The ongoing cryptocurrency crash

[Gez]

12 hours ago, RDETalus said:

Giving one guy control of all your money was never part of crypto's philosophy, but people keep doing it anyways

Because crypto's philosophy is just plain not possible to actually implement. Yeah, on the abstract, in the wacky dreamland of idealism, it works just fine. Just like communism which, as you may have heard, has never actually been tried. In reality, just like communism, crypto absolutely cannot be a functional model. So the way to make it work is to replicate centralized finance, except instead of being controlled by state institutions, it's controlled by limited liability companies. What an excellent idea!

 

Hey I've got a new philosophy which is antigravity. Gravity is a bummer, it just drags us down. In my vision of luxury space antigravitism, we'd fly. We'd float. We'd all float down there, just like Pennywise. So of course there are problems with antigravitism because you've got to go to space or ride in an aircraft that goes into freefall but that's very expensive and it cannot last long (especially for the freefall aircraft thing, those have to interrupt their fall and climb back up). So in the meantime, just glue your feet to the ceiling, that'll be a good enough substitute I guess.

[Herr Dethnout]

14 hours ago, Gez said:

Because crypto's philosophy is just plain not possible to actually implement. Yeah, on the abstract, in the wacky dreamland of idealism, it works just fine. Just like communism which, as you may have heard, has never actually been tried.

Just take one minute to say this: Cool another DuckDuckGo user :P

[LexiMax]

It's not hard to see why people relish in the misfortunes of crypto.  Cryptobros are basically MLM weirdos peddling pointless financial instruments and NFT's instead of knives and essential oils.

Edited November 12, 2022 by AlexMax

[Sonikkumania]

When should I buy. ;)

[RDETalus]

2 hours ago, Sonikkumania said:

When should I buy. ;)

If you're serious, probably when BTC goes down to around $10K

[LexiMax]

9 hours ago, Sonikkumania said:

When should I buy. ;)

 

If you're buying, I'm selling this picture of a monkey I generated with an AI.  Hows 0.0059 BTC sound?  I swear it will go up in value.

 

 

Edited November 12, 2022 by AlexMax

[HorseJockey]

9 hours ago, AlexMax said:

 

If you're buying, I'm selling this picture of a monkey I generated with an AI.  Hows 0.0059 BTC sound?  I swear it will go up in value.

 

 

Now generate 300 more of the same image with a different background color, you'll be rich!

[RDETalus]

This video is a decent summary of this year's crypto crashes.

The guy responsible for this latest crash is interesting. He was on the eve of positioning himself into becoming the world's next big JP Morgan / Bill Gates / George Soros type figure. He was widely celebrated by the media and financial institutions for being an "altruistic billionaire," gaining him widespread exposure and generating a ton of trust. So many people threw their money into this because they were sold on him being one of the good guys.
 

 

[LexiMax]

Crypto is in chaos - of course it's in chaos, there's no intrinsic value to it other than money laundering and evading currency controls.

 

When you strip that away, all you have left are empires built on foundations of sand, and the tide has come for it.  Nothing but invented wealth, charlatans selling magic beans, solutions in search of problems, and behind-the-eight-ball financial gurus who missed out on the chance to invest in something of value and are now instead trying desperately to get someone else to hold their bag.

Edited November 16, 2022 by AlexMax

[Gez]

Crypto was all an attempt at creating the next dotcom boom, the next subprime. Some weird opaque financial gizmo that just generates money out of nothing so that we get a rapidly inflating bubble. Eventually the bubble bursts.

 

13:19 "These products created no value in the economy, but were making banks a whole bunch of money" -- sounds familiar? Except not traditional banks this time.

[Mr. Freeze]

FTX didn't even have a board of directors. What a joke. 

[LexiMax]

4 hours ago, Gez said:

13:19 "These products created no value in the economy, but were making banks a whole bunch of money" -- sounds familiar? Except not traditional banks this time.

 

Yep.  The lesson crypto took away from the last recession wasn't "We need to invent our own economy run by the people so this never happens again" it was "Next time, we need to be the ones screwing marks out of their money."

[RDETalus]

On 11/17/2022 at 6:33 AM, Mr. Freeze said:

FTX didn't even have a board of directors. What a joke. 

It's screwed up, but he might get away with it.

 

The guy who caused this crash is being investigated by the exact same politicians that he directly donated to. He's ranked #6 single biggest political donor right now, if you want to get an idea of just how much cash is being moved around. He's also been donating tons of money to the media as well, and they seem to be soft balling him currently.

[Mr. Freeze]

 

Quote

Ten of the NFTs in the collection came with lifetime passes to Coachella, and sold for six figures. Each year, the NFT holder has to gothrough the redemption process to obtain their festival pass

 

with FTX no longer fully operational, redemptions are no longer possible

 

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

[LexiMax]

5 hours ago, RDETalus said:

He's ranked #6 single biggest political donor right now, if you want to get an idea of just how much cash is being moved around.

 

Yep, he and his workers were throwing around monstrous political donations on both sides of the aisle trying to buy influence in government.

 

Thing is, I suspect that it won't do him much good, because now he has no money, is unlikley to happen into any more, and once the money runs out you have no more leverage and are politically expendable, especially if you're the face of the fraud.

Edited November 20, 2022 by AlexMax

[Gez]

11 minutes ago, AlexMax said:

Thing is, I suspect that it won't do him much good, because now he has no money, is unlikley to happen into any more, and once the money runs out you have no more leverage and are politically expendable, especially if you're the face of the fraud.

In fact, that makes him the perfect sacrificial lamb to "show" to the public that big donors are not above the law...

[Mr. Freeze]

From what I know, SBF was transferring money from FTX to Alameda in excess of $4 billion. So he's not broke broke. Problem is, all the money in the world won't save you from extradition. 

[CFWMagic]

On 5/14/2022 at 5:45 AM, Crystal-Hawk_D00M said:

Does this mean that grifters will actually get jobs now?

Wait, they don't? I thought CNN and Twitter .. Oh ... Wait ...

[LexiMax]

https://nitter.net/business/status/1595204862878547969

[Mr. Freeze]

FTX founder Sam Bankman-Fried arrested in the Bahamas after U.S. files criminal charges.

 

IT ALL COMES TUMBLING DOWN

[Clippy]

[Electro Rage]

The day some idiot causes Bitcoin to spike I can finally cash it in and get 1 quintillion robux.

[Naarok0fkor]

Too many crooks around E-money...

[Kyka]

8 minutes ago, Naarok0fkor said:

Too many crooks around E-money...

 

Thankfully there are no crooks around regular money or anything.

[Azuris]

On 11/20/2022 at 4:30 PM, Mr. Freeze said:

 

 

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

 

 

Thats that one thing that kills all the pro arguments: Being independend

 

It is not, it costs more energy and in the end, it could have been hostet on a regular data bank more efficient.

 

[Mr. Freeze]

9 hours ago, Electro Rage said:

The day some idiot causes Bitcoin to spike I can finally cash it in and get 1 quintillion robux.

 

I'll be able to afford one game on Steam!

[Daytime Waitress]

3 hours ago, Mr. Freeze said:

 

I'll be able to afford one game on Steam!

 

Shoot for the stars, bud - that copy of Anime Princess Harem Battle Fighter (MSRP $.051USD) will be yours one day.

[Kyka]

18 hours ago, Daytime Waitress said:

 

Shoot for the stars, bud - that copy of Anime Princess Harem Battle Fighter (MSRP $.051USD) will be yours one day.

 

God willing... One day!!!!!

[MeetyourUnmaker]

On 8/13/2022 at 1:41 AM, wallabra said:

 

 

authortarianism doesn't exist and contemporary anarchism is just elitist cope and seethe at the previous success of marxist leninist and other leftist projects. Of course, ideologically ML today doesn't really exist but anarchists got no history. The zappistas aren't anarchists as they oppose the anarchist label actually.

Edited January 1, 2023 by MeetyourUnmaker

[ducon]

You should read a bit more books about anarchists (not written by leninists but by historians) and books written by anarchists.

It would prevent you from writing bullshit.