Bitcoin

[Maddog]

The drop in bitcoin's value was ongoing well before the FTX fiasco. Way back a lot of people were caught up in the FOMO May be hard to turn around the current trend. ?? Time will tell.

 

[wjschmaltz]

I wish I had the time to get into it. I'll try over the next few days. It could take an hour to type it all out to make sense. The media isn't talking about it for a reason - because they can't decide how to spin it just yet. Or they don't want any attention on it to keep the story buried. The corruption is extremely deep.

As I've said all along, not your keys, not your crypto. Get it off exchanges and into a wallet.

The thing that I find odd is that we can all agree on the fact that mainstream media is feeding us fear and lies for their own benefit, but apparently everyone thinks that the crypto fear the media sells is the one thing they're telling us the truth about. Something to think about.

 

[Davey Crockett]

The king pins from drug cartels are sitting on millions of bitcoin they accumulated for pennies on a thousand.

 

[lunkerslayer]

Man, I wish I had time to take everyone down the rabbit hole today.......

But I got a busy day planned. Look at WHY the market is down. It's not because there is something systematically wrong with BTC, it's because one exchange failed. An exchange (FTX) that was started a week after Biden announced his presidency by a kid whose parents are MIT professors and major democratic donors (Mom started the open secrets money laundering website), whose boss was Gary Gensler, whose boss is Glenn Ellison, whose daughter is the CEO of Alameda (the company that lost all of FTX's money with over leveraged positions). FTX was the #2 donor to Biden in 2020 after George Soros. FTX was planning on giving a billion dollars to democrats in 2024. FTX was the ONLY company ever invited to Washington to testify (in front of Gary Gensler). They were exposed by a pissed off rival and it all came crashing down. They were doing the exact same things the banks do with your money, the only difference is the rival had too much of a share which gave him the power to burn it down!

Anyways, don't buy crypto right now. And sure as hell don't have any on an exchange. We're going to see a couple more exchanges follow the path of FTX. Still 1.5 years til the next havening. Everything is right on time. Don't rush the process.

Where did you get your information for your post?

 

[Obi-Wan]

Man, I wish I had time to take everyone down the rabbit hole today.......

But I got a busy day planned. Look at WHY the market is down. It's not because there is something systematically wrong with BTC, it's because one exchange failed. An exchange (FTX) that was started a week after Biden announced his presidency by a kid whose parents are MIT professors and major democratic donors (Mom started the open secrets money laundering website), whose boss was Gary Gensler, whose boss is Glenn Ellison, whose daughter is the CEO of Alameda (the company that lost all of FTX's money with over leveraged positions). FTX was the #2 donor to Biden in 2020 after George Soros. FTX was planning on giving a billion dollars to democrats in 2024. FTX was the ONLY company ever invited to Washington to testify (in front of Gary Gensler). They were exposed by a pissed off rival and it all came crashing down. They were doing the exact same things the banks do with your money, the only difference is the rival had too much of a share which gave him the power to burn it down!

Anyways, don't buy crypto right now. And sure as hell don't have any on an exchange. We're going to see a couple more exchanges follow the path of FTX. Still 1.5 years til the next havening. Everything is right on time. Don't rush the process.

Bankman-Fried also made maximum donations to many individual candidates, including Republican senators John Hoeven (R-N.D.) FTX made the top 5 donor list

Rank	Contributor	Total	Individuals	PACs
1	American Israel Public Affairs Cmte	$47,850	$39,950	$7,900
2	Pro-Israel America PAC	$39,800	$39,800	$0
3	Blackstone Group	$24,731	$24,731	$0
4	Hess Corp	$23,400	$13,400	$10,000
5	FTX.US	$23,200	$23,200	$

 

[FightingSioux]

Bankman-Fried also made maximum donations to many individual candidates, including Republican senators John Hoeven (R-N.D.) FTX made the top 5 donor list

Rank	Contributor	Total	Individuals	PACs
1	American Israel Public Affairs Cmte	$47,850	$39,950	$7,900
2	Pro-Israel America PAC	$39,800	$39,800	$0
3	Blackstone Group	$24,731	$24,731	$0
4	Hess Corp	$23,400	$13,400	$10,000
5	FTX.US	$23,200	$23,200	$

Well duh because Hoeven voted for Ukraine finding!!!! They Ukraine put that US financial support into a FTX account. The FTX pays that money back out to the politicians who funded the scheme in the first place!

 

[wjschmaltz]

Bingo

The shake your head and do what you're told Republicans like Hoeven and Murkowski got their share of the Ukraine war funding back.

 

[johnr]

Bingo

The shake your head and do what you're told Republicans like Hoeven and Murkowski got their share of the Ukraine war funding back.

I knew all this shit was dirty, but wow.
Sonsabitches do we ever need to make this public, and hang the treasonous bastards when found guilty.

 

[Sum1]

I knew all this shit was dirty, but wow.
Sonsabitches do we ever need to make this public, and hang the treasonous bastards when found guilty.

Will never happen. Just like nothing happens when elections are stolen. I should…but it won’t.

 

[Allen]

They Pulled Their Crypto Out of FTX, Just in the Nick of Time.​

They pulled money out of FTX at last minute before its bankruptcy: ‘Thank God I dodged it twice’​

As the FTX debacle started to unravel last week, a 26-year-old customer of FTX.US who lived in the New York City area faced a thorny dilemma. While he was concerned about the situation that was unfolding, he was hesitant to withdraw his $20,000 worth of holdings from the cryptocurrency platform because he knew it would cost him money.

The customer had some outstanding bitcoin BTCUSD, 1.11% derivatives contracts on FTX.US and to withdraw his money the investor had to put in another $400 to cover some short options he had sold. But as the situation around FTX appeared to worsen, the New York area customer finally made up his mind. He paid the money and put in a withdrawal request last Thursday evening, and received his crypto an hour later.

The next morning, FTX and about 130 related entities, including FTX.US and trading firm Alameda Research, filed for bankruptcy protection in U.S. federal court.
“Thank God,” the New York-based crypto investor said. “I was lucky. I dodged it twice.” All FTX customers MarketWatch spoke to for this article requested to remain anonymous, citing fears of repercussions. The customers did share screenshots of their FTX transfers, which MarketWatch was able to review.

For the trader MarketWatch spoke with in New York, the FTX collapse was part of a pattern that had become familiar. Not too long ago, the investor pulled his money out of the Singapore-based crypto lending platform, Hodlnaut, three weeks before it froze withdrawals in August citing “market conditions”. Hodlnaut also reportedly held about SGD 18.3 million, or about $13.4 million worth of crypto, on FTX as of Oct. 28. A representative at Hodlnaut didn’t respond to a request seeking comment for this article.

Before its collapse, FTX was the third-largest crypto exchange by trading volume. Celebrities like Tom Brady, Gisele Bundchen, and Steph Curry endorsed the platform. The Miami Heat’s home basketball arena was named after it. FTX’s co-founder and former chief executive, Sam Bankman-Fried, graced the cover of Fortune Magazine, which wondered if he was the next Warren Buffett.

Now, there is little chance that customers who were enticed to use the platform will be able to recover their assets, analysts said. Based on a balance sheet shared with investors one day before FTX’s bankruptcy filing, the exchange had almost $9 billion in liabilities and $900 million in liquid assets, $5.5 billion in “less liquid” assets, and $3.2 billion in “illiquid” assets, according to a Bloomberg article citing anonymous sources. What’s worse, one day after the bankruptcy filing, John J. Ray III, FTX’s new chief executive, said in a statement that “unauthorized access to certain assets has occurred,” while crypto research firm Elliptic said $477 million is suspected to have been stolen from FTX. Representatives at FTX didn’t respond to a request seeking comment.

Several FTX customers and crypto industry participants described FTX’s collapse as “shocking,” even though the industry already saw the collapses of several key players this year, such as blockchain Terra, lender Celsius, and hedge fund Three Arrows Capital.
“For FTX to go down, it is pretty nuts,” said the New York-based crypto investor who managed to get his money out at the last minute. “Sam Bankman-Fried really seemed like he was going to be the one to bring on regulation and make the industry have more legitimacy,” the investor said.

Nevertheless, many retail investors have become conditioned this year to flee from any crypto platform that shows any hint of trouble, a dynamic that has hurt confidence in crypto-institutions, slowed down crypto adoption, and could increase the volatility around digital assets trading in the days and months ahead, analysts said.

In the case of FTX, some retail investors had become so “traumatized” by the crypto events that had taken place this year that they started moving their money out of the platform as soon as the ominous signs appeared.

There have been some “recurring themes” in crypto that led to customers’ losses, noted David Tawil, president and co-founder of digital asset fund ProChain Capital. “I think people that have either been hit by or have been close to a previous blow up, are figuring, why? Why wait? What’s the benefit of waiting?” Tawil said. “Once they hear anything, any sort of rumor or any sort of warning, they run to go ahead and take their money out.”

Last call before the fall​

Last week, as Bankman-Fried took to Twitter to say, “FTX is fine. Assets are fine,” a 26-year-old Colorado-based customer of FTX.US withdrew about $10,000 in U.S. dollars from the exchange. The next day Binance, a rival exchange, signed a letter of intent to acquire FTX’s non-US assets. But the Colorado customer, who works for a private equity fund, tried to take out his remaining $1,200 from FTX.US., regardless. He was unable to retrieve those remaining funds.

A day later, Binance abandoned its deal for FTX, citing due diligence and reports about mishandled customer funds, and FTX soon filed for bankruptcy.
“With everything going on, it’s looking less and less likely that the money will ever get to my bank account,” the Colorado customer said about his $1,200 that remain stuck on FTX.US.
“Crypto has made me a bit of a pessimist,” the Colorado-based customer added. Though he didn’t expect FTX to collapse, “as soon as I saw anything potentially negative about FTX, I thought that’s more than enough to prompt me to withdraw my funds.”

That pessimism came in part from his previous experience of having about $50,000 stuck on Solana-based stablecoin protocol Cashio, which in March was hacked, causing a loss of some $52 million. Though the Colorado investor was able to recover most of his funds weeks later, the experience has kept his guard up. “I’ve been through this situation of not being able to withdraw money that I have,” he said.

The Colorado trader was also lucky enough to avoid a hack in October targeting decentralized crypto exchange Mango Markets, where he once also had an account. In May, he said he persuaded his fiancé to take out her $10,000 from Celsius after reading some criticism about the platform on Twitter. “I said, hey, we already had gone through enough with crypto, I think you should take your money out,” the investor told her girlfriend. It turned out to be the right choice – four weeks later, the lender froze all withdrawals and later filed for bankruptcy.

Read: ‘I just wake up and cry’: Voyager and Celsius bankruptcies have destroyed some crypto investors’ confidence in centralized platforms

The Colorado-based investor, who mostly trades non-fungible tokens, said he chose to tap in the digital asset space for the potentially fruitful rewards, despite huge risks. Still, things such as FTX’s collapse “makes even people like me lose a lot of trust in the system,” he said.
A 22-year-old engineer, who is based in Australia, said he also pulled his $7,000 out of FTX last week, five hours after Bankman-Fried’s tweet that FTX was fine. “My first train of thought was if FTX becomes bankrupt or something, the Americans might save themselves,” the investor said. FTX.US was only available to U.S. customers, while FTX.com targeted customers in other areas of the world, including Australia. Bankman-Fried and many top FTX executives are American citizens. “The Americans, they might save themselves. I’m going to be absolutely destroyed,” the Australia-based investor said. FTX first froze withdrawals for most of its international customers, while some investors were able to take out their money from FTX.US for a few more days. In fact, one day before FTX and FTX.US filed for bankruptcy, Bankman-Fried tweeted that FTX.US “was not financially impacted by this shitshow. It’s 100% liquid.”

For his part, the Colorado-based customer said he felt lied to. “I guess I sort of understand where he (Bankman-Fried) is in this tough situation, and I feel bad for him,” the investor said. “But just to say FTX.US is completely liquid, not affected at all and then to lump them into a Chapter 11 bankruptcy, is mind boggling. I just don’t know how you can flat out lie like that,” he said. Bankman-Fried didn’t respond to a request seeking comment.
Despite keeping most of his money intact, the Australian investor felt gloomy about the crypto space after FTX’s fall. “Imagine if the London Stock Exchange just shut down, and said yeah, we’re not gonna do any trading anymore, people will not be able to get their money out. How insane would that be?” the investor said. “Because that’s how this is. I don’t think anyone’s gonna have any faith anymore. It takes a lot of time to build that faith again.”



IMHO, that last quote says it all for a large enough share of the population to keep the price of crypto depressed for quite some time.

 

[Traxion]

The FTX failure is like Enron. But the opposite in that it wasn’t a systemic, purposeful fraud. It was a complete crap show with no internal governance, leadership, or hardly even formal accounting. They have no idea what they even have for cash right now. A bunch of people got in way over their head as things grew way too fast. It sounds like several other crypto exchanges are in the brink too. I agree with Allen that this will significantly degrade crypto confidence. Maybe an opportunity to buy if you’re a believer. But it’s going to be a rocky road ahead I think.

 

[NodakBob]

The whole crypto currency thing reminds me of the old Hollywood movie "Moses"...where those that worshipped gold and false images of God were destined to wander the desert for several generations...

 

[wjschmaltz]

The whole crypto currency thing reminds me of the old Hollywood movie "Moses"...where those that worshipped gold and false images of God were destined to wander the desert for several generations...

I fail to see the difference between that and people that put forth significant effort in pursuit of USD, brand new pickups, and sparkly boats. It's those focusing on the love of money and material that the bible damns; not the pursuit of it.

To each their own. Nothing wrong with owning any of the above. At least that's the way my Bible reads.

 

[svnmag]

16 min of poignant good stuff no one will watch . Anyways, I have to get it out--Tucker exposes the web and reason by design. It's a plot to end cash money:

 

[FightingSioux]

16 min of poignant good stuff no one will watch . Anyways, I have to get it out--Tucker exposes the web and reason by design. It's a plot to end cash money:

They want to control us and bitcoin is in the way. Why do you think they are pushing to digitize and electrify every thing we rely on as a society. This FTX fraud has nothing to do with crypto, but crypto will be what is under attack…..

 

[svnmag]

They want to control us and bitcoin is in the way. Why do you think they are pushing to digitize and electrify every thing we rely on as a society. This FTX fraud has nothing to do with crypto, but crypto will be what is under attack…..

I'm not a financier. Your point is Tucker's. My crude outside observation is they want we peasants going back to a barter system as they continue to jetset and strangle our resources in the name of saving the Earth. The Moptop Funster inadvertently revealed the shelter of bullshit virtue signaling on a text.

Save the Earth--gift your "confused" daughter with a penis constructed with her flesh. Confuse your daughters with comic book porn in primary "school". Make the retard governor of AZ more rich by giving more knife work to her husband.

 

[3Roosters]

Serious question. I wonder if the so called, no bias journalists, will actually try to do some REPORTING and INVESTIGATING on FTX and which DEM and REP candidates got huge sums of contributions, and Hunter's laptop and what it may have contained and REPORT the findings!!? Me thinks they will not because they are biased! Present to us, we the people, with what you find and let us, we the people,make our own decision. Media is generally left leaning as that is how they were indoctrinated, and it is how the ownership of said networks demand how their "reporters" report the news...using their biases. I have said it before and i will say it again. why not have every station have both sides on each topic..give EACH side a change to speak and LET US...the PEOPLE decide.!!! WIshfull thinking i know.
It will never happen as FREE SPEECH is only free speech if only you agree with them. Sad

 

[Twitch]

On one of the podcasts I watch the main host likes to say it doesn’t matter if you have a system of laws if those laws are not applied equally

 

[wjschmaltz]

They want to control us and bitcoin is in the way. Why do you think they are pushing to digitize and electrify every thing we rely on as a society. This FTX fraud has nothing to do with crypto, but crypto will be what is under attack…..

Please guys, just do the most simple research on bitcoin. Just like 10 minutes is all. Bitcoin is the antithesis of everything you just said. Bitcoin takes control away from the government. That's why they're scrambling to make a centralized digital currency. FTX was an exchange. People that have their crypto on exchanges don't own their crypto, they own an IOU. Honesty, it's the same for having your money at a bank. The FTX thing is so deep state that I wouldn't be surprised if it was a job by the government to scare people out until they can get their shit set up.

Not sure why I bothered typing that. It's the same thing I've tried to explain 10 times already in this thread. A man convinced against his will is of the same opinion still. I can't understand how a website loaded up with people with a massive distain for the government has most members so against bitcoin. Bitcoin eliminates the government from your checkbook and it's the only currency in the world that's not deflationary. Read the bitcoin whitepaper. You don't have to like it or participate, but at least try to understand the most basic principles of it before having an argument.

 

[Colt45]

Bitcoin eliminates the government from your checkbook and it's the only currency in the world that's not deflationary. Read the bitcoin whitepaper. You don't have to like it or participate, but at least try to understand the most basic principles of it before having an argument.

You just identified what I believe is the problem with bitcoin and crypto, it eliminates the government from your checkbook. I hope it continues that way, but I have no doubt the government will crush crypto at some point and regulate it. The bad thing with digital currency is EVERY transaction is recorded and stored, which is what they want so they can get their "fair" share in taxes. They will know exactly how much ammo you have purchased for instance, and what guns you have purchased, etc.....
That is what big corrupt government wants and I believe that's the end game. Hence, the hesitation to invest money in crypto, at least for me. The future is uncertain and unknown, and I dont think crypto future is going to be positive for the honest people who actually work for a living.
Just my take, we will see what actually happens, the FTX dude and his trial might pave the way for big government regulation (taxes and transaction tracking)