Achtung! Cryptocurrency dudes

I'm going to float the possibility that this doofus is the standard for crypto genius and not just the one bad egg who was ruining everything and that it's actually a good idea one guy messed up.
 
Chicken Man said:
I'm going to float the possibility that this doofus is the standard for crypto genius and not just the one bad egg who was ruining everything and that it's actually a good idea one guy messed up.
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There is always a possibility...look at all of the fraudulent DotCom companies, look at all of the fraud that goes on in traditional finance, or other investing. I believe that there is a lot of fraud in government activity and taxation. There are bad players and the regulation which will hopefully come out of this will help a lot.

That said, companies are still moving to blockchain. That many DotCom companies were a joke and very poor investments, didn't make Apple and Microsoft junk...they still went on to be dominant in life in the developed world.

Look at what the fully regulated traditional finance banks did in 2008.


As for FTX... Sam owned 90% of Alameda and Wang owned 10%. There are about 10 people in this operation who are bad, bad people.
 
smorgdonkey said:
There is always a possibility...look at all of the fraudulent DotCom companies, look at all of the fraud that goes on in traditional finance, or other investing. I believe that there is a lot of fraud in government activity and taxation. There are bad players and the regulation which will hopefully come out of this will help a lot.

That said, companies are still moving to blockchain. That many DotCom companies were a joke and very poor investments, didn't make Apple and Microsoft junk...they still went on to be dominant in life in the developed world.

Look at what the fully regulated traditional finance banks did in 2008.


As for FTX... Sam owned 90% of Alameda and Wang owned 10%. There are about 10 people in this operation who are bad, bad people.
Click to expand...

"Look at what the fully regulated traditional finance banks did in 2008."

A little off topic but, in 2008 banks were not fully regulated. That was the problem.
 
Bob411 said:
"Look at what the fully regulated traditional finance banks did in 2008."

A little off topic but, in 2008 banks were not fully regulated. That was the problem.
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True...I said fully regulated but I was meaning to say accepted, trusted, etc. Typing faster than thinking because they are still only barely regulated IMO.

Not regulated but still managing the dispersing of currency. No rules because the gub'ment could be part of the thievery right along with them. And that begs the question of why weren't they regulated before that. Because people are just supposed to shut up and take it. So the banks got the regulation and the people got the bill... and now the banks just change the names of the things that were sketchy as F into things with new names. Look up "Bespoke Collaterlised Synthetic Obligations" ... they used to call them something else and that was a major factor in a collapse. Now they are working on a new collapse.

The SEC and Gary Gensler had more meetings with SBF than with anyone else in crypto...and this happened. Why? Too many contributions? Too much focus on crafting regulation which would just help FTX? But Gary is supposed to be protecting investors...
 
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smorgdonkey said:
That said, companies are still moving to blockchain.
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It being a viable technology doesn't mean there's an opportunity for us guitar forum scrubs. The people who got rich on the dot com bubble and the home loans boom are the people who were already rich, and they got rich by getting penny ante types to buy in. It's just Marge and the Monorail, writ large, every time.

That's why I keep my money in magic beans. I'd let you in, but, y'know, it's more of a TGP thing.
 
I don't do this on my main phone. I do it on an android tablet. Why? I sometimes do banking on my phone so it is just a measure of security for future potential hacks.

Anyway, Pi isn't much of anything right now but mine it with a fraction of power from your device.


Pi is a new digital currency developed by Stanford PhDs, with over 35 million members worldwide. To claim your Pi, follow this link https://minepi.com/smorgdonkey and use my username (smorgdonkey) as your invitation code.
 
NEXO got raided so if anyone has stuff on that exchange, transfer it off to a wallet or something.

I just did as I don't want the added risk.

If you have earned NEXO tokens, you can exchange them on NEXO for another token and move that token off as well.

I don't know if anyone here used the exchange but just in case, I did what I outlined above.
 
Huge crypto crash.

Gary Gensler offered to be an informal advisor for Binance.

Gary Gensler said that 70% of the crypto market were not securities, just currencies.


And now Gary Gensler is head of the SEC making blanket statements about many crypto currencies being securities because he's desperate due to the position that he is in legally right now, and that position is that he is likely to lose the case vs Ripple.
 
I mis-read “staking” for “steaking” and never got the slab of meat that I expected.
Now my cryptocurrency is tied up, or something. I don’t know how it works. They said I’d earn more. So, I clicked the button and it was done.
I should see “free” cryptocurrency in about 2 weeks from now.

All that I wanted was a steak.
Here’s hoping.
 
smorgdonkey said:
There is always a possibility...look at all of the fraudulent DotCom companies, look at all of the fraud that goes on in traditional finance, or other investing. I believe that there is a lot of fraud in government activity and taxation. There are bad players and the regulation which will hopefully come out of this will help a lot.

That said, companies are still moving to blockchain. That many DotCom companies were a joke and very poor investments, didn't make Apple and Microsoft junk...they still went on to be dominant in life in the developed world.

Look at what the fully regulated traditional finance banks did in 2008.


As for FTX... Sam owned 90% of Alameda and Wang owned 10%. There are about 10 people in this operation who are bad, bad people.
Click to expand...

Or maybe what we’re seeing is people operating a financialized economy how it’s “supposed” to work — where wealthy investors and their partners (official and unofficial) in government, etc. do risky shit for big rewards via complex, abstract maneuvers to achieve “number go up” results that don’t really have much bearing on actual productivity, value adding, etc. Until, of course, something breaks and then it’s everyone’s problem as we bail out whatever most the recent scam was.

As I’m sure I’ve mentioned before re: crypto — if it ever actually threatens the money power of governments and the state-based system, it will be squeezed out by states because they have the legal/regulatory apparatus and actual ability to use serious force to protect their entrenched interests. Unless, of course, there’s some world historical disruption.

Crypto as an investment scheme seems like it has to stay in the realm of MLM for bros because actual success or actual serious scrutiny would imperil the whole thing.
 
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