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Message
Crypto: Love it when protecting your users consists of pausing withdrawals
Posted on 11/10/22 at 7:43 pm
Posted on 11/10/22 at 7:43 pm
While accepting but not necessarily recommending deposits.
At this point I'm writing off all my crypto holdings in Binance, Coinbase and Robinhood. Buffet and Munger were right about crypto all along. It's a fricking ponzi scheme. None of it is real.
At this point I'm writing off all my crypto holdings in Binance, Coinbase and Robinhood. Buffet and Munger were right about crypto all along. It's a fricking ponzi scheme. None of it is real.
This post was edited on 11/10/22 at 7:45 pm
9
Posted on 11/10/22 at 7:45 pm to Street Hawk
What exactly happened with FTX?
Posted on 11/10/22 at 7:51 pm to SDVTiger
TL;DR. FTX/Binance had a beef. Binance started some rumors to reduce the value of FTX and then buy them.
This post was edited on 11/10/22 at 7:52 pm
Posted on 11/10/22 at 7:53 pm to Street Hawk
Crypto getting severely devalued is a pretty clever way to get rid of liquidity in the market. Something that was nothing is now nothing. Poof.
Posted on 11/10/22 at 7:58 pm to AUCE05
quote:
. FTX/Binance had a beef. Binance started some rumors to reduce the value of FTX and then buy them.
Not quite. Ftx loaned users funds to Alameda for trading to try to keep them going after the Luna debacle and they lost the funds so now Ftx is insolvent. Binance found out about it and wanted to slowly sell their stake in FTT so they wouldn’t get screwed and it became public so everyone found out about what Sam/FTX was doing.
Posted on 11/10/22 at 8:01 pm to Street Hawk
Everyone has been saying get off exchanges
Posted on 11/10/22 at 8:06 pm to mtcheral
Yeah, there was a ponzi-ish type scheme going on. But just trying to quick summarize for people not in crypto.
Posted on 11/10/22 at 8:09 pm to 21JumpStreet
If someone can't use a ledger and a dex they don't need to be trading coins. true defi/web3 is years away.
This post was edited on 11/10/22 at 8:11 pm
Posted on 11/10/22 at 8:15 pm to down time
Get your money off centralized exchanges. I wouldn't even trust Coinbase at this point.
Posted on 11/10/22 at 9:41 pm to tenderfoot tigah
quote:
Get your money off centralized exchanges. I wouldn't even trust Coinbase at this point.
Yep. I literally transfer everything to my ledger as soon as I get the email saying my funds are cleared to withdraw.
Posted on 11/10/22 at 9:43 pm to Street Hawk
After all the shite that happened with centralized exchanges in the summer, you still have your shite on a centralized exchange?
Posted on 11/10/22 at 11:05 pm to TigerTatorTots
The problem is that not your keys, not your coins is not convenient for the average person plus it doesn't exactly inspire faith in crypto as a whole.
Just another reason why unfettered speculation is at odds with the adoption of crypto. It's something public blockchains are going to have to sort out before crypto has any chance of being the engine that runs the digital world.
Just another reason why unfettered speculation is at odds with the adoption of crypto. It's something public blockchains are going to have to sort out before crypto has any chance of being the engine that runs the digital world.
Posted on 11/11/22 at 12:10 am to Street Hawk
Posted on 11/11/22 at 5:42 am to Diseasefreeforall
quote:
The problem is that not your keys, not your coins is not convenient for the average person plus it doesn't exactly inspire faith in crypto as a whole.
well, one could argue the imperative then is to show the average person how easy using cold storage is, because ceding ownership of your keys is the antithesis of what things like Bitcoin was created for
Posted on 11/11/22 at 6:36 am to Street Hawk
100% proof that crypto is a scam and not decentralized
Posted on 11/11/22 at 7:01 am to Street Hawk
BTT running like crazy
Posted on 11/11/22 at 8:23 am to mtcheral
quote:
Binance found out about it and wanted to slowly sell their stake in FTT so they wouldn’t get screwed and it became public so everyone found out about what Sam/FTX was doing.
It became public because their CEO tweeted this on Sunday. Either he's a moron (which I doubt) or they were using the opportunity to create a run on FTX and crush a competitor, which is what happened.
Posted on 11/11/22 at 9:48 pm to Ross
quote:
because ceding ownership of your keys is the antithesis of what things like Bitcoin was created for
Once BTC/crypto became a speculative security, what BTC was created for went out the window
Posted on 11/11/22 at 10:48 pm to Street Hawk
Reading through this thread, it is amazing just how little I understand about this whole part of finance/payment systems. Confirms my first reaction that all this coin stuff is a giant scam. Glad to not own any of it.
Posted on 11/11/22 at 11:48 pm to SloaneRanger
And now FTX wallets being drained. This is some shite 
They claim they got hacked. LOL
They claim they got hacked. LOL
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