An insight on Bitcoin

[Zan15]

Though I'm trying to find out what Binance is getting out of this. FTX is dead as a competitor either way and a lot of those users would likely migrate to Binance anyways I imagine, so what's the play in buying FTX and their insolvency? Can Binance write all that off to lower their tax liability? Either way we'll have to wait to hear the terms of the deal, but I don't think FTX is getting anywhere near the $32B they were once valued at.

Something tells me they are all in trouble and it's just a matter of who hides it best till it all falls out below them.

I also get this feeling that if they truly went under the effects would have somehow also taken down Binance in some way or severely hurt them.

But hey don't worry guys bitcoin is going to 6 figures any day now.

funny how 4 figures is a more realistic figure these days.

[hellhamster]

Something tells me they are all in trouble and it's just a matter of who hides it best till it all falls out below them.

I also get this feeling that if they truly went under the effects would have somehow also taken down Binance in some way or severely hurt them.

But hey don't worry guys bitcoin is going to 6 figures any day now.

funny how 4 figures is a more realistic figure these days.

How's your stocks doing?

[Ripster42]

How's your stocks doing?

Compared to crypto the past year? Amazing. They also pay dividends.

So any guesses on how long until binance faces sanctions for facilitating sanction breaking for iranians?

[Edge-]

How's your stocks doing?

Not great, but I'm also not worried about them poofing because the exchange collapsed so that's nice too.

[gondrin]

Ooph, guess FTX was really facing insolvency then.

I see FTX folks are already spinning this deal as great for the industry overall, which makes me wonder why they waited until FTX was about to fold? Wouldn't the FTX guys have been smarter selling their company to Binance while it was still solvent and they could have made a ton more money?

https://www.nytimes.com/2022/11/08/t...al-crypto.html



Rofl, truly a stable investment opportunity when your uninsured holdings on an exchange can poof at any moment unless your exchange is bailed out by a bigger exchange.

Though I'm trying to find out what Binance is getting out of this. FTX is dead as a competitor either way and a lot of those users would likely migrate to Binance anyways I imagine, so what's the play in buying FTX and their insolvency? Can Binance write all that off to lower their tax liability? Either way we'll have to wait to hear the terms of the deal, but I don't think FTX is getting anywhere near the $32B they were once valued at.

Nothing says decentralization than one or two companies owning the exchanges to trade it somewhat easily.

[Edge-]

Nothing says decentralization than one or two companies owning the exchanges to trade it somewhat easily.

*That could fall apart because they're hilariously overleveraged using folks crypto in the exchange and if too many people pull out at once it falls apart as FTX did. And if there's no "bigger fish" with a lot of money to snap them up there's also no FDIC insurance so you're boned. Because it's an "investment"!

[Zan15]

How's your stocks doing?

Quite well.

I made a bunch of money on natural gas mid-year in a fund tied to natural gas. Was quite a run that i bailed on half way through cause i got cold feet.

Took options on banks dropping like bricks and it paid off, then I recently put options on Citibank at 47 Jan 23. bailed out when it hit 46 Ish for a good 60% bump. Again got out too soon since it peaked over 100% but hey timing is the hardest thing to pull off.

Lost a tad on Microsoft for which at one point i was up 10% now i am down 6.24%.

Was out of the market for a while for half my money and went back in on the sp500 around 370. Still up about 1.70% for that bucket.

Put 20k into the 9% Ibonds when it was set to that new amount, and 10k into another fixed income investment paying 4% last month.

So, for the year I am up about 5-6% depending on the day.

My daughters account that i manage is just straight fund investments for the long haul. Sp500 and defensive stocks. She is down about 2% for the year.


the only real investment that I've taken a huge hit on was loaning my brother 9500 dollars for which i have only got back 3000 that was promised to me in June. Who knows if i will see the rest, the sucker i am.


Guess in summary, waaaaaaaaaaaay better than bitcoin and almost all crypto.

How are your stocks doing?

- - - Updated - - -

Not great, but I'm also not worried about them poofing because the exchange collapsed so that's nice too.

what not worried one of the 3 major us stock market exchanges will have liquidity problems and disapear overnight?

I heard treasury direct is going bankrupt /s

[Rasulis]

Compared to crypto the past year? Amazing. They also pay dividends.

So any guesses on how long until binance faces sanctions for facilitating sanction breaking for iranians?

People kept forgetting the dividend part. I did the math, $100 invested in Oracle stock between 1986 and 1998 will net the investor $10k to $36K in annual dividend.

Then there is also REITs. They don't increase in value much. We started investing some small amount into real estate and hospital REITs starting in 2010. They have returned the investment and are still generating income.

As for crypto, there is nothing wrong with high risk/high return investments. As long as people are aware of the potential of the downside.

I like boring investments. I sleep better at night.

[Shadowferal]

Saw that FTX thing; EXCLUSIVE Behind FTX’s fall, battling billionaires and a failed bid to save crypto

Nov 10 (Reuters) - On Tuesday morning, Sam Bankman-Fried, owner of cryptocurrency exchange FTX, caught his employees off-guard with a somber message.

"I’m sorry,” he told them. “I fucked up.”

The reason for the mea culpa: His announcement half an hour earlier that FTX’s arch-rival, Binance, planned to mount a shock takeover of its main trading platform to save it from a “liquidity crunch.” Binance founder Changpeng “CZ” Zhao, whom the billionaire had accused of sabotage, would now be his White Knight.

The seeds of FTX's downfall were sown months earlier, stemming from mistakes Bankman-Fried made after he stepped in to save other crypto firms as the crypto market collapsed amid rising interest rates, according to interviews with several people close to Bankman-Fried and communications from both companies that have not been previously reported.

Some of those deals involving Bankman-Fried’s trading firm, Alameda Research, led to a series of losses that eventually became his undoing, according to three people familiar with the company's operations.

The interviews and messages also shine new light on the bitter rivalry between the two billionaires, who in recent months competed for market share and publicly accused each other of seeking to hurt the one another's businesses. It culminated on Wednesday, with Binance pulling out of its deal and throwing FTX's future into uncertainty.

Stuck without a buyer, Bankman-Fried was now searching for alternative backers, two people close to him said. After Binance pulled out, he told FTX staff in a message that Binance had not previously told them of any reservations about the deal and he was “exploring all options.”

Neither Binance nor FTX responded to requests for comment. Bankman-Fried told Reuters on Tuesday that "I'll probably be too swamped" to do interviews. He didn't respond to further messages.

Binance earlier said it decided to pull out of the deal as a result of its due diligence on FTX and news reports about U.S. investigations into the company.

Zhao's unveiling of the planned takeover capped a stunning reversal for Bankman-Fried. The 30-year-old had set up Bahamas-based FTX in 2019 and led it to become one of the largest exchanges, accumulating a near $17 billion fortune.

News of the liquidity crunch at FTX – valued in January at $32 billion with investors including SoftBank and BlackRock – sent reverberations through the crypto world.

The price of major coins plummeted, with bitcoin slumping to its lowest in almost two years, heaping further pain on a sector whose value has fallen about two-thirds this year as central banks tightened credit.

More in the link

[Rasulis]

Heh! Too funny.

Miami-Dade County will explore “all legal remedies” if FTX.com, the beleaguered crypto exchange, can’t meet its obligations as part of a 19-year agreement for naming rights to the arena where the NBA’s Miami Heat play.

[Edge-]

Heh! Too funny.

Miami-Dade County will explore “all legal remedies” if FTX.com, the beleaguered crypto exchange, can’t meet its obligations as part of a 19-year agreement for naming rights to the arena where the NBA’s Miami Heat play.

Fuckin lol, who the fuck signed a 19 year deal with a fuckin startup that was obviously blowing all their early investor money (and whatever assets they could leverage internally) on massive marketing blitz's to try to fake it until they make it?

Like, take all that sweet crypto money for billboard ads and shit, but don't do any longterm planning with that money in mind. And by longterm I mean like...6 months, because shit seems to go tits-up on the regular in the crypto world.

[Rasulis]

Fuckin lol, who the fuck signed a 19 year deal with a fuckin startup that was obviously blowing all their early investor money (and whatever assets they could leverage internally) on massive marketing blitz's to try to fake it until they make it?

Like, take all that sweet crypto money for billboard ads and shit, but don't do any longterm planning with that money in mind. And by longterm I mean like...6 months, because shit seems to go tits-up on the regular in the crypto world.

It would be interesting to see the impact of this on VC funding for metro areas that are crypto heavy. Such as New York and Miami.

[Belize]

Yeah, so, anyways, the FTX deal is off now.

https://web3isgoinggreat.com/?id=bin...tx-deal-is-off

[Edge-]

Yeah, so, anyways, the FTX deal is off now.

https://web3isgoinggreat.com/?id=bin...tx-deal-is-off

Holy ooph. So...does that mean everyone who had crypto stored there is basically



?

Because it seems like it. My stocks keep looking better and better as the likelyhood of the whole market collapsing and all my investments disappearing faster than cotton candy being washed by a racoon.

What a wild two days. "It's all over! No wait we're saved! Just kidding it's actually all over."

[Belize]

Holy ooph. So...does that mean everyone who had crypto stored there is basically



?

Because it seems like it. My stocks keep looking better and better as the likelyhood of the whole market collapsing and all my investments disappearing faster than cotton candy being washed by a racoon.

What a wild two days. "It's all over! No wait we're saved! Just kidding it's actually all over."

At this point, it'd honestly be more stable to put all your money in Dave & Busters coins. At least you can get cheap trashy food and play skeeball with it, and it'll weather economic downturns much better.

[Edge-]

At this point, it'd honestly be more stable to put all your money in Dave & Busters coins. At least you can get cheap trashy food and play skeeball with it, and it'll weather economic downturns much better.

/r/cryptocurrency is freaking out over Binances holdings. The general sentiment seems to be "lol don't keep your crypto in exchanges" which begs the question...why do these exchanges that are susceptible to unexpected closures due to insolvency exist?

[hellhamster]

/r/cryptocurrency is freaking out over Binances holdings. The general sentiment seems to be "lol don't keep your crypto in exchanges" which begs the question...why do these exchanges that are susceptible to unexpected closures due to insolvency exist?

Funds are SAFU

https://academy.binance.com/en/gloss...fund-for-users

[Edge-]

Funds are SAFU

https://academy.binance.com/en/gloss...fund-for-users

I'm nowhere near terminally online enough to understand anything in that video, and I'm fairly terminally online.

[hellhamster]

I'm nowhere near terminally online enough to understand anything in that video, and I'm fairly terminally online.

"To protect the future interests of all users, Binance will create a Secure Asset Fund for Users (SAFU). Starting from 2018/07/14, we will allocate 10% of all trading fees received into SAFU to offer protection to our users and their funds in extreme cases. This fund will be stored in a separate cold wallet."

- - - Updated - - -

The FTX event has been absolutely cataclysmic, probably the worst thing to happen to crypto since Mt Gox. I was expecting bitcoin to surely reach 10-12k, but the good CPI numbers probably saved it. The dump is probably not over yet, but a weekly close above the lows is very good.

- - - Updated - - -

Fuckin lol, who the fuck signed a 19 year deal with a fuckin startup that was obviously blowing all their early investor money (and whatever assets they could leverage internally) on massive marketing blitz's to try to fake it until they make it?

Like, take all that sweet crypto money for billboard ads and shit, but don't do any longterm planning with that money in mind. And by longterm I mean like...6 months, because shit seems to go tits-up on the regular in the crypto world.

FTX used an extremely succesful approach by using leveraged tokens to basically print money, and it seems it was primarily used for marketing and get the masses onboard when they should have used it for maintaining liquidity at all times. Unfortunately, leverage only works when "market goes up". Market, in fact, does not go up right now, which means leverage was margin called and eventually lost. Hence the clusterfuck we are seeing.

[Zan15]

How's your stocks doing?

LOL update to my post.

What a day huh?

My MSFT holding went from -6.24 to +1.67% today.

SP500 fund went from 1.8% to 7.49% today


And damn that Citibank option I bailed on went up 90% today. Yes 90%. grumble grumble.