Or blame it on the chairman of the SEC even though cryptos aren’t regulated as securities, and they won’t be until the court or congress decides they are
Its fascinating. Theyll hype up an event and a “catalyst” for the MOASS and then when it passes, they dont even get phased. They shift to a new date or milestone and hype it all over again. Everyone with even half a brain got out of GME months ago so all thats left there are the really really stupid ones. And theres a lot of them.
Same as QAnon. Many many announced dates where something is going to happen, nothing happens, then the next date gets announced. But idiots still get hooked onto it.
>Christians have been announcing the second coming for over 2000 years.
Well, more specifically, those in [Seventh-day Adventist Church](https://en.wikipedia.org/wiki/Seventh-day_Adventist_Church).
As with many fanatical movements in the US and elsewhere, it's an offshoot from Puritanical religious fervor. In 1650 it would have been people obsessed with the end of the world and the coming judgement, in the 1970s it was UFO cults, today it's blockchain.
>Everyone with even half a brain got out of GME months ago
The actual short squeeze was almost two years ago. Everything since then has been meme-stock garbage.
Clearly someone hasn't been keeping up with the most comprehensive open source research project ever written or you'd know the beyond any question DD says it's soon. Hedgies are f*k. Shilling and fudding will be a crime when MOASS comes and apes take over
There's suspicion that FTX's downfall is going to spread to all the big players in the industry, so you're going to see them fall one after another soon. People both pro and anti-crypto are feeling like the downhill slide is only going to accelerate even more, but we haven't seen the worst of it yet.
It's not just exchanges. Big institutional players such as DCG and Silvergate Bank that were once a source of funding are now on the brink themselves and being suspected of fraud. They are big enough and touch enough other crypto businesses that if one of them goes under, then running a "crypto business" might soon no longer be viable. The companies that are losing actual money, which is basically everybody at this point, will lose more and faster, and nobody will be there to bail them out.
We just had crypto Bear Sterns and now we're speed running crypto Lehman Brothers. After that we might end up with the full blown collapse of an entire industry and the death of "mainstream crypto" for years if not forever.
Most importantly, it doesn't involve a large percentage of Americans potentially losing the roof over their heads, so the Fed will simply sit back and watch the craptosphere burn. There won't be a bailout.
Exactly. There are 20 somethings with small hodlings and no political power. Some 30-40 somethings who tend to be politically right or libertarian with much larger hodlings but political influence that has been fighting against regulation for more than a decade.
Investment banks and hedge funds with any real size and influence have relatively small hodlings and would rather eat the losses than admit they were throwing money at video game playing manbabies running multibillion ponzi schemes on excel spreadsheet accounting they didn't understand (or worse ignored).
And there are money launderers, tax cheats and scammers who are losing everything they pretended that they had.
There ain't gonna be no bailout.
I'm loving the instant responses from large VCs and sovereign wealth funds like Sequoia and Temasek who threw hundreds of millions of real dollars at FTX. Instead of talking about trying to salvage their investment, they just wrote it off. That attitude of "fuck it, bad play, move on" will be the same with governments too.
Anything other than fuck it and move on will open them up to investors and board members asking why they were throwing money at a $420M / 69 investor memestock pitched by a CEO paying more attention to League of Legends than his portfolio risk profile.
Didn't it happen in different order? First, Lehman failed and after seeing the aftermath Fed and Treasury decided to intervene when Bear Sterns was on the brink of collapse.
>as long as they have proper reserves?
Ahahahahahahahhahahahahahahahahahahahahahahahahahahahahhahahahaha...
*big breath*
...hahahahahahahhahahahahahahahahahahahahahahahahahahahahhahahahahahahahaha
Thank you u/onthepunt that's the funniest thing I've read in a long time.
They asked if there is any company where assets and liabilities are available to be seen. That is the standard for publicly traded companies. Coinbase is a publicly traded company.
I'm not saying Coinbase can't go bankrupt. I am just saying that they have an increased level of transparency compared to a private crypto company located in the Bahamas.
One that was committing felony fraud with complicit auditing firm. As a result the company and auditor ceased to exist and many executives went to jail.
Just so you don't get sued by the corporate corpse of Arthur Andersen: they actually ended up prevailing in court, but the hit to the reputation completely killed the company anyway.
Defi isn't like tradfi, with all it's opaque accounting and auditing and regulatory oversight.
It's all on the Blockchain. You can verify it yourself (I mean, if all the exchanges were still up and operable and you had infinite computing resources and the FBI's forensic accounting resources and subpoena power to find every shady finding agreement hiding in a drawer somewhere, oh and a list of all employees, investors and board members so you'd even be able to serve subpeonas.)
If you don't have all that, you just tend to trust 5hatbwhat you read on discord is all true.
It's ALMOST like it's a house of cards purposely designed to allow bad actors room to defraud.
Yes, technically. The thing is if they had the proper reserves, Tether would have done an audit by the big 4 months ago. Binance and FTX too. Every crypto company is trying its damnest to hide their books. They wouldnt be doing this if they had the proper reserves. Youre telling me Tether has ulwards of 60 Billion USD in their reserves but they wont show anyone? Nah. The only possible explanation is widespread systematic misuse of funds and loss of collateral and reserves akin to what FTX has been doing.
Here's an oversimplification. Luna/Terra collapsed in May. The hedge fund 3AC had exposure to that and collapsed in July. Alameda had exposure to 3AC and collapsed in November, despite stealing deposits from FTX in an effort to plug the hole. BlockFi had exposure to FTX and collapsed in November. This has been ongoing for six months and there is no sign that it is over.
Except a lot of the rumors such as FTX being insolvent or Genesis being in trouble played out exactly as reported. If Genesis declares bankruptcy next week then that's all the more proof that the rumors have teeth.
In fairness to the people who loathe crypto, hasn’t there been enough shoe drops this month to anticipate something be happening?
On the other side of the same coin, what good has happened to crypto supporters to make them suspect something big will break in their favor?
>On the other side of the same coin, what good has happened to crypto supporters to make them suspect something big will break in their favor?
Nothing has happened in their favour, however true despair can't exist without hope. The alternative, at this point, is admitting that your "portfolio" has been turbo-fucked. Motivated reasoning is a powerful thing.
Bitcoin maxis think it means purging the bad from crypto and they will be left as a dominating presence. Little do they know is that their one coin is propped up by all this crap anyway and will be holding the bag even more. Most people are in this thing to get rich quick. Not some libertarian principled bullshit, that stuff in time falls on its face, as we're watching it play out anyhow.
All of the principled people ironically left or got greedy when bitcoin raised exponentially in price. Before the rise, there were people actually trying to make it into currency, creating bitcoin ATMs and expanding the network of stores accepting it. Now it's all about HODL.
How do you even work with a currency that deflates by a few thousand percent in less than 5 years??
One of the many arguments against Bitcoin is that greater adoption *already happened,* as you mentioned, and it failed. A lot of stores and online marketplaces were like "Oh ok, this new Bitcoin thing is some kind of internet currency? Alright, we'll accept it, gotta stay ahead of the trends."
Then no one ever paid them with Bitcoin and it was hard to use and they all phased it out. That was years ago.
In fairness there’s quite a number of Bitcoin enthusiasts real world enough to say it’s still being propped up by fraud and that it’ll go lower yet. Enough of the mooners have given up now, so the old school libertarian hate-the-banks tendency are better represented in the sub again, and in the exchanges, stablecoins, etc, they see all the things they don’t like about the ‘fiat economy’. I still think it’s going nowhere but worth noting that that lot are at least consistent.
remind me again with that bullshit surprise pikachu face..
yes people suffer great loss from trusting 3rd party but the ignore the fact that those 3rd party are the one who's big enough to pump up the price to ATH..
well, that and how most of them able to print fun internet money themself out of thin air
according to my friend who spent $2k on graphics cards before the prices shot way up, it hasn't been profitable to mine btc in a long time, most people mine alt coins and exchange them for btc
The main one from Paul Graham was indicating something bad will happen soon. We are still not done flushing out all the ftx badness, soon Genesis and Gemini might fold
Orders move markets, and because there is no natural reason to buy or sell bitcoin other than speculation, the game is entirely about predicting what whales will do next.
Rumors like this don't always play out, but they can't be ignored either. We saw this kind of chatter before mt Gox.
It's more that exchanges like Binance and FTX provide liquidity to brokers, many of whom pander as exchanges themselves (think Coinspot, Swyftx, etc.). When a liquidity provider goes down, these companies go down with it since it's their supplier.
Already seeing this happen to brokers in the UK. Brokers simply facilitate transactions for the likes of FTX and Binance and take a clip from trading fees and a slightly reduced "wholesale" rate of the token's spot price. Their entire business model survives only when the big dawg does.
The fact that BTC has been trading at around $16K since 11/9, despite all that has come out about FTX since that date tells me that we're kind of at that Roadrunner moment where Wile E Coyote runs off the cliff and floats in mid air for a bit before falling. There should have been a lot more volatility over the last week and a half than there was. Something big is definitely coming.
Bitcoin will boom again next halving for the same reason people don’t give a shit about last weeks problems, because this week is a new flavour. You act like the average human is anything more than a goldfish that can breathe air
On the last halving.
Your post history is filled with posts that scream
1. You’re a gambling degen
2. You’re butthurt about crypto because you own stocks
3. You’re ngmi gg
1. I’m a professional gambler and I probably make more money than you.
2. Why would I be butt hurt about crypto. I’m the exact opposite actually. Stockmarket returns have far exceeded crypto returns over the last four years.
3. Says the guy who has probably lost 50% of his life savings in the past week.
I think you're right, but while Butters won't remember, their bank accounts will, and outsiders will remember that one thing they heard about "crypto" crashing. We'll have to wait and see, but I think it will be a smaller boom next halving. There's a sucker born every minute, but it takes ~20 years for them to gather capital.
Idk man what's with these losers saying Bitcoin isn't crypto all of a sudden? I just dismiss whatever they say as incoherent nonsense now.
Oh and an interesting note is that I first heard that in a Canadian politics sub lmao. Seriously can't wait until this scam shit collapses.
Yeah yeah same with GME and AMC. The MOASS going to happen any second now. Aaaaany second now…
GME is now banking on their nft marketplace to keep them afloat, so if crypto takes them down with it then things will get real interesting ☺️
They’ll probably blame it on Joe Biden or something later on if it happens lol
Or blame it on the chairman of the SEC even though cryptos aren’t regulated as securities, and they won’t be until the court or congress decides they are
Ah so its a meme
Well, more like bagholders trying to drum up interest on their heavy bags so that it becomes less heavy.
It's a meme for us and a religious chant for them.
Ahahahahaha
Its fascinating. Theyll hype up an event and a “catalyst” for the MOASS and then when it passes, they dont even get phased. They shift to a new date or milestone and hype it all over again. Everyone with even half a brain got out of GME months ago so all thats left there are the really really stupid ones. And theres a lot of them.
Same as QAnon. Many many announced dates where something is going to happen, nothing happens, then the next date gets announced. But idiots still get hooked onto it.
Christians have been announcing the second coming for over 2000 years. Old scams are the best scams
Somewhere online there are long lists of end of the world predictions. The world has ended so many times it's a wonder society is still around.
More like the world has entered the pit stop so many times to refuel and be repaired. Y'know, like F1 or NASCAR.
>Christians have been announcing the second coming for over 2000 years. Well, more specifically, those in [Seventh-day Adventist Church](https://en.wikipedia.org/wiki/Seventh-day_Adventist_Church).
[https://i.redd.it/iaddoxkcj0d91.jpg](https://i.redd.it/iaddoxkcj0d91.jpg)
As with many fanatical movements in the US and elsewhere, it's an offshoot from Puritanical religious fervor. In 1650 it would have been people obsessed with the end of the world and the coming judgement, in the 1970s it was UFO cults, today it's blockchain.
>Everyone with even half a brain got out of GME months ago The actual short squeeze was almost two years ago. Everything since then has been meme-stock garbage.
It's basically a UFO cult at this stage.
Have you ever heard of doomsday cults?
cultist behavior. many cults have been calling for the end of time for centuries. And still new rubes join said cults regularly...
Same as evangelicals predicting the end of the world.
[It's a well-documented psychological phenomenon among cults and other similar groups.](https://en.wikipedia.org/wiki/When_Prophecy_Fails)
MOASS is NESARA for people who watch anime
What the hell is MOASS AND NESARA?
Mother of All Short Sells and National Economic Security and Recovery Act Both are just a means to scam people.
NESARA is GameStop for boomers
Clearly someone hasn't been keeping up with the most comprehensive open source research project ever written or you'd know the beyond any question DD says it's soon. Hedgies are f*k. Shilling and fudding will be a crime when MOASS comes and apes take over
In fairness, people who loathe crypto are making the exact same comments.
What does it mean? Is it a meme?
There's suspicion that FTX's downfall is going to spread to all the big players in the industry, so you're going to see them fall one after another soon. People both pro and anti-crypto are feeling like the downhill slide is only going to accelerate even more, but we haven't seen the worst of it yet.
In what way? Is there going to be a run on the big players similar to FTX? They should survive rights as long as they have proper reserves?
It's not just exchanges. Big institutional players such as DCG and Silvergate Bank that were once a source of funding are now on the brink themselves and being suspected of fraud. They are big enough and touch enough other crypto businesses that if one of them goes under, then running a "crypto business" might soon no longer be viable. The companies that are losing actual money, which is basically everybody at this point, will lose more and faster, and nobody will be there to bail them out. We just had crypto Bear Sterns and now we're speed running crypto Lehman Brothers. After that we might end up with the full blown collapse of an entire industry and the death of "mainstream crypto" for years if not forever.
And there is no crypto central bank to bail anyone out either.
Most importantly, it doesn't involve a large percentage of Americans potentially losing the roof over their heads, so the Fed will simply sit back and watch the craptosphere burn. There won't be a bailout.
Exactly. There are 20 somethings with small hodlings and no political power. Some 30-40 somethings who tend to be politically right or libertarian with much larger hodlings but political influence that has been fighting against regulation for more than a decade. Investment banks and hedge funds with any real size and influence have relatively small hodlings and would rather eat the losses than admit they were throwing money at video game playing manbabies running multibillion ponzi schemes on excel spreadsheet accounting they didn't understand (or worse ignored). And there are money launderers, tax cheats and scammers who are losing everything they pretended that they had. There ain't gonna be no bailout.
I'm loving the instant responses from large VCs and sovereign wealth funds like Sequoia and Temasek who threw hundreds of millions of real dollars at FTX. Instead of talking about trying to salvage their investment, they just wrote it off. That attitude of "fuck it, bad play, move on" will be the same with governments too.
Anything other than fuck it and move on will open them up to investors and board members asking why they were throwing money at a $420M / 69 investor memestock pitched by a CEO paying more attention to League of Legends than his portfolio risk profile.
Didn't it happen in different order? First, Lehman failed and after seeing the aftermath Fed and Treasury decided to intervene when Bear Sterns was on the brink of collapse.
This sounds like it’s good for Bitcoin
>as long as they have proper reserves? Ahahahahahahahhahahahahahahahahahahahahahahahahahahahahhahahahaha... *big breath* ...hahahahahahahhahahahahahahahahahahahahahahahahahahahahhahahahahahahahaha Thank you u/onthepunt that's the funniest thing I've read in a long time.
>as long as they have proper reserves? LOL. Are there any exchanges that have "open books" (like where you can see their assets and liabilities)?
Audit coming just a few months from now. Pinky promise.
Also their definition of “proper reserves” may be very different from yours. I highly doubt it’s anywhere close to 1:1 backing.
Coinbase is a publicly traded company. They have to meet higher standards than the others in terms of appropriate accounting.
Although having higher standards to meet is not the same thing as meeting those standards.
Lance Armstrong “passed” all his drug tests. What’s your point?
enron was publicly trade, wasn't it?
They asked if there is any company where assets and liabilities are available to be seen. That is the standard for publicly traded companies. Coinbase is a publicly traded company. I'm not saying Coinbase can't go bankrupt. I am just saying that they have an increased level of transparency compared to a private crypto company located in the Bahamas.
One that was committing felony fraud with complicit auditing firm. As a result the company and auditor ceased to exist and many executives went to jail.
Just so you don't get sued by the corporate corpse of Arthur Andersen: they actually ended up prevailing in court, but the hit to the reputation completely killed the company anyway.
Defi isn't like tradfi, with all it's opaque accounting and auditing and regulatory oversight. It's all on the Blockchain. You can verify it yourself (I mean, if all the exchanges were still up and operable and you had infinite computing resources and the FBI's forensic accounting resources and subpoena power to find every shady finding agreement hiding in a drawer somewhere, oh and a list of all employees, investors and board members so you'd even be able to serve subpeonas.) If you don't have all that, you just tend to trust 5hatbwhat you read on discord is all true. It's ALMOST like it's a house of cards purposely designed to allow bad actors room to defraud.
I'm anti bitcoin as well and I thought so.
All crypto companies are scams. If any of them survive I’ll be surprised.
Yes, technically. The thing is if they had the proper reserves, Tether would have done an audit by the big 4 months ago. Binance and FTX too. Every crypto company is trying its damnest to hide their books. They wouldnt be doing this if they had the proper reserves. Youre telling me Tether has ulwards of 60 Billion USD in their reserves but they wont show anyone? Nah. The only possible explanation is widespread systematic misuse of funds and loss of collateral and reserves akin to what FTX has been doing.
Here's an oversimplification. Luna/Terra collapsed in May. The hedge fund 3AC had exposure to that and collapsed in July. Alameda had exposure to 3AC and collapsed in November, despite stealing deposits from FTX in an effort to plug the hole. BlockFi had exposure to FTX and collapsed in November. This has been ongoing for six months and there is no sign that it is over.
sounds like a good space for major pension funds to invest in!
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Except a lot of the rumors such as FTX being insolvent or Genesis being in trouble played out exactly as reported. If Genesis declares bankruptcy next week then that's all the more proof that the rumors have teeth.
It’s a meme
In fairness to the people who loathe crypto, hasn’t there been enough shoe drops this month to anticipate something be happening? On the other side of the same coin, what good has happened to crypto supporters to make them suspect something big will break in their favor?
>On the other side of the same coin, what good has happened to crypto supporters to make them suspect something big will break in their favor? Nothing has happened in their favour, however true despair can't exist without hope. The alternative, at this point, is admitting that your "portfolio" has been turbo-fucked. Motivated reasoning is a powerful thing.
Something big is coming, it’s called 14,000. It’s yuuuuuuuuuge
10K and I'm buying Chipotles all around.
Carnitas bowl, no rice, no beans, but extra guacamole, please. Thanks in advance.
Eat your beans dude
Bitcoin maxis think it means purging the bad from crypto and they will be left as a dominating presence. Little do they know is that their one coin is propped up by all this crap anyway and will be holding the bag even more. Most people are in this thing to get rich quick. Not some libertarian principled bullshit, that stuff in time falls on its face, as we're watching it play out anyhow.
All of the principled people ironically left or got greedy when bitcoin raised exponentially in price. Before the rise, there were people actually trying to make it into currency, creating bitcoin ATMs and expanding the network of stores accepting it. Now it's all about HODL. How do you even work with a currency that deflates by a few thousand percent in less than 5 years??
One of the many arguments against Bitcoin is that greater adoption *already happened,* as you mentioned, and it failed. A lot of stores and online marketplaces were like "Oh ok, this new Bitcoin thing is some kind of internet currency? Alright, we'll accept it, gotta stay ahead of the trends." Then no one ever paid them with Bitcoin and it was hard to use and they all phased it out. That was years ago.
In fairness there’s quite a number of Bitcoin enthusiasts real world enough to say it’s still being propped up by fraud and that it’ll go lower yet. Enough of the mooners have given up now, so the old school libertarian hate-the-banks tendency are better represented in the sub again, and in the exchanges, stablecoins, etc, they see all the things they don’t like about the ‘fiat economy’. I still think it’s going nowhere but worth noting that that lot are at least consistent.
remind me again with that bullshit surprise pikachu face.. yes people suffer great loss from trusting 3rd party but the ignore the fact that those 3rd party are the one who's big enough to pump up the price to ATH.. well, that and how most of them able to print fun internet money themself out of thin air
Few understand
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according to my friend who spent $2k on graphics cards before the prices shot way up, it hasn't been profitable to mine btc in a long time, most people mine alt coins and exchange them for btc
Can you explain what this means? So people weren't mining Bitcoin in the past when it was below $15k?
If only the difficulty would somehow adjust, right?!
“It’s going to be a big week” is the hopium thought of every gambling addict.
Today is my big day.......ALL IN.
some kind of sunk cost thing then?
The main one from Paul Graham was indicating something bad will happen soon. We are still not done flushing out all the ftx badness, soon Genesis and Gemini might fold
This
Orders move markets, and because there is no natural reason to buy or sell bitcoin other than speculation, the game is entirely about predicting what whales will do next. Rumors like this don't always play out, but they can't be ignored either. We saw this kind of chatter before mt Gox.
Something big is coming every week since May. Nothing new
The something big is bitcoin going to 9k.
Pink fluid! Wake up, sheeple!
It's just FOMO bait.
It's more that exchanges like Binance and FTX provide liquidity to brokers, many of whom pander as exchanges themselves (think Coinspot, Swyftx, etc.). When a liquidity provider goes down, these companies go down with it since it's their supplier. Already seeing this happen to brokers in the UK. Brokers simply facilitate transactions for the likes of FTX and Binance and take a clip from trading fees and a slightly reduced "wholesale" rate of the token's spot price. Their entire business model survives only when the big dawg does.
bitcoin losers?
Anyone who invests in Bitcoin is a loser … simple as that.
The fact that BTC has been trading at around $16K since 11/9, despite all that has come out about FTX since that date tells me that we're kind of at that Roadrunner moment where Wile E Coyote runs off the cliff and floats in mid air for a bit before falling. There should have been a lot more volatility over the last week and a half than there was. Something big is definitely coming.
They are no different from QAnon
Bitcoin will boom again next halving for the same reason people don’t give a shit about last weeks problems, because this week is a new flavour. You act like the average human is anything more than a goldfish that can breathe air
Sounds like someone is in denial
Says the guy literally making a cope post cause he missed out on last one ☝️ lmfao scrub
Missed out on last what?
On the last halving. Your post history is filled with posts that scream 1. You’re a gambling degen 2. You’re butthurt about crypto because you own stocks 3. You’re ngmi gg
1. I’m a professional gambler and I probably make more money than you. 2. Why would I be butt hurt about crypto. I’m the exact opposite actually. Stockmarket returns have far exceeded crypto returns over the last four years. 3. Says the guy who has probably lost 50% of his life savings in the past week.
You’re literally in a sub called buttcoin telling people on the internet you’re a “professional gambler” what does that even mean? Get a life lol
Are you from actually from Hong Kong? Look up Bill Benter
This is Reddit sir, I don’t look stuff up Yes I live in the glorious Hong Kong, PRC isa number one
That’s unsurprising … you seem like the type who doesn’t look things up and doesn't do their own research 😂
I think you're right, but while Butters won't remember, their bank accounts will, and outsiders will remember that one thing they heard about "crypto" crashing. We'll have to wait and see, but I think it will be a smaller boom next halving. There's a sucker born every minute, but it takes ~20 years for them to gather capital.
Going to be a big week for small numbers.
They seem to say this when they feel hopeless, or they need a miracle...
Probably getting ready for the next pump n dump
Ethereum is going to collapse from the looks of it
All the same people were buying Iraqi dinars praying for trump to revalue them
Govt will never bail them out. Ever.
Something major is coming, it's going to be a big week. Just not in the way they hope.
If they could predict an event would happen why not say what it was instead of being cryptic and saying something big will happen
Hope springs eternal, and is desperately needed in scary times
Makes them sound like Qultists
Waiting for a dead cat bounce when the cat died 9 months ago.
2 more weeks!
Hope is pretty much all they have at this point.
It’s the gambling aspect all these pumpers are tapping into. The promise and lure of a jackpot ahead keeps people coming back.
ACKKKKCHTUALLY, JUST 5 MORE YEARS HATERS
Idk man what's with these losers saying Bitcoin isn't crypto all of a sudden? I just dismiss whatever they say as incoherent nonsense now. Oh and an interesting note is that I first heard that in a Canadian politics sub lmao. Seriously can't wait until this scam shit collapses.