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Post by frankwellshrews on Nov 10, 2022 18:26:12 GMT 1
Proves there's a lot of people who think the bottom is in, nothing more. Over the last year, most cryptos have given up at least half of their value and we've seen multiple key players in the market go bust along with one of the top 10 cryptos collapsing overnight. The SEC has just won a case with possible major ramifications for the industry. Like I said before, that's what makes the price action lately interesting but I get a sense you don't really want to engage with things like that? LBRY and XRP are so different it's like comparing apples with Brazil nuts. Exchanges go bang, it's irresponsible if not more, I don't understand how it continues to happen. Investors are always warned against holding crypto on exchanges, hot wallet worst case. I appreciate people viewing it negatively, I'm not daft, it's very volatile. It's not for the 55+'s looking to top of their pensions, it's for the younger or those with spare "willing to loose everything" cash. It's not the token that's similar, it's the case; news.bloombergtax.com/crypto/lbry-token-ruling-gives-sec-ammunition-in-crypto-enforcementOr, more specifically, it's the way that the courts applied the Howey Test to determine that LBRY was a security. Ripple more so than other cryptos looks to be in trouble there (you can't mine it, it's all issued by a central company it's heavily associated with). In terms of why exchanges go bust, it's really simple; there's no regulation around capitalisation and zero transparency around what is actually backing assets like FTT. Liquidity issues were explicitly stated as a factor in FTX collapsing. The obvious implication is, as critics have argued for years, that exchanges create utility tokens and stablecoins out of thin air and use them to pump crypto prices. SBF's other company (Alameda) are also one of the biggest single recipients of all USDT that's ever been minted. You don't need to be a forensic accountant to join the dots here (looks like lots in the market already did after the bank run). I'm not 55+ either, just fascinated by (and extremely sceptical of) the whole thing. |
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kp
Midland League Division One
Posts: 495
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Post by kp on Nov 11, 2022 14:18:57 GMT 1
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Post by martinshrew on Nov 11, 2022 15:10:45 GMT 1
You've hit a new low there, jesus wept. |
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Post by zenfootball2 on Nov 11, 2022 17:49:16 GMT 1
Proves there's a lot of people who think the bottom is in, nothing more. Over the last year, most cryptos have given up at least half of their value and we've seen multiple key players in the market go bust along with one of the top 10 cryptos collapsing overnight. The SEC has just won a case with possible major ramifications for the industry. Like I said before, that's what makes the price action lately interesting but I get a sense you don't really want to engage with things like that? LBRY and XRP are so different it's like comparing apples with Brazil nuts. Exchanges go bang, it's irresponsible if not more, I don't understand how it continues to happen. Investors are always warned against holding crypto on exchanges, hot wallet worst case. I appreciate people viewing it negatively, I'm not daft, it's very volatile. It's not for the 55+'s looking to top of their pensions, it's for the younger or those with spare "willing to loose everything" cash. "It's not for the 55+'s looking to top of their pensions, it's for the younger or those with spare "willing to loose everything" cash" good adivice as im a pensioner i would not go for it when it started in 2009 i might have put a small punt on it but i did not hear about till it was plasterd all over the media and then the momrnt had passed, im pleased for evryone who giy in early and hope no one on hte board got stung to badly in this crash. |
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Post by frankwellshrews on Nov 13, 2022 22:16:43 GMT 1
CRO down 25% in last 24 hrs - another exchange about to go pop?
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Post by martinshrew on Nov 15, 2022 11:33:51 GMT 1
CRO down 25% in last 24 hrs - another exchange about to go pop? Up 10% in the last 24. You should learn not to focus on crypto by the day. |
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Post by frankwellshrews on Nov 15, 2022 11:58:12 GMT 1
CRO down 25% in last 24 hrs - another exchange about to go pop? Up 10% in the last 24. You should learn not to focus on crypto by the day. But aren't you just doing exactly the same thing? Crypto.com paused withdrawals for 2 days and just burned a load of CRO to prop up the price. Still hemorrhaging crypto and actual real money too. Not looking good. |
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Post by martinshrew on Nov 15, 2022 12:09:31 GMT 1
Up 10% in the last 24. You should learn not to focus on crypto by the day. But aren't you just doing exactly the same thing? Crypto.com paused withdrawals for 2 days and just burned a load of CRO to prop up the price. Still hemorrhaging crypto and actual real money too. Not looking good. Meanwhile our London stock market has lost 1.4 trillion in value in comparison to Paris in the last 6 years. "Real" money is hemorrhaging the more that is printed, it's value is decreasing daily and is now backed by nothing. Cro is an odd one, they've thrown millions at advertising and sponsorship. A friend of mine grabbed 100,000 of their token for around £700 early on, sold en route to ATH for around £60,000. It's probably worth about £5,000 today at a guess, he's buying back in. As I always say, we'll see what happens. |
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Post by zenfootball2 on Nov 15, 2022 13:33:00 GMT 1
But aren't you just doing exactly the same thing? Crypto.com paused withdrawals for 2 days and just burned a load of CRO to prop up the price. Still hemorrhaging crypto and actual real money too. Not looking good. Meanwhile our London stock market has lost 1.4 trillion in value in comparison to Paris in the last 6 years. "Real" money is hemorrhaging the more that is printed, it's value is decreasing daily and is now backed by nothing. Cro is an odd one, they've thrown millions at advertising and sponsorship. A friend of mine grabbed 100,000 of their token for around £700 early on, sold en route to ATH for around £60,000. It's probably worth about £5,000 today at a guess, he's buying back in. As I always say, we'll see what happens. scary when you hear that kind of figuer |
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Post by frankwellshrews on Nov 15, 2022 13:46:29 GMT 1
But aren't you just doing exactly the same thing? Crypto.com paused withdrawals for 2 days and just burned a load of CRO to prop up the price. Still hemorrhaging crypto and actual real money too. Not looking good. Meanwhile our London stock market has lost 1.4 trillion in value in comparison to Paris in the last 6 years. "Real" money is hemorrhaging the more that is printed, it's value is decreasing daily and is now backed by nothing. Cro is an odd one, they've thrown millions at advertising and sponsorship. A friend of mine grabbed 100,000 of their token for around £700 early on, sold en route to ATH for around £60,000. It's probably worth about £5,000 today at a guess, he's buying back in. As I always say, we'll see what happens. Good for your friend; people win on gambling all the time, this is no different. Buying back in to an exchange that's clearly suffering liquidity issues in an industry that's in crisis is a "ballsy" move to say the least (given literally every exchange that's "paused" withdrawals so far has turned out to be insolvent). I think you've misunderstood the stock market issue. What has happened is, denominated in $, the French stock market has closed a $1.5tn gap in valuation and is now larger than the UK. That's not the same as saying we've "lost" $1.5tn. It's partly to do with currency fluctuations, a hefty dose of brexit and the simple solution is invest elsewhere if you're concerned. At least banks and other investment providers are likely to actually be able to give your money back thanks to effective regulation. |
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Post by staffordshrew on Nov 15, 2022 14:25:10 GMT 1
But aren't you just doing exactly the same thing? Crypto.com paused withdrawals for 2 days and just burned a load of CRO to prop up the price. Still hemorrhaging crypto and actual real money too. Not looking good. Meanwhile our London stock market has lost 1.4 trillion in value in comparison to Paris in the last 6 years. "Real" money is hemorrhaging the more that is printed, it's value is decreasing daily and is now backed by nothing. Cro is an odd one, they've thrown millions at advertising and sponsorship. A friend of mine grabbed 100,000 of their token for around £700 early on, sold en route to ATH for around £60,000. It's probably worth about £5,000 today at a guess, he's buying back in. As I always say, we'll see what happens. What happened around six years ago to bring down the London Stock Exchange in comparison to Paris? |
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Post by frankwellshrews on Nov 16, 2022 9:20:54 GMT 1
This is the "balance sheet" Sam Bankman Fried was touting around potential investors in the hope of a bailout; www.ft.com/content/0c2a55b6-d34c-4685-8a8d-3c9628f1f185Incredible stuff. Particularly enjoyed the disclaimer, the bit about his regrets at the bottom and the "poorly labled (sic), hidden, internal fiat account". The fact this guy thought this unaudited mess (and the fact he appears to be admitting to running a ponzi scheme without realising it) would get him billions in investment tells you everything you need to know about the crypto industry. |
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Post by frankwellshrews on Nov 16, 2022 18:51:32 GMT 1
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Post by stuttgartershrew on Nov 23, 2022 10:44:27 GMT 1
Can't say I'm up on all this crypto stuff but I'm trying to keep up with the collapse of FTX, really is something. Bankman-Fried certainly seemed to know his audience.
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Post by martinshrew on Nov 23, 2022 11:44:38 GMT 1
XRP is going to be seriously interesting.
14 to 1 in favour of briefs, the NSEI brief in favour of the SEC wants only XRP to be considered not a security so the SEC can go after other cryptocurrency. That may as well be 15-0.
If you can't see what could be happening here you never will.
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Post by frankwellshrews on Nov 23, 2022 14:01:34 GMT 1
Can't say I'm up on all this crypto stuff but I'm trying to keep up with the collapse of FTX, really is something. Bankman-Fried certainly seemed to know his audience. The details coming out of the case are astonishing. If it weren't for the fact most of the "value" destroyed was in made up monopoly money you'd be looking at an Enron level scandal. Sequoia capital have serious egg on their face and it looks like his mum and dad have some questions to answer too. This was a market leading exchange too yet it can't carry out basic accounting and apparently just "forgot" about $8bn (real ones) in client money it handed to its trading partner the deliberately misleadingly named Alameda "Research". The fact SBF isn't worried about using that as an excuse is also incredible to me but, like you say, I guess he really does "know his audience". We've got people "buying the dip" whilst banks are now starting to outright block transactions to crypto exchanges because the loss of a handful of customers doesn't outweigh the volume of work involved in the mountains of fraud and AML issues it entails. But of course the cryptobros know better than anyone in "traditional finance". |
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Post by frankwellshrews on Nov 23, 2022 14:07:18 GMT 1
XRP is going to be seriously interesting. 14 to 1 in favour of briefs, the NSEI brief in favour of the SEC wants only XRP to be considered not a security so the SEC can go after other cryptocurrency. That may as well be 15-0. If you can't see what could be happening here you never will. Is it though? I don't doubt it will bounce if Ripple wins the case but that doesn't change the fact that long terms there's no desire to add in the extra step of translating to a wildly fluctuating token and back when you can just use XRPL to send established, stable currencies in denominations people understand. Go and look at what banking industry folks told Ripple at their "Swell Event" a while back. What's changed? The reality is Ripple uses manufactured hype around XRP (it literally pays people to use it for the clout) to draw in more cash from sales of XRP to support its actual business. Hard to see how that doesn't constitute an unregistered security (and a US court said as much in What's being cited as a precedent case v LBRY) but if it's a hill you want to die on, go ahead. |
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Post by martinshrew on Nov 23, 2022 14:15:27 GMT 1
XRP is going to be seriously interesting. 14 to 1 in favour of briefs, the NSEI brief in favour of the SEC wants only XRP to be considered not a security so the SEC can go after other cryptocurrency. That may as well be 15-0. If you can't see what could be happening here you never will. Is it though? I don't doubt it will bounce if Ripple wins the case but that doesn't change the fact that long terms there's no desire to add in the extra step of translating to a wildly fluctuating token and back when you can just use XRPL to send established, stable currencies in denominations people understand. Go and look at what banking industry folks told Ripple at their "Swell Event" a while back. What's changed? The reality is Ripple uses manufactured hype around XRP (it literally pays people to use it for the clout) to draw in more cash from sales of XRP to support its actual business. Hard to see how that doesn't constitute an unregistered security (and a US court said as much in What's being cited as a precedent case v LBRY) but if it's a hill you want to die on, go ahead. It's totally different from LBRY for me, I can see the potential wider picture. A settlement when XRP is deemed not a security and the rest of crypto is still fair game for the SEC would be a mental outcome, but not one I think is far away. I got my block of XRP in 2016, it was peanuts, it's cold stored. I'll be getting a tonne of FLR for holding it soon. If both ever reach double figures I won't be working much, especially if other cryptos trend up with it. If it doesn't, it's cost me nothing because I'm already well in profit, this is a free ride. |
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Post by stuttgartershrew on Nov 23, 2022 14:51:16 GMT 1
Can't say I'm up on all this crypto stuff but I'm trying to keep up with the collapse of FTX, really is something. Bankman-Fried certainly seemed to know his audience. The details coming out of the case are astonishing. If it weren't for the fact most of the "value" destroyed was in made up monopoly money you'd be looking at an Enron level scandal. Sequoia capital have serious egg on their face and it looks like his mum and dad have some questions to answer too. This was a market leading exchange too yet it can't carry out basic accounting and apparently just "forgot" about $8bn (real ones) in client money it handed to its trading partner the deliberately misleadingly named Alameda "Research". The fact SBF isn't worried about using that as an excuse is also incredible to me but, like you say, I guess he really does "know his audience". We've got people "buying the dip" whilst banks are now starting to outright block transactions to crypto exchanges because the loss of a handful of customers doesn't outweigh the volume of work involved in the mountains of fraud and AML issues it entails. But of course the cryptobros know better than anyone in "traditional finance". The bit about his mum and dad made me chuckle but then that's where we are, that's how daft this whole things is. I agree it's astonishing what's gone on but not sure about the last point you make, I really don't know enough about it. But I suspect some of those in the crypto business, if indeed that is a thing, no doubt despair at what's has gone on (as I think their credibility and that of crypto has taken a hit as a result, from what I can tell anyhow). |
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Post by frankwellshrews on Nov 23, 2022 16:21:00 GMT 1
The details coming out of the case are astonishing. If it weren't for the fact most of the "value" destroyed was in made up monopoly money you'd be looking at an Enron level scandal. Sequoia capital have serious egg on their face and it looks like his mum and dad have some questions to answer too. This was a market leading exchange too yet it can't carry out basic accounting and apparently just "forgot" about $8bn (real ones) in client money it handed to its trading partner the deliberately misleadingly named Alameda "Research". The fact SBF isn't worried about using that as an excuse is also incredible to me but, like you say, I guess he really does "know his audience". We've got people "buying the dip" whilst banks are now starting to outright block transactions to crypto exchanges because the loss of a handful of customers doesn't outweigh the volume of work involved in the mountains of fraud and AML issues it entails. But of course the cryptobros know better than anyone in "traditional finance". The bit about his mum and dad made me chuckle but then that's where we are, that's how daft this whole things is. I agree it's astonishing what's gone on but not sure about the last point you make, I really don't know enough about it. But I suspect some of those in the crypto business, if indeed that is a thing, no doubt despair at what's has gone on (as I think their credibility and that of crypto has taken a hit as a result, from what I can tell anyhow). Not sure if you're joking here but SBF's mum and dad (tax law professors no less) were busted buying a $122m beachfront property in the Bahamas with FTX money. I think people have despaired at "the crypto business" for a long time given its actual purpose (a form of peer to peer payment system without the need for a trusted 3rd party) has long since been forgotten and it's treated almost universally as a speculative investment. |
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Post by stuttgartershrew on Nov 23, 2022 16:45:23 GMT 1
The bit about his mum and dad made me chuckle but then that's where we are, that's how daft this whole things is. I agree it's astonishing what's gone on but not sure about the last point you make, I really don't know enough about it. But I suspect some of those in the crypto business, if indeed that is a thing, no doubt despair at what's has gone on (as I think their credibility and that of crypto has taken a hit as a result, from what I can tell anyhow). Not sure if you're joking here but SBF's mum and dad (tax law professors no less) were busted buying a $122m beachfront property in the Bahamas with FTX money. I think people have despaired at "the crypto business" for a long time given its actual purpose (a form of peer to peer payment system without the need for a trusted 3rd party) has long since been forgotten and it's treated almost universally as a speculative investment. No, not joking. I've read about his parents involvement. All very much adds to the farce of it all.👍 |
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