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+--- Thread: Excitement in the Crypto-Currency World (/thread-13190.html)
Excitement in the Crypto-Currency World - Yazata - Nov 13, 2022
I've always liked the idea of crypto-currency, but have never trusted it enough to put any money into it. It's always been too dependent on technology that I don't understand and tech-hustlers who I don't trust. The quantity of bots and scams that surrounded it just turned me off.
Well, here's crypto-exchange FTX. It had about $16 billion in customer assets in customer trading accounts. Reportedly, unknown to its customers, it transferred about $10 billion of those funds to its owners' trading accounts. Apparently the owners thought they could make money for themselves by trading their customers money when the customers weren't using it. (That's what conventional banks and brokerage firms do with customer accounts.) But the owners got in a hole with a succession of bad trades. (Like conventional finance did in 2008.)
Adding insult to injury, some $1.7 billion of that customers money has just disappeared. (The company says "hackers".)
Then there was talk that the FTX owner wanted to sweet-talk Elon Musk into loaning him money to make things balance, but Elon was having none of it.
So FTX is apparently planning to liquidate itself and its customers have just lost their money.
And Twitter was alive today with talk that the owner's private jet had been tracked over the last few hours flying to Argentina. (If he has the $1.7 billion, he should head to Dubai. The UAE has no extradition treaty with the U.S.)
https://news.slashdot.org/story/22/11/12/0534244/reuters-reports-1b-of-client-funds-missing-at-ftx?utm_source=slashdot&utm_medium=twitter
RE: Excitement in the Crypto-Currency World - Syne - Nov 13, 2022
Oops. Sam Bankman-Fried’s implosion took down Democrats’ second-biggest donor with it as the party gears up to regulate crypto
Crypto megadonor Sam Bankman-Fried helped bankroll Democrats’ overperformance in the midterms.
RE: Excitement in the Crypto-Currency World - RainbowUnicorn - Nov 14, 2022
buying crypto is no different to buying shares or gambling at the casino
now will we see a crash in bitcoin as people wake up ?
30% of bitcoins value wiped out in 4 days
after having a look at bitcoins history i think its value is around 15 to 16k
so i think it could easily lose another 50% of its value