An insight on Bitcoin

[jonnysensible]

Kinda funny how much chaos, "We're going after some bad guys." causes within the entire Cryptosphere. Does everyone just assume the exchange they use or the coin they like is actually a scam and they're just hoping to exit before it turns into FTX? Because it sure seems like that, rofl.

there are open goals for them atm but they chillin on some nonsense

[Edge-]

SEC Charges Genesis and Gemini for the Unregistered Offer and Sale of Crypto Asset Securities through the Gemini Earn Lending Program

I am living this saga. Even SBF knew better than to pull this shit

Speaking of Genesis - https://www.reddit.com/r/CryptoCurre...g_to_file_for/

Apparently they're about to file for bankruptcy.

lol

[NED funded]

there are open goals for them atm but they chillin on some nonsense

A lot of US retail investors are actually kinda safe from most of those schemes tbf. Even FTX US isnt doing a lot of suspect shit. You have to go out of your way as a US investor to participate in those scams

[hellhamster]

Kinda funny how much chaos, "We're going after some bad guys." causes within the entire Cryptosphere. Does everyone just assume the exchange they use or the coin they like is actually a scam and they're just hoping to exit before it turns into FTX? Because it sure seems like that, rofl.

Depends on your definition of a scam. If you think crypto exchanges are a scam, I've got a story to tell you about derivatives which are thousands of times bigger and more worthless than crypto. But hey, the DOJ thinks those are alright because some people are lining up their pockets.

Derivatives caused the housing market to crash back in '08 btw. They weren't the instigating factor, but they were the dominos to fall.

[Shadowferal]

As long as stories like ftx, genesis, among others remain as cautionary tales, anything connected to cryptocurrency will always be just as connected to the word "scam."

[hellhamster]

As long as stories like ftx, genesis, among others remain as cautionary tales, anything connected to cryptocurrency will always be just as connected to the word "scam."

I've never heard of Genesis, but I've been yelling about FTX for years now.

The biggest dominos to fall are Binance and Coinbase.

Binance is way too shrewd for fuckups like FTX's, and Coinbase is more secure than most banks nowadays with all the regulation they're getting.

It all seems moot when we're getting DEXs soonish: imagine exchanges on an actual blockchain instead of servers.

[Edge-]

Depends on your definition of a scam.

*vaguely gestures at most of this thread, especially recent topics*

I...don't think I need to get much more specific?

If you think crypto exchanges are a scam, I've got a story to tell you about derivatives which are thousands of times bigger and more worthless than crypto.

Sure, how many of those derivatives go up in smoke because it was all actually just a ponzi scheme? Like, an average per-year. Let's compare that number to crypto exchanges and see what the data tells us.

But hey, the DOJ thinks those are alright because some people are lining up their pockets.

I do love how crypto folks literally cannot stop about how everyone else is breaking the law and it's just not fair that they're not getting caught. Like, y'all are throwing stones from houses made of fucking sugar glass, from rice paper.

I'm not sure what relevance it has to the reality that exchange after exchange keeps going up in smoke, but I do know that pivoting to complaining about the Fed (DAMN YOU, JEROME!) or DoJ is common for crypto folks when their favorite industry gets criticized.

Derivatives caused the housing market to crash back in '08 btw. They weren't the instigating factor, but they were the dominos to fall.

Yeah cool, let's make a thread about that if you want us all to agree that it's stupid and should be illegal and it's outrageous that basically nobody went to jail.

But sir, this is the crypto thread.

[unfilteredJW]

The deflection away from talking about the fact crypto is a fresh scam to banks has real Monty Python LOOK AT THE BONES energy.

[hellhamster]

The deflection away from talking about the fact crypto is a fresh scam to banks has real Monty Python LOOK AT THE BONES energy.

Nah, more like that crypto is small potatoes, and we should actually focus on the real crooks for once.

This is like focusing all our energy on the thief who stole some tomatoes from the supermarket while Hitler still walks among us, as evidenced by the recent DOJ's "major international cryptocurrency enforcement action" of $11k.

Wanna improve the world tenfold? Stop derivatives gambling. Stop the gold cartels. Stop big hedge funds from liquidating trillions by market manipulation and insider trading.

Why does the DOJ focus on some kindergarten variety get rich quick scams? We all know the answer to that one. It's funnier when you see the actions of the politicians involved. Buying and selling a month prior to major FED pivots, which is the definition of insider trading. Everyone is doing it, everyone knows about it, but no one does anything to stop it.

[Muzjhath]

Nah, more like that crypto is small potatoes, and we should actually focus on the real crooks for once.

This is like focusing all our energy on the thief who stole some tomatoes from the supermarket while Hitler still walks among us, as evidenced by the recent DOJ's "major international cryptocurrency enforcement action" of $11k.

Wanna improve the world tenfold? Stop derivatives gambling. Stop the gold cartels. Stop big hedge funds from liquidating trillions by market manipulation and insider trading.

Why does the DOJ focus on some kindergarten variety get rich quick scams? We all know the answer to that one. It's funnier when you see the actions of the politicians involved. Buying and selling a month prior to major FED pivots, which is the definition of insider trading. Everyone is doing it, everyone knows about it, but no one does anything to stop it.

You damn well know that a lot of people in this thread have made snide comments along the lines of "Yes, trading derivatives only to make money should probably not be legal in the way it is".
But that's also not the point of this thread.

As for Fractional Reserve Banking?
Without that you don't have modern society, end of story.

[Edge-]

Nah, more like that crypto is small potatoes, and we should actually focus on the real crooks for once.

This is like focusing all our energy on the thief who stole some tomatoes from the supermarket while Hitler still walks among us, as evidenced by the recent DOJ's "major international cryptocurrency enforcement action" of $11k.

Wanna improve the world tenfold? Stop derivatives gambling. Stop the gold cartels. Stop big hedge funds from liquidating trillions by market manipulation and insider trading.

Why does the DOJ focus on some kindergarten variety get rich quick scams? We all know the answer to that one. It's funnier when you see the actions of the politicians involved. Buying and selling a month prior to major FED pivots, which is the definition of insider trading. Everyone is doing it, everyone knows about it, but no one does anything to stop it.

lol, back to whinging about the DoJ/unfair enforcement and Fed. Literally the first page of the Crypto deflection playbook.

[Forogil]

Depends on your definition of a scam. If you think crypto exchanges are a scam, I've got a story to tell you about derivatives which are thousands of times bigger and more worthless than crypto..

Could you stick to statements that are true and preferably related to crypto?

Derivatives can make problems in underlying markets worse, but they aren't the cause of the underlying problem. If you look back at e.g., the financial crisis in 2008 there were underlying problems with unrealistic house-lending in the US. On the other derivatives used correctly can also reduce risks - for people with a stake in the underlying market.

Crypto doesn't have any underlying market.

[mbit2]

Could you stick to statements that are true and preferably related to crypto?

Derivatives can make problems in underlying markets worse, but they aren't the cause of the underlying problem. If you look back at e.g., the financial crisis in 2008 there were underlying problems with unrealistic house-lending in the US. On the other derivatives used correctly can also reduce risks - for people with a stake in the underlying market.

Crypto doesn't have any underlying market.

If you think crypto is bad cause its volatile then you have to hate derivatives too because they cause volatility as they take people out of the main market into secondary gambling schemes on market movement and the less people participate the easier it is to manipulate. This has been also true for crypto - when they started selling futures for crypto you could see market price manipulation aligned with future dates so it evidently happened to milk the future contracts. Maybe its even still true but im not keeping tabs on that.

[Forogil]

If you think crypto is bad cause its volatile then you have to hate derivatives too because they cause volatility as they take people out of the main market into secondary gambling schemes on market movement and the less people participate the easier it is to manipulate.

I don't think how you got that from my statement, and volatility isn't bad in general.

It's just that it is bad for anything pretending to be a currency.
Or basically - normal investment (shares, houses, etc) can be volatile, but there is an underlying thing that has real value (even though they can lose touch with that sometimes). State-backed currencies are fairly stable, with low volatility (depending on the state).

Crypto lacks both the underlying value and the stability.

[Belize]

Cryptoqueen Ruja Ignatova is now a wanted fugitive. Top 10 most wanted in fact.
Reason? Defrauding about, ohh, 4 billion with her 'Bitcoin replacement' OneCoin.

Daily reminder that Crypto is a scam and has yet to prove it has any other underlying uses that are practical to implement, regardless what crypto evangelist word salad out.

[Edge-]

Cryptoqueen Ruja Ignatova is now a wanted fugitive. Top 10 most wanted in fact.
Reason? Defrauding about, ohh, 4 billion with her 'Bitcoin replacement' OneCoin.

Daily reminder that Crypto is a scam and has yet to prove it has any other underlying uses that are practical to implement, regardless what crypto evangelist word salad out.

Is...now? Hasn't that lady been wanted for fraud for scamming people with hella fake coins and shit for like 5 years or something hilarious?

IS SHE STILL FINDING CRYPTOBROS TO SCAM THAT DON'T KNOW WHO THE FUCK SHE IS?

Does the crypto scene follow Musk closely or something? Fuck the due diligence, just go fuckin big and hope for the best?

[mbit2]

I don't think how you got that from my statement, and volatility isn't bad in general.

It's just that it is bad for anything pretending to be a currency.
Or basically - normal investment (shares, houses, etc) can be volatile, but there is an underlying thing that has real value (even though they can lose touch with that sometimes). State-backed currencies are fairly stable, with low volatility (depending on the state).

Crypto lacks both the underlying value and the stability.

The scam works universal, which means it works on stocks too - if you remove traders by funneling them into derivatives it becomes easier to manipulate stock price since you have less competition in main market with that. Its not the volatility per se that's a problem but what comes with it - low trade volume means easier to manipulate and the volatility is just the visible effect of manipulation expressing itself as volatility. These "free" neobrokers make their money by selling your trading data to the guys who use it to game your position. GME was the ultimate showcase of when you win too much they simply stop the game cause they are owned by the big boys. Same shit as what got criticized with etherium crypto case where they reset the chain with a split cause one of the biggest investors lost a huge sum due a programming error in a contract getting exploited to funnel their crypto all away.

[Endus]

I don't think how you got that from my statement, and volatility isn't bad in general.

Volatility is "bad" in anything you want to be useful as a "currency", though. Currency needs to be stable enough to be a reliable and consistent medium of value exchange. When the value of that currency varies wildly and rapidly, it ceases to be a useful medium for exchange, and really only useful for speculation.

Which, to be fair, is the sole thing crypto "currencies" are actually used for.

[Forogil]

The scam works universal, which means it works on stocks too - if you remove traders by funneling them into derivatives it becomes easier to manipulate stock price since you have less competition in main market with that.

But that is a problem with specific stocks, not the stock market in general.

It's the same with houses, or tulips; the are useful on their own - but you can still have crazy bubbles when they are overvalued.

For crypto the problem is that there isn't anything else.

- - - Updated - - -

Volatility is "bad" in anything you want to be useful as a "currency", though.

You do realize that my next sentence was the following:

It's just that it is bad for anything pretending to be a currency.

[mbit2]

But that is a problem with specific stocks, not the stock market in general.

It's the same with houses, or tulips; the are useful on their own - but you can still have crazy bubbles when they are overvalued.

For crypto the problem is that there isn't anything else.

Housing has value because in our normal environment your home is well build and there is more demand than supply which keeps price high. What if the situation was reverse and there were 50 houses on 1 person? They would be thrown away, buy for $1. And this is a real thing - They are various regions right now that give away houses for symbolic prices in dead cities because nobody wants to live there and they hope to get at least a bit of money by attracting new residents that will pay land tax and communal services. Italy&japan for example had such offers. The main problem was remote villages you can't access easy and not for grab to foreigners looking for a holiday residence. Back on topic this shows nothing has a safe base value. It's always supply vs demand.