- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Crypto exchange FTX declares bankruptcy
Posted on 11/12/22 at 6:02 am to supadave3
Posted on 11/12/22 at 6:02 am to supadave3
quote:
I'm not disputing it, I just cannot make sense of how 'anyone anwhere' can validate reserves, pair up pairs of tokens with others, and swap through a 'liquidity pool.' Maybe I'm the dumb one, but this sounds like jargon that really doesn't mean a lot to 99% of the world.
You think the average American understands any tradfi jargon?
The average user only swaps.. the rest of it is handled by people seeking a yield and willing to take on some risk to do it.. hopefully they learn what it all means and the risks involved
Monke has 10 banan and 10 ornj. He goes to commune where other monkes with fruit can pool fruit together for market. Monke puts up 8 banan and 8 oranj into the pool. Now when another monke wants to swap a banan for an ornj, monke goes to commune and gives up banan and receives an ornj. But to do this, he had to sacrifice 1% of his banan and that 1% gets distributed to monkes in pool.
Single monke with single banan doesnt give pool much banan, but 1,000,000 monkes (some with milliins of banan to trade) does.
This post was edited on 11/12/22 at 6:22 am
3
Posted on 11/12/22 at 6:21 am to Hulkklogan
As for viewing reserves, simple: it lives on chain. A public ledger. But must of these DEXs make it easy to see what they've got.
Uniswap USDC
USDC/ETH Pair
Uniswap USDC
USDC/ETH Pair
Posted on 11/12/22 at 6:24 am to Boston911
quote:
Someone is going to jail
Not if they’re Dim
Posted on 11/12/22 at 6:45 am to Hulkklogan
quote:
You think the average American understands any tradfi jargon?
After reading what you just wrote, I think I'll stick with gold. But, that brings me to the point that has always fascinated me. I totally understood the libertarian/alt-economic mindset of gathering hard assets since the Fed/printing press/dollar system of making money out of thin air seems bogus and possibly doomed. But, then a lot of that crowd got attracted to something even more intangible/digital -- crypto. Never made much sense to me, although, yeah I don't really understand the security and supposedly finite aspects of it.Posted on 11/12/22 at 7:30 am to epbart
Is SIPC protection available here if the coins were flat stolen as it appears they were?
Posted on 11/12/22 at 7:38 am to Proximo
This failure is one of the largest financial scams ever
They recruit high profile atheletes and even professional teams and leagues promote this stuff. They have no clue what they’re even promoting.
And naive people buy in. Lebron promotes it…. It must be good. People need to wake up and do their homework
No legit business is going to accept a currency that fluctuates like this. It’s bad business. People don’t recognize this very basis element to which leads to the bigger question of what this company was really worth?
They recruit high profile atheletes and even professional teams and leagues promote this stuff. They have no clue what they’re even promoting.
And naive people buy in. Lebron promotes it…. It must be good. People need to wake up and do their homework
No legit business is going to accept a currency that fluctuates like this. It’s bad business. People don’t recognize this very basis element to which leads to the bigger question of what this company was really worth?
This post was edited on 11/12/22 at 8:01 am
Posted on 11/12/22 at 7:38 am to Bunk Moreland
quote:
After reading what you just wrote, I think I'll stick with gold. But, that brings me to the point that has always fascinated me. I totally understood the libertarian/alt-economic mindset of gathering hard assets since the Fed/printing press/dollar system of making money out of thin air seems bogus and possibly doomed. But, then a lot of that crowd got attracted to something even more intangible/digital -- crypto. Never made much sense to me, although, yeah I don't really understand the security and supposedly finite aspects of it.
The problem is that this Mass adoptionally happened during bubbles which defeat the whole purpose of the transaction aspect of the technology. When cryptocurrency moved from a transaction tech to an investment vehicle, it became more unstable than fiat currency. There's a reason that crypto crashed with the market in the spring of 2020 and shot up with the market when fed liquidity was spread around
Posted on 11/12/22 at 7:39 am to TchoupitoulasTiger
quote:
Word on the street is Sam Bankman-Fried is fleeing the Bahamas on this flight.
Why not go to the Maldives with his kind of money vs South America? The USA has no extradition treaty with the Maldives and it's not a shithole like a lot of SA.
Posted on 11/12/22 at 7:44 am to stout
The Bahamas is right off the coast of Florida. Easy access for his family. The Maldives requires a lot more investment. Also the Maldives are in a pickle due to rising sea levels
Posted on 11/12/22 at 7:51 am to SlowFlowPro
He was already living in the Bahamas. That is what he is fleeing from
One of my friends moved there recently. It's not bad but I was using it as an example. He could also go to Cape Verde which also has no extradition treaty. Just curious why he was heading to SA. Hell, he could have caught a boat to Cuba from the Bahamas.
quote:
The Maldives requires a lot more investment
One of my friends moved there recently. It's not bad but I was using it as an example. He could also go to Cape Verde which also has no extradition treaty. Just curious why he was heading to SA. Hell, he could have caught a boat to Cuba from the Bahamas.
This post was edited on 11/12/22 at 8:00 am
Posted on 11/12/22 at 7:53 am to SlowFlowPro
Also he could do some incredible role play with Armie Hammer, who played major crypto bros before they were crypto bros.
Posted on 11/12/22 at 7:54 am to LSUFanHouston
quote:
Is SIPC protection available here if the coins were flat stolen as it appears they were?
Nope
Posted on 11/12/22 at 7:54 am to stout
quote:
He was already living in the Bahamas.
Oh that ruins my Armie Hammer joke
This post was edited on 11/12/22 at 7:57 am
Posted on 11/12/22 at 7:58 am to SlowFlowPro
quote:
FTX moved its HQ from Hong Kong to the Bahamas, a tax haven, in September 2021. SBF is pictured with the Bahaman Prime Minister, Philip Davis (center), and other officials
quote:
Bankman-Fried moved into a luxury penthouse at the Albany resort with nine of his acolytes
LINK
Posted on 11/12/22 at 7:58 am to Hulkklogan
quote:
Monke has 10 banan and 10 ornj. He goes to commune where other monkes with fruit can pool fruit together for market. Monke puts up 8 banan and 8 oranj into the pool. Now when another monke wants to swap a banan for an ornj, monke goes to commune and gives up banan and receives an ornj. But to do this, he had to sacrifice 1% of his banan and that 1% gets distributed to monkes in pool.
Single monke with single banan doesnt give pool much banan, but 1,000,000 monkes (some with milliins of banan to trade) does.
Bananas and oranges have utility to monkey outside store of value. They provide sustenance.
There is no utility to 99% of coins outside of arbitrage. That’s the fundamental shortcoming right now.
Posted on 11/12/22 at 8:01 am to boosiebadazz
quote:
There is no utility to 99% of coins outside of arbitrage. That’s the fundamental shortcoming right now.
Exactly. This second bubble sent the whole idea off the rails. They're all ponzi schemes and scams with literally no value.
Serious question: how are NFTs doing?
Posted on 11/12/22 at 8:03 am to SlowFlowPro
quote:
Serious question: how are NFTs doing?
Worthless
Posted on 11/12/22 at 8:04 am to stout
I guess I did understand the tech behind them, in hindsight.
Posted on 11/12/22 at 8:08 am to SlowFlowPro
quote:
Serious question: how are NFTs doing
99% are complete garbage. The 'blue chips' still hold some serious value relative to the coin they're on.
It's niche but they do have a space for the future to survive
Page 5 of 8
Popular
Back to top
Follow TigerDroppings for LSU Football News