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 Posted: Sun Nov 13th, 2022 09:34 pm
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The Ultimate Sin
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Quattro wrote: Can anyone explain this:

FTX was an exchange. Presumably where an “investor” could buy and sell bitcoin and other crypto. Like any exchange they would charge a fee for the transaction which is how they make money.

Why/what purpose was their own token? Why did they need to create their own token?

I watched a youtube video (so take that for what it's worth.  It sounded like they were using their own coin as collateral for their failings investments, or some shit.



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 Posted: Mon Nov 14th, 2022 12:08 am
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Quattro

 

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The Ultimate Sin wrote: Quattro wrote: Can anyone explain this:

FTX was an exchange. Presumably where an “investor” could buy and sell bitcoin and other crypto. Like any exchange they would charge a fee for the transaction which is how they make money.

Why/what purpose was their own token? Why did they need to create their own token?

I watched a youtube video (so take that for what it's worth.  It sounded like they were using their own coin as collateral for their failings investments, or some shit.
No they were using the customers accounts/coin as collateral.  Which is fraud.
Let’s say you have stocks and bonds at Schwab or Fidelity or Merrill or Morgan Stanley.   It Would be like them using your account to collateralize their trading or borrowing.  Out and out fraud.  Much closer to Enron, than Lehman insofar as how the blowup went.

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 Posted: Mon Nov 14th, 2022 12:27 am
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srossi

 

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Quattro wrote: The Ultimate Sin wrote: Quattro wrote: Can anyone explain this:

FTX was an exchange. Presumably where an “investor” could buy and sell bitcoin and other crypto. Like any exchange they would charge a fee for the transaction which is how they make money.

Why/what purpose was their own token? Why did they need to create their own token?

I watched a youtube video (so take that for what it's worth.  It sounded like they were using their own coin as collateral for their failings investments, or some shit.
No they were using the customers accounts/coin as collateral.  Which is fraud.
Let’s say you have stocks and bonds at Schwab or Fidelity or Merrill or Morgan Stanley.   It Would be like them using your account to collateralize their trading or borrowing.  Out and out fraud.  Much closer to Enron, than Lehman insofar as how the blowup went.

Exactly right, and now it turns out that one of the guys behind FTX’s downfall was also involved in an online poker scam that made headlines. How was he allowed anywhere near a crypto business?



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 Posted: Mon Nov 14th, 2022 01:02 am
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Quattro

 

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The problem is crypto has no safeguards against this, as best I can tell. This may be the tip of the iceberg for these exchanges.

I hope Gemini is straight. I viewed the winklevoss twins as honest. Though I thought SBF was a” Good Guy” until now.

I stil believe this stuff to be ponzi like.

I am sorry but I do find this topic fascinating

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 Posted: Wed Nov 16th, 2022 01:44 pm
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srossi

 

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Uh oh. Got this e-mail this morning.

Hi there,

We are aware that Genesis Global Capital, LLC (Genesis) — the lending partner of the Earn program — has paused withdrawals and will not be able to meet customer redemptions within the service-level agreement (SLA) of 5 business days. We are working with the Genesis team to help customers redeem their funds from the Earn program as quickly as possible. We will provide more information in the coming days.
 
The past week has been an incredibly challenging and stressful time for our industry. We are disappointed that the Earn program SLA will not be met, but we are encouraged by Genesis’ and its parent company Digital Currency Group’s commitment to doing everything in their power to fulfill their obligations to customers under the Earn program. We will continue to work with them on behalf of all Earn customers. This is our highest priority. We greatly appreciate your patience. 
 
This does not impact any other Gemini products and services. Gemini is a full-reserve exchange and custodian. All customer funds held on Gemini exchange are held 1:1 and available for withdrawal at any time. You can read more here.
Onward and Upward.

Team Gemini



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 Posted: Wed Nov 16th, 2022 02:33 pm
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KGB

 

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Is this the moment where, like so many economic sectors before, the little guys get cleared out and business solidifies around a handful of trusted, bigger names?



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 Posted: Wed Nov 16th, 2022 05:06 pm
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dr_papufnik

 

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Maybe a little off topic, but you know that really big, super duper trial that proved Ivermectin and Hydroxycholoroquine didn't work? That was sponsored by something called the TOGETHER Fund, bankrolled by FTX, the mega donor to the democratic party. The party that banned doctors in Dem run states from giving out those meds in threat of losing their license.

https://finance.yahoo.com/news/ftx-foundation-supports-global-expansion-144700703.html

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 Posted: Wed Nov 16th, 2022 06:01 pm
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KGB

 

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dr_papufnik wrote: Maybe a little off topic, but you know that really big, super duper trial that proved Ivermectin and Hydroxycholoroquine didn't work? That was sponsored by something called the TOGETHER Fund, bankrolled by FTX, the mega donor to the democratic party. The party that banned doctors in Dem run states from giving out those meds in threat of losing their license.

https://finance.yahoo.com/news/ftx-foundation-supports-global-expansion-144700703.html


Not just big time D donors, but also a money laundering outfit that saw American taxpayer money that was earmarked for the oligarchs in the Ukraine get poured back into FTX and then almost surely siphoned off an into the pockets of the well-connected in the Imperial Capital.  



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 Posted: Thu Nov 17th, 2022 02:56 am
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srossi

 

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Kevin O’Leary of “Shark Tank”:

“Yes I’m a shareholder in FTX International. That’s a zero. It’s not the first time I’ve made a bad investment, probably not the last time. But luckily I make more good ones than bad ones and I learn from my mistakes. What’s going to happen now is there won’t be another situation like this for institutional investors ever again. We’re simply not going to put capital to work until this stuff gets regulated. What is occurring — and I’m just one voice in it — what I’m going to be doing, is I’m going to fly to Washington and I want regulation. I want it now. No more delaying. I think this puts tremendous pressure on the SEC. This does not kill crypto. There’s going to be a silver lining to this disaster. There’s no question about it. It’ll be called regulation. This is a bottoming process and an event like this is very important because it’s going to finally have several impacts that we need. What we don’t know is how many other dominoes are going to fall yet. We need that to finish out.”

I always have to laugh when staunch conservatives (traditional-Canadian version, not fake-Trump version) lose money and then scream “regulation”, but this has been happening anyway for years. And the Winklevoss twins have been pro-regulation since Day One and I wound up going with them when I made my own choice of brokers. It is what it is. This will accelerate change that was already inevitable, and it will stabilize the industry but also rig it simultaneously, no different than the stock market. I made my money early and wish I had put more in during the Wild West days. So yes, they are clearing out the little guys, as someone mentioned earlier. This is all about the institutional investors now and they are fuming. 

I do believe that once this settles, if you put your life savings in Bitcoin and Ethereum (not small coins), then in 10 years when trillions in institutional dollars have poured in, you’ll be pretty happy with the results. It’s just not going to be the same for early adapters like me, and obviously its original mission will be bastardized.  



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 Posted: Thu Nov 24th, 2022 07:54 pm
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HariMakaren

 

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Thanks for the information !

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 Posted: Fri Nov 25th, 2022 10:59 pm
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Sardalivan

 

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In the past, there were cases when Bitcoin depreciated by more than 50% in just a few days. During the so-called ""bear market"" period lasting several months, the drop reached 90% (counting from the price peak to the end of the boom). In time, it turned out that even investors buying Bitcoin at its peak (for example, in December 2013 or 2017) can expect to quickly recover their costs. I personally keep getting bitcoins on http://www.moonbitcoins.com, and they still bring me a high income.

Last edited on Fri Nov 25th, 2022 11:00 pm by Sardalivan

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 Posted: Fri Nov 25th, 2022 11:02 pm
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khawk



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Sardalivan wrote: In the past, there were cases when Bitcoin depreciated by more than 50% in just a few days. During the so-called ""bear market"" period lasting several months, the drop reached 90% (counting from the price peak to the end of the boom). In time, it turned out that even investors buying Bitcoin at its peak (for example, in December 2013 or 2017) can expect to quickly recover their costs. I personally am a gigantic fagget and I go on http://www.moonbitcoins.com, and they still bring me many, many cocks.
I fixed that for you



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