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Bitcoins (and other crypto currencies)

Lets be honest if he was upto it, others will be too.

Wasn't what he was essentially trying to do was prop his company up as it was struggling in the Crypto winter?
 
R3k1355 said:
Lets be honest if he was upto it, others will be too.

Wasn't what he was essentially trying to do was prop his company up as it was struggling in the Crypto winter?
Click to expand...
No it wasn't. Ftx was fine and doing very well. Sbf just got greedy and and stupid, he used and lost customers money. He also lied through his teeth to pretend everything was ok. Then a bank run forced him to come clean
 
Clio182mike said:
No it wasn't. Ftx was fine and doing very well. Sbf just got greedy and and stupid, he used and lost customers money. He also lied through his teeth to pretend everything was ok. Then a bank run forced him to come clean
Click to expand...
Bank run caused by CZ saying hes selling his share. Then soon as that happened it collapsed as the FTT token was not backed, nor was it actually valued.
Alameda valued it, which in term was actually Sams company, so it created the unlimited money loop. Which was then caught.
 
rctempire said:
Bank run caused by CZ saying hes selling his share. Then soon as that happened it collapsed as the FTT token was not backed, nor was it actually valued.
Alameda valued it, which in term was actually Sams company, so it created the unlimited money loop. Which was then caught.
Click to expand...

Is that the definition of Ponzi scheme ;)
 
From what I’ve seen. In simple terms. He essentially made FTT, burned a s**t load which jacked up its price. Then used that as collateral for borrowing other people’s money and transferring it to his secondary companies.

Then when binance sold their FTT it dropped the price and there began a cascade of lack of confidence and value. As most of their wealth was in FTT it collapsed.


That all right ?

How the hell was he allowed to Get away with that. Sounds laughable.
 
I'm sorry but anyone who actually buys into all this crypto, is either naive or abit silly thinking they are going to make alot of money, whole thing just looks like one big scam/fraud.

Still waiting to see who has actually made anything worth shouting about on here?
 
Stefan. said:
I'm sorry but anyone who actually buys into all this crypto, is either naive or abit silly thinking they are going to make alot of money, whole thing just looks like one big scam/fraud.

Still waiting to see who has actually made anything worth shouting about on here?
Click to expand...
Define worth shouting about? £10? £20? Grand? More?

If you put in a £1 and came out with £10 thats not a bad return.
 
Stefan. said:
I'm sorry but anyone who actually buys into all this crypto, is either naive or abit silly thinking they are going to make alot of money, whole thing just looks like one big scam/fraud.

Still waiting to see who has actually made anything worth shouting about on here?
Click to expand...

This last 30 days in Crypto - Massive crash.

But binance & OKX P&Ls
D3B5D4B5-605B-409B-A63B-5434AD33237C.png

18723738-C790-480A-8BA5-6A60CE24A8D0.png
 
Stefan. said:
I'm sorry but anyone who actually buys into all this crypto, is either naive or abit silly thinking they are going to make alot of money, whole thing just looks like one big scam/fraud.

Still waiting to see who has actually made anything worth shouting about on here?
Click to expand...

Quite phenomenal amounts of money have been lost recently.

Someone was making money, lots of money.
 
Most sensible crypto investors are still holding so until they sell they can't say what profit they have. Most silly investors have shat themselves into selling so they are out with a loss. I only got into crypto last year but those who got in around 2017 are laughing even in today's bear market
 
Cookie said:
You can have fun with a car though. Not sure how to have fun with crypto losses
Click to expand...
Each to their own, I would say it's more exciting watching a portfolio 10x in a few months. But I suppose I'm never going to win when posting this statement in a car forum 😂🤦‍♂️🤦‍♂️
 
Clio182mike said:
Each to their own, I would say it's more exciting watching a portfolio 10x in a few months. But I suppose I'm never going to win when posting this statement in a car forum 😂🤦‍♂️🤦‍♂️
Click to expand...
Some people just don't like the casino, doesn't mean you can't enjoy yourself
 
Argentina & portugal football tokens doing well again now ( touch wood )

Heading towards launch ATHs on OKX
 
Argentina price dropped like a stone when they went behind 2-1

Picked back up at 5.20
 
3A401437-6CF0-4556-B70F-95966DF9894C.png
Missed a bit of a bargain at 4.6 on Arg but in at 5.2 not bad considering the price retracement
NB portugal took a pump as a result

Need arg to actually win though lol
 
Stefan. said:
I'm sorry but anyone who actually buys into all this crypto, is either naive or abit silly thinking they are going to make alot of money, whole thing just looks like one big scam/fraud.

Still waiting to see who has actually made anything worth shouting about on here?
Click to expand...
Id say ive done pretty well for myself. Started with total shite mining with cpus, then moved on and got caught in the lightly in MTGox and started again, got some doge, mined some stuff, bought new cards.
Eventually bough some btc miners second hand. mined those for a while. Upgraded. Cashed in, cashed out. blah blah.
Got some good miners when BTC and BCH did a fork, (paid in BCH, jackpot free miners)
Moved on, got eth, did some IPOs and crap. Lost loads, gained loads.
During this worked with a friend and we had a steady trade algo and it worked lovely. During the peak market we tried out our luck on scalping and fast.
Sadly binance apis are absolute shite and it missed stop losses and sells and blew through our algo and limits and it emptied in around 30 seconds. We had 30K to start, 0k at the end.
Still chopping away at BTC and other shite coins and always will. Its fun and something different to try.
My goal is to have a handful of btc by end of next year, im getting close but still not there yet.

I still consider myself lucky and ahead of the curve on this and it do it for enjoyment not the cash (at present).

If you need a millionaire view speak to Guy or @R-Sport.
 
They'll join the queue of people wanting their money back, I doubt they've got the time to wait it all play out in court.

I doubt the shares will even come to that much, not if they've loaned him over $600m
 
Another nail,

More likely, however, it is an artificially induced last gasp before the road to irrelevance – and this was already foreseeable before FTX went bust and sent the bitcoin price to well below USD16,000.

www.ecb.europa.eu

Bitcoin’s last stand

The European Central Bank (ECB) is the central bank of the European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency.
www.ecb.europa.eu www.ecb.europa.eu
 
It's been at $16.5k for a short while now. It dropped a touch when Block Fi fell over but quickly recovered.

I don't wanna say it's found it's bottom, but unless there's another disaster around the corner I'm not sure it'll drop any further.
 
For all those who have made something there are the losers, £1.5 Trillion wiped off market capitalisation this year 😳

Makes, 2008 banking crisis, Covid & the current situation look rosy!

www.bbc.co.uk

Singapore's crypto ambitions shaken by FTX collapse

Users call for more regulation after state fund writes off investment in fallen cryptocurrency exchange.
www.bbc.co.uk www.bbc.co.uk
 
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