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11-10-2022, 01:37 PM
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#4326 | | OMGWTFBBQ is a common word I say everyday
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Crypto's Lehman moment.
This will provide endless conspiracy theory for nerds to pick apart until the next cycle lol.
I will start with my favourite one.
SBF was a government agent set out to ruin the entire crypto industry by destroying any confidence people/institutions have for the space.
Canadian Pension fund out east manage to invest in all three of the biggest rug this cycle. Celsius, Voyager and FTX (which already own the previous two insolvent entity).
Noice
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11-10-2022, 03:27 PM
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#4327 | | Hacked RS to become a mod
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I don't need to think of any conspiracies to explain why alt cryptos and NFTs failed.. it was a huge ponzi scheme that came crashing down! It seems like only the people on top, and the people on the outside were aware.
I hope you and other people I like were able to cash out first if you were playing around in that market.
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11-10-2022, 03:45 PM
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#4328 | | OMGWTFBBQ is a common word I say everyday
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| Quote:
Originally Posted by SkinnyPupp  I don't need to think of any conspiracies to explain why alt cryptos and NFTs failed.. it was a huge ponzi scheme that came crashing down! It seems like only the people on top, and the people on the outside were aware.
I hope you and other people I like were able to cash out first if you were playing around in that market. | This is in specific to SBF's FTX and Alameda Research.
I mean it is the bear market but this space havn't collaspe. SBF's losses right now estimate at 10 bill USD worth. What a big number!
CZ from Binance just casually show off a couple of Binance's cold wallet containing 61 billion worth of BTC/ETH/BNB 
Just tuning out and calling everything a ponzi is honestly doing a disservice to what can be learned from all this
It appears Alameda Research went bust in q2 when Luna/3ac Collaspe. FTX injected 10b to rescue Alameda which they promptly pissed away buying all of the insolvent entities that lead to Alameda going bust. By appearing as a savior for this space, they were able to have people continuously inject money into their exchange that is literally taking peter to give to paul.
Sam even testify in front of lawmakers while breaking the very same laws in his firms....hmmm where can we seen this timeline.
CZ's tweet trigger a bank ran that expose how close they were to insolvency. None of this is crypto-related, all of these tactics are frequently used by tradi fi and it is exactly the thing crypto was meant to prevent. This is a repeat of many stories you can find in tradi fi. Why is this happening in crypto?
Moral of the story. If you think Crypto can only survive with CEX ,well than we really should just pack our bags and go home.
Or this could be an epiphany moment, wow we have been depending on these CEX their whole time in a space that is meant to prevent this from happening
I went down the second rabbit hole these few days. Turns out there are a few very promising DEX project with derivative trading on that is running very smoothly with no gas fee on L2. They are missing the volume and liquidity to become competitive with Binance. But guess who's liquidity and volume increase in the past 48 hours.
I thought we all promoting staying for the tech not the money?
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11-10-2022, 03:51 PM
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#4329 | | Hacked RS to become a mod
Join Date: Feb 2002 Location: Sunny Hong Kong
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I admit I am being flippant when I call it "all" a ponzi. But whenever a new crypto product popped up, I asked every time: What is the value of this, besides bankers trying to make money from it? Like a new company that does something cool, that's something investors can into before it grows, and it grows because it.. well, does something cool. People like it, and want that product.
Besides bitcoin, not a single thing has offered that. Selling tickets using NFT instead of just tickets is pointless. Selling art where everyone has access to the original JPG is pointless. Having running shoes that track your fitness is cool, but tying it to crypto is pointless. Video games trying to stuff crypto in the game is pointless. It's all "money to make money" and that crashes 100%. It's not even tulips, it's literally nothing but people making money off each other.
Litecoin and ETH were useful because they gave people at home a way to mine - for bitcoin! So they lasted longer
I've said from the beginning that if someone comes up with a way to make actual use of what crypto can offer, I would be into it. So far it's just bitcoin. I'd probably hear about it too late to make any money from it as an investor, but whatever. But if you see something cool and actually useful enough that it won't be rejected from mainstream - there's your hit, right there. The rest of this stuff is just bankers trading money with other bankers. It's always going to be pointless in the end.
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11-10-2022, 04:09 PM
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#4330 | | in the butt
Join Date: Aug 2016
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Mmmmmmmm 95% discounted dogicoins in a year mmmmmm
__________________ Quote:
Originally Posted by Mr.Money
i hate people who sound like they smoke meth then pretend like they matter.
Originally Posted by ilovebacon
Does anyone have a pair of 25 pounds one-inch hole for sale at a reasonable price?
Originally Posted by BIC_BAWS
God, women in their early 30s are so baadd lmfao
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11-10-2022, 04:09 PM
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#4331 | | OMGWTFBBQ is a common word I say everyday
Join Date: Jan 2005 Location: Vancouver
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But bitcoin did not get accepted by mainstream because it was cool and useful.
The mainstream only care about bitcoin precisely because bankers trading money with each other creating upward pressure on its price.
Mainstream didn't care about bitcoin until it hit 10k. All the countries using BTC as currency, hedge whatever. These usage cases only appear after we have are all establish BTC is something bankers what to trade with each other
I see this whole space very differently from you. I know you are looking at it from a user perspective. Is this useful to me? No then I won't participant.
I see cryptocurency in general is a fasicination invention that that serves as a live simulator/model for finance and capitalism.
Most people will not be able to make money in crypto here on out without luck. Because most people simply don't understand in general how money/economy/finance work.
In a way it matches real world but with zero of the man made check and balance (ofc beside what is written in code, ie hard supply cap on BTC). Did you know all currency will lose its value if bankers no long trade it amongst themselve?
Which brings me to the other rabbit hole I been diving into. IMO ETH moving forward has a much better model to be use an currency of the web. Infinite supply but with a burn rate that makes it deflationary the more it gets use.
It was just a concept that have no where to practice in the bear market. The last 48 hour has been very eventful in this space and for the first time its history ETH achieve deflationary status.
BTC dominance has not returned to previous bear cycle level. Bitcoin Maxie beware. A economy model that cannot change with the times, might just get left behind in history. Of course its too early to tell but fascinating none the less.
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11-10-2022, 04:11 PM
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#4332 | | Hacked RS to become a mod
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Bitcoin was going mainstream already before bankers touched it. If it didn't it would be dead by now too
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11-10-2022, 04:19 PM
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#4333 | | OMGWTFBBQ is a common word I say everyday
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Originally Posted by SkinnyPupp Bitcoin was going mainstream already before bankers touched it. If it didn't it would be dead by now too | yea my take you take differs here. IMO If Banker didn't touch Bitcoin.
It would have been dead already.
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11-10-2022, 04:23 PM
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#4334 | | Hacked RS to become a mod
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Bankers tried their best to ruin it like they ruin everything else, but bitcoin is too useful still
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11-10-2022, 04:44 PM
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#4335 | | RS has made me the bitter person i am today!
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Crypto has been and always will be a Ponzi-scheme.
Look at where NFTs are now, all of this stuff is a glorified casino.
It was never a vehicle to invest your funds into and hold long-term.
The general public's lack of confidence in crypto is going to be a major issue for any coin in the future here, in my opinion a lot of the damage has already be done.
I highly doubt you'll be seeing Bitcoin ever touch the highs it hit during COVID again.
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11-10-2022, 05:08 PM
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#4336 | | in the butt
Join Date: Aug 2016
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Nah, people didn't learn from 2017, and they didn't learn again from 2021.
BTC will be pumped again in a few years
__________________ Quote:
Originally Posted by Mr.Money
i hate people who sound like they smoke meth then pretend like they matter.
Originally Posted by ilovebacon
Does anyone have a pair of 25 pounds one-inch hole for sale at a reasonable price?
Originally Posted by BIC_BAWS
God, women in their early 30s are so baadd lmfao
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11-10-2022, 06:32 PM
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#4337 | | OMGWTFBBQ is a common word I say everyday
Join Date: Jan 2005 Location: Vancouver
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Ok the plot thickens....
Senator moving forward with Sam's propose regulation. Knowing he was siphoning user fund the whole time
The catastrophic could have been prevented if this exchange is base on Defi with all asset trackabale onchain.
Sam was lobbying against Defi...
All of FTX user thought they were investing in "crypto" Money mostly went to political donation and lobby for regulation against the very idea of crypto. That some crazy shit
Conspiracy theory intensify. https://twitter.com/RepTomEmmer/stat...pAmklwYUx0dQYA
Last edited by threezero; 11-10-2022 at 07:25 PM.
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11-10-2022, 08:25 PM
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#4338 | | OMGWTFBBQ is a common word I say everyday
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Originally Posted by threezero | Sounds Fucked To the Xtreme
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11-13-2022, 10:25 AM
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#4339 | | To me, there is the Internet and there is RS
Join Date: Apr 2004 Location: Nanaimo
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If you have any crypto on an exchange it would be s good idea to remove it. According to CZ of Binance other exchanges may be in trouble. I see crypto.com may be having some problems.
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Until the lions have their own historians, the history of the hunt will always glorify the hunter. | |
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11-13-2022, 10:07 PM
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#4340 | | HELP ME PLS!!!
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anyone know a good cypto wallet to store now?
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11-13-2022, 10:17 PM
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#4341 | | in the butt
Join Date: Aug 2016
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Originally Posted by Manic! If you have any crypto on an exchange it would be s good idea to remove it. According to CZ of Binance other exchanges may be in trouble. I see crypto.com may be having some problems. | Crypto coin had massive YouTube pumping going on a few months ago, and that actor endorsement, forget the guys name
First quadriga, now FTX, different scenario, but like how do you find the proper place to keep your dogicoins....
Anyone else love watching some of those coins burn to the ground?
__________________ Quote:
Originally Posted by Mr.Money
i hate people who sound like they smoke meth then pretend like they matter.
Originally Posted by ilovebacon
Does anyone have a pair of 25 pounds one-inch hole for sale at a reasonable price?
Originally Posted by BIC_BAWS
God, women in their early 30s are so baadd lmfao
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11-13-2022, 11:28 PM
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#4342 | | To me, there is the Internet and there is RS
Join Date: Apr 2004 Location: Nanaimo
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| Quote:
Originally Posted by lilaznviper anyone know a good cypto wallet to store now? | Are you looking at a cold or hot wallet?
__________________
Until the lions have their own historians, the history of the hunt will always glorify the hunter.
Last edited by Manic!; 11-14-2022 at 12:14 AM.
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11-14-2022, 09:36 AM
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#4343 | | OMGWTFBBQ is a common word I say everyday
Join Date: Jan 2005 Location: Vancouver
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Originally Posted by lilaznviper anyone know a good cypto wallet to store now? | Ledger is still the best cold wallet.
Otherwise you can snuggle up with CZ and use Trust wallet.
Metamask is still the best cold wallet for Smart chain based tokens. You can secure it even more by having ona seperate user account on your computer and lock it again with a ledger.
As mentioned before there will be an exoduc from CEX to DEX after this whole disaster. There are a couple DEX on the come up people should watch for if they are into active derivative trading. DYDX is a great platform GMX also not bad but DYDX has the most volume right now
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11-15-2022, 11:45 PM
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#4344 | | I keep RS good
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shakepay LOL.
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11-16-2022, 06:22 AM
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#4345 | | I *heart* Revscene.net very Muchie
Join Date: Nov 2004 Location: vancouver
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Originally Posted by donk. Crypto coin had massive YouTube pumping going on a few months ago, and that actor endorsement, forget the guys name
First quadriga, now FTX, different scenario, but like how do you find the proper place to keep your dogicoins....
Anyone else love watching some of those coins burn to the ground? | Matt Damon
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11-16-2022, 08:23 AM
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#4346 | | I contribute to threads in the offtopic forum
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Originally Posted by Ulic Qel-Droma shakepay LOL. | Is something happening with shakepay?
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12-12-2022, 05:07 PM
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#4347 | | To me, there is the Internet and there is RS
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The former ceo of ftx sbf arrested in the Bahamas after the US files charges. https://www.cnbc.com/2022/12/12/ftx-...pyToPasteboard
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Until the lions have their own historians, the history of the hunt will always glorify the hunter. | |
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12-12-2022, 09:48 PM
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#4348 | | I only answer to my username, my real name is Irrelevant!
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I think his family is too connected for him to face any real trouble sadly
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12-13-2022, 10:53 AM
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#4349 | | To me, there is the Internet and there is RS
Join Date: Apr 2004 Location: Nanaimo
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Originally Posted by StylinRed I think his family is too connected for him to face any real trouble sadly | To many rich people lost money. He is going to jail.
Also there is a run on Binance and they have halted UDSC withdraws.
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Until the lions have their own historians, the history of the hunt will always glorify the hunter. | |
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12-13-2022, 11:40 AM
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#4350 | | linguistic ninja
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Originally Posted by StylinRed I think his family is too connected for him to face any real trouble sadly | Same way Elizabeth Holmes dodged 11 years in jail right? /s. Her parents actually had political connections. Sam's folks just seem like well regarded Academics.
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