Crypto Crash

[Sativa Lung]

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how long before they change the name of the crypto.com arena?

do you think they paid up front for a multi-year deal or is it yearly?

seems like it is not going to last

[close]

Highly doubt they paid the full contract in advance.   

Every soccsr/football team with a crypto sponsor seems like they’ve been having a hell of a time getting payments

In Miami, the city positioning itself as the "crypto capital", they just furiously tore the FTX logo off their arena literally hours after the bankruptcy news broke.

Yet another "exchange" that's frozen withdrawals and its become glaringly obvious, yet again, that it was basically a modern Ponzi.

But guys, who could have thought that an unregulated market would expose people to being defrauded with basically zero recourse? Nah bro, we should totally put all our money in the hands of a 30 year old weirdo, he'll totally be responsible with it and not use it to illegally advance his other companies.

[DaleSr]

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how long before they change the name of the crypto.com arena?

do you think they paid up front for a multi-year deal or is it yearly?

seems like it is not going to last

[close]

Highly doubt they paid the full contract in advance.   

Every soccsr/football team with a crypto sponsor seems like they’ve been having a hell of a time getting payments

[close]

In Miami, the city positioning itself as the "crypto capital", they just furiously tore the FTX logo off their arena literally hours after the bankruptcy news broke.

Yet another "exchange" that's frozen withdrawals and its become glaringly obvious, yet again, that it was basically a modern Ponzi.

But guys, who could have thought that an unregulated market would expose people to being defrauded with basically zero recourse? Nah bro, we should totally put all our money in the hands of a 30 year old weirdo, he'll totally be responsible with it and not use it to illegally advance his other companies.

That's heat culture right there baby

[Atiba Applebum]

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I think I saw something the other day that Gisele and Tom Brady put most of their money into ftc. Absolute bird brain move

[close]

you mean ftx?

love it. big dick nick and stuff. 41-33

[close]

Tom is gonna try and play until he's sixty to recoup those losses 😂

[close]

He’s got that exorbitant commentator gig on the wings.

[close]

But what if he's a drew Brees or a Jason Witten and not a Peyton Manning or Randy Moss

I don’t know.  But he signed a 375M/10 years deal with Fox for whenever he retires

[Sativa Lung]

Man that Larry David SB commercial is looking like some soothsayer shit now. And it keeps getting worse. According to reuters (a pretty reputable source), not only is FTX 8b in debt, but there's apparently up to 1.7b of client funds missing. I guess he was using a secret backdoor he had coded in their software system to move money into his other companies in a way that wouldn't trigger regulatory attention or leave logs as well as the fuckery with the frx tokens. So more than just the usual crypto scam, we also got some good old fashioned embezzlement as well. If the secret backdoor is true it shows intent to manipulate from the beginning which is going to make it very, very difficult to claim it was an honest mistake. I think there's a good chance SFB is gonna spend at least part of his 30s at club fed.

https://www.reuters.com/markets/currencies/exclusive-least-1-billion-client-funds-missing-failed-crypto-firm-ftx-sources-2022-11-12/

[Deputy Wendell]

well at least only about $40 million of that money went to the democrat party in the past year, just a fraction of the billion(s) that are "unaccounted for"...

[manysnakes]

Man that Larry David SB commercial is looking like some soothsayer shit now. And it keeps getting worse. According to reuters (a pretty reputable source), not only is FTX 8b in debt, but there's apparently up to 1.7b of client funds missing. I guess he was using a secret backdoor he had coded in their software system to move money into his other companies in a way that wouldn't trigger regulatory attention or leave logs as well as the fuckery with the frx tokens. So more than just the usual crypto scam, we also got some good old fashioned embezzlement as well. If the secret backdoor is true it shows intent to manipulate from the beginning which is going to make it very, very difficult to claim it was an honest mistake. I think there's a good chance SFB is gonna spend at least part of his 30s at club fed.

https://www.reuters.com/markets/currencies/exclusive-least-1-billion-client-funds-missing-failed-crypto-firm-ftx-sources-2022-11-12/

He’s on a plane to South America as of this morning.

[Síota]

I heard brunk got his internet cut off as he couldn't pay the bill (hence the reason he hasn't posted in ages) so it's all good.

[LUGR]

Man that Larry David SB commercial is looking like some soothsayer shit now. And it keeps getting worse. According to reuters (a pretty reputable source), not only is FTX 8b in debt, but there's apparently up to 1.7b of client funds missing. I guess he was using a secret backdoor he had coded in their software system to move money into his other companies in a way that wouldn't trigger regulatory attention or leave logs as well as the fuckery with the frx tokens. So more than just the usual crypto scam, we also got some good old fashioned embezzlement as well. If the secret backdoor is true it shows intent to manipulate from the beginning which is going to make it very, very difficult to claim it was an honest mistake. I think there's a good chance SFB is gonna spend at least part of his 30s at club fed.

https://www.reuters.com/markets/currencies/exclusive-least-1-billion-client-funds-missing-failed-crypto-firm-ftx-sources-2022-11-12/

"We didn't secretly transfer," he said. "We had confusing internal labeling and misread it," he added, without elaborating.

Asked about the missing funds, Bankman-Fried responded: ""

Orly???

[EdLawndale]

So how can I get into crypto rn?

[manysnakes]

So how can I get into crypto rn?

[Sativa Lung]

This made me laugh.

https://arstechnica.com/information-technology/2023/01/key-bitcoin-developer-calls-on-fbi-to-recover-3-6m-in-digital-coin/

It's kind of funny watching these geniuses speed run the processes that lead to the exact financial regulatory and law enforcement authorities they're so eager to subvert and claim not to need. If the code is the law, then nothing wrong took place here.

Forget where I heard this quote but "We broke all the rules, only to find out why they existed in the first place." comes to mind.

[KBizzle]

I'd be fine never hearing or seeing anything about Tom Brady ever again. Yuck.

[KoRnholio8]

the only reason crypto will go on, is for the collective wish to make it big and cash out. for that, they need to keep the hype going, no matter how many investors will loose value

[manysnakes]

the only reason crypto will go on, is for the collective wish to make it big and cash out. for that, they need to keep the hype going, no matter how many investors will loose value

This was true from ~2015 through late last year, but that only works for as long as you have "greater fools" in the system to buy the funny money. At this point, it has very clearly run out of juice. Crypto will certainly live on in some other form, but the heady days of "have fun staying poor" are obviously over.

[PAWL]

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the only reason crypto will go on, is for the collective wish to make it big and cash out. for that, they need to keep the hype going, no matter how many investors will loose value

[close]

This was true from ~2015 through late last year, but that only works for as long as you have "greater fools" in the system to buy the funny money. At this point, it has very clearly run out of juice. Crypto will certainly live on in some other form, but the heady days of "have fun staying poor" are obviously over.

eh, itll pop back up in 4 years probably.

[manysnakes]

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the only reason crypto will go on, is for the collective wish to make it big and cash out. for that, they need to keep the hype going, no matter how many investors will loose value

[close]

This was true from ~2015 through late last year, but that only works for as long as you have "greater fools" in the system to buy the funny money. At this point, it has very clearly run out of juice. Crypto will certainly live on in some other form, but the heady days of "have fun staying poor" are obviously over.

[close]

eh, itll pop back up in 4 years probably.

Keep on HODLing buddy, it'll work out one day.

[RCB3]

About 1 bil unrealized losses

Source: https://saylortracker.com/

Up over 4 billion today. Looks like he's doing ok.

[TheLurper]

Someone mentioned it isn't about what i think a speculative asset will be worth, but what i think others will think it is worth.

[type]

Damn I just skimmed through this thread and read some of the dumbest shit

[Gaddafi]

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the only reason crypto will go on, is for the collective wish to make it big and cash out. for that, they need to keep the hype going, no matter how many investors will loose value

[close]

This was true from ~2015 through late last year, but that only works for as long as you have "greater fools" in the system to buy the funny money. At this point, it has very clearly run out of juice. Crypto will certainly live on in some other form, but the heady days of "have fun staying poor" are obviously over.

[close]

eh, itll pop back up in 4 years probably.

[close]

Keep on HODLing buddy, it'll work out one day.

Anything you massive idiots have to say now?

You all had the opportunity to make money, but instead of blaming yourselves for not acting you choose to bash crypto and continue to miss out.

[newguy]

Dude i shoulve bought houses when I was 7 during the 08 crisis, and crypto back in 2010 when i was 9, im such a fucking moron, and i deserve to be poor. You crypto guys are such smarts fellas please teach me your ways

[Gaddafi]

Dude i shoulve bought houses when I was 7 during the 08 crisis, and crypto back in 2010 when i was 9, im such a fucking moron, and i deserve to be poor. You crypto guys are such smarts fellas please teach me your ways

Always buy the dip, thats all this "crash" was, yet again another opportunity missed, stay mad

[newguy]

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Dude i shoulve bought houses when I was 7 during the 08 crisis, and crypto back in 2010 when i was 9, im such a fucking moron, and i deserve to be poor. You crypto guys are such smarts fellas please teach me your ways

[close]

Always buy the dip, thats all this "crash" was, yet again another opportunity missed, stay mad

can you teach me more pls, i want to be an alpha like you and elon musk and that bald guy with the funny glasses pls

[PAWL]

such elevated conversation going on in here, you love to see it.

[Abyss1]

this recent rise in price proves how unstable crypto is…there is no way the valuations of most things go up that high that fast after the whole FTX scandal last year unless its an obvious pump and dump…the next cash out of crypto is probably going to be one of the last when the bubble bursts (again)

[G raham]

yet the bubbles always seem to be 10 x multiples of the previous ones, funny that