Crypto Crash

[manysnakes]

Expand Quote

Expand Quote

Expand Quote

Yeah crypto is a joke

Ps coin base let go of over 1k employees today

[close]

When I was unemployed over the winter, a Coinbase recruiter reached out to me several times and, despite my desperation, I never responded, because I had absolutely no faith that these companies of the periphery of crypto were going to survive.

[close]

Good call. Tech overall is heavily leveraged on debt and evaluated on their future vs the present. I can’t believe how many companies mass hired without tangible plans for teams, which resulted in layoffs after board of directors called out the stupidity, in light of raised interest on debt. I got laid off in February because of it at a large tech startup.

Fuck jobs in general. Invest in pants

[close]

There are plenty of IT jobs in established companies, don't go for startups if you're not fresh out of college. I was eyeing a job at BitStamp 3 months ago, but decided against it, since I don't believe in cypto (as in being anything other than a speculative asset) and I had virtually zero experience in their tech stack. Couldn't be happier with the company I choose instead.

Yeah, after three years with a teetering veteran startup, I’m with a legacy company and I couldn’t be happier.

[doomstation55]

I invested in one called “Lurpiv” and it failed within like a year, I feel like a chump!

[abievoller7]

Cryptocurrency became popular because it is an easy way to make money but very risky. The value of many cryptocurrencies is determined by the supply and demand ratio.

[exlurker]

Cryptocurrency became popular because it is an easy way to make money but very risky. The value of many cryptocurrencies is determined by the supply and demand ratio.

Thanks, Homer's brain

[manysnakes]

Lol

[Sativa Lung]

Lol

Buy the dip bro!

[Atiba Applebum]

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

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

[DaleSr]

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

[PAWL]

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

you mean ftx?

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

[DaleSr]

Expand Quote

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

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

[Atiba Applebum]

Expand Quote

Expand Quote

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 😂

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

[DaleSr]

Expand Quote

Expand Quote

Expand Quote

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.

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

[Sativa Lung]

Expand Quote

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]

Expand Quote

Expand Quote

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]

Expand Quote

Expand Quote

Expand Quote

Expand Quote

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]

Expand Quote

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]

Expand Quote

Expand Quote

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.