Meth head was actually trying to kill defi and in the end will be better off without him. Crypto will definitely go dark for a few years. 

Saylor liquidation lvl is around 4k so will be interesting if people try to get him as well. 

 

 

12 hours ago, vikas83 said:

 

The whole story that’s coming to light and every hour there’s something new that hits. It’s wild. I can’t wait til there’s a movie and documentary on it. 

 

 

   

Just heard about this. It'll never happen obviously, but how hilarious would it be to say you just scored some tix to watch the Heat play at BBA.

Really interested to see if they ever figure out how Bankman originally made his money. He’s never given a straight answer on this from what I can gather.

He claims to have found some FX arb opportunity. OK, since there is going to be an investigation, let’s see the receipts. Because it sounds awfully shady.

 

Anyone know if this whole cowrie shell thing is for real?

Bitcoin down to $16 now, lowest in two years

6 hours ago, DrPhilly said:

Bitcoin down to $16 now, lowest in two years

It’s going lower, don’t worry

 

 

1 minute ago, vikas83 said:

 

Dodged a bullet with that one.

 

BlockFi purportedly had somewhere in the ballpark of a $2-$3B valuation while it was prepping to IPO, so it wasn't exactly an insignificant (or innocent) bystander that was caught up in the collateral damage of FTX going under. Now if coinbase, which is the dominant US exchange, also goes under with it's $12B market cap, that could signal trouble for any other companies with significant exposure to crypto in general (robinhood, paypal, etc.) There's potential there for the popping of a crypto bubble to cause some turbulence for conventional markets, beyond just the fintech sector. 

 

Do we get vindication or are we still hanging on to this being a sound investment?

8 minutes ago, Paul852 said:

Do we get vindication or are we still hanging on to this being a sound investment?

An exchange going under isn't really indicative of any inherent flaws in the currency itself. As I said before, this isn't even the first time it's happened. The fact BTC hasn't dropped closer to $10k after FTX, and now BlockFi going under, is actually a bit surprising. 

8 minutes ago, we_gotta_believe said:

An exchange going under isn't really indicative of any inherent flaws in the currency itself. As I said before, this isn't even the first time it's happened. The fact BTC hasn't dropped closer to $10k after FTX, and now BlockFi going under, is actually a bit surprising. 

So in your opinion crypto is still a sound investment?

Just now, Paul852 said:

So in your opinion crypto is still a sound investment?

Not sure I'd use the terms "sound investment" for something as volatile as cryptocurrencies, nor do I currently own any aside from a few hundred scattered about in RH, CB, and my old binance acct that I got locked out of. I haven't the slightest idea of where we are headed in the short term, but long term, if you're asking me if I think there's a future without cryptocurrency, my answer is a resounding "No." The value and utility they can provide is proven and the underlying technology is robust. Will I buy back in? At some point, yeah. Do I advocate for others to do the same? Only after knowing the risks involved (never more than 1% of your portfolio) and only after understanding how the technology works and why it has utility as a medium of exchange.

1 minute ago, we_gotta_believe said:

Not sure I'd use the terms "sound investment" for something as volatile as cryptocurrencies, nor do I currently own any aside from a few hundred scattered about in RH, CB, and my old binance acct that I got locked out of. I haven't the slightest idea of where we are headed in the short term, but long term, if you're asking me if I think there's a future without cryptocurrency, my answer is a resounding "No." The value and utility they can provide is proven and the underlying technology is robust. Will I buy back in? At some point, yeah. Do I advocate for others to do the same? Only after knowing the risks involved (never more than 1% of your portfolio) and only after understanding how the technology works and why it has utility as a medium of exchange.

I'm surprised you'd only have a few hundred.

14 minutes ago, Paul852 said:

I'm surprised you'd only have a few hundred.

Sold off most of what I had back in the spring and summer of 2020 just as markets were recovering from the pandemic. Ironically, I put that money into biotech stocks (vaccine companies) which have since taken a major bath in the past year so it ended up being all for naught anyway. But regardless, I strongly disagree with those who say BTC is going to zero as a result of this. Nor do I think we'll see $60K again in the next year or so either, but over the course of the next 3 years, if I were forced to pick which one was more likely than the other, I'd say $60k would be more likely than going to zero.

anybody? anybody?

2 hours ago, Paul852 said:

Do we get vindication or are we still hanging on to this being a sound investment?

Here’s the thing: it’s not an investment — it’s 100% speculation.

Even most of the people speculating are speculating on the wrong thing. They should be looking at regulatory acceptance, not price appreciation. That’s the only way it has a long term future.

Proponents will say that this is an exchange issue, not a crypto technology issue. But the technology and even the adoption doesn’t matter if you can’t easily, consistently and safely pass between crypto and fiat. The exchanges ARE the problem. Without them crypto is worthless. And part of the issue with exchanges are the regulatory environment. Bearer instruments are disliked by governments for a reason.