Achtung! Cryptocurrency dudes

Jamie Dimon, the head of JP Morgan Chase says that he will fire any of his traders who buys BitCoin. BitCoin drops 24% and the next weekend JP Morgan Chase is part of the largest purchase of a European fund which purchases physical BitCoin.

The wealthy have no rules.

Why would the wealthy people say one thing and do the opposite? <---- I don't need an answer to this. I KNOW the answer...it's just a question to try to get people to think.
 
smorgdonkey said:
Jamie Dimon, the head of JP Morgan Chase says that he will fire any of his traders who buys BitCoin. BitCoin drops 24% and the next weekend JP Morgan Chase is part of the largest purchase of a European fund which purchases physical BitCoin.

The wealthy have no rules.

Why would the wealthy people say one thing and do the opposite? <---- I don't need an answer to this. I KNOW the answer...it's just a question to try to get people to think.
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My wife works for one of the big 4.

As of last week she is promoted to a point where their audit team are asking to know a fair amount about my crypto, not that I have much in the grand scheme of things and she's nowhere near partner or anything like that but go figure - they're treating it as no difference from traditional stock...
 
Sam Bankman Fried will be known as Bernie Madoff and is under investigation by everyone. Horrible situation for anyone who had assets on their exchange and horrible for others as it will reach far and wide.

I am fortunate in that I didn't have their token or anything closely related to them but their actions are dragging the whole market down.

Scary times. I hope they go to prison.
 
From the early November post which had CZ publicizing the offer to acquire FTX... for those who haven't followed the story but have interest, CZ pulled that offer off of the table when he found out how bad things were at FTX.

FTX was responsible for the Terra Luna crash too.

VoidTerraFirma said:
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For BlockFi, they may have had some deep ties with FTX and many exchanges acquire other tokens to back their operations. If they had other dealings with FTX or were targeted by FTX, the story could run deeper (part of it is that BlockFi loaned $275 million to FTX and that was still outstanding).

This is one reason why I say to people that they should never invest money that they can't afford to lose. Sure, crypto is risky but there have been many wonderfully regarded companies which were listed on major exchanges with shady things going on leading to implosions as well.

Sam Bankman Fried should go to prison for the rest of his life. And you know, he was a major contributor to Biden and other Democrats and included in the process formulating new legislation for crypto.
 
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This might be interesting to some:

Sam made donations to both sides...because he wanted to be held in good favor regardless of who won. Probably made many contributions in midterms as well but that's just a hunch. I heard them say that FTX has somewhere between 10 and 50 BILLION dollars worth of liabilities... rather broad range wouldn't you say?

I bought more ADA (Cardano's native token) this week and I bought some Stellar Lumens with a small cash bonus from an exchange that went in to my account. I have never been a big fan of that one but I bought with the free money.
 
dodgechargerfan said:
I need ADA to get back up to $1.51 so I can break even and get my 97 bucks back.
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I bought a fair amount at that price and I will hold that one for a long time... though I must say that I sold most of it and bought it back so that I can claim the capital loss. Long term I believe in that company so I think that it will be $40+ or so in 8 or 10 years.
 
VoidTerraFirma said:
No better or worse than any other crypto “strategy”.
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Particularly now that gub'ment types who are in deep with banking types are going to get behind this FTX debacle to say "Crypto is bad! Only central bank money is good. Here is your Central Bank Digital Currency."

Rough times ahead.
 
They say that Sam Bankman Fried desperately wanted to get extradited to be back in the USA but he didn't get his way (yet anyway). I hear prison in the Bahamas isn't nearly as cool as vacationing there.
 
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