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[Lukaku's First Touch]

This shit is hilarious to be honest.

 

[Aesius]

I'll watch the video another day, but just looking at the guy, who the fuck would trust him with even 50 cents?

FOMO among investors. The more awkward and nerdy looking some young tech guy is, the more confidence investors have in him. Especially if he's got a respectable pedigree and education (Ivy League, Stanford, MIT, etc.).

 

[BadBurger]

Anyways, I never saw crypto being any kind of reasonable investment. Just a get rich quick scheme if you were the right person, at the right time, making the right manipulations.

Meanwhile one could invest their money safely, backed by the FIDC, so it's not possible to merely have your money stolen or defrauded by an "exchange" of intangible goods.

 

[Aesius]

Anyways, I never saw crypto being any kind of reasonable investment. Just a get rich quick scheme if you were the right person, at the right time, making the right manipulations.

Meanwhile one could invest their money safely, backed by the FIDC, so it's not possible to merely have your money stolen or defrauded by an "exchange" of intangible goods.

One of my friends was begging me to buy BTC when it dropped below $50k. "Huge discount right now, it's gonna hit $100k by the end of the year."

My cousin has lost a shit ton on crypto and NFTs. Not going to lie...last spring/summer he looked like a genius. He had a few NFTs that he paid around $1k for that mooned up to $40k and beyond, but he hodled and now they are worth less than he paid.

 

[Lukaku's First Touch]

One of my friends was begging me to buy BTC when it dropped below $50k. "Huge discount right now, it's gonna hit $100k by the end of the year."

My cousin has lost a shit ton on crypto and NFTs. Not going to lie...last spring/summer he looked like a genius. He had a few NFTs that he paid around $1k for that mooned up to $40k and beyond, but he hodled and now they are worth less than he paid.

My cousin's husband is a dickwad. They asked for crypto donation when their child was born. Luckely we didn't do that and gave the kid a nice toy. The guy was constantly trading crypto with the money of their kids that was donated. Probably lost 90% of that shit by now. Pretty sad, the guy's a complete loser. I feel sorry for the kids.

 

[GloveSlap]

One of my friends was begging me to buy BTC when it dropped below $50k. "Huge discount right now, it's gonna hit $100k by the end of the year."

My cousin has lost a shit ton on crypto and NFTs. Not going to lie...last spring/summer he looked like a genius. He had a few NFTs that he paid around $1k for that mooned up to $40k and beyond, but he hodled and now they are worth less than he paid.

Reminds me of people that rode Gamestop shares to $600+ and never sold. At some point you have to accept that you won and cash out.

 

[DanteFox]

To be played by Margot Robbie in the eventual Adam McKay film.

 

[daveonezero]

Reminds me of people that rode Gamestop shares to $600+ and never sold. At some point you have to accept that you won and cash out.

All the people I know into BTC and crypto aren’t doing it for its fist value.

 

[Aesius]

Reminds me of people that rode Gamestop shares to $600+ and never sold. At some point you have to accept that you won and cash out.

Me, kinda. I bought at $300 and was up big within 45 minutes, then it tanked. I held long enough that it actually almost reached my buy-in price and sold at only a minor loss.

 

[thefool]

I see 2013 crypto hot takes never get old. Sheesh

There's a whole political angle to this situation that I won't get into (boss wouldn't like it), but if you're interested in a speculative article about what happened at Alameda Research (the FTX trading firm that should be independent):

Milky Eggs

Milky Eggs

milkyeggs.com

 

[RoadHazard]

Me, kinda. I bought at $300 and was up big within 45 minutes, then it tanked. I held long enough that it actually almost reached my buy-in price and sold at only a minor loss.

Great success!

 

[chromhound]

Crypto broker Genesis discloses locked funds on FTX

U.S. cryptocurrency broker Genesis Trading disclosed its derivatives business has approximately $175 million in locked funds on FTX, the company said Thursday in a Twitter post.

www.reuters.com

 

[AJUMP23]

If you want to buy crypto that is fine, just buy currencies that have finite amounts like BTC.....not entities that have unlimited amounts.

 

[chromhound]

 

[chromhound]

Sam Bankman-Fried wanted to let retail investors borrow money to trade crypto derivatives: CFTC head

Sam Bankman-Fried was lobbying the Commodity Futures Trading Commission to back him on a product for retail traders that was built on leverage.

www.cnbc.com

 

[winjer]

 

[segasonic]

Every once in a while you hear about these supposedly ultra secure cryptocoins being stolen and there's nothing that can be done to trace it.

Nothing about cryptocurrencies is secure. They are the definition of not secure, there is no safety net whatsoever.

What blockchain does is shift some of the trust in people and institutions to trust in technology. You need to trust the cryptography, the protocols, the software, the computers and the network. And you need to trust them absolutely, because they’re often single points of failure.

When that trust turns out to be misplaced, there is no recourse. If your bitcoin exchange gets hacked, you lose all of your money. If your bitcoin wallet gets hacked, you lose all of your money. If you forget your login credentials, you lose all of your money. If there’s a bug in the code of your smart contract, you lose all of your money. If someone successfully hacks the blockchain security, you lose all of your money. In many ways, trusting technology is harder than trusting people. Would you rather trust a human legal system or the details of some computer code you don’t have the expertise to audit?

Do you need a public blockchain? The answer is almost certainly no. A blockchain probably doesn’t solve the security problems you think it solves. The security problems it solves are probably not the ones you have. (Manipulating audit data is probably not your major security risk.) A false trust in blockchain can itself be a security risk. The inefficiencies, especially in scaling, are probably not worth it. I have looked at many blockchain applications, and all of them could achieve the same security properties without using a blockchain—of course, then they wouldn’t have the cool name.

Honestly, cryptocurrencies are useless. They’re only used by speculators looking for quick riches, people who don’t like government-backed currencies, and criminals who want a black-market way to exchange money.

Blockchain and Trust - Schneier on Security

www.schneier.com

 

[Maiden Voyage]

 

[daveonezero]

Nothing about cryptocurrencies is secure. They are the definition of not secure, there is no safety net whatsoever.

Right. People not being responsible are not secure. That doesn’t mean it is an insecure protocol. Not having a safety net is so idiots who put their coin in a central exchange are taking a risk that someone who has their keys may not give them back.

Explain your reasoning for this being not secure? When did SHA 256 encryption break?

Public private key encryption validated by the Bitcoin network is arguably the most powerful and secure computer network in existence.

 

[Maiden Voyage]

 

[chromhound]

 

[Raven117]

Just to put that in perspective, the dude was in charge of the Enron bankruptcy

 

[Dreamin]

crypto is extremely secure, central exchanges are not, they are and always have been a place of extreme manipulation. They were selling things they didn't own, it's exactly like brokers and banks, this didn't fuck up cause of crypto it fucked up because they didn't actually own the things they were selling, exactly like the stock market. You can check the financials of market makers, they have billions in securities sold but not yet bought. Selling shit they don't have... It's gonna be spun as an unregulated crypto issue then theyll release their own crypto which will be bullshit like fiat and have unlimited prints and manipulation behind the scenes.
Hold your own assets, don't give them to the rich, they'll gamble with your shit and use it against you.

 

[AJUMP23]

Well ya, it was run by a moron that played League during board meetings.

 

[Bitmap Frogs]

Just to put that in perspective, the dude was in charge of the Enron bankruptcy

Fucking seriously?

 

[Dural]

I don't see how they could just say they're breaking the contract, Enron and the Astros came to an agreement after the Enron scandal to change the name of the stadium. They think they're just going to pocket the money and get rid of the branding?

 

[a multicultural team of v]

I'm not even actively following this thing, just reading what pops up in my feed, but some of this stuff is too funny

 

[Raven117]

Fucking seriously?

Yup, and some other very large bankruptcy cases with incredible complications. In other words, that was not hyperbole when he put that in his declaration.

 

[Raven117]

In case you want to cut to the case....This is the link to their bankruptcy docket: https://cases.ra.kroll.com/FTX/Home-DocketInfo

All that information is coming from what is called a "First Day Declaration"It will give Ray's overall view of the company as of now.

 

[Elder Legend]

She was doing what, what?

That’s pay me material.

I didn't know frogs can shape-shift into humans. Or shape shift into what is a look alike...human at least.

 

[daveonezero]

Just to put that in perspective, the dude was in charge of the Enron bankruptcy

This from the regulators who are in a government that is trillions in debt, knew the ceo personally and benefit from PAC donations.

 

[Raven117]

AND he hacked his own freakin company at the behest of the Bahamas....Absolutely incredible.

 

[AJUMP23]

More info.

 

[chromhound]

 

[a multicultural team of v]

All I see when I see that picture is:

 

[Lasha]

A block chain is built on trust. That trust is from the network of computers that “agree” on transactions.

Making a government the only authority in trust ruins the whole thing.

They can not control a privacy focused crypto. Cryptonote and zero knowledge proofs can’t be destroyed.

Regulators couldn’t do anything even if they wanted. Short of shutting down the internet and confiscating all computers in the world.

You have the right idea. Blockchains are trustless. You don't need to interact with an intermediary like a bank or a central authority like a monetary authority to perform transactions. Blockchain loses much of its purposes once any trust is required since other ledgers are far more efficient.

 

[GladiusFrog]

I didn't know frogs can shape-shift into humans. Or shape shift into what is a look alike...human at least.

Seriously? Leave us out of this.

 

[Maiden Voyage]

I didn't know frogs can shape-shift into humans. Or shape shift into what is a look alike...human at least.

Oh yeah man, the lizard people are up there with the mole men. Terrible.

 

[EviLore]

Gamer logic uber alles

 

[Sybrix]

One of the main reasons Crypto is invested in is the unregulated, non-FIAT, anti-government nature of it all, it's image is a bit rebel, a bit anti-establishment.

However you read things like this:

you begin to understand that having a structured business model that is reinforced with regulation is amongst many things a type of safe-guarding when shit hits the fan.

A company worth billions has no records of decision making............... yet this company was getting millions and millions of dollars each day!!

I'm starting to loose sympathy with the people that lost money in FTX.

 

[Tams]

Seriously? Leave us out of this.

 

[DaleinCalgary]

Not shocked

 

[Bitmap Frogs]

Seriously? Leave us out of this.

Hear hear.

 

[Hot5pur]

Sam Harris had this guy on his podcast one time and the guy sounded so full of confidence and the fact that he was worth billions really made me think crypto was in a good place.
Yikes, what a situation, and really sucks for people who lost their money. I guess investing in the stock market is not that different but at least you invest in companies that have products and generate revenue. In this case you're investing directly into speculation about a made up asset.

 

[DeepEnigma]

So much deep seeded corruption.

 

[Impotaku]

Seriously? Leave us out of this.

A few mins earlier before that post

 

[Halo is Back]

I'm glad I never jumped on this crypto shit. The market is just too volatile.

 

[Halo is Back]

Anyways, I never saw crypto being any kind of reasonable investment. Just a get rich quick scheme if you were the right person, at the right time, making the right manipulations.

Meanwhile one could invest their money safely, backed by the FIDC, so it's not possible to merely have your money stolen or defrauded by an "exchange" of intangible goods.

What is the context behind this meme?

Edit: Sorry for double post

 

[BadBurger]

What is the context behind this meme?

Edit: Sorry for double post

She was like the CEO of the failed exchange. Something like that.

 

[darrylgorn]