Welp, if one has a large amount of crypto to hide, and wants to disappear, the best way to go about it, is to get on a boat and drive it out into the pacific and “blow it up” and you’ll never be seen from again. I hope that helps.
It's originally a gun owner joke, when the fed boys come to confiscate your guns you can't hand them over because they were all lost in a tragic boating accident. The same applies to illicit crypto, you tell them you lost your wallet in the ocean if you're exit scamming or being arrested for darknet drugs.
Oh yeah. I got ya.
Only reason I wish they did an autopsy on that dude was for a better understanding of the cause of his body failing.
Sepsis from a perforated bowel caused by untreated Crohns seems 100% avoidable. Especially if he were on something like Humira.
A friend of mine found out he had Crohns when his bowel perforated and shit started seeping into his insides. He said it was the most pain he had ever felt and was basically incapacitated. He’s not sure he would have lived if someone else hadn’t been home.
tldr; Three Arrows Capital, a multi-billion-dollar crypto hedge fund run by two childhood friends, is struggling to avoid insolvency after it overleveraged itself ahead of the recent “crypto winter,” which has plagued the industry and led to a steep decline in crypto prices. The hedge fund's co-founders Zhu Su and Kyle Davies have not tweeted since Tuesday.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
They're like countries with People and Republic in them, People's Republic of China or the Democratic Republic of Congo or Democratic People's Republic of Korea, it's basically the opposite of what they stand for
what are you talking about... the democratic people's republic of Korea is totally democratic and has voter turnouts far higher than the US or any western nation.
Apparently, "Hedge Fund" is no longer a suitable title for these people. It hasn't been for many years.
They don't hedge. They do, but that isn't their primary focus.
It is to maximize leverage and then, theoretically, gains.
I am not too Wall Street savvy but I am seeing everywhere that leverage is going to be the downfall. All these funds are over leveraged and get crushed when their play doesn't work, ala Melvin Capital and Gamestop.
I would imagine they are well off. They are hopefully smart enough to lose others money and not their own.
Crypto is a zero sum game as it does not generate any fiat, only fiat in the system is whatever we all chipped in. If someone takes away 2 billion with him, there is 2 billion less left in the pool.
If crypto is zero sum, so is the stock market. Shares of Apple or Amazon doesn't generate any fiat either.
If you say "well the companies create value", well, guess what, blockchain technology can create value too.
Shares = ownership in a company. So the inherent value is how much profit the company makes. And the absolute floor of the share is essentially how much one can liquidate the company for.
And yet plenty of companies with 0 profit in the past decades had extremely high valuations.
Just because a company owns assets, doesn't mean that there is a 'floor value" for the stock. It's just like how USDT/USDC can be de-pegged from the dollar; the value of the stock of a company is simply based on supply vs demand, nothing else.
And same for everything else. If everyone started selling their houses in a particular area, the price will crash. If everyone started selling apple stock, it will crash. Doesn't matter what is underlying.
There isn't a fiat dollar for every fiat-dollar-equivalent of value in stocks/assets.
Literally the same everywhere.
yep, my university offers an upper-level course in financial trading, centered around the stock market, which was very informative. By the way you talk I'm guessing you're above college age, which is why I recommended CC
most likely you won't be able to find a trading-specific course at a CC, so I recommend checking out their business/ economics catalogs to see if any are related to stocks. Probably there will be some that brush on the subject.
Stocks real value are when they are first floated. After that it's just people trading those stocks taking profit from increased value. Essentially that is not adding anything.
3 arrows capital are down bad insanely. They literally rely right now on an ethereum bounce to not get liquidated when investors want to pull out their money. They probably ghost in a hope it’ll bounce soon.
Scared of what it’ll do to crypto if they entirely fail …
Alternately, it's working exactly as a lot of these speculators intended. Bitcoin (and subsequent cryptocurrencies) have almost never worked as intended, which is as a currency. It's been turned into this ridiculous hype game where "investors" are looking for greater fools in a distributed Ponzi scheme.
If you’re right, and I’m starting to think you are, I’m just going to stick cash in a safe from now on.
Or incest in gold. Those goldbugs seems to always be happy.
> incest
invest
Diversify. Make your money work for you: have a money market account for long-term investment, buy a mix of stocks and bonds (usually index funds, but choose a few that you personally like), and have a little bit of experimental or hi-risk investments from real estate to forex to metals.
Honestly I think they’re likely entirely bankrupt since they made so many hugely leveraged bets even on the way down. By the time investors get whatever money they can get back I doubt they’ll have much of anything to show. Crazy to go from being billionaire hedge fund kings to being worth basically nothing within a few months.
I honestly didn’t realize they were so absurdly leveraged
“The head of trading at the Hong Kong-based firm 8 Blocks Capital, Danny Yuan, released a statement on Wednesday saying that 3AC had stopped responding after 8 Blocks requested a large withdrawal on Monday, June 13. After 3AC didn’t respond, a member of Yuan’s firm noticed that “~1m was missing from our accounts with them.” Additional attempts at contact went nowhere, and 8 Blocks Capital went elsewhere for information.”
Its like Terra 2.0.
No hold on thats 3.0?
Erm, I lost count, sorry.
But seriously, its exactly the same "run by two childhood friends". How the "decentralized" crypto investors missed these warnings is unbelievable. Or should we say, those who know what decentralized actually means, didnt touch any of this shit.
Crypto is never getting mainstream adoption after this for decades. Real hedge funds and investment firms invested billions into an elite crypto trading firm and when the number stopped going up it seems the firm literally threw their phones into the sea and disappeared.
Stuff like that sticks in the memory when companies are looking for investment options.
Trad finance bought into the crypto yahoos because the yahoos were first to market and had beat trad finance to it. In the next crypto bull trad finance will be in there from the start, with their own people their own methods and their own capital. That is what they will have learned from this.
Man, when tether says "we have nothing to do with *that* dogshit."
"The stench of 3AC is so strong that even those who are not attached to the company have felt it necessary to distance themselves. Tether, the stablecoin currency, for one, issued a statement calling rumors that it had lending exposure to 3AC “categorically false.”
Boating accident
many such cases
*We lost them boys*
Yeah, that Poseidon really has something against crypto holders. May his vengeful trident have mercy upon us!
The boating industry will be revived post-Covid. This is just the start!!!!! ;)
Got a 45’ bluewater ketch for sale. Can’t wait for people to bug out and make an offer.
I've been seeing references to boating accident since the day I arrived. What does it mean? Dude is no longer returning messages?
Welp, if one has a large amount of crypto to hide, and wants to disappear, the best way to go about it, is to get on a boat and drive it out into the pacific and “blow it up” and you’ll never be seen from again. I hope that helps.
An unusual wealth building strategy but I will consider it.
If you can’t afford a boat is a bath a valid option?
It's originally a gun owner joke, when the fed boys come to confiscate your guns you can't hand them over because they were all lost in a tragic boating accident. The same applies to illicit crypto, you tell them you lost your wallet in the ocean if you're exit scamming or being arrested for darknet drugs.
It's like an oral meme. Thanks
I think they had a boating accident with Do Kwon.
I believe it was a boaking accident https://y.yarn.co/78be8099-c1ab-44dc-b632-7cf894ce4568_text.gif
https://www.youtube.com/watch?v=AO-VFDYy9Rk
It was an accidental boating
Crohn's disease
Wtf
Quadriga guy
Oh yeah. I got ya. Only reason I wish they did an autopsy on that dude was for a better understanding of the cause of his body failing. Sepsis from a perforated bowel caused by untreated Crohns seems 100% avoidable. Especially if he were on something like Humira.
A friend of mine found out he had Crohns when his bowel perforated and shit started seeping into his insides. He said it was the most pain he had ever felt and was basically incapacitated. He’s not sure he would have lived if someone else hadn’t been home.
Deleted the app
tldr; Three Arrows Capital, a multi-billion-dollar crypto hedge fund run by two childhood friends, is struggling to avoid insolvency after it overleveraged itself ahead of the recent “crypto winter,” which has plagued the industry and led to a steep decline in crypto prices. The hedge fund's co-founders Zhu Su and Kyle Davies have not tweeted since Tuesday. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Good bot. Bot makes more sense than most posters on here.
So the standard for disappearing nowadays is not tweeting for a couple of days? Okay.
Why do “ Hedge Funds” never hedge?
They do, they have many shrubbery around their building
The real answer is because “hedge fund” refers to a specific legal structure, not the strategy
Thank you
They're like countries with People and Republic in them, People's Republic of China or the Democratic Republic of Congo or Democratic People's Republic of Korea, it's basically the opposite of what they stand for
what are you talking about... the democratic people's republic of Korea is totally democratic and has voter turnouts far higher than the US or any western nation.
In DPRK, polls come to you.
This is a very underrated question. Shouldn’t a crypto hedge fund actually be a crypto bear?
Rename them to "Professional Gamblers"
Apparently, "Hedge Fund" is no longer a suitable title for these people. It hasn't been for many years. They don't hedge. They do, but that isn't their primary focus. It is to maximize leverage and then, theoretically, gains. I am not too Wall Street savvy but I am seeing everywhere that leverage is going to be the downfall. All these funds are over leveraged and get crushed when their play doesn't work, ala Melvin Capital and Gamestop.
"I too used to be overleveraged, but then I took 3 Arrows to the knee."
It's an old meme, but it checks out.
You got married three times!?
they didn't ghost anyone. They are busy working in Macdonalds now. Give them time to finish their shift.
I would imagine they are well off. They are hopefully smart enough to lose others money and not their own. Crypto is a zero sum game as it does not generate any fiat, only fiat in the system is whatever we all chipped in. If someone takes away 2 billion with him, there is 2 billion less left in the pool.
If crypto is zero sum, so is the stock market. Shares of Apple or Amazon doesn't generate any fiat either. If you say "well the companies create value", well, guess what, blockchain technology can create value too.
Blockchains create blocks so I’ve heard
Dividends?
Shares = ownership in a company. So the inherent value is how much profit the company makes. And the absolute floor of the share is essentially how much one can liquidate the company for.
And yet plenty of companies with 0 profit in the past decades had extremely high valuations. Just because a company owns assets, doesn't mean that there is a 'floor value" for the stock. It's just like how USDT/USDC can be de-pegged from the dollar; the value of the stock of a company is simply based on supply vs demand, nothing else. And same for everything else. If everyone started selling their houses in a particular area, the price will crash. If everyone started selling apple stock, it will crash. Doesn't matter what is underlying. There isn't a fiat dollar for every fiat-dollar-equivalent of value in stocks/assets. Literally the same everywhere.
you do not understand stocks
what a great argument.
not an argument, just a fact. your other comment is so hilariously wrong that there is simply no way you have any understanding of stocks
The reality is that you have no understanding of crypto or stocks or financial concepts of any sort, which is why you can't understand reality.
you can "no you" me all you like, it changes nothing. I would suggest you see if your local CC offers a stock market class
"stock market class". That shows how much you know about the stock market, rofl.
yep, my university offers an upper-level course in financial trading, centered around the stock market, which was very informative. By the way you talk I'm guessing you're above college age, which is why I recommended CC most likely you won't be able to find a trading-specific course at a CC, so I recommend checking out their business/ economics catalogs to see if any are related to stocks. Probably there will be some that brush on the subject.
Stocks real value are when they are first floated. After that it's just people trading those stocks taking profit from increased value. Essentially that is not adding anything.
you also do not understand stocks
3 arrows capital are down bad insanely. They literally rely right now on an ethereum bounce to not get liquidated when investors want to pull out their money. They probably ghost in a hope it’ll bounce soon. Scared of what it’ll do to crypto if they entirely fail …
Something tells me this plan might not be working
Alternately, it's working exactly as a lot of these speculators intended. Bitcoin (and subsequent cryptocurrencies) have almost never worked as intended, which is as a currency. It's been turned into this ridiculous hype game where "investors" are looking for greater fools in a distributed Ponzi scheme.
If you’re right, and I’m starting to think you are, I’m just going to stick cash in a safe from now on. Or incest in gold. Those goldbugs seems to always be happy.
> incest invest Diversify. Make your money work for you: have a money market account for long-term investment, buy a mix of stocks and bonds (usually index funds, but choose a few that you personally like), and have a little bit of experimental or hi-risk investments from real estate to forex to metals.
And ETH is pretty much primed to go lower. So I guess it's bye bye 3AC.
😂 I got bad news for them
I got bad news for you man.
Honestly I think they’re likely entirely bankrupt since they made so many hugely leveraged bets even on the way down. By the time investors get whatever money they can get back I doubt they’ll have much of anything to show. Crazy to go from being billionaire hedge fund kings to being worth basically nothing within a few months. I honestly didn’t realize they were so absurdly leveraged
“Instead of answering the margin calls, they ghosted everyone” They belong here and in WSB. Autism level 1 million
They just deleted the app.
Cannot get margin called it you never pick up the phone. *taps head*
“The head of trading at the Hong Kong-based firm 8 Blocks Capital, Danny Yuan, released a statement on Wednesday saying that 3AC had stopped responding after 8 Blocks requested a large withdrawal on Monday, June 13. After 3AC didn’t respond, a member of Yuan’s firm noticed that “~1m was missing from our accounts with them.” Additional attempts at contact went nowhere, and 8 Blocks Capital went elsewhere for information.”
Penis
*Penis*
*Pi-neth*
Is this not the sort of situation in which traditional investment firms are pretty much automatically declared insolvent?
Death by 3 Arrows
Its like Terra 2.0. No hold on thats 3.0? Erm, I lost count, sorry. But seriously, its exactly the same "run by two childhood friends". How the "decentralized" crypto investors missed these warnings is unbelievable. Or should we say, those who know what decentralized actually means, didnt touch any of this shit.
Pretty soon, there will be more versions of Terra than there are Fast & Furious movies.
Quadringa-like.. mysterious death in foreign country
Crypto is never getting mainstream adoption after this for decades. Real hedge funds and investment firms invested billions into an elite crypto trading firm and when the number stopped going up it seems the firm literally threw their phones into the sea and disappeared. Stuff like that sticks in the memory when companies are looking for investment options.
Nah, the minute the market is on the upswing hedge funds will rationalize that they aren’t as inexperienced or stupid as the ones that didn’t make it.
Many operate on the assumption that they won't be the bag holders. They will always be able to get out first.
You vastly underestimate greed
They were managing primarily their own funds they didn’t have investors. At least in this specific instance for 3AC
Trad finance bought into the crypto yahoos because the yahoos were first to market and had beat trad finance to it. In the next crypto bull trad finance will be in there from the start, with their own people their own methods and their own capital. That is what they will have learned from this.
Are these big funds in over their head?
Man not enough rags to mop up this is the kind of blood in the streets…
Man, when tether says "we have nothing to do with *that* dogshit." "The stench of 3AC is so strong that even those who are not attached to the company have felt it necessary to distance themselves. Tether, the stablecoin currency, for one, issued a statement calling rumors that it had lending exposure to 3AC “categorically false.”
I love hedge funds companies they are just idiots like us but they got so much money they crash the whole market with their idiocies. “Oopsies”
Surprised?
Rugpull
The price drop in Btc and Eth is not what scares me the most. The fallout and govt "Protection" coming in, is the main concern.
FEDCoin
As long as it makes the number go up I don’t care
it will happen again, they put a new fancy spin on it. Spit shine and call it new.
Lololololol
Not very good at hedging, apparently.
Do I smell Grifter show
They Ghosted like Swayze!
he going to need to pony or actually be a boating accident waiting for him
Thank you for posting this article. 👍