both during Kung Flu and since 2008. It is just that they did it either more or people still view the US as an island of greater stability to park their money in to ride out the turmoil.

Not necessarily what the quoted poster means (I am guessing that is some form of inflation or buying power type comment, which indeed goes one direction and if you did somehow end up in a deflationary cycle then that is apocalyptic for most financial systems, and taking the very long view) but the principle does stand -- nobody is rushing from the dollar to bitcoin right now.

It would fall more generally into the broader conversation of what bitcoin (and crypto in general for what happens in bitcoin happens in all others at this point, just magnified a lot of the time) behaves like as an asset class. Prior to the fall below 20000 USD the other month then you tend to see people try to correlate it to other things (risk on, risk off being two popular ones. https://www.investopedia.com/terms/r/risk-on-risk-off.asp as it refers to people investing like pain is to come or investing like clear skies ahead) as it was broadly tracking what was happening in the tech markets (which themselves broadly track regular markets, though a lot of that is the apple massively outweighing things and biasing things). Today it varies a bit but still broadly those. See also consumer defensive (everybody is going to continue to buy coca cola regardless of how bad it gets out there and it is only sugar water so not like costs going up too much, but they are also not suddenly going to get new wave of customers beyond basic replacement so the safe money is actually not on them as the US government is probably going to beat their gains and be even less likely so buy bonds/treasury bills but if you must then long term they are probably good to hold onto) and consumer cyclical (nobody is shopping at trendy department stores right now, few years from now if it gets back on track then could be massive gains) for other things people talk about when categorising things, companies and the like.

 

[UltraDolphinRevolution]

[2 graphs showing the past 12 months]

I said zoom out. Can you buy more or less with a USD than 10 years ago? How about Bitcoin?

 

[LainaGabranth]

I said zoom out. Can you buy more or less with a USD than 10 years ago? How about Bitcoin?

It's the same, really. The variance in values according to Marketwatch is about 10 points in the span of 10 years. Roughly however our value of the USD despite lots of economic fluctuation and variance has been consistently higher since 2008. Buttcoin is very close now to where it was in 2018. The bubble has burst, champ. Crypto is never going to be taken seriously as anything other than an investment. If you want it to be taken seriously, you have to have it get regulated, but you don't *want* that, because the biggest crypto supporters want to be able to buy child porn and heroin with zero consequences with it.

 

[MikeyTaylorGaming]

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.

You're taking this subject very personally it seems. Cult mentality and blah blah blah.

Personally, it was never about the adoption of it as a real currency or use case for me. I started investing simply to make money. If people listen to 'influencers' then more fool them on their decisions, it's not something you follow strangers blindly with honestly. Whether or not anyone thinks that it's worthless, it has an 'apparent' worth, so people will continue to trade it and it won't die out completely. The %-age swings in crypto are so much larger than traditional markets that it's a haven for making money.

I paid for the roof of my house and for most of the DIY/ renovations around my house through Crypto investments which was a fairly substantial amount. The key is knowing when to take a profit, which sadly most retail investors had no idea about. They thought it would go up, and up, and up, but you can't gain that kind of trajectory without some capitulation...

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.

People harp on and on about the environmental impact of Crypto Mining too, but a lot of people are doing it for themselves in a self sustained manner since electricity is expensive.

Thinking about it, everything is a huge waste of energy tbh. If you saw the data centres I visit for work and the insane power demand they require to keep peoples stupid tweets and opinions stored you may be surprised. Here's a tweet I made a few months ago just to highlight how much diesel a site I visited used in just one day...

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.

This is what I'm talking about, you can make a great amount of money with the crypto market being so volatile. You can make money much faster than traditional markets, but you also risk losing it just as fast if you're not aware or don't know what you're doing ahaha.

 

[Nightwish]

If you zoom out a bit. the trajectory of crypto is always going up while that of the USD is always going dow

Up and down compared to what? 1$ will always be exactly equal to $1 of tax obligations, and 1BTC will always be exactly equal to 1BTC of digital blackmail, the main drivers of anchoring the value of each (that and gunboat diplomacy by other means). That the flows go faster and faster from the bottom to the top is a just political choice; crypto nonsense just makes it harder to reverse.

If you think your bank has your money stored safely somewhere, I hate to disappoint you. Entrusting an exchange with your crypto wallet is like entrusting a bank with your USD.

Deposits are insured, still somewhat regulated and monitored, and all scammers still have an interest the the system keeps going because they also like having and using money.
Yes, there is an irresponsible amount of leeway to financial institutions, but no one is going to let society collapse - at some point, the fix cannot be postponed.
Not that it matters: even if computers still worked in such a scenario, cryptocurrency would still be incapable of handling volume by far.

whatever happening in Japan for Japan

Setting the rent of debt mendicants to zero, importing less and producing more for themselves. It's not complicated, it's actual anti-globalism praxis.

 

[LainaGabranth]

Thinking about it, everything is a huge waste of energy tbh. If you saw the data centres I visit for work and the insane power demand they require to keep peoples stupid tweets and opinions stored you may be surprised. Here's a tweet I made a few months ago just to highlight how much diesel a site I visited used in just one day...

The difference is one energy impact is for shit that's actually useful and one is a massive impact over crypto, which is a worthless "currency". We actually use social media for stuff. Crypto is just there for child porn addicts and pseudo intellectuals who think that hating taxes is a political ideology.

 

[UltraDolphinRevolution]

A guy who thinks he is a woman constantly accuses others of sexual perversion. Internet gold.

 

[FAST6191]

Just in case you needed more evidence that big investment firms (be they noted angels, venture capital or more general) are not frequently clueless and far from all that wise (because Theranos, gamestop, enron, madoff, wework and more had not made it sink in yet) then continuing with the videos

More general update on things