gosub
~#
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explanation of what happened in the run up to yesterday
Bitcoin discussion and news
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beesonthewhatnow
going deaf for a living
Oh dear, how sad etc
Monkeygrinder's Organ
Dodgy geezer swilling vapid lager
Yeah but you lot are all forgetting that one still equals one, so it's all fine.
beesonthewhatnow
going deaf for a living
Line goes up. Except when it doesn’t 
Jeff Robinson
Marxist-Lentilist: Jackboots and Jackfruit
Remember FTX made this video that was played during the Super Bowl. It tells people to invest in crypto even if they dont understand it. That worked out well.
q_w_e_r_t_y
You see an investment scam and I see divinity
Exactly!
I have honestly never seen my bitcoin telegram group as joyous as on Tuesday night, when the exchange rate was crashing it was like all their xmases had come at once.
I'm mainly a bitcoiner, but I dabble in crypto/web3/defi/nfts so have contacts on both sides of that divide and the contrast in the reaction between the two was utterly stark.
MrCurry
right after this urgent rest
How much tax do you pay on your imaginary currency gains? In real money I mean?
It was when everywhere started getting plastered in adverts encouraging the clueless to “invest” that I knew a crash was around the corner. That’s a story as old as time.
MrCurry
right after this urgent rest
I remember how at one time stories of how index tracking funds were the best investments were ubiquitous, supported by the evidence of the impressive gains over the preceding years. All the mainstream news sources were pushing it and over the following ten years or so the FTSE was more or less flat. Isn’t it always the way that as the smart money is looking for an exit point, Joe Public are the ones being encouraged to jump in and take it off their hands?
platinumsage
HaveMyPassword123
Have you taken this opportunity to shift all your last available £ into bitcoin at such an awesome exchange rate? I guess you could even sell all your worldly possessions for extra £ to someone and rent them back using bitcoin, also take out a huge £ loan against your future £ salary and shovel that in too. It must be profitable to have such confidence in something.
Whoops!
www.independent.co.uk
Bitcoin price collapses as FTX goes bankrupt
Crypto exchange FTX has gone bankrupt and its high-profile chief executive Sam Bankman-Fried has resigned amid major troubles at the company.
www.independent.co.uk
littlebabyjesus
one of Maxwell's demons
Crazy thing about FTX and many other crypto enterprises is the number of big institutions that bought into it. They really ought to have understood it but appear not to have. At all.
So the FTT token (they all have their own tokens, natch) has lost 90 per cent of its value since Tuesday. That counts as a crash.
It was relatively small fry in the crypto world with a notional market capitalisation of 'just' a few billion. Binance is a bigger fish with a token with market cap of 40 billion-odd. May be the next to go. And then there's the tangle of dodgy dealings and lies that is Tether.
Each time one of the feeder fish of the crypto 'ecosystem' collapses, the whole system takes a hit. Crypto appears to be collapsing piece-by-piece rather than the entire thing falling in a heap.
Maybe qwerty will get her wish. Bitcoin as the last one standing, each token now worth a few dollars a piece. Like in the good old days.
So the FTT token (they all have their own tokens, natch) has lost 90 per cent of its value since Tuesday. That counts as a crash.
It was relatively small fry in the crypto world with a notional market capitalisation of 'just' a few billion. Binance is a bigger fish with a token with market cap of 40 billion-odd. May be the next to go. And then there's the tangle of dodgy dealings and lies that is Tether.Each time one of the feeder fish of the crypto 'ecosystem' collapses, the whole system takes a hit. Crypto appears to be collapsing piece-by-piece rather than the entire thing falling in a heap.
Maybe qwerty will get her wish. Bitcoin as the last one standing, each token now worth a few dollars a piece. Like in the good old days.
littlebabyjesus
one of Maxwell's demons
I'm not entirely sure what there is to be untangled, though. If it's anything like Terra Luna, which it appears it is, then there is really nothing doing. Those who bought stakes of various kinds will lose all or very nearly all of their money. The people responsible may or may not go to jail. Head of Terra Luna, Do Kwon, may well end up behind bars and so may the FTX bloke, but that won't get anyone their money back. It's gone. Such is the nature of pyramid schemes - those left standing when the music stops are fucked. No more bigger idiots. They're it.
And all this stuff is linked in a vicious circle. Much of the collateral of the companies is held in crypto, but when they collapse, crypto loses value, which simply compounds the problem and in turn places other companies at risk. Everything is predicated on Line Goes Up.
And all this stuff is linked in a vicious circle. Much of the collateral of the companies is held in crypto, but when they collapse, crypto loses value, which simply compounds the problem and in turn places other companies at risk. Everything is predicated on Line Goes Up.
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Monkeygrinder's Organ
Dodgy geezer swilling vapid lager
They're all bankrupt too. 130 linked companies apparently.
Kid_Eternity
Quis custodiet ipsos custodes?
Right?
Kid_Eternity
Quis custodiet ipsos custodes?
Looking at this OP and hoping they bought a shit load go BTC...
littlebabyjesus
one of Maxwell's demons
To my knowledge, at least one erstwhile poster is now a crypto millionaire. And there are probably more. Don't worry about the early adopters. They've done alright. 
Bingoman
Well-Known Member
Your not wrong there
littlebabyjesus
one of Maxwell's demons
It is still the case that almost everybody who bought BTC more than two years ago is still in profit (those who bought in one particular week in 2017 are now at a small loss). It still has a long way to fall.
It is now definitively below its 2017 peak, though, and if it stays that way, that kicks out a major ladder from under the Line Goes Up mythology. It's supposed to be impossible.
not-bono-ever
meh
fuck them all. my tik tok feed is full of cunts speculating on why this is a time to buy using juju economics. fuck them
littlebabyjesus
one of Maxwell's demons
I have no doubt that they will come up with new rationalisations once the old ones are disproved by reality. That's the thing about believing something that you have no good reason to believe. It's really easy to switch over to believing something else that you have no good reason to believe.
Yossarian
⏭️
He said in 2017 that he sold off his bitcoin years earlier to pay for a new computer and a holiday in Tenerife.
8ball
Maximum Facepalm
Jeff Robinson
Marxist-Lentilist: Jackboots and Jackfruit
Universal suffrage still better than any alternative. Crypto, not so much.
Jeff Robinson
Marxist-Lentilist: Jackboots and Jackfruit
The CEO of FTX is a 'longtermist' and member of the 'effective altruism' movement So is Elon Musk. See (Keeping Tabs on Effective Altruism: 21st Century Capitalism's Twisted Moral Compass). Not a great week for them.
stdP
One Swiss dinosaur in Polly Gosling's anorak hood
It hasn't collapsed and the article is clearly FUD - 1 bitcoin is still worth exactly 1 bitcoin
[FB tracking gubbins removed from your link]
Danny's political balloon paradox. Lots of people, financial institutions included, will pile in on a known-very-risky asset if they think they've got a good enough chance of making some money and getting out whilst the going's good. But as seemingly very few people learned from the collapsed flim-flammery of MtGOX and others, there seems to have been far too much faith placed in whether the exchanges were capable of find their own arses on a foggy night or not.
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