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.

www.cnbc.com

Embattled crypto lender Celsius is a 'fraud' and 'Ponzi scheme,' lawsuit alleges

Celsius artificially inflated the price of its own digital coin, failed to hedge risk and engaged in activities that amounted to fraud, a lawsuit alleges.
www.cnbc.com www.cnbc.com

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

www.bnnbloomberg.ca

Celsius Bankruptcy Filing Shows Long Reach of FTX's Sam Bankman-Fried - BNN Bloomberg

Among the more than 100,000 creditors of Celsius Network Ltd., the crypto lender that filed for bankruptcy on Wednesday, one entity stands out: Pharos USD Fund SP.
www.bnnbloomberg.ca www.bnnbloomberg.ca

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.

FTX exploiter triggers weekend crash, here's what to expect from Bitcoin price

Bitcoin price experienced a sell-off over the weekend as the hackers who stole roughly $600 million from the now-defunct FTX exchange decided to offlo
www.fxstreet.com www.fxstreet.com

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.

www.benzinga.com

My Model That Nailed Bitcoin $3,100 Now Says Zero

I’m using the words “model” and “nailed” a bit loosely. It was one time, and it was more a logical guess than a prediction, but the method I used in June 2018 to estimate bitcoin’s “value” at $3,142 sure was scary close to the actual bottom that it found six months later at $3,120.
www.benzinga.com www.benzinga.com

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
 
Silent_Buddha said:
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.
Click to expand...

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.
Click to expand...
 
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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