The Bitcoin, Blockchain, and Cryptocurrency Thread

[Lost]

Dogecoin has shot up 70+% in the last few days. Definitely due to Musk taking twitter as he's a fan of the meme coin. Will rocket further if he makes any tweets suggesting usage of doge in twitter.

[Ginjaninja]

https://www.bangkokpost.com/business/24 ... -get-worse

The arse really fallen out of Bitcoin right now. Currently trading at $16,700...

[buksida]

Yep, has been the year of crypto contagions, FTX being the latest.

Some good buying opportunities out there right now, there was a similar crash in November 2018 when everyone said Bitcoin was dead.

[Dannie Boy]

This highlights the risks of investing money in these cryptocurrencies - don’t invest more than you can afford to lose!!
https://www.bbc.co.uk/news/business-63601213

[buksida]

That applies to any risk-on asset.

Crypto is just a new asset class so everyone is afraid of it, the same as the internet boom in the 90s. Banks and governments hate it because they can't control it or people's finances with it - which they've been doing since banks were invented.

[STEVE G]

When you see the collapse of large exchanges like FTX and how they have behaved with other peoples assets, the fact that crypto is unregulated is not an advantage in my opinion.
I can see why people gamble small sums on it but I wouldn't put anything more in there.

[buksida]

True, many industry experts have blamed the lack of regulations in the U.S. for this year's collapses and the contagion that followed. The problem is that these huge unregulated exchanges are offering highly-leveraged trading on highly-volatile assets to very inexperienced retail traders. It ends in tears usually.

[Lost]

The FTX superbowl ad aged well.



In other news it seems Sam Banker-Fried (FTX creator) has done a runner to Argentina and the site has been mysteriously 'hacked' funneling funds of around a billion dollars to somewhere. Binance owner Changpeng Zhao, who started the ball rolling on the collapse of FTX and then pulled out of a buyout last minute, may well see large funds being pulled out of binance soonish such is the mistrust of crypto exchanges right now.

A big mess for crypto currently and the wannabe regulators will be all over this.

[Lost]

Who the hell would trust this Sam guy with their money anyway? Virtue-signalling little left-wing prick. Bought up something like 80 million dollars worth of properties this year. Noone's getting their money back from this dude.

[Lost]

Bit of a bankrun happening on crypto.com at the moment after it emerged they 'accidentally' sent $400 million of ETH to Gate.io. Seems to be a very shady exchange, also.

CEO currently doing damage control tweets.

[Lost]

Crypto news coming thick and fast at the moment. Crypto exchange AAX has halted withdrawals citing 'system maintenance'. Just a coincidence with the timing? Maybe.

At first, AAX said all operations would be down for 2 hours. Now it's 7-10 days.

Nothing to see here.

[buksida]

The smaller unknown exchanges don't really make the news. FTX was the world's second-largest which is why it has made a huge impact.

There is a well-known saying in crypto: "not your keys, not your coins", meaning that trusting everything to a centralized exchange isn't the best of ideas (as FTX customers found out last week).

Crypto exchanges are a bit like banks, but the whole concept of crypto was built on not having fractional reserves like banks (which would also collapse if everyone withdrew at the same time).

[Lost]

We should have kept some of the more barbaric acts of 'justice' from our past, I think. The below scenario would be perfectly fitting for crypto fraudsters also (like FTX's Sam Bankman-Fried).

Nowadays bankers go scot free after crippling the world economy (à la US housing bubble) or crypto pyramid schemers can lose $10 billion of customer assets while living it up in a Bahamas mansion.

To quote pulp fiction we should, 'go medieval on their arses'.

[migrant]

Always been a fan of old testament eye for an eye

[buksida]

Agree. Crypto has got a bad rep, but the problem isn't crypto, it is people. Additionally, this month's meltdown is insignificant compared to the 2008 financial crisis which was caused by ... bankers.

Keelhaul them all!

The problem now is that the FTX fiasco has given central banks and finance regulators all the ammo they need to stamp on the industry - which is what they've wanted from day one. Exchanges will soon have the same rules as banks, which means a lot more intrusive documents and personal info to open an account, restrictions on what/how much you can spend/trade/move, heavy taxes, and state surveillance. Completely the opposite of what Bitcoin was created for.