An insight on Bitcoin

[hellhamster]

its amazing that you understand that crypto is a massive scam on the one hand and then say its the future with the other.

Its literally 20 or so whales and the other 20 people who run the exchanges desperately trying to get retail money in so they can cash out. Thats it.

If what you are saying is true, then surely crypto would have been destroyed in these last 10 years. But it didn't.

Sam from FTX is not the first one fucking over the users of his exchange through scamwicks, nor will he be the last. And if you think the same tactics aren't being used in the stock market, I have several bridges of notorious lengths to sell you. Scamwicks are older than Father Time.

Opportunities always introduce exploitation. He's hurting leverage traders, which are the bane of crypto, so I couldn't give a shit honestly.

[Edge-]

If what you are saying is true, then surely crypto would have been destroyed in these last 10 years. But it didn't.

https://en.wikipedia.org/wiki/Madoff_investment_scandal

Scams can run for decades, yo.

[hellhamster]

Meanwhile in legacy finance and banking:

All markets are pulling the rug, dollar strength is readying itself for a ginormous climb implying utter destruction of speculative assets, bond yields are reversing, and inflation is soaring. Oh and this is with a 25 point rate hike, when usually a rate hike has to be above inflation rate to be deemed effective. Imagine what would happen if the Fed or the ECB actually increased rates. We are essentially becoming a lot poorer very fast, and people are still clueless.

Putin is being blamed (L M A O). You can search this forum for a thread I made a year ago predicting exactly how this house of cards would tumble down, which of course happened to the letter. Noooo, it could not have been propping up the markets artificially with unfathomable trillions of dollars made out of thin air. The EU is faring much worse than the US, because the euro does not have its own milkshake to slurp from like the dollar does (look up milkshake theory and how the dollar is king). Producer yoy price index in the EU is like 30%. Certain EU countries are in serious danger.

It's as if the markets are on life support and we keep pumping adrenaline straight into the heart. But nooooo, boomer stocks have to be protected, maximum overpriced housing markets have to be protected, pensions have to be protected. Now we're here feeling that cost. But yeah, it's Putin waging a war in a country that the majority of Americans had never even heard of until last month that makes Amazon drop by 15% in one day.

When silver is down 10% in a hyperinflationary market, and ultra risky crypto is basically moving sideways for half a year or even a year you could say, you know the global markets are a clown fiesta.

The only thing saving the markets is dollar strength flatlining and reverting to sub 100 territory. That would mean even more inflation, which would mean bigger fear of introducing higher interest rates, which would cause bigger sell-offs and a lengthened recession and stagflation that could last more than a decade.

But yeah, fiat is doing great.

- - - Updated - - -

https://en.wikipedia.org/wiki/Madoff_investment_scandal

Scams can run for decades, yo.

Totally irrelevant. We are talking about exchanges liquidating their users who are leveraging futures.

Talking about Ponzis, I can sell you my house for a couple mill. Bought it for 150k half a decade ago. That's the real Ponzi my dude.

[Edge-]

Totally irrelevant. We are talking about exchanges liquidating their users who are leveraging futures.

Very relevant. If the scam works and you can keep repeating it...why stop? Who gives a shit if it's leveraging "totally safe investments" or "this investment will totally blow up, my dudes!"? Same shit at the end of the day, and given that most coins and NFT's and new projects largely seem to be transparent pump-n-dumps it's all the funnier.

I particularly liked that one guy who just took out a "loan" against some chain and then took everything because trying to make crypto convenient/usable is hilariously insecure. That wasn't a scam by any means, just hilarious incompetence of the galaxy-brain crypto crowd that somehow hasn't realized that the crypto-crowd is absolutely packed to the gills with bad-faith actors.

Talking about Ponzis, I can sell you my house for a couple mill. Bought it for 150k half a decade ago. That's the real Ponzi my dude.

Connect these dots for me, homie.

[jonnysensible]

going to spend my useless fiat on some food

[Edge-]

going to spend my useless fiat on some food

I don't think that food is going to retain much value, seems like an L

[Jastall]

Very relevant. If the scam works and you can keep repeating it...why stop? Who gives a shit if it's leveraging "totally safe investments" or "this investment will totally blow up, my dudes!"? Same shit at the end of the day, and given that most coins and NFT's and new projects largely seem to be transparent pump-n-dumps it's all the funnier.

I particularly liked that one guy who just took out a "loan" against some chain and then took everything because trying to make crypto convenient/usable is hilariously insecure. That wasn't a scam by any means, just hilarious incompetence of the galaxy-brain crypto crowd that somehow hasn't realized that the crypto-crowd is absolutely packed to the gills with bad-faith actors.



Connect these dots for me, homie.

Things increasing in value disproportionately over a short amount of time is bad.

Except when a pretend coin on the Internet goes from less than 1K$ to 60K$ in, what, two years. That's good and means crypto really took off, adoption is on the horizon and the legacy financial system is going down, baby.

[Edge-]

Things increasing in value disproportionately over a short amount of time is bad.

Except when a pretend coin on the Internet goes from less than 1K$ to 60K$ in, what, two years. That's good and means crypto really took off, adoption is on the horizon and the legacy financial system is going down, baby.

I still don't have the heart to tell the nice lady at the gas station near me with a "Bitcoin ATM" (lol, it's not, it's a Bitcoin vending machine that just gives you a receipt) that Canada still uses the Canadian Dollar and hasn't moved over to crypto as their primary currency.

She's getting lied to by some shady grifters.

[Jastall]

I still don't have the heart to tell the nice lady at the gas station near me with a "Bitcoin ATM" (lol, it's not, it's a Bitcoin vending machine that just gives you a receipt) that Canada still uses the Canadian Dollar and hasn't moved over to crypto as their primary currency.

She's getting lied to by some shady grifters.

Those things have been all over Montreal as well. Curiosity at first, now a lot of them are full of graffiti from what I saw.

[Muzjhath]

Meanwhile in legacy finance and banking:

All markets are pulling the rug, dollar strength is readying itself for a ginormous climb implying utter destruction of speculative assets, bond yields are reversing, and inflation is soaring. Oh and this is with a 25 point rate hike, when usually a rate hike has to be above inflation rate to be deemed effective. Imagine what would happen if the Fed or the ECB actually increased rates. We are essentially becoming a lot poorer very fast, and people are still clueless.

Putin is being blamed (L M A O). You can search this forum for a thread I made a year ago predicting exactly how this house of cards would tumble down, which of course happened to the letter. Noooo, it could not have been propping up the markets artificially with unfathomable trillions of dollars made out of thin air. The EU is faring much worse than the US, because the euro does not have its own milkshake to slurp from like the dollar does (look up milkshake theory and how the dollar is king). Producer yoy price index in the EU is like 30%. Certain EU countries are in serious danger.

It's as if the markets are on life support and we keep pumping adrenaline straight into the heart. But nooooo, boomer stocks have to be protected, maximum overpriced housing markets have to be protected, pensions have to be protected. Now we're here feeling that cost. But yeah, it's Putin waging a war in a country that the majority of Americans had never even heard of until last month that makes Amazon drop by 15% in one day.

When silver is down 10% in a hyperinflationary market, and ultra risky crypto is basically moving sideways for half a year or even a year you could say, you know the global markets are a clown fiesta.

The only thing saving the markets is dollar strength flatlining and reverting to sub 100 territory. That would mean even more inflation, which would mean bigger fear of introducing higher interest rates, which would cause bigger sell-offs and a lengthened recession and stagflation that could last more than a decade.

But yeah, fiat is doing great.

- - - Updated - - -



Totally irrelevant. We are talking about exchanges liquidating their users who are leveraging futures.

Talking about Ponzis, I can sell you my house for a couple mill. Bought it for 150k half a decade ago. That's the real Ponzi my dude.

The fact that you can see all these problems with speculative markets, and securities, etc. And come to the conclusion of "These are bad and our society is worse of because we protect them!" And turn around and go "But these speculative markets and securities are tots fine mah dudes! perplexes me.
(Instead of going "We should make all that shit far more regulated and make quarterly reporting of stocks illegal" etc)

[UnifiedDivide]

The fact that you can see all these problems with speculative markets, and securities, etc. And come to the conclusion of "These are bad and our society is worse of because we protect them!" And turn around and go "But these speculative markets and securities are tots fine mah dudes! perplexes me.
(Instead of going "We should make all that shit far more regulated and make quarterly reporting of stocks illegal" etc)

Its just the full-on Crypto Bro mentality.

[jonnysensible]

El salvadors cryto stuff is going well : volcano bond didnt sell, real gov bonds are collapsing, civil liberties are suspended, the gangs which the gov made a deal with are on the killing sprees, and they owe 800mil to the IMF in Jan 2023.

Saw the CAR adoption as well, with 11% of the population having access to the internet and it being the 2nd most corrupt country in the world im sure it will go well.

[Afrospinach]

El salvadors cryto stuff is going well : volcano bond didnt sell, real gov bonds are collapsing, civil liberties are suspended, the gangs which the gov made a deal with are on the killing sprees, and they owe 800mil to the IMF in Jan 2023.

Saw the CAR adoption as well, with 11% of the population having access to the internet and it being the 2nd most corrupt country in the world im sure it will go well.

Crypto adoption in El Salvador is also extremely low with a lot of transactions just immediately being converted to USD after they happen.

Oh and Tanzania + many other countries including India I believe are talking about floating their own crypto currency. They will then at least have some control.

About 25 years ago we used to do "money drops" for some rural areas of Tanzania. Sometimes this could be in excess of a million USD. The only problem was it was denominated in local currency. So 1.5 million Tanzania shillings at the time fit in a box that could probably fit two people inside + another small box which had to be carried by 2 people lol. This issue with currency becoming worth less than the paper it is printed on(or more pertinently the coins are more valuable as scrap metal) could be somewhat address by crypto.

For another only in Africa story, they eventually bought 6 armoured cars to do this. One of them did not make it out of the port city of Dar es Salaam where it landed because it was crashed. Only 2 of the remaining 5 made it cross country where they needed to be to even start doing a job. Yeah, they were all "unforced errors" like rolling down hills and crashing into other traffic.

[Jastall]

The fact that you can see all these problems with speculative markets, and securities, etc. And come to the conclusion of "These are bad and our society is worse of because we protect them!" And turn around and go "But these speculative markets and securities are tots fine mah dudes! perplexes me.
(Instead of going "We should make all that shit far more regulated and make quarterly reporting of stocks illegal" etc)

You don't get it. In their heads regulations cause this, and not having any rules or regulations would fix all these problems, presumably because the swindlers and cheats profiting off the current system would suddenly become the most upstanding of citizens.

It's High School libertarianism mixed a healthy dose of tech bro fetishism seeing Code as flawless. Delete mere human regulations and oversight, put everything in Code instead and all will be well. All they need is red robes and a boatload of toasters grafted unto them to cosplay as the Adeptus Mechanicus.

[NED funded]

[jonnysensible]

nft market in the mud, bitcoin miners not selling because it will crash the price or even worse there arent enough real dollars in crypto, remember not a scam

[NED funded]

https://www.cnbc.com/2022/05/11/terr...80percent.html

One of the bigger stablecoins has died

18 billion dollars gone and ppl are melting down :X

[Edge-]

https://www.cnbc.com/2022/05/11/terr...80percent.html

One of the bigger stablecoins has died

18 billion dollars gone and ppl are melting down :X

From what I've seen, if there were shares in Copium I'd be all-in on that shit.

https://www.reddit.com/r/CryptoCurre...e_collapse_of/

The few places I've bothered checking seems like they're all mainlining Copium while doing line after line of it.

[Zan15]

From what I've seen, if there were shares in Copium I'd be all-in on that shit.

https://www.reddit.com/r/CryptoCurre...e_collapse_of/

The few places I've bothered checking seems like they're all mainlining Copium while doing line after line of it.

It's getting ugly out there.
Well at least they are now blaming Biden and the Feds for the problems in Crypto just like they are with every other problem. /facepalm


People are waking up to the realization that their bitcoin is sometimes not really theirs anymore

https://fortune.com/2022/05/11/coinb...arnings-stock/

Coinbase said in its earnings report Tuesday that it holds $256 billion in both fiat currencies and cryptocurrencies on behalf of its customers. Yet the exchange noted that in the event it ever declared bankruptcy, “the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings.” Coinbase users would become “general unsecured creditors,” meaning they have no right to claim any specific property from the exchange in proceedings. Their funds would become inaccessible.

That shouldn’t happen.

An individual’s ownership of cryptocurrency is supposed to be immutable and absolute; that's one of the key selling points touted by blockchain evangelists everywhere. But when a user creates a Coinbase account, they often end up storing their cryptocurrency in a wallet controlled by Coinbase, which means the individual is giving away at least part of their control over their own funds.

[Edge-]

It's getting ugly out there.
Well at least they are now blaming Biden and the Feds for the problems in Crypto just like they are with every other problem. /facepalm

Given the discussion in this thread so far...is that a surprise? The throughline of the crypto community has always been, "Centralized banking and financial systems bad. Agencies like Fed bad and actually responsible for all problems".

Coinbase said in its earnings report Tuesday that it holds $256 billion in both fiat currencies and cryptocurrencies on behalf of its customers. Yet the exchange noted that in the event it ever declared bankruptcy, “the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings.” Coinbase users would become “general unsecured creditors,” meaning they have no right to claim any specific property from the exchange in proceedings. Their funds would become inaccessible.

That shouldn’t happen.

Every day we find out about the new and exciting grifts in the crypto world. This is absolutely hilarious in the highest order. I mean, if my bank goes under and shuts down tomorrow I'm just fine...why? Because it's FDIC insured, which covers up $250K, which is much, much more than I have in the bank.

An individual’s ownership of cryptocurrency is supposed to be immutable and absolute; that's one of the key selling points touted by blockchain evangelists everywhere. But when a user creates a Coinbase account, they often end up storing their cryptocurrency in a wallet controlled by Coinbase, which means the individual is giving away at least part of their control over their own funds.

Literally every selling point so far has proven to be a lie, or so impractical that they've had to find workarounds that eliminate the supposed benefit. Side-chains, temporary tokens, taking loans out against the chain that you can then use to buy voting shares etc.