Anyone still in Crypto?

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orichá
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Re: Anyone still in Crypto?

Post by orichá »

Doc67 wrote: Wed Nov 16, 2022 10:41 am
Yep, it looks like it was run by a bunch of overgrown college kids; a small cabal created through nepotism and fuelled by hubris.

However, I think this fiasco is also shining a very big light on all these hedge funds and other exchanges who clearly have not carried out anything close to effective due diligence. What will be their excuse?

If the fallout can be contained and Binance survives, and perhaps the exchanges consolidate, then crypto might have another bull run in a few years. But if Binance goes tits up, crypto could go back to being nerds and geeks only for a long time.
No crypto exchanges have been subject to regulation up to now by the SEC. In the case of FTX, we've got the other "excuse" of offshore registration...

https://www.nbcnews.com/tech/crypto/ftx ... -rcna57098

But the SEC is supposed to be stepping up to the plate, lol, belatedly, after having distancing itself up to now... Apparently, they are scrambling to enact some oversight...

https://news.bloomberglaw.com/us-law-we ... ff-in-town

Anyway, regulation of any large scale financial matter has little to do with what actually happens in the "real fantasy" world of high finance... Those guys play by their own rules.
Did they punish Jamie Dimon or any of his buddies after the 2008 meltdown? The guy who ran Lehman's, Dick "Head" Fuld kept his multimillion $ golden parachute and lied in court about how much he actually had -- and he got away with it easier than poor Anna Delvey... Zero punishment! Now Elmer Fuhd runs some other motherfucking BIG investment firm... Easy money...

Main point: No oversight of the exotic, toxic derivative instruments used to bundle bad mortgages disguising them as viable AT ALL back in 2006, 7, 8...

So...

If Changpeng Zhao, boss of Binance, gets tired of sleeping in his office beside his PC terminal, (like Bankman-Fried used to do), he might just yawn and do a few serial and surreptitious TTs out to numbered accounts in Mauritius, the Seychelles, the Channel Islands, the Bahamas, Grand Tortuga, and the Duval Street Bar in Key West, lol...

Only one or two guys holding all your money. . . . But they're your keys, so you'll be okay, bro...

"Wink, wink, nudge, nudge, know what I mean?"
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Re: Anyone still in Crypto?

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More BlockChain Developments in Cambodia – The Royal Group, Panda Commercial Bank
16/11/2022
[excerpts]
Image
This past week, two more news pieces broke around the expanding blockchain development in Cambodia as The Royal Group and Binance signed a Joint Venture, and Cambodia’s Panda Commercial Bank PLC announced it intends to use the services of Artoniq.

Binance and The Royal Group Cambodia JV
Since the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider Binance signed an MoU with the SERC in Cambodia in July 2022, there have been positive signs the space will be formally legalised and adopted in the Kingdom.

Even though the crypto market has been rocked by recent volatility, especially due to major DeFi crypto lenders (Voyager) and trading platforms such as FTX going bankrupt the Cambodian government and private companies seem bullish on this space.

Binance has now entered into a joint venture (JV) agreement with the Royal Group of Companies (Royal Group) to expand the blockchain ecosystem in Cambodia, which was signed at the ASEAN Business and Investment Summit 2022 held in Phnom Penh.

Leon Foong, head of Binance’s APAC said “We are excited to deepen our strong relationship and collaboration with Royal Group. This JV will allow for users in Cambodia to enjoy a seamless user experience to make it easier for users to learn about blockchain and tap into the Royal Group network to find ways to on-ramp and start their web3.0 journey.

...
Panda Commercial Bank PLC & Artonic
Artroniq will provide services and consultation to Cambodia’s Panda Commercial Bank PLC in the R&D (research and development) of blockchain financial services.

It has been reported that the total investment by Panda in R&D of financial services using blockchain will be worth about US$10 million over two years.
In full: https://www.b2b-cambodia.com/news/more- ... cial-bank/
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Re: Anyone still in Crypto?

Post by Kammekor »

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...
I clearly see all the weaknesses of crypto, but all I say is the market has proven me wrong so far. For six years now. Crypto is still around despite multiple scandals this year and it's still worth more than 3 years ago.

But keep drumming your drums, like the HODL-ers are drumming theirs. Each in their own bubble of righteousness. Time will tell who's right. If I would have stayed in my bubble I would have missed a nice profit. If you're right, my profit won't be as high as possible, but who cares? I made a nice ride financially, learned some new stuff diving into the rabbithole and learned there's people having different ideas than me also convinced they're right. Mr Market has been on their side so far.
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Re: Anyone still in Crypto?

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Re: Anyone still in Crypto?

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FTX collapse worse than Enron, claims cryptocurrency firm’s liquidator


Collapsed cryptocurrency exchange FTX's financial records were worse than Enron, its administrator has claimed.
John Ray, who was appointed as FTX’s liquidator last week, told a US bankruptcy court in filings made public on Wednesday: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”

Mr Ray said in the FTX filing that the company was run by a “a very small group of inexperienced, unsophisticated and potentially compromised individuals”, calling the situation “unprecedented”.

https://www.msn.com/en-gb/money/other/f ... 7bfb0e3275
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Re: Anyone still in Crypto?

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Even if you dont invest in any crypto currencies you should still look at this video to understand that your pension fund may have invested in one of the many related companies controlled by SBF as a part of the FTX

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Re: Anyone still in Crypto?

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Re: Anyone still in Crypto?

Post by canucklhead »

So why hasnt this dude been arrested?
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Re: Anyone still in Crypto?

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canucklhead wrote: Fri Nov 25, 2022 1:56 pm So why hasnt this dude been arrested?
It takes time to build a case, especially a financial crime one. If you arrest someone you then have to question them, and there will be time limits for authorities to charge or release. If they haven't got a full understanding what has gone on, they cannot conduct a meaningful interview. Plus there are jurisdiction issues. Investors will want the US to get their hands on him and lock him up for a very very long time.

Do Kwon, the guy who founded Terra and the $40 Billion LUNA/UST collapse in May, was only the subject of an arrest warrant in September, issued by the South Korean authorities. He's currently holed up in Singapore.

https://edition.cnn.com/2022/09/14/busi ... index.html
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Re: Anyone still in Crypto?

Post by 2sevensclash »

Good documentary on BBC radio 4 called "The missing crypto queen" can you listen to radio 4 podcasts in Cambodia ?


https://en.wikipedia.org/wiki/Ruja_Ignatova
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