Cryptocurrency
- Thread starter Playboi Carti
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My work here is done. Thanks for validating my post.Boomer achievement unlocked.
- Find a funny picture online.
- Print it on your home printer.
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I’m glad I never got caught up in this. I don’t usually invest in something I don’t understand. Something I do understand and say hell no. I kind of get cryptic and still say hell no. I’m not going to become rich off my investments but I doubt I go broke either.
If your tokens are on exchanges at this point, you have no understanding of counterparty risk.
For one, insinuating that we're going to have a nuclear war because of a crypto exchange going belly up seems pretty hilarious.
The FTX contagion is terrible for optics and sentiment for the crypto space. It could certainly be a long winter.
However, the demise of FTX was needed considering the efforts of SBF to obtain political favor for centralized entities, like his. He was in bed with the SEC and is one of the single biggest donors to the democratic party. Good riddance.
Hopefully the regulation that comes from this will ensure centralized entities have 1:1 reserves on client assets. Also, this is bullish for the supply side of the crypto market. FTX was selling Bitcoin and other crypto supply that didn't exist. Goodbye fractional reserve crypto banking. Leave that trash to the legacy system.
Bitcoin will continue to gain adoption. Hopefully devs will continue to make strides in the UI/UIX department with better solutions for non-tech folks with seed storage, etc. It will rise again to the disbelief of many.
However, the demise of FTX was needed considering the efforts of SBF to obtain political favor for centralized entities, like his. He was in bed with the SEC and is one of the single biggest donors to the democratic party. Good riddance.
Hopefully the regulation that comes from this will ensure centralized entities have 1:1 reserves on client assets. Also, this is bullish for the supply side of the crypto market. FTX was selling Bitcoin and other crypto supply that didn't exist. Goodbye fractional reserve crypto banking. Leave that trash to the legacy system.
Bitcoin will continue to gain adoption. Hopefully devs will continue to make strides in the UI/UIX department with better solutions for non-tech folks with seed storage, etc. It will rise again to the disbelief of many.
Might want to reread. They possible nuclear war is about the dollar reserve status, and the United States implementing monetary restrictions, including weaponizing SWIFT.
The nuclear war possibility is a result of the United States forcing currency sanctions and weaponizing SWIFT.
The quickly growing BRICS membership and their desire to create a settlement currency without dollars is a symptom of US monetary policy. The inflation inflicted worldwide by massive monetary printing could very well lead to nuclear war. Most wars are really about money.
If he was short selling Bitcoin and other stuff, wouldn’t he have made it big with the crash? I’m not following that part.
It's really a run on the bank. People got scared and tried to withdraw. FTX didn't have the money to cover it.
Alameda was too heavy into 3 arrows and some bad investments. If he'd let Alameda go then FTX would likely have been ok.
He was out buying other companies. Building at a crazy pace. Donating to politicians and charity. Spending investors money. And making bad investments with their money.
It wasn't so much that he was short selling Bitcoin. He had platforms to allow investors to all kinds of investments so it was even easier to get behind on being able to cover funds. Really he got rich by arbitraging Bitcoin across countries in the early days. Nobody said he was good at investments since.
All of this is reportedly. Not proven.
Not your keys not your cheese.
Okay. Insinuating this would lead to a nuclear war is absurd.
What I am referring to here is that users bought bitcoin and it reflected in their account. But that bitcoin doesn't exist. FTX took the funds out the "backdoor" and "invested in high risk start ups and $hitcoins.
Okay, I understand better what he was doing now. I have thought about dabbling a little, but always hesitate when it’s on a rocket ship. The faster things go up the faster they go down in 99% of things.