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10 hours ago, aristocrat said:

I believe I mentioned 10-12k as the floor earlier. Might buy bitcoin for the second time ever there 

 

The last super confident poster in this thread has a string of bad predictions on his Twitter account. 

 

I wouldn’t trust anyone giving advice here. 

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https://decrypt.co/114246/rise-fall-sam-bankman-fried-ftx

 

https://www.reuters.com/markets/currencies/rise-fall-crypto-exchange-ftx-2022-11-10/

 

I am just catching up on the story this morning. But wow, this Sam bankman-fried story is nuts. He was supposed to be crypto’s golden child. FTX was one of the bigger exchanges. Not sure what to make of the owner of binance either (biggest exchange) in all of this. He already seemed somewhat shady to me and I believe is (still) under investigation for money laundering and the bank secrecy act. He’s continually rebuffed requests for documents from investigators and investors for years now. 🤔 

 

 

I feel bad for all the people with assets trapped in FTX now as they await bankruptcy proceedings.

 

https://www.forbes.com/sites/mariagraciasantillanalinares/2022/11/12/billions-of-ftx-assets-in-limbo-as-exchange-follows-voyager-into-bankruptcy/?sh=77b4171e3f72

 

https://blockworks.co/news/ftx-users-band-together-had-entire-net-worth-on-there-oops/

I also feel bad for the 3.5 million people with assets trapped in Voyager, because ftx was supposed to be rescuing them from bankruptcy and paying back all those people. Now that goes up in smoke too.

 

https://www.cnbc.com/2022/08/15/voyager-customers-beg-new-york-judge-for-money-back-after-bankruptcy.html

 

I see that BlockFi has also paused transactions due to FTX (since FTX had also “rescued” them over the summer)

 

https://fortune.com/2022/11/11/ftx-collapse-blockfi-pausing-client-withdrawals/

 

I think there were 130 different companies under bankman-fried’s umbrella.

 

 

 

 

So what do you all think this means for the crypto world? 

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5 hours ago, BillsFan4 said:

So what do you all think this means for the crypto world? 

 

Converting your crypto back to dollars was always the problem.

 

That market will continue as long as the holders are willing to exchange coins between themselves, but will find it difficult to expand as retailers stop accepting them as payment.

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2 hours ago, unbillievable said:

 

Converting your crypto back to dollars was always the problem.

 

That market will continue as long as the holders are willing to exchange coins between themselves, but will find it difficult to expand as retailers stop accepting them as payment.

I think that there's a bigger issue: how to cover payouts.  The FTX thing, while unsurprising, has brought to light the dodgy nature of this industry.

Just now, TheCockSportif said:

I think that there's a bigger issue: how to cover payouts.  The FTX thing, while unsurprising, has brought to light the dodgy nature of this industry.

Okay, @TBBills, have at it.  Why am I wrong?

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I started learning about crypto in late 2020. I remember looking at Shiba Inu being shilled in various places back in late January 2021 and thinking to myself, "scam, pump 'n' dump, etc etc". So I stayed away.

 

Anyway I crunched the numbers a short while ago and ended up calculating that if I had bought $1000 worth of SHIB back in 1/2021, 4 months later it would have been worth something like $400,000,000.

 

That run from Dec '20 to mid '21 was something else. 

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On 11/12/2022 at 7:38 PM, TheCockSportif said:

I think that there's a bigger issue: how to cover payouts.  The FTX thing, while unsurprising, has brought to light the dodgy nature of this industry.

Okay, @TBBills, have at it.  Why am I wrong?

This is common in money markets, Wall Street investment banks have gone the same way. Hedgefunds fail and lose people millions, stock market crash, collapses, Bernie Madoff, Enron, tech bubble, housing market crash, current realtor failure in China. Where you have huge money you will have failures. This is no different, crypto is too big to ever go away. 

 

FTX collapse just meant that the big banks and investment firms just bought up even more crypto. More will fail, this isn't the first but it also hasn't done anything to stop the people with money from buying even more into it.

 

While you might think this is something new in reality  it's actually more common than you know.

 

As for poleshifter that poor guy still trapped in his "twitter facts" the only thing he has going for him is he hasnt sold... who knows if he is even telling the truth.

 

Edited by TBBills
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Little advice for anyone who did for some reason buy when the prices were high. You can sell at a loss to offset capital gains taxes and buy back in at the same price immediately.  

 

The fact is things won't get better until the interest rate goes back down which probably won't happen for another 6-8 months and that is if everything goes well. 

 

Sadly American household debt is increasing at an alarming rate so the bottom right now might not even be the real bottom, yet.

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5 minutes ago, Greybeard said:

    I went to the post office today, and there was a Bitcoin machine next to the stamp machine.  After some thought, I bought $500 in Forever Stamps.  In the end,  I think that will be a far better investment.

Please keep us updated when the next bull run in Forever Stamps starts.  Whats the latest news from the new generation of Forever Stamp millionaires?  

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11 hours ago, TBBills said:

Little advice for anyone who did for some reason buy when the prices were high. You can sell at a loss to offset capital gains taxes and buy back in at the same price immediately.  

 

The fact is things won't get better until the interest rate goes back down which probably won't happen for another 6-8 months and that is if everything goes well. 

 

Sadly American household debt is increasing at an alarming rate so the bottom right now might not even be the real bottom, yet.

 

Correct. There are no Wash Sale rules with crypto, so if you are currently sitting at a loss, you should sell and buy right back, and claim those losses on your taxes.

 

Other than that, it's a great time to load up with everything on sale! Stocks too!

 

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