Crypto Currency Thread (Vol.2)
Discussion
Golfgtimk28v said:
https://www.bbc.co.uk/news/technology-64428257
140 million btc loss and sold a lot of it. Bit confusing really as thought he had diamond hands? Just shows how he manipulates feeble minded people really.
Pity he didn't consult the experts here, he'd have been told to HODL and then he'd have lost nothing. Somehow... 140 million btc loss and sold a lot of it. Bit confusing really as thought he had diamond hands? Just shows how he manipulates feeble minded people really.
Just watched this thing on Shark tank bloke, Kevin O'Leary.
He invested in ftx, got paid 15 million, is known for due diligence, yet didn't have a clue about ftx house of cards set up. Crypto really does bring anyone after a quick buck but not really interested in how it actually works.
He invested in ftx, got paid 15 million, is known for due diligence, yet didn't have a clue about ftx house of cards set up. Crypto really does bring anyone after a quick buck but not really interested in how it actually works.
Golfgtimk28v said:
Just watched this thing on Shark tank bloke, Kevin O'Leary.
He invested in ftx, got paid 15 million, is known for due diligence, yet didn't have a clue about ftx house of cards set up. Crypto really does bring anyone after a quick buck but not really interested in how it actually works.
Yeah....that totally doesn't happen anywhere else! He invested in ftx, got paid 15 million, is known for due diligence, yet didn't have a clue about ftx house of cards set up. Crypto really does bring anyone after a quick buck but not really interested in how it actually works.
- cough* subprime mortgage crisis *cough*
Golfgtimk28v said:
g4ry13 said:
Yeah....that totally doesn't happen anywhere else!
What BTC was invented against is actually now the same as what it wasn't supposed to be, ok I get it.- cough* subprime mortgage crisis *cough*
Someone created a decentralised, secure currency in response to the financial mess.
After that point, if someone creates a pump and dump coin / fraudulent exchange / outright scam it's not the fault of Bitcoin.
In every industry there's chancers and people out there trying to make a quick buck. The Banking sector is no different and a lot of clueless people out there peddled CDOs to make a quick buck until the s
t hit the fan.g4ry13 said:
I don't follow what you're trying to say.
Someone created a decentralised, secure currency in response to the financial mess.
After that point, if someone creates a pump and dump coin / fraudulent exchange / outright scam it's not the fault of Bitcoin.
In every industry there's chancers and people out there trying to make a quick buck. The Banking sector is no different and a lot of clueless people out there peddled CDOs to make a quick buck until the st hit the fan.
The whole crypto market, and BTc is tied with everything, is exactly the same as the gambling down 15 years ago, the difference is, it just changes what it is ever year.Someone created a decentralised, secure currency in response to the financial mess.
After that point, if someone creates a pump and dump coin / fraudulent exchange / outright scam it's not the fault of Bitcoin.
In every industry there's chancers and people out there trying to make a quick buck. The Banking sector is no different and a lot of clueless people out there peddled CDOs to make a quick buck until the s
t hit the fan.Ftx was dumped because binance didn't want people looking at there books. History just repeating itself
Golfgtimk28v said:
The whole crypto market, and BTc is tied with everything, is exactly the same as the gambling down 15 years ago, the difference is, it just changes what it is ever year.
Ftx was dumped because binance didn't want people looking at there books. History just repeating itself
Sorry but you have no actual idea of what your talking about. You seem to be basing your argument off your own theories and opinions rather than any actual facts. Binance dumped FTX because CZ caught wind of what was going on, CZ and SBF have a long and bumpy relationship which CZ then jumped upon to take down his competitor. Ftx was dumped because binance didn't want people looking at there books. History just repeating itself
WY86 said:
Sorry but you have no actual idea of what your talking about. You seem to be basing your argument off your own theories and opinions rather than any actual facts. Binance dumped FTX because CZ caught wind of what was going on, CZ and SBF have a long and bumpy relationship which CZ then jumped upon to take down his competitor.
I base my argument on reported facts.https://www.theguardian.com/business/2022/dec/16/b...
''In Binance’s case, that meant examining the company’s reserves, but not vetting claims about its liabilities''
''Crypto companies regularly fall short of full audits''
https://www.osborneclarke.com/insights/ftx-another...
''The Institute of Chartered Accountants in England and Wales (ICAEW) has published an insight on auditing cryptocurrency, which stresses the difficulties associated with these audits and the lack of official guidance. It specifically refers to the privacy and secrecy inherent in the sector, and states that the volatility of cryptocurrencies and potential for fraud results in a high risk of material misstatement in the accounts.''
Golfgtimk28v said:
I base my argument on reported facts.
https://www.theguardian.com/business/2022/dec/16/b...
''In Binance’s case, that meant examining the company’s reserves, but not vetting claims about its liabilities''
''Crypto companies regularly fall short of full audits''
https://www.osborneclarke.com/insights/ftx-another...
''The Institute of Chartered Accountants in England and Wales (ICAEW) has published an insight on auditing cryptocurrency, which stresses the difficulties associated with these audits and the lack of official guidance. It specifically refers to the privacy and secrecy inherent in the sector, and states that the volatility of cryptocurrencies and potential for fraud results in a high risk of material misstatement in the accounts.''
yes those are facts but your not actually putting them inline with a timeline of events, they only looked at the reserves after he agreed to potentially buy them out after not accepting their offer to buy his share of FTX off market. the selling of the FTX on the open market is what started all of this..https://www.theguardian.com/business/2022/dec/16/b...
''In Binance’s case, that meant examining the company’s reserves, but not vetting claims about its liabilities''
''Crypto companies regularly fall short of full audits''
https://www.osborneclarke.com/insights/ftx-another...
''The Institute of Chartered Accountants in England and Wales (ICAEW) has published an insight on auditing cryptocurrency, which stresses the difficulties associated with these audits and the lack of official guidance. It specifically refers to the privacy and secrecy inherent in the sector, and states that the volatility of cryptocurrencies and potential for fraud results in a high risk of material misstatement in the accounts.''
Some Gump said:
Mr Whippy said:
Once you own it, jumping through KYC and AML because buyers need to use FIAT, you can do what you like with it… it’s like owning cash notes, but digitally.
You can just give it away. Send it into the nether. Forget your priv key. Gamble it. Buy drugs with it. Whatever.
The ‘system’ wants to regulate it so they can skim off the network transactions. These big companies doing trades and fiat to crypto and back are already big skimming machines.
Skim skim skim.
Everything crypto was kinda designed to avoid, sans the network fees to pay miners.
And yet participants fall straight back into using it like fiat, enabling these big exchanges to skim in exchange for letting them gamble with their money.
What a strange outlook. I’m not sure that 100% of the wish to regulate is to skim, more that governments have an expectation to stop various illegal activity, like vast scamming, drug dealing, tax evasion, money laundering, that sort of thing.You can just give it away. Send it into the nether. Forget your priv key. Gamble it. Buy drugs with it. Whatever.
The ‘system’ wants to regulate it so they can skim off the network transactions. These big companies doing trades and fiat to crypto and back are already big skimming machines.
Skim skim skim.
Everything crypto was kinda designed to avoid, sans the network fees to pay miners.
And yet participants fall straight back into using it like fiat, enabling these big exchanges to skim in exchange for letting them gamble with their money.
I’ve not read any news that anyone wants to tax transactions, although long term that seems inevitable given that with VaT, stamp, capital gains etc etc transactions are taxed pretty much worldwide anyway!
It’s all a big revenue creation and tax device.
Regulations create the work and the overheads. Needlessly so for, well, almost everything.
Indeed financial apathy begets financial apathy. Where does this end?
To be clear, KYC and AML didn’t stop that politician not declaring his affairs correctly.
Or stop HSBC laundering money.
The entire point of crypto was to become your own bank, risks and all.
People had a choice.
Choice is now being taken away again with the excuse that you need protecting from yourself with your own money.
Once again, use your own wallet. Everyone else is in this for some margin.
Interesting article on the current regulatory path in the US post SBF drama.
https://www.piratewires.com/p/crypto-choke-point/c...
https://www.piratewires.com/p/crypto-choke-point/c...
pquinn said:
Kraken have ended staking as the SEC had a word & relieved them of a fat penalty.
Can't think that anyone should be surprised.
Almost nobody is surpised, they said they were going to do this. The only people who seem surprised are those who thought that there was a future in centralised staking provision.Can't think that anyone should be surprised.
dimots said:
pquinn said:
Kraken have ended staking as the SEC had a word & relieved them of a fat penalty.
Can't think that anyone should be surprised.
Almost nobody is surpised, they said they were going to do this. The only people who seem surprised are those who thought that there was a future in centralised staking provision.Can't think that anyone should be surprised.
pquinn said:
Wonder if the person posting here on 26/1 knew staking on Kraken was going away?
Probably won't affect them. Don't think it has any bearing on UK? Your coins get unstaked if you are a customer in the US, that's it really.What will be interesting will be seeing who makes the little extra effort to self stake.
pquinn said:
dimots said:
pquinn said:
Kraken have ended staking as the SEC had a word & relieved them of a fat penalty.
Can't think that anyone should be surprised.
Almost nobody is surpised, they said they were going to do this. The only people who seem surprised are those who thought that there was a future in centralised staking provision.Can't think that anyone should be surprised.
I'll probably take the lower rewards for now and not opt for bonding periods.
dimots said:
SEC has fined Kraken $30m and told them to stop selling staking products. Can't argue with that. Another centralized platform falls.
Seems like the war is won and staking will be decentralized!
Staking. Cryoptobro for gambling with unknown risk.Seems like the war is won and staking will be decentralized!
Decentralised to where, exactly? Is the great white hope that eventually one of the firms offering 10% interest against a backdrop of 4% isn't dodgy, but simply brilliant?
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