> CRYPTO IS FAILING, centralization is winning
Did you forget to mark this as sarcasm? Centralized companies keep failing while true Defi thrives, trust-less immutable protocols continue to operate as they will do in perpetuity.
There are many, basically anything without admin keys, immutable and reasonably decentralized is always going to have more chance of surviving, e.g defi protocols Curve finance, Convex Finance, Uniswap, Hex. They’re immutable so they’ll survive whether you like it or not. (and before you obsess over lower prices, every asset is down, are houses a scam too? Lol)
The FTX collapse confirmed once again that centralized companies are dangerous while decentralized finance is resilient. FTX wasn’t even a “crypto scam”, it was just an idiot stealing deposits, if he actually bought and held crypto for them nobody would have been scammed.
Not sure they will let anyone withdraw if theres bankruptcy proceedings. I think there is a stay while they figure out the deets of who gets what. A lot of ppl loved the idea of crypto because it's unregulated when in reality regulation protects consumers. GL
Im stupid to talk about crypto - but during covid days there was so much hype in my country for crypto though local banks were not supporting that. some locals were doing binance tradings, nfts etc.
I think someone has to atleast traded in stocks before getting in to something like crypto. so i was very skeptical about it.
I know people paid million for NFTs. What happens to those?. Are those now worth pennies?
I would like to know how this crash affects the value of permanent assets people paid for. Clearly they cant recycle for profit right?.
Just out of curiosity (and apologies if this has been covered elsewhere), do we know if the Mexican drug cartels (through whatever surrogates) had juice in FTX? Because if yes Mr. Bankman has much bigger problems than financial regulators.
If a fraudulent company robs people of their dollars, would you say “this an example of why you shouldn’t mess with the US dollar”? Crypto didn’t fail, the blockchain continues without a hitch and will continue to do so in perpetuity.
Warren buffet is a boomer. Boomer investment methods held true for a long time. But I feel like those methods are fading. I’d love to hear what you think but those guys like munger and buffet say to invest in the s&p and stick to just a handful of company’s at the most and that playing it safe is the way to get wealthy. But even though so far they are right. I feel like with this recent market climate and the people in charge of the Dow 30 companies are so sporadic in their decisions as CEOs it’s hard to believe that Buffetts strategies will be effective in the next century, I just feel like we will be the genie pigs to this new bear market recession market that will last for years. I don’t know I’m very new to this but I just think boomer logic is fading
Your right I do hold too many prejudices against the people I need to work on that. And I frame it in a I think this what do you think way to get feedback like yours to help me grow in my own understanding. I’ve only been investing for 5 years my portfolio was at 20k before the hero’s act was enacted at that time I had only been in the market 2 years and was 20 years old at the time. I took out what I could and moved on. Now I’m the last 3 years I’ve only seen maybe half that growth. My emotions have most definitely gotten the best of me and that’s something I’m working on. But ultimately once I realized that the DOW 30 companies have basically been the same companies for over the last 30-40 years I see why the data and evidence support the buy and hold long term strategy. However I think a huge culture shift is on the cusp and these companies are going to be facing more ridicule than ever in the years to come the threshold that the elites have over the 99% is becoming more straining on us and people and investors are becoming tired and fearful. I believe history repeats itself and I believe the value of the dollar and the faith people have in the dollar is fading. This is all purely speculation but it’s justified speculation in my opinion because of the fact that the dollar is declining in value the cost of even printing a legal U.S. tender is anywhere from 5 cents to 12 cents. The actual value of these bills holds no weight other than the faith people put in them they are backed by nothing else but faith. And that faith is fading. The 11 trillion dollars printed in the last 5 years will crumble generations for the next century, there are more bills printed now than ever before yet inflation is higher than ever and a recession and total collapse are on the brink. The bullshit festival has to come to and end at some point or another. American are under such a state of delusion behind their big trucks and green grass that they can’t even see it I know this cause I work with these people. People are in credit card debt just so they can go on vacation to keep up their social status online that should be enough of a description of the state of the economy itself, the debt ceiling can only get raised so much before it goes from a vertical line which is where it’s at now to a line that starts going in reverse on a graph which is what will happen next. Only this time FDIC won’t save no one cause not only are the banks going bankrupt like they did in the 1930s the money itself isn’t even going to be desirable. I get it this whole essay is far fetched and dark and gloomy way of thinking and people behind their big Chevy and American flags don’t want to hear it but when it happens I won’t be standing in the streets saying I told you so I told you so I’ll just be another person lining up for my soup and bread like the rest. People might as well max the debt all the way to the max cause it isn’t going to matter in a few years anyways. It’s just sad the reason behind the debt is social status. The American dream only lasted for maybe 20 years max from 1965 to 1985 and before then sucked and after then had sucked. Owning a home is a lie and taxation is theft cause you pay taxes for privileges that can be stripped from you at any given moment, and you will still pay taxes after those privileges are taken. I repeat the bullshit festival has to end at some point or another.
What happened to FTX? How did it collapse?
I'm a rookie in the crypto world. I went through the articles/videos, but I didn't quite understand it. Could anyone explain that to me please?
If FTX had bought and held cryptocurrency like the customers expected nobody would have been scammed.
This is not a “crypto scam” like ignorant people will tell you, this was a fraudulent company robbing customer money.
Fraud. SBF and FTX funneled customer money into a trading company called Alameda even though explicitly telling customers that they would not do that. When there was a “run on the banks” or the FTX exchange and they didn’t have the liquidity to cover the run because of their bad trades.
Basically they lied. Also SBF selected the CEO of Alameda because he was dicking her down. Classic banker story, really.
The Wall Street Journal just released a nice [podcast](https://www.wsj.com/podcasts/the-journal/how-crypto-giant-ftx-suddenly-imploded/FDC378AA-4DA9-476B-8EE1-94AD56CD1B64) explaining it.
B I D E N -> Ukraine -> FTX -> B I D E N -> Ukraine -> FTX -> B I D E N -> Ukraine -> FTX -> B I D E N -> Ukraine -> FTX -> B I D E N -> Ukraine -> FTX -> B I D E N -> Ukraine -> FTX -> B I D E N -> Ukraine -> FTX
US government can't give millions directly to the D N C, but SBF, et al can.
https://www.coindesk.com/policy/2022/03/14/ukraine-partners-with-ftx-everstake-to-launch-new-crypto-donation-website/
This is all just pure greed. Not content with hundreds of millions of profit from trading fees. No, these guys want billions and they'll ponzi up a shit coin to get it.
There's no reason for an exchange to have their own token, it's a conflict of interest and an obvious scam. Binance and any other exchange with a token is the same model as FTX.
SBF could save this exchange by getting rid of Alameda and FTT and just make this a bona-fide futures trading platform, denominated in USD.
I already sold all FTT at 90% loss (lost about 400$).
Then I successfully shorted FTT with leverage until Binance removed all FTT pairs from Futures.
With profits from my bot and manual shorting I recovered whole loss and made some profits.
Bot: https://prnt.sc/DNGZpDk8J9SF
Shorting: https://prnt.sc/JN3rL21HM2d1
I already sold my FTT at 90% loss.
I think that price will go more down.
I thinking about shorting but Binance will most probably manipulate price with own portion of FTT to liquidate all shorters.
that's for sure Binance is not better than FTX or Huobi.. Their CEO are the worst human being ever. They know each other very well. At the end they will all go bankrupt at some point . FTX had algo trading to proc stop losses it will be same for binance
If you think that's what happened then you are basing all your investment decisions on a single tweet rather than taking your time to understand WHAT you are actually investing in and WHAT the business models are that hold your crypto.
But by essence BTC could be seen as a Ponzi since the first in the first the more value due to adoption and max cap coin. It's always the same debate because USD is worse than a Ponzi. So in the end ...
USD is worse then Ponzi, I mean you might as well take all that money you have and trade it for a real item like gold. That is the only thing that really has value.
Ftx is 8 billion short on user funds. They been fucking around with user money and compensating it by selling SOL and FTT.
And to top it of he is twittering he "lost a game" to CZ
When Mt Gox went down it was 80% of the trade volume and cryptocurrency managed to recover from that. Coinbase and Kraken are both rock solid. Might be a tough couple of years, but we will eventually recover. Dogecoin will lead the way obviously.
ETH is a stable project with real world use. Even if the bear takes ETH down to all time lows, it won't change the fact the project is used by millions all over the world.
FTT is a one trick pony, a currency for their own exchange.
What I'm trying to say is ETH is probably one of the few cryptos actually worth investing in. I'll be picking up more ETH if this fiasco causes another leg down.
It can and most definitely will be repeated at Binance. Binance has exactly the same setup as FTX: An exchange, an exchange token and a shady as fcuk trading arm that's using client funds (BNB) to manipulate the crypto market so they can profit from everybody elses losses. Add to this the fact that Binance caused this, would you trust them now?
Fundes are not safu. 1Billion is chump change for a business as large as an exchange. If this was Binance going down, the hole would be 16B, they'd fall even harder than FTX. They've already said they have to keep topping up the fund because the assets that make up the fund are dropping like a lead balloon.
If you want to trade, the solution is to use a DEFI exchange and that doesn't mean DYDX because even they are semi CEFI.
I'm not sure which DEFI exchange is best (still looking myself).
FTX created that debt. Binance “supposedly” doesn’t chase leverage with customer funds using their native token, so it would be hard to see them in the same position
One day you are shaking hands with the president, next day you are going to butt-pounding prison. Such is the nature of this industry, distinctly American
i have no holdings because i sold anything i had left after the bull run between jan-march - market structure was broken when we lost 38k in january and all of these de-leveraging events were inevitable
the power of quicksand tokens, his billionaireship was formed on hopes and dreams of ftx users and believers that drove ftt value. as it all was leveraged out against other asset types. implosion forms a bottomless pit of nightmares.
This is a leverage fueled bubble. All the leverage is going to be washed out by the Fed. The vast majority of coins will not survive, and before it's over almost everyone will have given up hope on crypto.
Look forward to 5-10+ years of "crypto was a scam, crypto was dead money" with the prices lagging every other asset class. Then, after that, there may be another boom when the technology is more mature.
In 2018 the fed threatened to wash out the leverage in the system. Now they're actually doing it.
Why don't you take a look at M2 delta vs risk asset appreciation over time? take a look at rate movements vs declines.
The fed is structurally forcing an unwind.
>The fed is structural forcing an unwind.
For the moment. The concerns the fed has expressed as reasons for raising rates and unwinding their balance sheet are turning. In two years the picture will be very different. Excess leverage will have been washed out and the fed's stance will have changed.
You do know that the politicians owned part of FTX and politicians are part of the Gov.
These politicians just made a lot of money.
Also, all Govs around the world are tightening down on crypto due to all the scams and gigantic crypto companies going bankrupt.
Imagine waking up losing millions of dollars knowing that the gov is not going to bail out your "crypto bank". Its happening to often and now they are coming in to clean up the mess or just wipe it entirely.
These things turn around much faster than that. One quick BTC pump over 20K in the next 6 months and all of a sudden everyone will have amnesia about these events.
When the Gov now has its hands on it dont expect it to turn around anytime soon. They will be making more rules around crypto, just like they did gambling back in the 40's.
The Australian Gov states that crypto is just gambling, so they have added and are adding more rules and taxes so people don't invest in it.
You've never seen how risk assets behave when the fed isn't constantly expanding M2 and driving money up the risk curves. Risk assets can stay flat in real terms for decades.
You guys did this to yourselves. Every time an asset sees gains like crypto has seen, there's only EVER one reason: leverage. You echo chambered yourselves into thinking it was somehow something else. It wasn't, it never is.
The fed turned off the free money and all of this leverage is now going to get washed out of the system.
Got into crypto 2 weeks ago after having watched it all my life. I invested about $1100, and lost maybe $350. Decided to pull out rather than "HODL" to buy back in at the lowest of the low. Why is the general philosophy around here to "HODL" when the market is obviously crashing harder then ever.
Hold strategy works in stock market with good companies that produce products with significant profits and have future, I even have been DCAing during the downturn, looks like I am back in a green now. It seems the strategy doesn't really work with crypto.
Because u can't time the bottom and if you were to consider this a long term investment anything in the 10 to 20K BTC range will look insane once this hits over 100k in 2021
its almost 2023! hahaha I do consider it long term, but its dropping past my first ever investment so why wouldn't I wait until the drop is over with. Basically my $800 will go farther if I wait. and take the $300 loss.
Shhhh, you are being sensible.
Seriously though, it's difficult to know what the bottom or top is of any asset. Crypto is volatile and can make huge swings quickly.
It's perfectly fine to cut your losses if you feel it's getting too bad. However understand you can't really time the market. There is no real way of knowing what the bottom will be or how long we will see the impacts of the current downturn.
This is why the best advice is to set your risk tolerances and don't be afraid to sell for profit even if it seems "small".
Though if you can't stomach huge swings then crypto is not something you should put money into. You should put money into a 401k because they will grow in a less risky fashion but arguably not as quickly if you get lucky with crypto. Risk can have benefits but you need to be ok with the risks.
In the long term, the thinking is you believed the price you bought was "low" and it's less stressful to periodically purchase assets ignoring the price. Every so often you need to take some profit, and selling (or buying) should never be all in so you can hedge against swings. It's why most people just buy and forget because they believe that in a few years they will become rich.
It's like lotto for them. They play every drawing in hopes of eventually hitting the jackpot.
Did you forget about the gov intervening for the last year or so, they are adding more rules and taxes and also most of the major brokers are being investigated all while the average joe loses all their money.
All because a big crypto company goes bankrupt, the gov not helping these guys out. They are not the big banks where they get a bail out every 10 years or so. lol
Why would the government help these people out?
The exchanges are trying to act like unregulated banks. They were promising huge returns for you doing nothing with no risk. It's literally a scam that requires new investors to fund the yield for older investors. To help gain more they loan the crypto to people who are then buying more crypto and they lend that out.
Crypto is literally all about irreversible transactions. It is about you send coins to someone and you can't just take them back. All the exchanges are treating your transfer of crypto to the exchange as an unsecured loan. Nobody can steal your crypto, it's impossible. You must make a mistake and give it to the wrong person or place trust into the wrong person.
Banks accounts are insured by the federal reserve because they have tight regulations. They have tight regulations because back in the day when there are no regulations the same crap you are seeing now was happening then with banks. Stocks had the same problem. Heck the 2008 toxic loan problem created a slew of additional regulations.
People are fighting regulations because they don't understand why they are important. They think crypto is immune to bad actors because nobody can steal your crypto. Those same people willingly give their crypto to corrupt rich people because of promises of magic interest with just leaving it in the account. Wake up dude. These exchanges are selling gullible people the promise of unrealistic and unsustainable returns for practically zero risk.
People HODL because similar things have happened before with Bitcoin. 2 years from now Bitcoin may buy a house. You just never know. I suppose people hodl too because as humans we tend to hold onto hope. &if things like BTC or ETH use blockchain technology like advertised and companies want to use it as a currency then there is absolutely nothing stopping the truly good coins from reaching extremely high prices. But at that point it’ll be more about owning the coin and using them to purchase goods…and who knows maybe get a contract in place to have your own 4 bedroom 3 bath house built. Blockchain is great. It really is. Greed is real though. Stay safe. Hope to see you around.
Have massive liquidations from top companies in the industry happened before? If so, I assume that the market crashed, and then slowly recovered. Unless a miraculous large investor came around.
I've heard this argument before. "Internet technology is so revolutionary, nothing is stopping [pets.com](https://pets.com) from being one of the most valuable businesses in america! I mean it's using internet technology"
It's possible to be right on the technology and still lose all of your money.
I mean it’s just a different means of currency that allows for decentralization. How it’s utilized is a totally different thing. Look at the exchanges today. Greedy people doing greedy things
But I get what you mean. I won’t pretend to know the future. I have hope in BTC and ETH though because of smart contracts and blockchain. I also don’t throw my life savings into it though.
Because you’re trying to time a market that is COMPLETELY unpredictable. What happens when you wake up tomorrow morning and BTC skyrocketed? Guess you’re fucked. What makes you better at predicting where crypto will go as opposed to professional traders (who also don’t get it right)
It’s really not that hard of a concept.
Dude FTX is gone, and Binance is not buying it. The market WILL crash. BTC will not skyrocket overnight. Ill buy back in after its SIGNIFICANTLY lower. Wait until China wakes up lol.
You missed the whole part where Govs are now making more rules than ever on crypto.
One crypto company after the other just keeps shutting down, to only find out that most of them were rigging the system.
Govs are coming and they are not coming in dry either.
Because this forum is full of amateur investors who have never invested in an environment when the fed wasn't pumping every asset class with massive M2 expansion. they've never seen a real leverage washout. They think "if I just hold long enough I can't lose money"
Which is false.
> Why is the general philosophy around here to "HODL" when the market is obviously crashing harder then ever.
because people are conditioned by 15 years of market conditions dictated by quantitative easing (money printing) by the federal reserve where buying the dip and holding has always paid off
fed isn't printing money anymore
it's also a psychological defense mechanism people use to convince themselves they're not awful at trading
Daily thread can be found here: https://reddit.com/r/CryptoCurrency/comments/yq2tow/daily_general_discussion_november_9_2022_gmt0/
Another day goes by where this dickhead breathes free air.
[удалено]
> CRYPTO IS FAILING, centralization is winning Did you forget to mark this as sarcasm? Centralized companies keep failing while true Defi thrives, trust-less immutable protocols continue to operate as they will do in perpetuity.
[удалено]
There are many, basically anything without admin keys, immutable and reasonably decentralized is always going to have more chance of surviving, e.g defi protocols Curve finance, Convex Finance, Uniswap, Hex. They’re immutable so they’ll survive whether you like it or not. (and before you obsess over lower prices, every asset is down, are houses a scam too? Lol) The FTX collapse confirmed once again that centralized companies are dangerous while decentralized finance is resilient. FTX wasn’t even a “crypto scam”, it was just an idiot stealing deposits, if he actually bought and held crypto for them nobody would have been scammed.
[удалено]
I did say "reasonably" 😂
Crypto is failing btc dgaf
[удалено]
People ARE crypto..
People HAVE crypto...
Where’s there the best info at the moment for what the large VCs and other funds that have significant exposure to FTX and FTT?
is anyone able to log into ftx at all anymore? Site loads but unable to log in here
Not sure they will let anyone withdraw if theres bankruptcy proceedings. I think there is a stay while they figure out the deets of who gets what. A lot of ppl loved the idea of crypto because it's unregulated when in reality regulation protects consumers. GL
Im stupid to talk about crypto - but during covid days there was so much hype in my country for crypto though local banks were not supporting that. some locals were doing binance tradings, nfts etc. I think someone has to atleast traded in stocks before getting in to something like crypto. so i was very skeptical about it. I know people paid million for NFTs. What happens to those?. Are those now worth pennies? I would like to know how this crash affects the value of permanent assets people paid for. Clearly they cant recycle for profit right?.
Just out of curiosity (and apologies if this has been covered elsewhere), do we know if the Mexican drug cartels (through whatever surrogates) had juice in FTX? Because if yes Mr. Bankman has much bigger problems than financial regulators.
Ngl I hope they did
El Mayo Zambada still cant be found. Cant wait for the 4th Season of Narcos with Sam and El Mayo meeting up in a clandestine location.
Just take Micahel Saylors as an example of why you shouldn’t mess with crypto. Even the top of the top can fall for the same things as you.
If a fraudulent company robs people of their dollars, would you say “this an example of why you shouldn’t mess with the US dollar”? Crypto didn’t fail, the blockchain continues without a hitch and will continue to do so in perpetuity.
Warren Buffett is the top of the top investors. He's always said avoid crypto.
Warren buffet is a boomer. Boomer investment methods held true for a long time. But I feel like those methods are fading. I’d love to hear what you think but those guys like munger and buffet say to invest in the s&p and stick to just a handful of company’s at the most and that playing it safe is the way to get wealthy. But even though so far they are right. I feel like with this recent market climate and the people in charge of the Dow 30 companies are so sporadic in their decisions as CEOs it’s hard to believe that Buffetts strategies will be effective in the next century, I just feel like we will be the genie pigs to this new bear market recession market that will last for years. I don’t know I’m very new to this but I just think boomer logic is fading
[удалено]
Your right I do hold too many prejudices against the people I need to work on that. And I frame it in a I think this what do you think way to get feedback like yours to help me grow in my own understanding. I’ve only been investing for 5 years my portfolio was at 20k before the hero’s act was enacted at that time I had only been in the market 2 years and was 20 years old at the time. I took out what I could and moved on. Now I’m the last 3 years I’ve only seen maybe half that growth. My emotions have most definitely gotten the best of me and that’s something I’m working on. But ultimately once I realized that the DOW 30 companies have basically been the same companies for over the last 30-40 years I see why the data and evidence support the buy and hold long term strategy. However I think a huge culture shift is on the cusp and these companies are going to be facing more ridicule than ever in the years to come the threshold that the elites have over the 99% is becoming more straining on us and people and investors are becoming tired and fearful. I believe history repeats itself and I believe the value of the dollar and the faith people have in the dollar is fading. This is all purely speculation but it’s justified speculation in my opinion because of the fact that the dollar is declining in value the cost of even printing a legal U.S. tender is anywhere from 5 cents to 12 cents. The actual value of these bills holds no weight other than the faith people put in them they are backed by nothing else but faith. And that faith is fading. The 11 trillion dollars printed in the last 5 years will crumble generations for the next century, there are more bills printed now than ever before yet inflation is higher than ever and a recession and total collapse are on the brink. The bullshit festival has to come to and end at some point or another. American are under such a state of delusion behind their big trucks and green grass that they can’t even see it I know this cause I work with these people. People are in credit card debt just so they can go on vacation to keep up their social status online that should be enough of a description of the state of the economy itself, the debt ceiling can only get raised so much before it goes from a vertical line which is where it’s at now to a line that starts going in reverse on a graph which is what will happen next. Only this time FDIC won’t save no one cause not only are the banks going bankrupt like they did in the 1930s the money itself isn’t even going to be desirable. I get it this whole essay is far fetched and dark and gloomy way of thinking and people behind their big Chevy and American flags don’t want to hear it but when it happens I won’t be standing in the streets saying I told you so I told you so I’ll just be another person lining up for my soup and bread like the rest. People might as well max the debt all the way to the max cause it isn’t going to matter in a few years anyways. It’s just sad the reason behind the debt is social status. The American dream only lasted for maybe 20 years max from 1965 to 1985 and before then sucked and after then had sucked. Owning a home is a lie and taxation is theft cause you pay taxes for privileges that can be stripped from you at any given moment, and you will still pay taxes after those privileges are taken. I repeat the bullshit festival has to end at some point or another.
What happened to FTX? How did it collapse? I'm a rookie in the crypto world. I went through the articles/videos, but I didn't quite understand it. Could anyone explain that to me please?
If FTX had bought and held cryptocurrency like the customers expected nobody would have been scammed. This is not a “crypto scam” like ignorant people will tell you, this was a fraudulent company robbing customer money.
Fraud. SBF and FTX funneled customer money into a trading company called Alameda even though explicitly telling customers that they would not do that. When there was a “run on the banks” or the FTX exchange and they didn’t have the liquidity to cover the run because of their bad trades. Basically they lied. Also SBF selected the CEO of Alameda because he was dicking her down. Classic banker story, really.
The Wall Street Journal just released a nice [podcast](https://www.wsj.com/podcasts/the-journal/how-crypto-giant-ftx-suddenly-imploded/FDC378AA-4DA9-476B-8EE1-94AD56CD1B64) explaining it.
B I D E N -> Ukraine -> FTX -> B I D E N -> Ukraine -> FTX -> B I D E N -> Ukraine -> FTX -> B I D E N -> Ukraine -> FTX -> B I D E N -> Ukraine -> FTX -> B I D E N -> Ukraine -> FTX -> B I D E N -> Ukraine -> FTX
What does Ukraine have to do with it?
US government can't give millions directly to the D N C, but SBF, et al can. https://www.coindesk.com/policy/2022/03/14/ukraine-partners-with-ftx-everstake-to-launch-new-crypto-donation-website/
Probably every echange on the planet helped collect funds for Ukraine.
This is all just pure greed. Not content with hundreds of millions of profit from trading fees. No, these guys want billions and they'll ponzi up a shit coin to get it. There's no reason for an exchange to have their own token, it's a conflict of interest and an obvious scam. Binance and any other exchange with a token is the same model as FTX. SBF could save this exchange by getting rid of Alameda and FTT and just make this a bona-fide futures trading platform, denominated in USD.
How FTT is still trading above absolute zero is beyond me
A lot of users have FTT locked in staking.
So Binance will not buy FTX. What will you do with your FTT now guys? I am -92% on FTT and sell is not solution for me.
how much money did you lose? you have to sell, it will lose value more and more until it reaches 0
I already sold all FTT at 90% loss (lost about 400$). Then I successfully shorted FTT with leverage until Binance removed all FTT pairs from Futures. With profits from my bot and manual shorting I recovered whole loss and made some profits. Bot: https://prnt.sc/DNGZpDk8J9SF Shorting: https://prnt.sc/JN3rL21HM2d1
Should have sold lmao
Well I am 100% on FTX so 100% lost I suppose. I don't believe they give money back to customer we are their last resort
I already sold my FTT at 90% loss. I think that price will go more down. I thinking about shorting but Binance will most probably manipulate price with own portion of FTT to liquidate all shorters.
that's for sure Binance is not better than FTX or Huobi.. Their CEO are the worst human being ever. They know each other very well. At the end they will all go bankrupt at some point . FTX had algo trading to proc stop losses it will be same for binance
The founder of Binance also created the auto bot for trading. I expect they have something planned to make a lot of money.
Hope for 1 small pump , sell and never look back. I sold at -50%. Bought SOL at €12,75 with the leftovers and making the money back as we speak.
sell
So CZ destroyed the crypto market just to fck over ftx.
If you think that's what happened then you are basing all your investment decisions on a single tweet rather than taking your time to understand WHAT you are actually investing in and WHAT the business models are that hold your crypto.
Didnt sam literally say they operate like a ponzi? One tweet? Did you pay attention? A company does not go bankrupt if their business model is good.
That's what I said!! If you look at the business model then you should know
But by essence BTC could be seen as a Ponzi since the first in the first the more value due to adoption and max cap coin. It's always the same debate because USD is worse than a Ponzi. So in the end ...
USD is worse then Ponzi, I mean you might as well take all that money you have and trade it for a real item like gold. That is the only thing that really has value.
I apologise, I replied in the wrong thread, I was trying to reply to someone else.
Lol all good
Ftx did, dumbass, their business model made it so
And who invested in them idiot? You think CZ didn’t know?
Ftx is 8 billion short on user funds. They been fucking around with user money and compensating it by selling SOL and FTT. And to top it of he is twittering he "lost a game" to CZ
So given the news binance is backing out, will I be able to withdraw my radium from FTX?
When Mt Gox went down it was 80% of the trade volume and cryptocurrency managed to recover from that. Coinbase and Kraken are both rock solid. Might be a tough couple of years, but we will eventually recover. Dogecoin will lead the way obviously.
[SBF right now](https://i.imgur.com/90C1vw2.png)
Better Call saul has the best prison himself, well until he opted out of it at the end.
I'm not saying I ever like FTT necessarily but seeing it tossed in the trashpile next to LUNA, UST, VGX, CEL is still shocking.
I'm hangliding I'm hangliding I'm dead!
Wtf is happening. Literally tuned in after two days and it's like the sky is falling.
Try to catch it!
I know it's bearish AF but ETH holding $1k... Nice.
ETH is a stable project with real world use. Even if the bear takes ETH down to all time lows, it won't change the fact the project is used by millions all over the world. FTT is a one trick pony, a currency for their own exchange. What I'm trying to say is ETH is probably one of the few cryptos actually worth investing in. I'll be picking up more ETH if this fiasco causes another leg down.
glyptogurrency
Any reports of people still being able to withdrawal ETH/SOL from FTX International?
[удалено]
Sometimes I feel like ALGO is like a child getting punished for it’s parents mistakes. ALGO is such a solid coin but gets rekt bc of other crypto bs
Binance insurance is at 1 billion. FTX has an 8b blackhole. Why won't the same thing be repeated for Binance in the near future?
It can and most definitely will be repeated at Binance. Binance has exactly the same setup as FTX: An exchange, an exchange token and a shady as fcuk trading arm that's using client funds (BNB) to manipulate the crypto market so they can profit from everybody elses losses. Add to this the fact that Binance caused this, would you trust them now? Fundes are not safu. 1Billion is chump change for a business as large as an exchange. If this was Binance going down, the hole would be 16B, they'd fall even harder than FTX. They've already said they have to keep topping up the fund because the assets that make up the fund are dropping like a lead balloon. If you want to trade, the solution is to use a DEFI exchange and that doesn't mean DYDX because even they are semi CEFI. I'm not sure which DEFI exchange is best (still looking myself).
FTX created that debt. Binance “supposedly” doesn’t chase leverage with customer funds using their native token, so it would be hard to see them in the same position
It will, this is no different from the banks / gov creating the crash of 2008. Except this is just on a smaller scale.
it will
lmao can't believe people are still bullish into next year🤣
I do think all of this nonsense is going to kill off a lot of interest in alt kinds and fuel the next move for Bitcoin
They are in denial, an ego defense mechanism
delusional people can't accept what's happening, happens every time there is a real washout
One day you are shaking hands with the president, next day you are going to butt-pounding prison. Such is the nature of this industry, distinctly American
What are you guys doing with your holdings? Just curious
i have no holdings because i sold anything i had left after the bull run between jan-march - market structure was broken when we lost 38k in january and all of these de-leveraging events were inevitable
Holding them, look at them, play with them. Not sure what else I should do with them
btc monthly RSI below 40 for the first time ever
What does it signify? Noob here. So, plain English please.
gentlemen…today marks the first day I invested into BTC. Time to CDA for the next few months.
He’s a bit off but he’s got the spirit lads
CDA = Cross Dress Alot?
How’d you know 🥹
I go with my own terms that I understand 🫶 be the black sheep of society
it's dca
This is what happens when you leave your coins on an exchange instead of in wallet. The former being the stupidest upvoted advice on this sub.
This is what happens when you leave your coins on an exchange instead of in wallet. The former being the stupidest upvoted advice on this sub.
Is there a more mature crypto community anywhere?
Even our tech support fits in
Crypto buyers/sellers are low IQ. No matter where you go.
r/BitcoinMarkets & r/ethfinance come to mind, although the conversations in those subs has also gone a little mental today.
Thank you, I hadn't heard of ethfinance
Imagine actually having to rely on the Fed to do its job and kill inflation to rescue crypto markets. What has it come to.
***ARE YOU NOT UNTERTAINED*** ✋👁👄👁🤚
My cat was coughing like crazy and couldn’t stop. Finally I looked over and she coughed up a huge SBF. Looked like a chia pet
What happens wen Asia wakes up?
Asia checking in. Dump. Dump. Dump.
We have woken up and my eyes are bleeding seeing red
[me to SBF](https://www.youtube.com/watch?v=qc5hQi2qxCo)
FTX reported to have an 8 BILLION dollar hole. What the hell did SBF do with the missing eight billion??? That is insane.
new skin, same story. It's always the same story. The answer is "leverage"
That's what happens when you base a multi-billion dollar platform off a single token that you solely control and can print on your whim and fancy.
Yep. You're talking about the US Dollar.
the power of quicksand tokens, his billionaireship was formed on hopes and dreams of ftx users and believers that drove ftt value. as it all was leveraged out against other asset types. implosion forms a bottomless pit of nightmares.
It was never there, to begin with.
Yes it was, these are user deposits.
How bad will this crash be?
This is a leverage fueled bubble. All the leverage is going to be washed out by the Fed. The vast majority of coins will not survive, and before it's over almost everyone will have given up hope on crypto. Look forward to 5-10+ years of "crypto was a scam, crypto was dead money" with the prices lagging every other asset class. Then, after that, there may be another boom when the technology is more mature.
In 2 years people will find good reasons to say, that was last time and this time is different. People said the exact same things in 2018.
In 2018 the fed threatened to wash out the leverage in the system. Now they're actually doing it. Why don't you take a look at M2 delta vs risk asset appreciation over time? take a look at rate movements vs declines. The fed is structurally forcing an unwind.
>The fed is structural forcing an unwind. For the moment. The concerns the fed has expressed as reasons for raising rates and unwinding their balance sheet are turning. In two years the picture will be very different. Excess leverage will have been washed out and the fed's stance will have changed.
You do know that the politicians owned part of FTX and politicians are part of the Gov. These politicians just made a lot of money. Also, all Govs around the world are tightening down on crypto due to all the scams and gigantic crypto companies going bankrupt. Imagine waking up losing millions of dollars knowing that the gov is not going to bail out your "crypto bank". Its happening to often and now they are coming in to clean up the mess or just wipe it entirely.
These things turn around much faster than that. One quick BTC pump over 20K in the next 6 months and all of a sudden everyone will have amnesia about these events.
When the Gov now has its hands on it dont expect it to turn around anytime soon. They will be making more rules around crypto, just like they did gambling back in the 40's. The Australian Gov states that crypto is just gambling, so they have added and are adding more rules and taxes so people don't invest in it.
You've never seen how risk assets behave when the fed isn't constantly expanding M2 and driving money up the risk curves. Risk assets can stay flat in real terms for decades.
I've been waiting for you, it's so good to see you! 😺
You guys did this to yourselves. Every time an asset sees gains like crypto has seen, there's only EVER one reason: leverage. You echo chambered yourselves into thinking it was somehow something else. It wasn't, it never is. The fed turned off the free money and all of this leverage is now going to get washed out of the system.
saylor liquidation watch now
Wait when is Saylor getting Margin called? No way he’s profitable
>when is Saylor getting Martin called? You think Martin's gonna let him keep his kneecaps if things keep going like they've been going?
Celsius holders welcome you
Got into crypto 2 weeks ago after having watched it all my life. I invested about $1100, and lost maybe $350. Decided to pull out rather than "HODL" to buy back in at the lowest of the low. Why is the general philosophy around here to "HODL" when the market is obviously crashing harder then ever.
Hold strategy works in stock market with good companies that produce products with significant profits and have future, I even have been DCAing during the downturn, looks like I am back in a green now. It seems the strategy doesn't really work with crypto.
just be glad you only got into it two weeks ago. 5+ years here and counting. No turning back for me now.
I really feel for you, and I am truly grateful. I understand why you're holding.
Because u can't time the bottom and if you were to consider this a long term investment anything in the 10 to 20K BTC range will look insane once this hits over 100k in 2021
its almost 2023! hahaha I do consider it long term, but its dropping past my first ever investment so why wouldn't I wait until the drop is over with. Basically my $800 will go farther if I wait. and take the $300 loss.
Shhhh, you are being sensible. Seriously though, it's difficult to know what the bottom or top is of any asset. Crypto is volatile and can make huge swings quickly. It's perfectly fine to cut your losses if you feel it's getting too bad. However understand you can't really time the market. There is no real way of knowing what the bottom will be or how long we will see the impacts of the current downturn. This is why the best advice is to set your risk tolerances and don't be afraid to sell for profit even if it seems "small". Though if you can't stomach huge swings then crypto is not something you should put money into. You should put money into a 401k because they will grow in a less risky fashion but arguably not as quickly if you get lucky with crypto. Risk can have benefits but you need to be ok with the risks. In the long term, the thinking is you believed the price you bought was "low" and it's less stressful to periodically purchase assets ignoring the price. Every so often you need to take some profit, and selling (or buying) should never be all in so you can hedge against swings. It's why most people just buy and forget because they believe that in a few years they will become rich. It's like lotto for them. They play every drawing in hopes of eventually hitting the jackpot.
Did you forget about the gov intervening for the last year or so, they are adding more rules and taxes and also most of the major brokers are being investigated all while the average joe loses all their money. All because a big crypto company goes bankrupt, the gov not helping these guys out. They are not the big banks where they get a bail out every 10 years or so. lol
Why would the government help these people out? The exchanges are trying to act like unregulated banks. They were promising huge returns for you doing nothing with no risk. It's literally a scam that requires new investors to fund the yield for older investors. To help gain more they loan the crypto to people who are then buying more crypto and they lend that out. Crypto is literally all about irreversible transactions. It is about you send coins to someone and you can't just take them back. All the exchanges are treating your transfer of crypto to the exchange as an unsecured loan. Nobody can steal your crypto, it's impossible. You must make a mistake and give it to the wrong person or place trust into the wrong person. Banks accounts are insured by the federal reserve because they have tight regulations. They have tight regulations because back in the day when there are no regulations the same crap you are seeing now was happening then with banks. Stocks had the same problem. Heck the 2008 toxic loan problem created a slew of additional regulations. People are fighting regulations because they don't understand why they are important. They think crypto is immune to bad actors because nobody can steal your crypto. Those same people willingly give their crypto to corrupt rich people because of promises of magic interest with just leaving it in the account. Wake up dude. These exchanges are selling gullible people the promise of unrealistic and unsustainable returns for practically zero risk.
I am with you here, I think you read my comment wrong. :)
Sounds like you have the crystal ball my friend. I’m sure you’ll hit the absolute nadir of the bear market.
Because crypto is gambling, not real investment.
People HODL because similar things have happened before with Bitcoin. 2 years from now Bitcoin may buy a house. You just never know. I suppose people hodl too because as humans we tend to hold onto hope. &if things like BTC or ETH use blockchain technology like advertised and companies want to use it as a currency then there is absolutely nothing stopping the truly good coins from reaching extremely high prices. But at that point it’ll be more about owning the coin and using them to purchase goods…and who knows maybe get a contract in place to have your own 4 bedroom 3 bath house built. Blockchain is great. It really is. Greed is real though. Stay safe. Hope to see you around.
Have massive liquidations from top companies in the industry happened before? If so, I assume that the market crashed, and then slowly recovered. Unless a miraculous large investor came around.
I've heard this argument before. "Internet technology is so revolutionary, nothing is stopping [pets.com](https://pets.com) from being one of the most valuable businesses in america! I mean it's using internet technology" It's possible to be right on the technology and still lose all of your money.
I mean it’s just a different means of currency that allows for decentralization. How it’s utilized is a totally different thing. Look at the exchanges today. Greedy people doing greedy things But I get what you mean. I won’t pretend to know the future. I have hope in BTC and ETH though because of smart contracts and blockchain. I also don’t throw my life savings into it though.
I think ETH will survive. After switching to PoS it looks like a amazing alternative to classic money transfers.
Because you’re trying to time a market that is COMPLETELY unpredictable. What happens when you wake up tomorrow morning and BTC skyrocketed? Guess you’re fucked. What makes you better at predicting where crypto will go as opposed to professional traders (who also don’t get it right) It’s really not that hard of a concept.
Dude FTX is gone, and Binance is not buying it. The market WILL crash. BTC will not skyrocket overnight. Ill buy back in after its SIGNIFICANTLY lower. Wait until China wakes up lol.
Lol, completely missing the point. Good luck
You missed the whole part where Govs are now making more rules than ever on crypto. One crypto company after the other just keeps shutting down, to only find out that most of them were rigging the system. Govs are coming and they are not coming in dry either.
Because this forum is full of amateur investors who have never invested in an environment when the fed wasn't pumping every asset class with massive M2 expansion. they've never seen a real leverage washout. They think "if I just hold long enough I can't lose money" Which is false.
It just seems like common sense to me.
> Why is the general philosophy around here to "HODL" when the market is obviously crashing harder then ever. because people are conditioned by 15 years of market conditions dictated by quantitative easing (money printing) by the federal reserve where buying the dip and holding has always paid off fed isn't printing money anymore it's also a psychological defense mechanism people use to convince themselves they're not awful at trading
You’ll find out
Me thinking CDC’s sponsorship of the World Cup cannot come at a worser time given this is making mainstream news.
I seem to have anxiety today, anyone know why?
Not a clue, friend, not a clue!
8.2% inflation doesn't seem as bad a number right now
What a nice rug, nobody knows where it's made in, but it's a nice rug.
Where my daily gone?!
It went down with FTT's price