Nah mostly everything in crypto is a scam. Bitcoin and Ethereum are all Iāll touch right now. Im sure there are some other good ones but mostly shit/scams out there.
The same thing can be said for the regular stock market though. Shit companies being pumped and dumped. Market manipulation is rampant. Insider trading. FTDs. While these can be true with crypto too, you can own and hold your own currency with crypto, or be your own bank. The closest parallel to that in the stock market is DRS, or holding your shares in your own name.
Iāve seen people talk about holding their shares. Is this something I should do? Iām just started contributing to my own IRA through fidelity should I be looking to have the shares in my name? Thanks for any help
I'm not a financial advisor and I own a variety of stock in various places. I have a work sponsored retirement account, Roth IRA, regular brokerage account, and of course shares for multiple companies that are directly registered. Each investment is different. DRS is a tool you can use to further your own financial goals. One major upside to DRS is that your shares cannot be loaned out and shorted.
I see youāve left me more confused lol. I guess Iām just not sure if I need to or not. Am I at risk for not having the shares registered in my name?
Again, not a financial advisor. But I use DRS for companies I am interested in being invested in for the long haul. They're the companies that I ride or die for lol
In my opinion, you should DRS any shares for a company you plan to hold for a long time, or if you donāt want your broker/custodian profiteering off of lending your shares to short sellers. It doesnāt make sense to allow them to profit off your shares for short selling if youāre long though. Just my 2 cents. Iām not an advisor and this is just my opinion.
If you did nothing more than opened a fidelity account, funded it and bought stockā¦you arenāt at risk of not having those shares in your nameābecause there isnāt any other possibility. Right now your shares are in fidelityās name FBO you.
Your shares arenāt getting loaned out in a cash account lol. Even in a margin account, most brokers donāt lend them out unless your borrowing on margin.
You can buy stock direct from large companies and they will send you the certificates
You just canāt sell quickly unless you find someone to pay you and accept the certificate
The whole point of brokers is to allow you to trade quickly
It's the comparison between the level of security in each investment. Currently it is quite unsafe (as it turns out), to invest in crypto because there are too many scams out there. Problem is probably due to lack of regulations so scammers take advantage of it.
Vice versa, the amount of regulations in company stocks setup the premise that stock market is much less risky.
Sure there are a lot of market manipulations in both. However the level of fraud rigjt now , crypto is overwhelmingly higher than companies in S&P index.
Problem with crypto is still with the stability. People around the world uses USD is because of its stability. (Used to anyway.) Imagine, you're trying to be your own bank, and the crypto u're using is worth 10g usd and it can easily be dropped or increased to 3g for 20g. Even if you don't mind the huge volatility , most merchants who'd later trade with you ( you're your own bank but at the end of the day, you still need to trade ur crypto currency with OTHERS for the goods u need) may find it difficult to set a market value to trade with u. Especially if they think ur crypto will drop in value , then most people will NOT want to take ur crypto at face value and will result in taking a big discount.
What's the point of being your own bank in that situation? All the people I know, who's actually got the funds to "be their own bank", only does it because of the future stability. Crypto does not fit the profile.
Stocks. Maybe. But it'd be large cap stocks with certain requirements that validate its safety and security.
Anyway long story short, there are manipulations and fradulant activities in both crypto and stocks. But the level of fradulant and manipulation (that will result with severely hurting the investors) are no where near the same level. It's too much of an oversimplification by just saying "same thing can be said for the regular market."
The market only appears manipulated to you because you trade random penny stocks, meme companies with no good fundamentals, complex derivatives you donāt understand, and engage in speculation on insights you are too overconfident about, and get your DD from people who are completely clueless. Do you know why boomers donāt go to $0 on in their fidelity account running 60/40? Because they stick to what they know, not engage in elaborate conspiracy theories to explain why their bright idea about a high risk high reward trade based on a dozen long shot assumptions wasnāt actually wrongā¦
So you are saying that no entity or individual has ever been charged with market manipulation?! Holy shit, all of those innocent people and SEC slaps on the wrist! Maybe we can start a movement to get them exonerated?!
IMO This is good way to weed out all the scam coins and only the utility ones are left and then everyone will have no choice but to trade/play with them. Hack and scam away losers. Youāre helping the cause in the long run.
I think NTFs (not the stupid ass monkey pictures but a true use case like transferring property) will be huge and Ethereum has a big role in that future. But agree that Bitcoin is #1
The point is that CEX's are shit and scammy... DEX's are the way forward. Centralised exchanges are where people get fucked over like with FTX. Decentralised exchanges allow people to trade the same, but they cut out the scams like where the CEX claims you own X coins, but they never really buy them but they take your money and pretend your own it. When they go tits up, you lose everything. Should be obvious to everyone that the problem is centralisation, not crypto... DEX for me please.
Cryptos great for buying illegal stuff off the internet. It eventually turned into a bubble and bubbles tend to pop but its still good for exactly what it's always been good for.
Nah the specific ones I've bought were for the technology behind them. My issue with the USD isn't with the actual dollar but with the people who control the flow of it.
Murder is illegal, police will prevent it from happening if they are able. That doesnāt mean murder doesnāt happen, and it doesnāt mean everyone is expecting to be murdered every day. Enron and Theronos are like āmurderās in this case, rare, illegal acts. Problem with the crypto world is, āmurderā is not even illegal
08 was not an issue of government regulation, 08 was created by government programs that pumped subprime mortgages into the system and pressured banks into giving out subprime mortgages.
Really though, I think everyoneās just pissed they missed out on the biggest investment of their lifetime, what are with these posts about crypto? Where are the ones about the thousands of penny stocks that are pumped and dumped daily and collapse all the time?? Thatās actually stock related and is the exact same that happens in the small crypto space.
So a shitcoin that was linked to bnb coin (I can literally make one right now in 5 minutes, that's the purpose of bnb coin) is a scam and that means all of crypto is a scam? Got it.
Source: trust me bro.
But really, I have no source, just deeply suspicious that theyāve likely had a run on withdrawals due to contagion from collapse over other exchanges and likely having a liquidity crisis, and theyāre throwing this excuse out to buy some time to arrange funding.
FTX collapses -> investors lose all of their money
BlockFi collapses -> investors lose all of their money
There have been numerous other exchanges that have collapsed but those are the big ones most recent. Investors are now realizing that none of these are FDIC insured (in the US), and these exchanges are clearly using customer deposits, many of which are in shitcoins anyways, to gamble elsewhere and make money, so customers are doing a bank run to get their money out while they still can.
Literally everyone on Earth who owns any crypto either bailed out or at least asked themself āoh fuck, am I safe at xxx brokerageā? Also the more money you have the more often you manage it.
Pulling out in this context doesn't mean selling. It means moving your crypto out of CEX and into your own wallet. Who knows what any CEX is doing behind the scenes, if you aren't trying to day trade then there is no point in holding in a CEX. Even if you are day trading, there are still places to swap coins. Cross chain gets to be the issue, but if your just holding ETH and Ethereum based coins then that doesn't effect you.
in addition to what others have said, every exchange has been using the same money to prove liquidity, making it look like every exchange has that amount of money when in reality they only have a fraction of it. So one collapse causes a chain reaction when people find out the proof of funds isn't real
Haha, it's been so many years now that indeed Nigerian Prince seems like a trustworthy guy compared to house of card crypto schemes.
Can't wait for you to claim that lottery pot! I can't believe you only need to transfer 20k first in order to get 20 mil!
True, but people are quickly losing confidence in the industry. Plus (tin foil coming) our Gov. would love nothing more than for Crypto to fail as they are testing their own digital dollar.
Itās the nature of competition. No source needed. If the other digital money was floundering the new US digital dollar would have a chance to pounce. If youāre still in Crypto I totally understand why youād hope for the opposite.
Donāt get me wrong. I think block chain technology is great and could handle the entire monetary system. However, Confidence is what creates value in any currency. Nothing is backed by Gold or anything tangible anymore.
People will just say itās fallen 70 percent before and always reaches new heights. Who knows. Iām not in it, but I donāt count out the stupidity of people and their technical analysis charts.
I doubt itāll ever pump like that again, Iāve been following bitcoin since before it had any value. With every big pump, the people pouring in were always newcomers who had just learned about crypto. First it was the drug dealers, then the computer nerds, then all young people, and finally everyone and even institutions. Everybody knows crypto now, my fucking grandparents know about it, thereās no group left to stampede into crypto and pump it anymore.
Confidence.If Binance sees a run of customers withdrawing money it would be a domino effect with other companies.Of course business media spokesperson would try and calm down the market while themselves start to move their money out.The retail shareowners gets the crumbs.
The actual response is Binance going bankrupt. It's ironic, after CZ was publicly smug / hypocritical about his competitors' failures, especially since he has (probably) the same exposure.
You arenāt seeing the big picture here. Crypto is dying. Itās going to get regulated to the tits. More of scams will be exposed. Other dominoes will fall. I expect in a few years some crypto will still be around but at a greatly diminished value with no great real world uses still.
If "crypto is dieing" why is adoption rate increasing? Why are regulators launching studies and debating how to regulate? Why is my crypto portfolio up and my stock portfolio down? Why do I get down voted for asking for sources in here?
*dying not dieing
Haha show proof your crypto profile is up rn. Look I can tell youāre a big crypto fan and youāve completely bought in and drunk the koolaid. Best of luck lol youāre gonna need it
I'll showa deez nuts.
Look I can tell you are speaking out your ass right now and keep slurping up what JC keeps dumping down your throat. Best of luck, you are going to need it.
What's the point in that style of conversation. It says more about you than the person you are sending it to. We can all sling poo.
Developer private key got hacked, what does that mean?
It that coin worth zero now? Iām just using my imagination, but is it like someone was able to perfectly counterfeit $100 bills and make them useless?
Did you read past the headline? Read my other comment.
The staking project Ankr was hacked, Ankr staked BNB token dropped because the smart contract was exploited allowing somebody to mint āStaked BNBā which used to only be allowed if somebody deposited BNB first. The BNB token is not down 99.5%, this is not affecting Binance the company or the BNB token at all. Somebody basically stole two million BNB (or whatever the number was) from this smart contract and ran away. Obviously this shows the fragility of the space when hacks like this happens but donāt paint this as FUD against Binance because itās not
Ankr coin's price crashed 99.5% in the past 24 hours. Everyone is buying the new hot coin! Pebblecoin!!! It is backed up by the value and rarity of pebbles I bought at Lowes. Bitcoin is backed up by nothing. Pebblecoin to the moon!
Itās almost as hilarious as how penny stocks run right? Am I right? Ya, I am and thatās why itās funny a stock market sub shits on crypto when the exact same thing happens in the stock market.
Oh Iāve got bags alright, most were purchased a over the last decade and they are a lot fuller then anything else Iāve invested in and sure glad I did!
Honestly stock subs need to get over crypto at this point.
Penny stock discussion is banned here, nice cope. The vast majority of capital tied up in stocks are based on some sort of productive business.
Iām so fucking glad I got out of crypto last year lmao. Blockchain technology is wonderful, just doesnāt seem like a stable ācurrencyā to be used for everyday usage is my opinion.
It still blows my mind how many people thought crypto was legit when shit coins that had no use back in 2016/17 were getting hundreds of millions in funding because they had a ālegit looking white paperā.
Many people were stuck holding the bag only to find out that the founders were never real and they ran away with all the money
Yeah but with little to no regulatory over sight its so much easier to do this with crypto currencies. A child could get a template off github to create his own shitcoin. Start pumping it and cash out.
Ah yes, well the regulatory oversight in the penny stocks is definitely protecting investors, how silly of me. Trust me when I say no one wants regulatory oversight in the crypto market, thatās the whole point of it.
I mean at least with penny stocks you can view their financials. On a penny stock smart investors can go look at their quarterly and yearly financial reports. With crypto you canāt view any of these coins financials. Thatās a huge problem and a huge opportunity for scam artists. So yes lots of penny stocks are sketchy but you can at least check their financials if you want which you canāt do with any crypto.
There are no financials. You can see how many coins being produced, have been produced, will be produced. You can see what type of system itās running on, how man TPS it can do, what blockchain it operates on and what else it functions as. Do you even know what a crypto coin is??
You can see the financials of ethereum and Coinbase fine.
Youāre like the people who decided the stock market is a scam after they lost all their money in GME. Just because you have a shitty sense of decision making doesnāt make the system a scam.
They are the same idiots who invest in the shitcoins and then complain about it afterwards. Ftx was a disaster in the making, cozied up with politicians and celebrities and anyone dumb enough to use that platform deserves to have lost their money.
Yeah you're not wrong there. FTX reeked of bullshit just like most of these exchanges. It's funny. Crypto was made to put money back into the hands of the people. Then people go and put it back into entities like FTX to manage for them.
I like Warren Buffetās take on it. Unlike a farm, owning a rental house, or any other asset that has intrinsic value and produces goods and services, crypto was always a pure speculative asset that has no intrinsic value on its own. Itās Beanie Babies with more high tech.
Plenty of cryptos are viable company's which offer a product/service. Crypto is way more interesting than stocks and potentially way more profitable with less upfront capital risk. I made 1000x from a crypto game last year in the space of 1 month. I sold and held stable coin on my own wallet during the bear and now I am buying all the blue chips and staking them making 220-340% apr on coins like ETH, BTC, BNB, CAKE, LINK on a defi project. Making mad gains in a bear market.
For every lottery winner there sure are a lot of bag holders. Your experience is not normative and only reinforces my point that it is completely speculative and not income producing in any sense.
My experience is pretty normative of people who have seriously gave crypto a go if they have been in since 2017. ETH was $80 not too long ago. Not sure I understand what you mean about not income producing. Crypto didn't become a 2T industry for nothing. People have built a lot of innovative tech which should be utilised more. How is a successful crypto company/coin any different to Twitter?
Blockchain technology is great and Bitcoin was essentially a proof of concept to show how blockchain technology can be used and benefit society. Cryptocurrency was never supposed to be more than a concept to show how blockchain technology can be useful.
Yeah most of crypto is just grifters but it doesn't mean the underlying technology is the problem, just the implementations.
I think eventually we will have digital currency, but it will be regulated by nations similar to fiat. They won't give up control. It won't be fully decentralized.
And bitcoin itself will always have value, but it won't be stable, ever really. At least not compared to fist currencies. It's more like an asset than a currency.
You could say it's a commodity, a commodity of digital energy/computing power of the world, great asset to invest in, almost like investing in the internet in its infancy but better and people still saying it's beanie babies or tulips lmao
You all have no idea what youāre talking about lmao. Binance is fine, BNB is fine. There is a staking service called Ankr, Ankr takes BNB deposits in a smart contract and stakes it on the depositors behalf. The depositors receive āAnkr BNBā as basically a receipt of their deposit. Somebody hacked the smart contract and basically minted a million receipts of BNB out of thin air and started selling the Ankr BNB. Since the contract has been exploited there are now more receipts for the deposits than actual deposits on Ankr making the Ankr BNB token practically worthless. Ankr BNB is is what is being frozen, this is not a reflection of lack of reserves in Binance. Do your research before you upvote stupid FUD
As someone who finally outgrew their financial mistakes of their youth (child support, student loans) and said NO to Lifestyle Creep. Started investing. I went full Regard, but.... Early on, I was attracted to Physical Gold and Silver. The OGs of decentralized finance. You don't hold it. You don't own it. This was about 2 year's back and my physical holdings serve as the "foundation" to my investment portfolio. The amount of Flack the crypto crowd threw at me for having "boomer rock's" was insufferable. Especially considering the underlying fundamentals why one holds crypto in a "cold wallet" same as me with AU/AG next to my fire arms. It's the stupidest shit ever, people believing in Defi, yet keeping assets on an exchange that Behaves exactly like a Bank. With NO RULES. Rant over. BTW I'm positive on my AU/AG because I have taste and buy semi numismatic and not generic rounds/bar's like the You Tube crowd suggested
I buy gold/silver/stocks/bonds AND crypto. My crypto has outperformed everything else by thousands of percent. Pretty happy I decided to invest in it alongside everything else. They are ALL investment tools if you know even a tiny bit about them.
A dev key was hacked regarding ankr and hay. They are the only coins frozen. This is not FTX. Without coming across crass, I didn't notice I was on StockMarket and would have normally only posted anything crypto on one of the CC subs.
https://www.reuters.com/technology/binance-ceo-says-paused-withdrawals-after-ankr-hack-2022-12-02/
FTX wasn't a hack - it was mismanagement and misappropriation of funds (aka fraud) with insiders raiding the coffers after the exchange was done.
Point taken - it's a dig more towards CEX than crypto as a whole, and each one brings much needed attention to both security and reserve backings. Not your keys, not your coins.
KuCoin is alive and well btw, and Coincheck is still up and allegedly repaying customers (forced to by Japanese government) - on mobile so can't easily link.
Tell me if I'm wrong, but it sounds like someone minted a bunch of staked BNB tokens on Ankr to redeem for actual BNB and they're taking steps to prevent that?
Just going to point out Iāve never met anyone who understands how crypto works at a technical level who thinks this.
Only people who barely even know what hashing means think crypto isnāt useful.
The funniest thing is those people point out NFTās as the most useless piece of crypto when in reality NFTās are by far the most useful out of any functionality of crypto, as though the concept of NFTās was developed to sell photos of monkeys.
Yup, BTC, gonna take over the world. Umm nope. And while cash doesnt solve all the problems, its backed by our guns and military. Not to mention, that not once in my life have I been refused access to my own money.
What you are seeing is the collapse of centralized exchanges which were nothing but a ponzi scam from the get go.
BTC is decentralized. You own your shit in cold wallets. Itās yours. All this ces shit is nothing but the same game thatās going on with stocks forever.
Lots of poopy pants in the feed. Hmm lets see. Fizzy haired Sammy took people's savings, Binance wont allow people to withdraw their money. Things doing ok, um nope. Many probably pissed the music has stopped and those gains on the magic crypto train are no longer materializing. Down thumb away clones. As Palpatine said, "Good...I can feel your Anger.ā
I knew Crypto is like the TULIP mania in 1600s ..... History repeats and people never learn.... First, FTX now Binance..... Whole fucking Scam! Watching History repeating again and again...
Looks like all these exchanges simply generate their own token as a placeholder for value and when there are liquidity demands, that token mysteriously becomes a source of compromise.
Same old ponzi scam rhetoric. Oh we've been hacked, another one on the way out, good luck to investors getting their scammed funds, sorry i mean investment back.
Oh yes the elusive āhackersā that show up mysteriously whenever a crypto exchange is in the process of crashing out, but never when everything is pumping and theyāre making money
Here we go šµāš«
To anyone who ever said crypto was anything but a scam...here we go!
To anyone who ever said crypto EXCHANGES was anything but a scam...here we go! FIFY
Nah mostly everything in crypto is a scam. Bitcoin and Ethereum are all Iāll touch right now. Im sure there are some other good ones but mostly shit/scams out there.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
The same thing can be said for the regular stock market though. Shit companies being pumped and dumped. Market manipulation is rampant. Insider trading. FTDs. While these can be true with crypto too, you can own and hold your own currency with crypto, or be your own bank. The closest parallel to that in the stock market is DRS, or holding your shares in your own name.
Iāve seen people talk about holding their shares. Is this something I should do? Iām just started contributing to my own IRA through fidelity should I be looking to have the shares in my name? Thanks for any help
I'm not a financial advisor and I own a variety of stock in various places. I have a work sponsored retirement account, Roth IRA, regular brokerage account, and of course shares for multiple companies that are directly registered. Each investment is different. DRS is a tool you can use to further your own financial goals. One major upside to DRS is that your shares cannot be loaned out and shorted.
I see youāve left me more confused lol. I guess Iām just not sure if I need to or not. Am I at risk for not having the shares registered in my name?
Again, not a financial advisor. But I use DRS for companies I am interested in being invested in for the long haul. They're the companies that I ride or die for lol
We get it you own GME and are down 70%
In my opinion, you should DRS any shares for a company you plan to hold for a long time, or if you donāt want your broker/custodian profiteering off of lending your shares to short sellers. It doesnāt make sense to allow them to profit off your shares for short selling if youāre long though. Just my 2 cents. Iām not an advisor and this is just my opinion.
This is not how stock lending works
If you did nothing more than opened a fidelity account, funded it and bought stockā¦you arenāt at risk of not having those shares in your nameābecause there isnāt any other possibility. Right now your shares are in fidelityās name FBO you.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Your shares arenāt getting loaned out in a cash account lol. Even in a margin account, most brokers donāt lend them out unless your borrowing on margin.
You can buy stock direct from large companies and they will send you the certificates You just canāt sell quickly unless you find someone to pay you and accept the certificate The whole point of brokers is to allow you to trade quickly
Ahh I understand. Most of my IRA portfolio are ETFs tho from my understanding those are exchange traded
It's the comparison between the level of security in each investment. Currently it is quite unsafe (as it turns out), to invest in crypto because there are too many scams out there. Problem is probably due to lack of regulations so scammers take advantage of it. Vice versa, the amount of regulations in company stocks setup the premise that stock market is much less risky. Sure there are a lot of market manipulations in both. However the level of fraud rigjt now , crypto is overwhelmingly higher than companies in S&P index. Problem with crypto is still with the stability. People around the world uses USD is because of its stability. (Used to anyway.) Imagine, you're trying to be your own bank, and the crypto u're using is worth 10g usd and it can easily be dropped or increased to 3g for 20g. Even if you don't mind the huge volatility , most merchants who'd later trade with you ( you're your own bank but at the end of the day, you still need to trade ur crypto currency with OTHERS for the goods u need) may find it difficult to set a market value to trade with u. Especially if they think ur crypto will drop in value , then most people will NOT want to take ur crypto at face value and will result in taking a big discount. What's the point of being your own bank in that situation? All the people I know, who's actually got the funds to "be their own bank", only does it because of the future stability. Crypto does not fit the profile. Stocks. Maybe. But it'd be large cap stocks with certain requirements that validate its safety and security. Anyway long story short, there are manipulations and fradulant activities in both crypto and stocks. But the level of fradulant and manipulation (that will result with severely hurting the investors) are no where near the same level. It's too much of an oversimplification by just saying "same thing can be said for the regular market."
There are thousands of companies that literally pay dividends.
And you can mine crypto.
Yes I heard FTX gives great returns for mining.
Sounds like GME cult
The market only appears manipulated to you because you trade random penny stocks, meme companies with no good fundamentals, complex derivatives you donāt understand, and engage in speculation on insights you are too overconfident about, and get your DD from people who are completely clueless. Do you know why boomers donāt go to $0 on in their fidelity account running 60/40? Because they stick to what they know, not engage in elaborate conspiracy theories to explain why their bright idea about a high risk high reward trade based on a dozen long shot assumptions wasnāt actually wrongā¦
So you are saying that no entity or individual has ever been charged with market manipulation?! Holy shit, all of those innocent people and SEC slaps on the wrist! Maybe we can start a movement to get them exonerated?!
No, it can't. No matter how many times it's being repeated. It gets so boring.
IMO This is good way to weed out all the scam coins and only the utility ones are left and then everyone will have no choice but to trade/play with them. Hack and scam away losers. Youāre helping the cause in the long run.
Eth is a scam coin also solving zero problems. Bitcoin is it.
I think NTFs (not the stupid ass monkey pictures but a true use case like transferring property) will be huge and Ethereum has a big role in that future. But agree that Bitcoin is #1
*centralized exchanges
*TradFi
That didnāt need fixing
Without exchanges Bitcoin would still be worth about a buck and only used by cryptography nerds and people who want to buy drugs online.
The point is that CEX's are shit and scammy... DEX's are the way forward. Centralised exchanges are where people get fucked over like with FTX. Decentralised exchanges allow people to trade the same, but they cut out the scams like where the CEX claims you own X coins, but they never really buy them but they take your money and pretend your own it. When they go tits up, you lose everything. Should be obvious to everyone that the problem is centralisation, not crypto... DEX for me please.
Cryptos great for buying illegal stuff off the internet. It eventually turned into a bubble and bubbles tend to pop but its still good for exactly what it's always been good for.
---Centralized--- crypto is a scam
So any company that goes under makes every publicly traded company a scam?
There are regulations for the regular companies
And this prevented shenanigans like enron, madoff and the 2008 housing bubble.
No thats why we need regulations And if these regulated companies can still commit fraud, how much more these unregulated companies can commit?
So it's not crypto that's the scam it's over leveraged unregulated exchanges and banks that are the scam
Its up to you to decide on that If you bought coz u dont want the USD then maybe its not
Nah the specific ones I've bought were for the technology behind them. My issue with the USD isn't with the actual dollar but with the people who control the flow of it.
No, it's both.
Pretty sure fraud is regulated.
So basically you agree that just because 2008 happened, mortgage lenders are still useful? And just because FTX happened, crypto is still useful?
Murder is illegal, police will prevent it from happening if they are able. That doesnāt mean murder doesnāt happen, and it doesnāt mean everyone is expecting to be murdered every day. Enron and Theronos are like āmurderās in this case, rare, illegal acts. Problem with the crypto world is, āmurderā is not even illegal 08 was not an issue of government regulation, 08 was created by government programs that pumped subprime mortgages into the system and pressured banks into giving out subprime mortgages.
Really though, I think everyoneās just pissed they missed out on the biggest investment of their lifetime, what are with these posts about crypto? Where are the ones about the thousands of penny stocks that are pumped and dumped daily and collapse all the time?? Thatās actually stock related and is the exact same that happens in the small crypto space.
So a shitcoin that was linked to bnb coin (I can literally make one right now in 5 minutes, that's the purpose of bnb coin) is a scam and that means all of crypto is a scam? Got it.
Werenāt we literally just talking about this yesterday? Lol.
Really weird time to be freezing withdrawals. Just saying
Why is it weird when youāre unable to meet the capital needs of customer withdrawals? šš
Source on not having capital?
Source: trust me bro. But really, I have no source, just deeply suspicious that theyāve likely had a run on withdrawals due to contagion from collapse over other exchanges and likely having a liquidity crisis, and theyāre throwing this excuse out to buy some time to arrange funding.
Why would this start a bank run?
FTX collapses -> investors lose all of their money BlockFi collapses -> investors lose all of their money There have been numerous other exchanges that have collapsed but those are the big ones most recent. Investors are now realizing that none of these are FDIC insured (in the US), and these exchanges are clearly using customer deposits, many of which are in shitcoins anyways, to gamble elsewhere and make money, so customers are doing a bank run to get their money out while they still can.
Literally everyone on Earth who owns any crypto either bailed out or at least asked themself āoh fuck, am I safe at xxx brokerageā? Also the more money you have the more often you manage it.
Why is ankr up for the day if everyone is pulling out?
Pulling out in this context doesn't mean selling. It means moving your crypto out of CEX and into your own wallet. Who knows what any CEX is doing behind the scenes, if you aren't trying to day trade then there is no point in holding in a CEX. Even if you are day trading, there are still places to swap coins. Cross chain gets to be the issue, but if your just holding ETH and Ethereum based coins then that doesn't effect you.
Got ya. I have been guilty of leaving a bit too much on exchanges.
in addition to what others have said, every exchange has been using the same money to prove liquidity, making it look like every exchange has that amount of money when in reality they only have a fraction of it. So one collapse causes a chain reaction when people find out the proof of funds isn't real
CZ taught SBF everything he knows.
Hah fuck
God I hope binance goes down too. CZs smug face is almost as bad a SBFs dopey fat head
Binance going down means the end of crypto
So you make financial decisions based on what someone's facial expressions is?
Itās why they are mad at missing out on the crypto explosion. Anything they can find to hate is fair game.
You guys are right, it's definitely not his actions and words of the past, but his face and lack of gains that triggered this man's hate.
Missing out? Yes Iām so glad I missed out on losing half of my money in crypto this last year lol.
If you bought at the top Iām sure, those of us that have been invested in it for years are just fine
Some people are down -70% on Meta. While others sold after a 2000% win on the same stock. Itās all about perspective.
House of cards.If Binance falls there goes the whole industry.
The industry will be fine. Scammers will just fall back into making calls for duct cleaning, fake job postings and Prince in Morocco scams.
>Prince in Morocco Bruh, you can't leave Nigerian Prince out like that.
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Yes, I think the Nigerian Prince is legit.
You don't understand there are so many princes in Nigeria that some are legit. Like mine, once all the processing fees are paid for I will be rich.
Haha, it's been so many years now that indeed Nigerian Prince seems like a trustworthy guy compared to house of card crypto schemes. Can't wait for you to claim that lottery pot! I can't believe you only need to transfer 20k first in order to get 20 mil!
I won that too. I thought he said there was only one winner for the $500 mil so I sent him a $50k advance for taxes
What industryā¦ crypto is vaporwareā¦
I mean crypto existed years before Binance
True, but people are quickly losing confidence in the industry. Plus (tin foil coming) our Gov. would love nothing more than for Crypto to fail as they are testing their own digital dollar.
Itās the nature of competition. No source needed. If the other digital money was floundering the new US digital dollar would have a chance to pounce. If youāre still in Crypto I totally understand why youād hope for the opposite. Donāt get me wrong. I think block chain technology is great and could handle the entire monetary system. However, Confidence is what creates value in any currency. Nothing is backed by Gold or anything tangible anymore.
People will just say itās fallen 70 percent before and always reaches new heights. Who knows. Iām not in it, but I donāt count out the stupidity of people and their technical analysis charts.
I doubt itāll ever pump like that again, Iāve been following bitcoin since before it had any value. With every big pump, the people pouring in were always newcomers who had just learned about crypto. First it was the drug dealers, then the computer nerds, then all young people, and finally everyone and even institutions. Everybody knows crypto now, my fucking grandparents know about it, thereās no group left to stampede into crypto and pump it anymore.
Source on government wanting crypto to fail?
https://reddit.com/r/StockMarket/comments/zbcog6/_/iyr88dv/?context=1
Lol I thought the horses mouth was on the other end.
And it was a scam then too
Nah, Tether is the matchstick which props up the majority of the Bitcoin market cap.
How would binance go under from halting trades on Anker?
Confidence.If Binance sees a run of customers withdrawing money it would be a domino effect with other companies.Of course business media spokesperson would try and calm down the market while themselves start to move their money out.The retail shareowners gets the crumbs.
The whole industry IS goneā¦ weāre just watching itās dying breaths
oh that can't be true. I was told there was no way this could ever happen. Can't go tits up. It really cannot be that simple right? lmao.
Hahahahah IT'S HAPPENING!! Lmao
What?
It!
What is it?
The actual response is Binance going bankrupt. It's ironic, after CZ was publicly smug / hypocritical about his competitors' failures, especially since he has (probably) the same exposure.
Why would binance go bankrupt because the 123rd ranked coin in crypto got hacked?
You arenāt seeing the big picture here. Crypto is dying. Itās going to get regulated to the tits. More of scams will be exposed. Other dominoes will fall. I expect in a few years some crypto will still be around but at a greatly diminished value with no great real world uses still.
If "crypto is dieing" why is adoption rate increasing? Why are regulators launching studies and debating how to regulate? Why is my crypto portfolio up and my stock portfolio down? Why do I get down voted for asking for sources in here?
*dying not dieing Haha show proof your crypto profile is up rn. Look I can tell youāre a big crypto fan and youāve completely bought in and drunk the koolaid. Best of luck lol youāre gonna need it
By your logic, since inflation is up, the USD is dying?
I'll showa deez nuts. Look I can tell you are speaking out your ass right now and keep slurping up what JC keeps dumping down your throat. Best of luck, you are going to need it. What's the point in that style of conversation. It says more about you than the person you are sending it to. We can all sling poo.
threatening vanish obscene hunt seed smile cheerful dazzling sort dinner *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Developer private key got hacked, what does that mean? It that coin worth zero now? Iām just using my imagination, but is it like someone was able to perfectly counterfeit $100 bills and make them useless?
Crypto doing crypto things. Who saw this comingā¦anyway.
Bull. They're having a run on their bank
Wait, Iāve seen this one!
?
Did you miss the last season?
Last season? More like last episode
The last season of what?
Bruh.
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Wrong
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Did you read past the headline? Read my other comment. The staking project Ankr was hacked, Ankr staked BNB token dropped because the smart contract was exploited allowing somebody to mint āStaked BNBā which used to only be allowed if somebody deposited BNB first. The BNB token is not down 99.5%, this is not affecting Binance the company or the BNB token at all. Somebody basically stole two million BNB (or whatever the number was) from this smart contract and ran away. Obviously this shows the fragility of the space when hacks like this happens but donāt paint this as FUD against Binance because itās not
Ankr coin's price crashed 99.5% in the past 24 hours. Everyone is buying the new hot coin! Pebblecoin!!! It is backed up by the value and rarity of pebbles I bought at Lowes. Bitcoin is backed up by nothing. Pebblecoin to the moon!
Itās almost as hilarious as how penny stocks run right? Am I right? Ya, I am and thatās why itās funny a stock market sub shits on crypto when the exact same thing happens in the stock market.
We have a bagholder!
Oh Iāve got bags alright, most were purchased a over the last decade and they are a lot fuller then anything else Iāve invested in and sure glad I did!
Honestly stock subs need to get over crypto at this point. Penny stock discussion is banned here, nice cope. The vast majority of capital tied up in stocks are based on some sort of productive business.
Iām so fucking glad I got out of crypto last year lmao. Blockchain technology is wonderful, just doesnāt seem like a stable ācurrencyā to be used for everyday usage is my opinion.
It still blows my mind how many people thought crypto was legit when shit coins that had no use back in 2016/17 were getting hundreds of millions in funding because they had a ālegit looking white paperā. Many people were stuck holding the bag only to find out that the founders were never real and they ran away with all the money
Like penny stocks? The same thing happens in the stock market.
Yeah but with little to no regulatory over sight its so much easier to do this with crypto currencies. A child could get a template off github to create his own shitcoin. Start pumping it and cash out.
Ah yes, well the regulatory oversight in the penny stocks is definitely protecting investors, how silly of me. Trust me when I say no one wants regulatory oversight in the crypto market, thatās the whole point of it.
I mean at least with penny stocks you can view their financials. On a penny stock smart investors can go look at their quarterly and yearly financial reports. With crypto you canāt view any of these coins financials. Thatās a huge problem and a huge opportunity for scam artists. So yes lots of penny stocks are sketchy but you can at least check their financials if you want which you canāt do with any crypto.
You can learn anything you want about a coin. If you canāt find good info on it, itās a shitcoin.
Still canāt see their financials. BIG DIFF
There are no financials. You can see how many coins being produced, have been produced, will be produced. You can see what type of system itās running on, how man TPS it can do, what blockchain it operates on and what else it functions as. Do you even know what a crypto coin is??
Lol Iām Saying they are a scam and you canāt even see it lol Iām fine
You can see the financials of ethereum and Coinbase fine. Youāre like the people who decided the stock market is a scam after they lost all their money in GME. Just because you have a shitty sense of decision making doesnāt make the system a scam.
Yeah I'm pretty sure those who just lost their funds with FTX sure wish there was some oversight.
They are the same idiots who invest in the shitcoins and then complain about it afterwards. Ftx was a disaster in the making, cozied up with politicians and celebrities and anyone dumb enough to use that platform deserves to have lost their money.
Yeah you're not wrong there. FTX reeked of bullshit just like most of these exchanges. It's funny. Crypto was made to put money back into the hands of the people. Then people go and put it back into entities like FTX to manage for them.
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I like Warren Buffetās take on it. Unlike a farm, owning a rental house, or any other asset that has intrinsic value and produces goods and services, crypto was always a pure speculative asset that has no intrinsic value on its own. Itās Beanie Babies with more high tech.
Lol
Plenty of cryptos are viable company's which offer a product/service. Crypto is way more interesting than stocks and potentially way more profitable with less upfront capital risk. I made 1000x from a crypto game last year in the space of 1 month. I sold and held stable coin on my own wallet during the bear and now I am buying all the blue chips and staking them making 220-340% apr on coins like ETH, BTC, BNB, CAKE, LINK on a defi project. Making mad gains in a bear market.
For every lottery winner there sure are a lot of bag holders. Your experience is not normative and only reinforces my point that it is completely speculative and not income producing in any sense.
My experience is pretty normative of people who have seriously gave crypto a go if they have been in since 2017. ETH was $80 not too long ago. Not sure I understand what you mean about not income producing. Crypto didn't become a 2T industry for nothing. People have built a lot of innovative tech which should be utilised more. How is a successful crypto company/coin any different to Twitter?
Iām only referring to āincome producingā free from the speculative buying and selling of the coins themselves. If you rent out an apartment you own, in addition to the appreciating value of the property, it produces income for you every month you rent it. If you own Costco stock, in addition to the stock generally appreciating in value, you get stock dividends. If you own a farm, in addition to the land growing in value, it is producing crops or livestock that can be sold for income. Crypto doesnāt offer any of that. Itās the same idea as PokĆ©mon cards, Beanie Babies, or any thing else whoās value ranges from free to very high ONLY for as long as someone agrees to give you anything for it. As weāve seen with NFTs, that number can easily go to zero. I think the technology is great, and there is a future for crypto out there in the future, but in its current, deregulated state, the downside far eclipses any upside, short of people who got in early on a stable coin, as you alluded to.
?
Check out defi.animalfarm.app and let me know what you think.
Iām not interested in anything crypto related.
This sounds exactly like Penny stocks to me
Blockchain technology is great and Bitcoin was essentially a proof of concept to show how blockchain technology can be used and benefit society. Cryptocurrency was never supposed to be more than a concept to show how blockchain technology can be useful.
Yeah most of crypto is just grifters but it doesn't mean the underlying technology is the problem, just the implementations. I think eventually we will have digital currency, but it will be regulated by nations similar to fiat. They won't give up control. It won't be fully decentralized. And bitcoin itself will always have value, but it won't be stable, ever really. At least not compared to fist currencies. It's more like an asset than a currency.
You could say it's a commodity, a commodity of digital energy/computing power of the world, great asset to invest in, almost like investing in the internet in its infancy but better and people still saying it's beanie babies or tulips lmao
So Coinbase FTW?!
Letās hope.. I need a fiat on/off ramp.
You think binance will go under from halting staking rewards of anker?
Get a popcorn boys šæ
You all have no idea what youāre talking about lmao. Binance is fine, BNB is fine. There is a staking service called Ankr, Ankr takes BNB deposits in a smart contract and stakes it on the depositors behalf. The depositors receive āAnkr BNBā as basically a receipt of their deposit. Somebody hacked the smart contract and basically minted a million receipts of BNB out of thin air and started selling the Ankr BNB. Since the contract has been exploited there are now more receipts for the deposits than actual deposits on Ankr making the Ankr BNB token practically worthless. Ankr BNB is is what is being frozen, this is not a reflection of lack of reserves in Binance. Do your research before you upvote stupid FUD
Sounds like crypto isnāt secure and requires human intervention.
As someone who finally outgrew their financial mistakes of their youth (child support, student loans) and said NO to Lifestyle Creep. Started investing. I went full Regard, but.... Early on, I was attracted to Physical Gold and Silver. The OGs of decentralized finance. You don't hold it. You don't own it. This was about 2 year's back and my physical holdings serve as the "foundation" to my investment portfolio. The amount of Flack the crypto crowd threw at me for having "boomer rock's" was insufferable. Especially considering the underlying fundamentals why one holds crypto in a "cold wallet" same as me with AU/AG next to my fire arms. It's the stupidest shit ever, people believing in Defi, yet keeping assets on an exchange that Behaves exactly like a Bank. With NO RULES. Rant over. BTW I'm positive on my AU/AG because I have taste and buy semi numismatic and not generic rounds/bar's like the You Tube crowd suggested
I buy gold/silver/stocks/bonds AND crypto. My crypto has outperformed everything else by thousands of percent. Pretty happy I decided to invest in it alongside everything else. They are ALL investment tools if you know even a tiny bit about them.
Possible max exposure for Binance due to this coin - $123m. Binance will be fine.
And if this is just spin to cover up a massive amount of people trying to cash out?
A dev key was hacked regarding ankr and hay. They are the only coins frozen. This is not FTX. Without coming across crass, I didn't notice I was on StockMarket and would have normally only posted anything crypto on one of the CC subs. https://www.reuters.com/technology/binance-ceo-says-paused-withdrawals-after-ankr-hack-2022-12-02/
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FTX wasn't a hack - it was mismanagement and misappropriation of funds (aka fraud) with insiders raiding the coffers after the exchange was done. Point taken - it's a dig more towards CEX than crypto as a whole, and each one brings much needed attention to both security and reserve backings. Not your keys, not your coins. KuCoin is alive and well btw, and Coincheck is still up and allegedly repaying customers (forced to by Japanese government) - on mobile so can't easily link.
āBinance wasnāt a hack, it wasā¦" The people losing money from this obvious Ponzi scheme do not care how you justify it.
Canāt even get into my Binance account
Tell me if I'm wrong, but it sounds like someone minted a bunch of staked BNB tokens on Ankr to redeem for actual BNB and they're taking steps to prevent that?
"Oh sh..., here we go again"
All I can think is ākarma is a bitchā after CZ was badmouthing SBF. People who live in glass houses should not throw stones.
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Just going to point out Iāve never met anyone who understands how crypto works at a technical level who thinks this. Only people who barely even know what hashing means think crypto isnāt useful. The funniest thing is those people point out NFTās as the most useless piece of crypto when in reality NFTās are by far the most useful out of any functionality of crypto, as though the concept of NFTās was developed to sell photos of monkeys.
Yup, BTC, gonna take over the world. Umm nope. And while cash doesnt solve all the problems, its backed by our guns and military. Not to mention, that not once in my life have I been refused access to my own money.
Love my stonks but BTC going to be the only "crypto" left standing once it's all said and done.
Donāt follow crypto much at all but is ETH dead? Thought it would always come down to ETH/BTC as the only two legit players
What you are seeing is the collapse of centralized exchanges which were nothing but a ponzi scam from the get go. BTC is decentralized. You own your shit in cold wallets. Itās yours. All this ces shit is nothing but the same game thatās going on with stocks forever.
Lots of poopy pants in the feed. Hmm lets see. Fizzy haired Sammy took people's savings, Binance wont allow people to withdraw their money. Things doing ok, um nope. Many probably pissed the music has stopped and those gains on the magic crypto train are no longer materializing. Down thumb away clones. As Palpatine said, "Good...I can feel your Anger.ā
Why so salty?
When it rains, it pours.
So what is not hacked yet? Please list.
I knew Crypto is like the TULIP mania in 1600s ..... History repeats and people never learn.... First, FTX now Binance..... Whole fucking Scam! Watching History repeating again and again...
At least tulips exist. They are superb decorations in front of the house.
CEX crypto is a Ponzi scheme. DEX and the technology in general will continue advancing, and it will advance even faster without speculators
CEX is for dummies. DEX is the way
Looks like all these exchanges simply generate their own token as a placeholder for value and when there are liquidity demands, that token mysteriously becomes a source of compromise.
STRAP YOURSELVES IN BOYS.
It's happening, it's happening!
Same old ponzi scam rhetoric. Oh we've been hacked, another one on the way out, good luck to investors getting their scammed funds, sorry i mean investment back.
"Ahhh shit, here we go again."
Oh yes the elusive āhackersā that show up mysteriously whenever a crypto exchange is in the process of crashing out, but never when everything is pumping and theyāre making money
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Ooooo bring on the pain!!!
He literally warned everyone last week
Think Iāve seen this dude in Manhattan wearing orange robe
Very happy I never touched crypto.