orichá wrote: ↑Wed Nov 16, 2022 9:22 am

Kammekor wrote: ↑Mon Nov 14, 2022 5:55 pm

Jerry Atrick wrote: ↑Mon Nov 14, 2022 4:52 pm This is more of a banking issue than a crypto issue - it's misappropriation of customer deposits/fraud/money laundering and there's whispers that there's CIA involvement. . .

^this

The cryptocurrencies are still working, transfers are being made flawlessly. This is an issue of a shady company working in the crypto scene, not of the crypto protocols itself.
Of course the fallout might effect the cryptocurrencies because of the price drops but those are second order effects.

When a stock broker fails, the stocks don't fail.

FTX is a good illustration of what's inherently wrong with crypto... Despite bogus claims of its "decentralized nature", something like FTX comes into being to help the feckless manage their money. There is no CIA involvement. There is only Bankman-Fried and one or two others. THAT is the problem with crypto... Only one or two guys managing/holding assets. The supposed theft of leftovers was probably committed by Bankman-Fried himself... Lol... But the number of investors who got burned runs to a million... Read this ..

https://www.bbc.com/news/technology-63624894

Finally, please do not recite your favorite mantra, "your keys, your money"... While that may be true, it is only true to the degree to which you have access to fluid and trustworthy exchange firms that can magically change your digital stuff into fiat, when you want to actually buy your villa, etc.... However, close inspection of the working and "trustworthy" exchanges will reveal only a small number of hands-on controllers/owners. $ame as FTX... One, two, three or four individuals... No more...

So: what happens if more exchanges fail? Or TOO many fail? You've got a thumb drive full of nothing because there's nobody left to exchange it, and no money left to exchange it into... Because it all "disappeared" (got stolen?)... Or, what if your thumb drive fails, or your M.2; or, your HDD along with your PC gets stolen by thieves who break into your pad? Or, you lose your thumb drive? Or, the bank burns down along with your safety deposit box?

Add to all that risk, the fact that Bitcoin was intentionally designed to become harder and harder to mine as the maximum number of mineable coins gets less and less each time it halves. I am afraid that Bitcoin has already passed it's optimal "sell-by" date ...While Bitcoin halving ups prices for a time, it cannot do this indefinitely... Especially because the cost of mining goes up astronomically as hashes continuously become harder to crack, and rewards to miners for winning the race are reduced after each halving! Dah...

Can't u see the weakness? Satoshi knew that if you bought in at a certain early point, you could win. But the flywheel he designed is not perpetual, because its flaw is obvious: it will naturally lose momentum and must eventually, and inevitably, seize up altogether... After a certain point, the projectile reaches its zenith, and like the first stage of a rocket booster, quickly tumbles down to Earth, burning into nothing but red hot fragments and charred bits of nothing...

Keep holding till 2024 when the next halving happens guys. Good luck...

canucklhead wrote: ↑Fri Nov 25, 2022 1:56 pm So why hasnt this dude been arrested?