CryptoCurrency Mining with GPUs *spawn*

Man it just gets better and better for Celsius. There's now a lawsuit by former investment manager Jason Stone that Celsius is an elaborate Ponzi scheme.


And apparently there are a lot of ties to FTX's Sam Bankman-Fried both obvious and hidden (through various companies linked to him).


Regards,
SB
 
To be honest, if you really believe in decentralization you shouldn't put your money in a centralized organization.
 
They weren't doing anything ETFs aren't doing with normal stocks. They are all leveraged somehow (via swaps or options) and are not 1:1 of the underlying they are supposed to hold.
 
Yeah, but for traditional finances they are under more strict scrutiny due to regulations etc. (which was designed to prevent something like this, after all)
I do understand the need of a centralized exchange because for example you might want to exchange your coins for fiat currency and that can't happen on blockchain. However, an exchange shouldn't be using customers' money to "invest" elsewhere. They are not even a bank.
Some exchanges do provide lending services (including FTX) but that should be explicitly restricted to leveraged trading (and I believe that's what people think it was). FTX did have a separate service which is more like a bank (which was formerly Blockfolio and acquired by FTX), but it should be separated from the exchange (were renamed FTX Pro after the acquisition).
 
I'm fascinated by how people continue to want to participate in Crypto-Currency. The latest drama from the FTX fallout.


So, the guy that hacked into the FTX exchange and siphoned off ~600 million USD worth of crypto has been ...surprise, surprise... using it to manipulate the Crypto market and launder his stolen currency.

At one point I used to think that trading in crypto-currency was like trading in stocks before the stock market crash in the early 20th century (which led to the great depression) due to an unregulated and decentralized stock market.

But this is so much worse as it's far easier to cover your tracks and launder any illicit gains.

Regards,
SB
 
If you're looking for some more amusement at the expense of crypto-currencies, here's something from a writer for TD Ameritrade Network.


TL: DR - their view is that all of crypto-currency's combined real value is roughly equivalent to how much Nintendo is worth. :D As a bonus, this past year has shown that Bitcoin advocates pitch that Bitcoin was an inflation hedge similar to Gold is ... baloney.

Personally, I think they're being a bit generous. ;)

Regards,
SB
 
TL: DR - their view is that all of crypto-currency's combined real value is roughly equivalent to how much Nintendo is worth. :D As a bonus, this past year has shown that Bitcoin advocates pitch that Bitcoin was an inflation hedge similar to Gold is ... baloney.

To be fair, it's baloney because neither is an inflation hedge. If you bought gold because you believed it will help you fight against inflation, well, it hasn't yet.
 
Dumb, dumb, dumb, and another one bites the dust!

Major cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy protection along with eight affiliates, it said on Monday, the latest crypto casualty to follow the spectacular collapse of the FTX exchange earlier this month.

The filing in a New Jersey court comes as crypto prices plummet, with bitcoin down more than 70% from a 2021 peak.

New Jersey-based BlockFi had links with FTX, which filed for protection in the United States earlier in November after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal.
 
It's crazy FTX even had a 19 year deal done for a stadium naming which has to find a new company to sponsor it I guess.
 
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