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  • Crypto Currency - Believers Only

mono-stereo up on crypto down on stocks but today was good hopefully the worst of the bear market over now, cpi would of hit the shorts hard.

      mono-stereo cheers need it to all work out or its been a head wreck for nothing the past 2 years lol.

        Hursty That aside this is a major bloodbath

        Not half!

        I’m surprised there have been no more updates on this thread today following FTX filing for bankruptcy and what it has revealed.

        So FTX only held $900mil of liquid assets on $9bn of liabilities - and even that’s being generous.

        The largest chunk of its “liquid assets” on its balance sheet are actually $470mil “worth” of Robin Hood shares that aren’t even being held by the company - they’re being held in a vehicle in the Bahamas under the name of FTX’s founder (Bankman-Fried)!

        Meanwhile, its largest other asset holding was listed as “$2.2bn worth of a cryptocurrency called Serum”. However, “Serum’s market value was $88mn on Saturday” LOL.

        To top it off, as soon as bankruptcy proceedings were announced the exchange has supposedly been “hacked” and c.$500mil of holdings has been taken in one fell swoop directly from customers’ accounts in what the likely/most commonly believed occurrence was an inside job done via a backdoor in the app. So nothing else left for creditors.

        Bankman-Fried is believed to be currently on a plane to Argentina lol - I presume it’ll be a stop-route to some territory without an extradition treaty to the US…

        https://www.ft.com/content/f05fe9f8-ca0a-48d5-8ef2-7a4d813af558
        https://www.ft.com/content/dc08ed9f-0f3b-45fb-a5f6-b87157fdf944
        https://viewfromthewing.com/report-sam-bankman-fried-tracked-fleeing-to-argentina-following-looting-of-crypto-exchange/

        If you didn’t get out of crypto after Luna and BTC falling to $20k, and you’re not getting out now, then you must be okay with the possibility of potentially losing all your holdings someday as these are surely not anomalous companies and events.

          Investors in FTX included Sequoia Capital, Blackrock, the Ontario Teachers Pension Fund, and (surprise surprise) Softbank. Sequoia and Softbank have already stated they’ve marked the value of their investment down to zero.

          FTX had sponsored the naming rights for the Miami Heat’s stadium for 19 years in a $135mil deal (obviously now terminated).

          They even made a Superbowl ad this year with Larry David (which would have appeared a load of baloney at the time and looks even worse now):

          Back to the FIAT factory for some of the Crypto Bros.

          Literally in some cases.

          I am sure this is a highly unique situation and doesn’t happen anywhere else.

          All the centralised exchanges are being found out, ultimately this flush out is good for the industry, however not denying that it’s causing huge damage in the short time.

          Self custody of assets is and has always been king because guess what, when a crisis happens and you want your funds from a bank, they will shut down as they don’t have the funds to cover the deposits

            Hursty
            Not to worry brother, should have a new batch of magic beans for sale later this week

                Mad_Cyril Mr Hunt? Yep he’s got the magic bean printer at the ready as always

                  Crypto cap is now 500b less than amazon, a lot of fud obviously but when 3 trillion flowed into the stock market on Thursday Friday it makes you realise that crypto is basically a large cap company there isn’t crazy money involved. It will come back and possibly with more regulation but I do think if I ever saw it go back to 3 trillion I’d know cash out and walk away but that’s only me possibly being conservative.

                  Cost to borrow average on amc is 300% highest ever, apes are getting excited over the ftx situation bringing margin calls and possibly highlighting the synthetic ftd shares that exist.

                  The gamma ramp is also possible due to so many calls being in the money this week after that 40% run. Holding some and hoping to get my port back in the green. This does not mean buy or chase but good luck if you still holding, buckle up.

                    Youre a gamma ramp, which is rhyming slang I just made up for ‘tramp’