Now the exchanges arnt letting people take their money out! Imagine a bank going welp sorry you cant have your money! Thats the 7 day chart of bitcoin likeeee omf
The company declared bankruptcy this morning, and he was replaced as CEO. They tried to say that the action does not cover certain Asian markets, but those Asians markets took them off their exchanges.
The problem is not this douchebag's fortune plummeting to $0, he's not going to have a hard landing. He was born at the Stanford hospital, the son of two Stanford Professors, and he's keyed into the Silicon Valley VC circles. The issue is with every single person, who's got a 401-K plan, with funds invested in this scam.
@sarabee1995 Rumor has it that he looted 600 million and got on a jet to Argentina. FTX just said that they were hacked and all the money is gone.. They're telling people that logging on to the exchange could infect their computers with malware, wich is almost certainly bullshit, they're just trying to cover up the massive fraud.
What hasn't yet occurred to most people is that all of the crypto exchanges are configured exactly the same way as FTX and they're ALL just as fraudulent and just as insolvent..
When that realization hits , and it will.. in a few days or weeks. But when it does EVERYONE is going to dump thier crypto and it WILL collapse the entire space
@empanadas Well yeah, I did say as long as society stands. The US economy is almost the biggest in this entire world, second only to China. So if it goes down the entire world has to worry. You’re not investing in another option outside of money with cryto. You’re just paying for the fake version of it. If you want security in other options, then you’ll have plenty of time to use the strength of the American dollar to move away and convert it to the currency of another country because world powers don’t don’t blow up in a single night. You’ll see it coming.
@Reject countries are already planning to move away from the us dollar. For example, Brazil, russia, south Africa and china. USD is losing it's grip as the world's reserve currency. Paper currency is no different than digital currency. There's already talks about the USA government making a digital crypto dollar not backed by anything really but the government. commodities are the only real things that have actual value because limited resources and demand. That's it's good to have options with assets backed by commodities like gold or silver. It's your money no one is telling you what to do. It's just good to have options.
@empanadas Commodities and money are synonymous because we don’t live in times where goods are bartered and we haven’t for thousands of years. So money is just as valuable as commodities unless every last human civilization collapses and we revert back to old times. You mention limited resources and demand. The limit with money is that the government understands to avoid overprinting it because that’s part of inflation. It’s not like money is endless. It’s in circulation right alongside commodities such as gold and silver. I do see many things affecting the US dollar, and you’ve mentioned some, but this country has been through a lot of different economic downturns and still came back. As far as I can tell this is just another. I’ll gladly invest in assets like gold and silver because you’re right, a diverse portfolio is always important, but crypto is just too risky for me personally.
This is a looong read, but the gist of it is there are software tools to track transactions thru the bitcoin blockchain, thru all the mixing and peeling, and tie them to certain exchanges. Then law enforcement in the nation of the exchange gets involved and the exchange gives up real emails and bank accounts and stuff. Bitcoin anonymity goes poof.
@checkoutanytime it's all based on greed. oh there are some altruistic people saying they want to stick it to the man and make it easier for people to get funding
crap
you're still going to have to do the basics to "lend" crytpo - and it has to be based on character, collateral, and credit or else the debt won't be repaid.
I just learned yesterday that crypto is not insured by the FDIC, like banks with real money are. Crypto is still considered the same way stocks and bonds are considered.
I also learned that some crypto firms lied to their customers by saying they were covered by the FDIC. They got scolded and warned not to do that.
The Treasury Secretary this summer told Congress they need to regulate this stuff.
@TryingtoLava I'm not really sure what it's about or how it works but yeah seeing how it's an international thing I don't think it's going to just vanish
What do you mean? If you were into crypto, then this is the time to buy. Instead, people prefer to buy at all time highs and want to sell when it's at a low. It's hilarious to see.
