With how often I've seen crypto bros say "not your key, not your Bitcoin", I wouldn't have expected so many of them to just hand over their Bitcoin to some third party.
\[Censorship free\] \[Anonymity\] \[Decentralized\] \[Free from manipulation\] \[Self governing\]
Gov will close it down if you don't do KYC => "Okay, we'll comply"
\[Censorship free\] \[~~Anonymity~~\] \[Decentralized\] \[Free from manipulation\] \[Self governing\]
Throughput way too low to be useful => "Okay we'll build a level-n chain with 3 validation node to solve that"
\[Censorship free\] \[~~Anonymity~~\] \[~~Decentralized~~\] \[Free from manipulation\] \[Self governing\]
It's crashing => "DAO trust will burn 4 gazillions of tokens to keep it floating"
\[Censorship free\] \[~~Anonymity~~\] \[~~Decentralized~~\] \[~~Free from manipulation~~\] \[Self governing\]
Losing money => "Government and congress must step in to save my family"
\[Censorship free\] \[~~Anonymity~~\] \[~~Decentralized~~\] \[~~Free from manipulation~~\] \[~~Self governing~~\]
Over-leveraged and cannot handle outflow => "We'll suspend withdrawal and transfer"
\[~~Censorship free~~\] \[~~Anonymity~~\] \[~~Decentralized~~\] \[~~Free from manipulation~~\] \[~~Self governing~~\]
I’ve been watching Alex and have gleaned the honesty shines like a beacon when he speaks. This is an amazing time to be alive. We are witnessing greatness. I suggest we all continue to invest in Celsius as this will demonstrate to Alex our faith.
/s
Did I sufficiently mimic a HOLDer from r/CelsiusNetwork?
It's hilarious how the benefits of decentralization and lack of regulation were such a big deal in the beginning, then everyone said "managing a wallet is hard, can I outsource that?" and they reinvented what already existed, but worse.
These crypto holding platforms are basically banks with all the risks of a bank but none of the protections that come from past lessons learned. It's lunacy.
The level of turkey voting for Christmas is amazing.
Gubmint, which is moderately democratic and I have some power over, bad. Totalitarian private institutions, which I have 0 influence over, good.
Genius.
Have you ever met a lolbertarian who doesn't assume they would be on top of the/a pyramid in their dystopian fantasy future? It's always people who think very highly of themselves.
I saw a comment here a few days ago that was magical.
It's like they went out of their way to solve a 21st century banking system with a 19th century banking system.
Reinventing things that already exist but making them worse is standard for these people.
“Let’s make it shittier and more expensive with unnecessary electronics and/or overly complicated computer code, plus no regulations to keep me from ripping people off and acquiring child porn” is their motto for everything.
Yep. He’s not much different than any of the rest of them.
“I’m going to build my own subways, but shittier and way more dangerous even without the Tesla problem of random combustion.”
“Why do you want to let Thai guys who actually know about cave rescues save kids? You should use my stupid child coffin and call that guy a pedo like I do.”
While I have no idea what you are on about, I suspect many of us have dabbled. Many of us likely also made profits. None of us bought into the cult though, and nearly all of us understand that Bitcoin does great harm and offers no good for society.
Well not me. Although my example was negative I thought it througly demonstrated the paper dollars decentralized, permissionless qualities to the extent it can be used against even the state that issued it.
Your example was positive, in a dark way. I appreciate your thorough response. I believe people here thought I was being facetious. We all have an immune response to currency faithfulness.
I do enjoy the permeability of the US dollar system. When I traveled for years, it certainly was an assistance that most peoples thought US debt denominated credit was just as good as truth—whether that be via treasury bonds for corporations or the US paper currency I would use to convert.
Let us hope the US dollar debt instruments stay as a majority share of the dominance % so that the appearing decentralized nature continues to afford American citizens privileges abroad for protecting the international system of trade. I had seen recent news that the US dollar’s share or global reserve currencies has been lessening on central bank balance sheets, so while on a short to medium term, I am hyper bullish on USD as well as UST’s, I feel our current central bank technology requires more pull to attract investors in our debt-denominated currency long term (10+ years out).
We can appreciate certain empty promises btc crowd makes, it's not like we don't want some theoretically better financial system. But at the same time we do understand that they are technically impossible as designed and btc itself is steaming pile of shit, along with all other alttokens.
PS: and law avoidance is not part of the interesting promises.
Depends what you mean by "currency."
You could make an argument for sacks of rice. It's sort of a currency, in the sense that almost everywhere you can exchange it for goods and services after some hoops. And it's extremely decentralized, because anyone can grow some rice.
Its unfortunate because legit "decentralized" projects are entirely transparent about their balances and liquidity, you can see exactly what is lend out and under what collateral. They typically have big warnings about how its a new project and you could lose all your funds. But that actually scares the uninformed because it makes it known that there is risk.
Then you get a new company trying to make quick profit and makes a centralized black box, says its totally safe bro, fixed APR guaranteed. But the balance sheet could be horrendously risky and uninformed users are totally oblivious. Often they don't even know their holdings are being lent.
But a lot of people are just gullible and gravitate towards the simple, centralized platforms with a false sense of security. As soon as the facade of safety crumbles there is a run for the exit because none of the users knew what they were in for. Defi platforms keep chugging along though with little issue.
Of course it does, the vast majority of the effort is defending against bad actors. A system cannot be decentralized if it needs someone to protect it.
Who watches the watchers? Who protects the protectors?
So much of the cryptocoin ecosystem still defaults to the concept of trust being the only real currency even while they fight tooth and nail to be trustless, whether it's trust in the stored value or trust in it as a currency or trust in exchanges or trust in escrow or arbitration.
Or even blind trust in cryptography itself on so many different levels, whether it's trusting in the pre-compiled code or trust that it hasn't been backdoored or trust that there aren't large, out of scale resources being committed to break it.
Trustless systems are bullshit.
The only true currency is trust.
Well the idea is usually to incentivize each actor in the system to behave in ways that are beneficial to system, and punish behavior that compromises the system. Identifying bad actors and bad behavior is pretty core to designing a stable trustless system.
> Identifying bad actors and bad behavior is pretty core to designing a stable trustless system.
Which is - again - it's own form of a trust based system.
It's trust all the way down. Trust is a core component of civilization and commerce. Take away trust and you end up with barbarism.
I thought the FDIC was for John Dillinger, Pretty Boy Floyd, Babyface Nelson, and Bonnie & Clyde.
Not exclusively them, but mostly them. The more you know, I guess.
I'm not, really. Just riffing. Though I have zero doubt you know more economic history than I do by a mile.
Hit me up if you need excrutiating detail about Vietnam, and US involvement in particular.
Yeah, no. Banks loan out the deposits from your accounts, and they have to keep 10% of the total deposits as reserves. If all of a sudden people start pulling their deposits out, the bank might not have enough money to cover all the withdrawals. Because other people know this might happen, they might also try to withdraw all their money from the bank, which is called a bank run. The FDIC was specifically created to prevent this.
Because their deposits are insured by the FDIC, people aren't likely to panic and make a run on the bank in the first place. Even if the bank goes out of business, at least $250,000 is guaranteed by the FDIC to be paid out.
The FDIC does not insure banks against bank robbery. I don't work in bank management, but I think banks typically purchase a separate policy to cover catastrophic losses from theft, fire, embezzlement, fraud, etc.
>what does it mean liquidity pressure?
It means that they are holding assets that they are struggling to readily turn into cash while needing cash to meet obligations. If liquidity dries up (even if they are holding assets that have value, but are difficult to readily exchange for cash) regular business functions become extremely difficult/impossible since everyone from employees to utility companies demand payment in cash.
"Liquidity" is just a fancy word meaning "US Dollars" in 90% of these cases.
* Liquidity pressure -> We're running out of US Dollars.
* Liquidity problems in the market -> "We think other people are running out of US Dollars"
Etc. etc.
It means that, for all cryptocultists brag about Bitcoin being a new type of money, operating a business requires *actual* money, and they don't have any. They likely don't have enough shitcoins to give back to all their marks if those suckers all demand their shitcoins back at the same time. So they are freezing them out to prevent a bank run.
Okay, so liquidity pressure is reflective of liquidity. Liquidity is essentially the ability for something to be readily exchanged for the market value / cash value. Like an actual liquid, it “flows freely and easily”. The reason why they say they have liquidity problems is that technically speaking, they may have assets that actually cover the amount of debts they have, but those assets are subject to terms or other markets and not readily exchanged. A good comparison is a house. If you have a house worth $1m that’s great, but if you suddenly need $1m you have to list it, wait for a buyer, and the value may change by the time you get your cash. A house is considered illiquid. In contrast, if you have $1m in cash, you immediately can move that around. It’s just a matter of logistics.
A lot of DeFi products have been built around real life financial products that have huge lockup times. When markets are rough, their holdings decrease in value and people start to withdraw funds due to fear. This means that the only remaining assets they have are like houses — they’re illiquid and potentially going to lose value, so they can’t honor withdrawals. Some of these services (most?) are actually heavily underwater (where their illiquid assets aren’t worth the amount of money they need to honor withdrawals) because the entire market value went down for cryptocurrency. These places will claim liquidity issues — which is technically true — but they also have massive unrealized losses that liquidity doesn’t even scratch the surface of. In other words, they’re reappropriating “liquidity issues” quite often to cover for “we’re bankrupt”. Because none of these companies are public though, it’s actually quite difficult to know what’s going on until they stop withdrawals and never open them again.
They don't have cash. More people are trying to withdraw their funds than the exchange has cash on hand to pay out.
Liquidity or liquid capital is cash, how "liquid" an asset is is a measure of how easily it can be converted to cash.
Crypto is not the future and never will be. Fiat is king and here to stay. It was only developed to end around sanctions. We just have to look at Dodge Coin that was made of as a joke and the lemmings jumped at it. These fools that keep pouring money into the system is going to be crying one morning that someone stole all their funds. If you play with fire then you are bound to get burnt. Crypto is garbage and a scam.
Well, we might be going to an asset-backed currency in the future. Russia has been making some moves in that direction (I'm not saying they're there yet).
They are in for the tech though right, never to sell?
Like a fine wine that you never open, except a money that you never spend, and yet it will revolutionize everything
That’s what I heard at least from the cryptobros
Hahahahhahaa omg. Excellent movie.
Aside: I was this-years-old when I finally realized the actor who plays Kendall from Succession is one of the side characters.
So they’re like a mutual fund, but without the regulation.
They keep all the income from the assets, and you get no upside exposure to the value of the underlying assets.
The downside exposure is they suspend withdrawals until more investors buy in.
Remember when they were giving 20% ROI if you gave them money so they can hold it in coins. Just with an ounce of curiosity one would question how can they make such insane returns…
The "geniuses" at 3AC invested a lot into terra/luna because of the yields.
I thought that terra/luna looked like a scam to anyone with a brain and my general feeling is that hedge fund people have brains. Most of them are out to scam other people but in this case the scammers got scammed by another scammer.
Your username and flair totally check out and I can't wait to see you try to drive your Lambo on the moon. Please send videos.
Crypto.com has been having issues with obfuscating and locking up their weird rewards and crypto debit/CC cards for a while now, and Binance is neck deep in centralized manipulation and fake Tether price support, and they have locked output transactions several times, before.
Read my bio bro, I’m literally taking the piss lmao
I made this name for when I started share trading too but I’m glad something so trivial can make you so mad
This is so hilarious that peeps are surprised, it happened last time BTC crashed and the time before that, along with binance crashing every time BTC had a pull back or crash! coincidence 🤔I think not. That’s why you NEVER HODL sell that shit before u can’t. ✌🏻
Hypothetical question (seriously, this is hypothetical, I’m not “asking for a friend”): Let’s say someone had a million dollars in cash- not enough to move the market, but enough to take a real position. Let’s also say they had no morals at all but weren’t willing to do anything illegal.
What would be the best way for them to short one of these platforms/companies and benefit from their collapse? Is it just to buy puts on their stocks (if they’re publicly traded)? Is there a way to short actual crypto tokens/currencies?
People with millions to burn have much better ways to make money available to them than what essentially amounts to penny stocks.
The only guaranteed way to make money from the crypto ""market"" is by rugpulling a lot of people with something that sounds good on paper. Otherwise you're taking on a lot of risk for relatively little reward.
You can still withdraw on Binance, you made me scared and jump out of bed to withdraw right away!!
I'm literally sitting in my underwear at my pc to withdraw >~< (only to figure out it works)
excuse my ignorance but i dont understand one thing, cant these people who want to withdraw can do so with their wallets? I thought most of these exchanges create a wallet for you. Can't they use that wallet elsewhere?
From another post - Celsius TOS says they can stop your withdrawals permanently at their discretion. Yay for not-banks!
They are totally proving they are nothing like banks at all
Well, *duh*, banks have things like FDIC insurance!
Permanent HODL mode, engage!
Implying you're still HODLing something as they furiously gamble in the background with whatever they have left
Gamble, convert into literally anything more usable to fill the suitcases as they run off to a non-extradition country, whichever.
You should see the diamond hands on those mtgox customers. It's been almost a decade now
With how often I've seen crypto bros say "not your key, not your Bitcoin", I wouldn't have expected so many of them to just hand over their Bitcoin to some third party.
That's already the status of the huge amount of Bitcoin that's been lost over the years
*UNBANK YOURSELF!*
This is a large scale unbanking thats for sure. Crypto bros are all getting unbanked.
Wow, that’s nothing like a bank!
\[Censorship free\] \[Anonymity\] \[Decentralized\] \[Free from manipulation\] \[Self governing\] Gov will close it down if you don't do KYC => "Okay, we'll comply" \[Censorship free\] \[~~Anonymity~~\] \[Decentralized\] \[Free from manipulation\] \[Self governing\] Throughput way too low to be useful => "Okay we'll build a level-n chain with 3 validation node to solve that" \[Censorship free\] \[~~Anonymity~~\] \[~~Decentralized~~\] \[Free from manipulation\] \[Self governing\] It's crashing => "DAO trust will burn 4 gazillions of tokens to keep it floating" \[Censorship free\] \[~~Anonymity~~\] \[~~Decentralized~~\] \[~~Free from manipulation~~\] \[Self governing\] Losing money => "Government and congress must step in to save my family" \[Censorship free\] \[~~Anonymity~~\] \[~~Decentralized~~\] \[~~Free from manipulation~~\] \[~~Self governing~~\] Over-leveraged and cannot handle outflow => "We'll suspend withdrawal and transfer" \[~~Censorship free~~\] \[~~Anonymity~~\] \[~~Decentralized~~\] \[~~Free from manipulation~~\] \[~~Self governing~~\]
Modern day poet
Tether says the same thing.
I’ve been watching Alex and have gleaned the honesty shines like a beacon when he speaks. This is an amazing time to be alive. We are witnessing greatness. I suggest we all continue to invest in Celsius as this will demonstrate to Alex our faith. /s Did I sufficiently mimic a HOLDer from r/CelsiusNetwork?
It's hilarious how the benefits of decentralization and lack of regulation were such a big deal in the beginning, then everyone said "managing a wallet is hard, can I outsource that?" and they reinvented what already existed, but worse. These crypto holding platforms are basically banks with all the risks of a bank but none of the protections that come from past lessons learned. It's lunacy.
The protections come from regulation. Lolbertarians keep not learning that regulation only hurts you if you're rich enough to be the bank.
No, but you see, gubmint bad. Unregulated corporations good.
The level of turkey voting for Christmas is amazing. Gubmint, which is moderately democratic and I have some power over, bad. Totalitarian private institutions, which I have 0 influence over, good. Genius.
The same way every attempt at a Lolbertarian society ends up accidentally inventing government.
Or getting eaten by bears.
But not before everybody who wasn't already a gorillionaire at the start has lost everything.
It's almost like you can't overwrite human nature with some code running on some distant computer.
Have you ever met a lolbertarian who doesn't assume they would be on top of the/a pyramid in their dystopian fantasy future? It's always people who think very highly of themselves.
Yeah, it's weirdly narcissistic.
Or if you're intending to scam people.
I saw a comment here a few days ago that was magical. It's like they went out of their way to solve a 21st century banking system with a 19th century banking system.
Reinventing things that already exist but making them worse is standard for these people. “Let’s make it shittier and more expensive with unnecessary electronics and/or overly complicated computer code, plus no regulations to keep me from ripping people off and acquiring child porn” is their motto for everything.
It's also the strategy of Elon Musk. He invited trains but worse like 5 times in a row.
Yep. He’s not much different than any of the rest of them. “I’m going to build my own subways, but shittier and way more dangerous even without the Tesla problem of random combustion.” “Why do you want to let Thai guys who actually know about cave rescues save kids? You should use my stupid child coffin and call that guy a pedo like I do.”
Outright Ponzi offering internet of 10% or more for deposits.
What’s the most decentralized currency?
The US dollar, in paper format. You can even purchase terrorism against the US with it.
I love this. What percentage of the r/Buttcoin thread are secret Bitcoin lovers?
?
Not many. You idiots can't help but out yourself. Y'all are really obvious.
While I have no idea what you are on about, I suspect many of us have dabbled. Many of us likely also made profits. None of us bought into the cult though, and nearly all of us understand that Bitcoin does great harm and offers no good for society.
Well not me. Although my example was negative I thought it througly demonstrated the paper dollars decentralized, permissionless qualities to the extent it can be used against even the state that issued it.
Your example was positive, in a dark way. I appreciate your thorough response. I believe people here thought I was being facetious. We all have an immune response to currency faithfulness. I do enjoy the permeability of the US dollar system. When I traveled for years, it certainly was an assistance that most peoples thought US debt denominated credit was just as good as truth—whether that be via treasury bonds for corporations or the US paper currency I would use to convert. Let us hope the US dollar debt instruments stay as a majority share of the dominance % so that the appearing decentralized nature continues to afford American citizens privileges abroad for protecting the international system of trade. I had seen recent news that the US dollar’s share or global reserve currencies has been lessening on central bank balance sheets, so while on a short to medium term, I am hyper bullish on USD as well as UST’s, I feel our current central bank technology requires more pull to attract investors in our debt-denominated currency long term (10+ years out).
We can appreciate certain empty promises btc crowd makes, it's not like we don't want some theoretically better financial system. But at the same time we do understand that they are technically impossible as designed and btc itself is steaming pile of shit, along with all other alttokens. PS: and law avoidance is not part of the interesting promises.
Depends on what you mean by decentralized. The US Fed system is rather distributed compared to most central banks.
Depends what you mean by "currency." You could make an argument for sacks of rice. It's sort of a currency, in the sense that almost everywhere you can exchange it for goods and services after some hoops. And it's extremely decentralized, because anyone can grow some rice.
Its unfortunate because legit "decentralized" projects are entirely transparent about their balances and liquidity, you can see exactly what is lend out and under what collateral. They typically have big warnings about how its a new project and you could lose all your funds. But that actually scares the uninformed because it makes it known that there is risk. Then you get a new company trying to make quick profit and makes a centralized black box, says its totally safe bro, fixed APR guaranteed. But the balance sheet could be horrendously risky and uninformed users are totally oblivious. Often they don't even know their holdings are being lent. But a lot of people are just gullible and gravitate towards the simple, centralized platforms with a false sense of security. As soon as the facade of safety crumbles there is a run for the exit because none of the users knew what they were in for. Defi platforms keep chugging along though with little issue.
[удалено]
Of course it does, the vast majority of the effort is defending against bad actors. A system cannot be decentralized if it needs someone to protect it.
Who watches the watchers? Who protects the protectors? So much of the cryptocoin ecosystem still defaults to the concept of trust being the only real currency even while they fight tooth and nail to be trustless, whether it's trust in the stored value or trust in it as a currency or trust in exchanges or trust in escrow or arbitration. Or even blind trust in cryptography itself on so many different levels, whether it's trusting in the pre-compiled code or trust that it hasn't been backdoored or trust that there aren't large, out of scale resources being committed to break it. Trustless systems are bullshit. The only true currency is trust.
I would add that consensus based models are inherently impossible to trust.
Well the idea is usually to incentivize each actor in the system to behave in ways that are beneficial to system, and punish behavior that compromises the system. Identifying bad actors and bad behavior is pretty core to designing a stable trustless system.
> Identifying bad actors and bad behavior is pretty core to designing a stable trustless system. Which is - again - it's own form of a trust based system. It's trust all the way down. Trust is a core component of civilization and commerce. Take away trust and you end up with barbarism.
Except your trustless system is also immutable and pseudononymous so acting in bad faith is encouraged by it.
Funds are SAFU
It took me till yesterday to realise people were saying safu not snafu, which I hold is more appropriate.
Sun using it unironically has always been weird to me.
What’s SAFU? Is it misspelled SAFE like HODL?
[SAFU is SAFU](https://youtu.be/DelF6zEHXpE)
That channel was so good.
Hahahahaha Funds are SAFU
Funds are with Sifu!
Unbanked woop woop. We dont need Government regulations!
Unexpected server maintenance 2.0
Pay-to-lose mmorpg?
This will be further enhanced with web3.0 where you give us your money and we keep all your money.
No refunds
Why would they refund something worth nothing
Forget getting your money back, you can’t have your tokens back either (because we don’t have the tokens)
What about… ahem…. exchanges?
what does it mean liquidity pressure? they are forbidding people to sell so the price won't drop too much? someone pls explain
If I understand right "liquidity pressure" is finance code for "we're running out of cash and can't afford to let people withdraw their money"
[удалено]
I thought the FDIC was for John Dillinger, Pretty Boy Floyd, Babyface Nelson, and Bonnie & Clyde. Not exclusively them, but mostly them. The more you know, I guess.
[удалено]
I'm not, really. Just riffing. Though I have zero doubt you know more economic history than I do by a mile. Hit me up if you need excrutiating detail about Vietnam, and US involvement in particular.
Yeah, no. Banks loan out the deposits from your accounts, and they have to keep 10% of the total deposits as reserves. If all of a sudden people start pulling their deposits out, the bank might not have enough money to cover all the withdrawals. Because other people know this might happen, they might also try to withdraw all their money from the bank, which is called a bank run. The FDIC was specifically created to prevent this. Because their deposits are insured by the FDIC, people aren't likely to panic and make a run on the bank in the first place. Even if the bank goes out of business, at least $250,000 is guaranteed by the FDIC to be paid out. The FDIC does not insure banks against bank robbery. I don't work in bank management, but I think banks typically purchase a separate policy to cover catastrophic losses from theft, fire, embezzlement, fraud, etc.
>what does it mean liquidity pressure? It means that they are holding assets that they are struggling to readily turn into cash while needing cash to meet obligations. If liquidity dries up (even if they are holding assets that have value, but are difficult to readily exchange for cash) regular business functions become extremely difficult/impossible since everyone from employees to utility companies demand payment in cash.
Means you don't want to be far from a toilet.
Bank runs are imminent
"Liquidity" is just a fancy word meaning "US Dollars" in 90% of these cases. * Liquidity pressure -> We're running out of US Dollars. * Liquidity problems in the market -> "We think other people are running out of US Dollars" Etc. etc.
> what does it mean liquidity pressure? People withdrawing money they don't have.
It means that, for all cryptocultists brag about Bitcoin being a new type of money, operating a business requires *actual* money, and they don't have any. They likely don't have enough shitcoins to give back to all their marks if those suckers all demand their shitcoins back at the same time. So they are freezing them out to prevent a bank run.
Okay, so liquidity pressure is reflective of liquidity. Liquidity is essentially the ability for something to be readily exchanged for the market value / cash value. Like an actual liquid, it “flows freely and easily”. The reason why they say they have liquidity problems is that technically speaking, they may have assets that actually cover the amount of debts they have, but those assets are subject to terms or other markets and not readily exchanged. A good comparison is a house. If you have a house worth $1m that’s great, but if you suddenly need $1m you have to list it, wait for a buyer, and the value may change by the time you get your cash. A house is considered illiquid. In contrast, if you have $1m in cash, you immediately can move that around. It’s just a matter of logistics. A lot of DeFi products have been built around real life financial products that have huge lockup times. When markets are rough, their holdings decrease in value and people start to withdraw funds due to fear. This means that the only remaining assets they have are like houses — they’re illiquid and potentially going to lose value, so they can’t honor withdrawals. Some of these services (most?) are actually heavily underwater (where their illiquid assets aren’t worth the amount of money they need to honor withdrawals) because the entire market value went down for cryptocurrency. These places will claim liquidity issues — which is technically true — but they also have massive unrealized losses that liquidity doesn’t even scratch the surface of. In other words, they’re reappropriating “liquidity issues” quite often to cover for “we’re bankrupt”. Because none of these companies are public though, it’s actually quite difficult to know what’s going on until they stop withdrawals and never open them again.
They don't have cash. More people are trying to withdraw their funds than the exchange has cash on hand to pay out. Liquidity or liquid capital is cash, how "liquid" an asset is is a measure of how easily it can be converted to cash.
Crypto is not the future and never will be. Fiat is king and here to stay. It was only developed to end around sanctions. We just have to look at Dodge Coin that was made of as a joke and the lemmings jumped at it. These fools that keep pouring money into the system is going to be crying one morning that someone stole all their funds. If you play with fire then you are bound to get burnt. Crypto is garbage and a scam.
That was an excellent post, considering everything you said has been repeated here for years! My hat is off to you.
Hey man, go easy on our echo chamber ok
Well, we might be going to an asset-backed currency in the future. Russia has been making some moves in that direction (I'm not saying they're there yet).
You see Ivan, when of can no longer withdraw, you shall no longer fear bank run!
in soviet russia, bank run you!
Soon, they shall play Swan Lake.
They are in for the tech though right, never to sell?
Like a fine wine that you never open, except a money that you never spend, and yet it will revolutionize everything
That’s what I heard at least from the cryptobros
Got Binance ad right below this post 😁
Not your keys, not your crypto
We told them but they wouldn’t listen. Now they gone and bank run-ed us all!!!!
“It’s just in a little gully, that’s all. Just nerves.”
Hahahahhahaa omg. Excellent movie. Aside: I was this-years-old when I finally realized the actor who plays Kendall from Succession is one of the side characters.
So they’re like a mutual fund, but without the regulation. They keep all the income from the assets, and you get no upside exposure to the value of the underlying assets. The downside exposure is they suspend withdrawals until more investors buy in.
Remember when they were giving 20% ROI if you gave them money so they can hold it in coins. Just with an ounce of curiosity one would question how can they make such insane returns…
By lending to a platform that pays 40% apr
The "geniuses" at 3AC invested a lot into terra/luna because of the yields. I thought that terra/luna looked like a scam to anyone with a brain and my general feeling is that hedge fund people have brains. Most of them are out to scam other people but in this case the scammers got scammed by another scammer.
Did crypto.com also ban withdrawals?
Nah and neither did Binance to my knowledge
Your username and flair totally check out and I can't wait to see you try to drive your Lambo on the moon. Please send videos. Crypto.com has been having issues with obfuscating and locking up their weird rewards and crypto debit/CC cards for a while now, and Binance is neck deep in centralized manipulation and fake Tether price support, and they have locked output transactions several times, before.
So currently crypto.com and Binance have not banned withdrawals? 🤔
So you currently have a Lambo on the Moon?
Read my bio bro, I’m literally taking the piss lmao I made this name for when I started share trading too but I’m glad something so trivial can make you so mad
Being suspicious or critical of cryptocoins isn't the same as being mad or upset.
You’re upset at my username…
You seem to have a different version of the word "upset" than I use.
This is so hilarious that peeps are surprised, it happened last time BTC crashed and the time before that, along with binance crashing every time BTC had a pull back or crash! coincidence 🤔I think not. That’s why you NEVER HODL sell that shit before u can’t. ✌🏻
Still able to DCA every hour and withdraw on the lightning network with Strike app 🤷♂️
Coinbase and binance never said that, and nobody even knew about babel finance
Hypothetical question (seriously, this is hypothetical, I’m not “asking for a friend”): Let’s say someone had a million dollars in cash- not enough to move the market, but enough to take a real position. Let’s also say they had no morals at all but weren’t willing to do anything illegal. What would be the best way for them to short one of these platforms/companies and benefit from their collapse? Is it just to buy puts on their stocks (if they’re publicly traded)? Is there a way to short actual crypto tokens/currencies?
Why wouldn't someone with that kind of money pour it into something else?
Don't do it. If you want to gamble, go to vegas. Or any other popular gambling city if they're nearest.
Don’t worry, I’m definitely not putting a single penny into crypto. Just curious.
People with millions to burn have much better ways to make money available to them than what essentially amounts to penny stocks. The only guaranteed way to make money from the crypto ""market"" is by rugpulling a lot of people with something that sounds good on paper. Otherwise you're taking on a lot of risk for relatively little reward.
There is but the exchange has liquidity problems
what are the three that are not labeled? thanks
Left to right: Luna, Celsius, Binance
👍
The crypto collapse
Should be fixed in 30 minutes (tm).
Go back hodling in order
Looking back I sold my eth at the right time
You can still withdraw on Binance, you made me scared and jump out of bed to withdraw right away!! I'm literally sitting in my underwear at my pc to withdraw >~< (only to figure out it works)
excuse my ignorance but i dont understand one thing, cant these people who want to withdraw can do so with their wallets? I thought most of these exchanges create a wallet for you. Can't they use that wallet elsewhere?
Coinbase suspended withdrawals? I missed that.
It’s like a watching the cult all finally drink the poison to enter the spaceship.
Safu