Shippou-Sensei
4:1:2.5
Yes but at this point you can't see the wood for the trees. You just have to let your eyes come to rest on one point of craziness and let that stand out against the cacophony.The entire crypto story is fucking insane
Yes but at this point you can't see the wood for the trees. You just have to let your eyes come to rest on one point of craziness and let that stand out against the cacophony.The entire crypto story is fucking insane
What amazes me are the believers still saying things that are basically “oh sure, that bit was obviously a scam, but the bit I’ve chucked all my money into is absolutely legit, look, line goes up”Yes but at this point you can't see the wood for the trees. You just have to let your eyes come to rest on one point of craziness and let that stand out against the cacophony.
That won't happen, though. The nature of the thing is that those left at the end when it collapses are the ones who lose out. Those in it from the beginning, in particular those who had a tiny bit of awareness and have cashed out along the way, are already winners and will remain so. It is they who take the money that others lose.What amazes me are the believers still saying things that are basically “oh sure, that bit was obviously a scam, but the bit I’ve chucked all my money into is absolutely legit, look, line goes up”
I’m genuinely hope every single person that’s involved loses every damn penny.
Not for mining it isn’tFor all the talk of collapses, bitcoin is still worth more today than it was worth two years ago.
True. Oddly, the hash rate has doubled over the last year as bitcoin's value has steadily fallen.Not for mining it isn’t
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.
There were lots of eyes, there were at least 350,000 of us watching it in real time on a twitter space.Just to add injury to injury, somehow $650m was robbed out of the FTX accounts yesterday, after the collapse. You'd think someone would have had an eye on it by now ...
And I bet you havent heard the half of them.Christ some of the stories about this are insane.
What amazes me are the believers still saying things that are basically “oh sure, that bit was obviously a scam, but the bit I’ve chucked all my money into is absolutely legit, look, line goes up”
I’m genuinely hope every single person that’s involved loses every damn penny.
There has been an upgrade to ASICs which mine more efficiently, so lots of cheap 2nd hand rigs coming on the market and newer rigs hashing faster for same energy inputTrue. Oddly, the hash rate has doubled over the last year as bitcoin's value has steadily fallen.
I suspect many of them will go bankrupt.Bitcoin Network Hash Rate
I would love to think that lots of bitcoin miners will be left bankrupt, but sadly I think the smart ones won't. They only lose if they have kept their profits in the form of bitcoin, which maybe some of them have. Hopefully.
SBF and FTX were major influencers in the development of this framework.Bit jet lagged and still a lot going 9n, thought this was last week....interesting though
FACT SHEET: White House Releases First-Ever Comprehensive Framework for Responsible Development of Digital Assets | The White House
Following the President’s Executive Order, New Reports Outline Recommendations to Protect Consumers, Investors, Businesses, Financial Stability, National Security, and the Environment The digital assets market has grown significantly in recent years. Millions of people globally, including 16% of...www.whitehouse.gov
Yet still you believe. It’s laughable.There were lots of eyes, there were at least 350,000 of us watching it in real time on a twitter space.
Two white hat hackers managed to rescue some of the funds but yeah, the vast majority of the funds disappeared as we were watching.
And I bet you havent heard the half of them.
I've been in crypto for a long time, and nothing, absolutely nothing prepared me for this week, not Gox, not Bitconnect, this is a whole other level.
This is some of the highlights, totally not comprehensive,.
- The source of SB's first few billions is highly obscured. The lore is that it was the "Kimshi trade" - a Japan/west arbitrage strategy, only it turns out that this wasnt nearly as profitable as implied and only lasted a couple of month. The original seed funding of SBF is a mystery.
- All of the front people involved were very young - 20s. Many were highly inexperienced, and there was no board of directors.
- FTX was rehypothecating funds through Alameda, highly highly illegal.
- Alamada was trading with no stop loss. Essentially playing the St Petersburg game, which always guarentees you a win, IF you have infinite funds.
- When LUNA collapsed their losses were infinite (so even with infinite funds they were still fucked and there are more shenanigans around this I'm sure that have yet to come out incl. the LUNA 2.0 recovery plan)
- They "rescued" an insolvant crypto company called BlockFi, purely to gain access to the existing assets. The losses went into the general black hole.
- SBF was keeping the show on the road by persuading companies, DAOs, pension funds, hedge funds and employees of the company(!), to put all their assets into FTX, knowing it was fucked.
- Many crypto protocols paid their own staff their wages directly into FTX from the treasury fund that was held on FTX.
- One of the CEOs of Alameda,, Sam, is currently in a boat somewhere, after quitting early in the week realising the writing was on the wall.
- The other CEO of Alameda has the most astonishing tumblr blog that its evil in its banality. She was gambling with tens of billions of other people's money and had no clue what she was doing.
- They were all shagging each other, and using amphetimines, with an onsite prescriber, who would recommend to new hires that they took uppers and downers.
- The democrat party in the US, were laundering money through Ukraine via FTX.
- SBF's parents are well connected Law professors, his morther fundraises for the democratic party
- The World Economic Forum promoted FTX on its website.
- SBF had written draft regulations for crypto. They were pretty terrible, no one was happy about them
- The chair of the SEC was a professor under the guidence of CEO of Alameda's father.
Watching this all unfold in real time has been an astonishing experience. This is mass corruption, serious money laundering and fraud and there are enormous links to the current US administration. So big that some in crypto are consider this (FTX itself, not the collapse) as a state level attack on crypto.
While I have minimal sympathy for SBF, and other senior figures at FTX and Alameda, these were college kids, how the fuck did they come to be managing billions of other people's money?
As for the rest, hundred of thousands of people have been robbed, many of them of their entire life savings.
No one who really understood crypto would have gone near FTX, it was always scammy and very cozy with regulators, but none of us had any clue about how bad things actually were. What has been shocking to me is that people who really should have known better trusted them, giving them further credibility.
There has been an upgrade to ASICs which mine more efficiently, so lots of cheap 2nd hand rigs coming on the market and newer rigs hashing faster for same energy input
I suspect many of them will go bankrupt.
The bitcoin mining industry has its own troubles. Lots of big players took out btc collateralised loans to buy the new Asics, they too might be in trouble very soon.
SBF and FTX were major influencers in the development of this framework.
*************
Next thing we need to take down is Tether.
View attachment 351556FTX’s Balance Sheet Was Bad
Serum, customer money, etc.; plus Elon Musk’s Twitter debt and anti-ESG antitrust.www.bloomberg.com
There were lots of eyes, there were at least 350,000 of us watching it in real time on a twitter space.
Two white hat hackers managed to rescue some of the funds but yeah, the vast majority of the funds disappeared as we were watching.
And I bet you havent heard the half of them.
I've been in crypto for a long time, and nothing, absolutely nothing prepared me for this week, not Gox, not Bitconnect, this is a whole other level.
This is some of the highlights, totally not comprehensive,.
- The source of SB's first few billions is highly obscured. The lore is that it was the "Kimshi trade" - a Japan/west arbitrage strategy, only it turns out that this wasnt nearly as profitable as implied and only lasted a couple of month. The original seed funding of SBF is a mystery.
- All of the front people involved were very young - 20s. Many were highly inexperienced, and there was no board of directors.
- FTX was rehypothecating funds through Alameda, highly highly illegal.
- Alamada was trading with no stop loss. Essentially playing the St Petersburg game, which always guarentees you a win, IF you have infinite funds.
- When LUNA collapsed their losses were infinite (so even with infinite funds they were still fucked and there are more shenanigans around this I'm sure that have yet to come out incl. the LUNA 2.0 recovery plan)
- They "rescued" an insolvant crypto company called BlockFi, purely to gain access to the existing assets. The losses went into the general black hole.
- SBF was keeping the show on the road by persuading companies, DAOs, pension funds, hedge funds and employees of the company(!), to put all their assets into FTX, knowing it was fucked.
- Many crypto protocols paid their own staff their wages directly into FTX from the treasury fund that was held on FTX.
- One of the CEOs of Alameda,, Sam, is currently in a boat somewhere, after quitting early in the week realising the writing was on the wall.
- The other CEO of Alameda has the most astonishing tumblr blog that its evil in its banality. She was gambling with tens of billions of other people's money and had no clue what she was doing.
- They were all shagging each other, and using amphetimines, with an onsite prescriber, who would recommend to new hires that they took uppers and downers.
- The democrat party in the US, were laundering money through Ukraine via FTX.
- SBF's parents are well connected Law professors, his morther fundraises for the democratic party
- The World Economic Forum promoted FTX on its website.
- SBF had written draft regulations for crypto. They were pretty terrible, no one was happy about them
- The chair of the SEC was a professor under the guidence of CEO of Alameda's father.
Watching this all unfold in real time has been an astonishing experience. This is mass corruption, serious money laundering and fraud and there are enormous links to the current US administration. So big that some in crypto are consider this (FTX itself, not the collapse) as a state level attack on crypto.
While I have minimal sympathy for SBF, and other senior figures at FTX and Alameda, these were college kids, how the fuck did they come to be managing billions of other people's money?
As for the rest, hundred of thousands of people have been robbed, many of them of their entire life savings.
No one who really understood crypto would have gone near FTX, it was always scammy and very cozy with regulators, but none of us had any clue about how bad things actually were. What has been shocking to me is that people who really should have known better trusted them, giving them further credibility.
There has been an upgrade to ASICs which mine more efficiently, so lots of cheap 2nd hand rigs coming on the market and newer rigs hashing faster for same energy input
I suspect many of them will go bankrupt.
The bitcoin mining industry has its own troubles. Lots of big players took out btc collateralised loans to buy the new Asics, they too might be in trouble very soon.
SBF and FTX were major influencers in the development of this framework.
*************
Next thing we need to take down is Tether.
No, but its made me very very glad that I am bitcoin first.It’s almost enough to put you off crypto isn’t it
No, but its made me very very glad that I am bitcoin first.
Way too many people get into crypto without understanding the basic principles of bitcoin.
Maybe they did, but SBF was Biden's largest donor. His mother was the Head of Fundraising, the democrats were laundering money through FTX via Ukraine, his family were best mates with the head of the SEC and the CTCF.Qwerty has swallowed the govt conspiracy bollocks... Missed out that FTX also donated to Republicans. There's a surprise. Sad how tied to right wing nonsense so much of crypto is. Already they're spinning it as FTX was part of big bad old money.
“All the others are scams but this one is definitely legit”No, but its made me very very glad that I am bitcoin first.
Way too many people get into crypto without understanding the basic principles of bitcoin.
“All the others are scams but this one is definitely legit”
Qwerty has swallowed the govt conspiracy bollocks... Missed out that FTX also donated to Republicans. There's a surprise. Sad how tied to right wing nonsense so much of crypto is. Already they're spinning it as FTX was part of big bad old money.
No true Bitcoiner fallacyYet still you believe. It’s laughable.
Could you unpick this a bit please. 'us', the ones who really understand, were in the dark on detail but always knew it was a scam, despite not explicitly warning anyone else. Is that fair?While I have minimal sympathy for SBF, and other senior figures at FTX and Alameda, these were college kids, how the fuck did they come to be managing billions of other people's money?
As for the rest, hundred of thousands of people have been robbed, many of them of their entire life savings.
No one who really understood crypto would have gone near FTX, it was always scammy and very cozy with regulators, but none of us had any clue about how bad things actually were. What has been shocking to me is that people who really should have known better trusted them, giving them further credibility.
This is where a bit of old-fashioned Marxism is handy, particularly the concept of fictitious capital. Bad news for FTX's creditors but actually quite good news for the rest of us. The creation and then destruction of fictitious capital of this kind doesn't have to affect the rest of the world all that much. Normally fictitious capital is a bit more hidden than this, though. It at least pretends to have real value.View attachment 351556FTX’s Balance Sheet Was Bad
Serum, customer money, etc.; plus Elon Musk’s Twitter debt and anti-ESG antitrust.www.bloomberg.com
What gets me is - this whole FTX shenanigans is just another pump and dump with insiders pulling the rug. No different than the Mt Gox crash eight years ago. Just on a bigger scale. And it will keep on happening.
Somehow 'us' have been relying on observing other people who really should have known better, and using their behaviour to impute increased credibility.
Now I'm a simple soul on the internet, looking to you personally as one who has the insight and knowledge to help me form my opinions and strategy. I haven't picked you at random, I've been reading your insights for years now, and reckon you have a better understanding than any other coiner I regularly read. So I listen to you, and invest your posts with credibility- I'll avoid the words 'trust' or 'faith' but that's where the tangle of social media posts leads, to realworld actions based on gut feeling about the credibility of a screen name. That seems to be what you apparently do to those who (somehow) really should have known better.
Could you unpick this a bit please. 'us', the ones who really understand, were in the dark on detail but always knew it was a scam, despite not explicitly warning anyone else. Is that fair?
So in an unregulated space quite obviously corrupt and full of scammers and incompetents, the most credible poster I read reveals, after the fact, that they knew this particular very big player was in fact college kids who were always scammy, very cozy with regulators and very politically embedded.
By "us" I'm talking about the kind of reddit discord and telegram groups that I frequent, which tend to be bitcoin first, decentralisation maxi, solarpunky and heavy on the eng side. "We" generally dont value dollars very highly and people arent flash. Scammers within our community are largely hackers, who exploit code errors to steal. There is a kind of grudging acknowledgement that these hackers are an essential part of the infrastructure as they expose poor coding and sophisticated loopholes which are then patched in the future. So while individuals may lose, it is usually from honest errors on the part of protocols and makes the industry overall stronger, even if it is painful.If I've read correctly that was known by 'us' before the collapse, although a lot of the details at the top of your post were new to 'us'.
I think Urban doesnt tend to attract grifters and financial types, who are the kind that would engage with FTX. But they were big...huge infact. They just werent really mentioned in crypto circles unless people were getting antsy about regulators.Despite its size and prominence FTX had not been mentioned on this thread before last friday.
Dont trust, verify.So how should I proceed when it turns out that (as with all the previous collapses) the sources I turn to, because they are part of a narrow, credible 'us', are themselves simplyparrotingedit, listening to an even smaller group of deeper insiders? Based, sfaics, on some ineffable trust, despite perhaps knowing stuff that will not become public until after the collapse, when it will be revealed as 'always known'.
Yeah!!! I have done some good in the world.ps. In reality I have no crypto investment strategy except to carry on avoiding it. I've never bought any, but every time I've considered it it's been based much more on your posts- and their credibilty as one of 'us'- than those of, eg, our new friend or adverts on buses. But yes, I do listen, I would have it in a wallet only I have the key for because I recognise that you've been saying that for a long time and it's clearly very good advice. Putting everything except the cash for the leccy bill in BC not so much
Its like a Jimmy Saville moment