Crypto exchange FTX files for bankruptcy protection

[Eldorado]

Crypto exchange FTX filed for bankruptcy protection in the U.S., the Bahamas-based company said Friday.

CEO and founder Sam Bankman-Fried also resigned his role, but will "assist in an orderly transition." John Ray III is the new CEO. Ray appears to be the same individual who previously oversaw the Enron Corporation bankruptcy.

"In the short term we have some long days and hard work ahead of us," Ray told employees in a message verified by CoinDesk. He called the bankruptcy filing "the beginning of a path forward."

https://www.coindesk.com/policy/2022/11/11/ftx-files-for-bankruptcy-protections-in-us/

[+and-then]

I am no expert in these systems but it has amazed me that any of them have been allowed to be legal for as long as they have.  From the moment I first heard about BITCOIN, I assumed our government would go against the concept, full bore.  I mean, who would expect a Federal government to allow a competing, anonymous currency that could avoid taxation?  The answer in the U.S. is about to be their own digital, programmable "dollar".  It will signal the full control of all who use it.  It may not be evident in the beginning but in time, the Feds will be deciding who gets to buy what, and when they are allowed to.  IOW, the kinds of restrictive nonsense we see coming from SJW freaks will effectively become law without any legislative input. 

That's right... a treasury secretary or even some lower ranked bureaucrat will be able to, with a few keystrokes, stop YOUR money being used for any purpose THEY disagree with.  No appeals, no explanations, nothing but full compliance will be accepted.  Add to that the ability to examine all of your purchasing history to use against you politically, and the days of freedom will officially be a memory of a dead past.

Edited November 11, 2022 by and-then

[Tatetopa]

1 hour ago, and-then said:

From the moment I first heard about BITCOIN, I assumed our government would go against the concept, full bore.  I mean, who would expect a Federal government to allow a competing, anonymous currency that could avoid taxation? 

I would agree. But is seems to my limited understanding that even the US government executive branch has limited power when faced by the legislature and judiciary.  It must seem hopelessly innocent, but I think it still works.  Laws have to be passed before they can get enforced.  EO's might do something, but would you trust one?

Crypto seems like a tool for blackmailer type hackers and a game for gamblers.  Is it more than that?

[Sir Wearer of Hats]

1 hour ago, and-then said:

I am no expert in these systems but it has amazed me that any of them have been allowed to be legal for as long as they have.  From the moment I first heard about BITCOIN, I assumed our government would go against the concept, full bore.  I mean, who would expect a Federal government to allow a competing, anonymous currency that could avoid taxation?  The answer in the U.S. is about to be their own digital, programmable "dollar".  It will signal the full control of all who use it.  It may not be evident in the beginning but in time, the Feds will be deciding who gets to buy what, and when they are allowed to.  IOW, the kinds of restrictive nonsense we see coming from SJW freaks will effectively become law without any legislative input. 

That's right... a treasury secretary or even some lower ranked bureaucrat will be able to, with a few keystrokes, stop YOUR money being used for any purpose THEY disagree with.  No appeals, no explanations, nothing but full compliance will be accepted.  Add to that the ability to examine all of your purchasing history to use against you politically, and the days of freedom will officially be a memory of a dead past.

It does have a very “Revelations-y” vibe, doesn’t it?

[+and-then]

48 minutes ago, Sir Wearer of Hats said:

It does have a very “Revelations-y” vibe, doesn’t it?

The scary imagery is rejected by most as being silly and cartoon-like, but the reality is that the picture the prophets painted becomes more like reality every day.  I guess it doesn't occur to those who are so prideful and self assured that maybe modern tech could have been described so long ago, and done accurately.    

[Sir Wearer of Hats]

4 minutes ago, and-then said:

The scary imagery is rejected by most as being silly and cartoon-like, but the reality is that the picture the prophets painted becomes more like reality every day.  I guess it doesn't occur to those who are so prideful and self assured that maybe modern tech could have been described so long ago, and done accurately.    

I’m sorta worried about the Euphrates River right now…

[Piney]

16 minutes ago, and-then said:

The scary imagery is rejected by most as being silly and cartoon-like, but the reality is that the picture the prophets painted becomes more like reality every day.  I guess it doesn't occur to those who are so prideful and self assured that maybe modern tech could have been described so long ago, and done accurately.    

Which prophets would that be? 

[Sir Wearer of Hats]

2 hours ago, Piney said:

Which prophets would that be? 

John of Patmos did talk about “the beast” being able to control what you buy.

Edited November 12, 2022 by Sir Wearer of Hats

[Raptor Witness]

6 hours ago, and-then said:

 

I am no expert in these systems but it has amazed me that any of them have been allowed to be legal for as long as they have.  From the moment I first heard about BITCOIN, I assumed our government would go against the concept, full bore.  I mean, who would expect a Federal government to allow a competing, anonymous currency that could avoid taxation?  The answer in the U.S. is about to be their own digital, programmable "dollar".

 

Sadly, you don’t understand what you are talking about.

Trying to ban Bitcoin would be like trying to ban the computer and the Internet. It won’t work, because you don’t need the government’s permission to type on your keyboard.

A failed exchange does not mean the item of agreed value fails. It’s just an exchange. No one with any real knowledge of the technology, leaves their digital money on the exchange. Those holders will learn a good lesson in the management of digital assets.

Bitcoin will not be stopped by any government, unless they manage to shut down the Internet. It’s much easier to move across the globe, than fiat, and most people who use it, do it for legal purposes.

Fiat, is the currency of most criminals, but it wouldn’t matter what the medium of exchange was, because the medium itself isn’t the problem.

If the federal government wants to try and create their own digital assets, it won’t be viewed the same, and will likely fail, due to perception and rejection by the Internet community.

Bitcoin is simply an idea that works. Those who don’t understand it, are still living in a cave, in darkness.

Edited November 12, 2022 by Raptor Witness

[preacherman76]

10 hours ago, and-then said:

I am no expert in these systems but it has amazed me that any of them have been allowed to be legal for as long as they have.  From the moment I first heard about BITCOIN, I assumed our government would go against the concept, full bore.  I mean, who would expect a Federal government to allow a competing, anonymous currency that could avoid taxation?  The answer in the U.S. is about to be their own digital, programmable "dollar".  It will signal the full control of all who use it.  It may not be evident in the beginning but in time, the Feds will be deciding who gets to buy what, and when they are allowed to.  IOW, the kinds of restrictive nonsense we see coming from SJW freaks will effectively become law without any legislative input. 

That's right... a treasury secretary or even some lower ranked bureaucrat will be able to, with a few keystrokes, stop YOUR money being used for any purpose THEY disagree with.  No appeals, no explanations, nothing but full compliance will be accepted.  Add to that the ability to examine all of your purchasing history to use against you politically, and the days of freedom will officially be a memory of a dead past.

Oh it’s sooner than you think. ISO 2000-22 goes live in March. With expected full compliance by every bank by 2025. Europe as well. 

[preacherman76]

8 hours ago, Tatetopa said:

I would agree. But is seems to my limited understanding that even the US government executive branch has limited power when faced by the legislature and judiciary.  It must seem hopelessly innocent, but I think it still works.  Laws have to be passed before they can get enforced.  EO's might do something, but would you trust one?

Crypto seems like a tool for blackmailer type hackers and a game for gamblers.  Is it more than that?

All crypto is within the jurisdiction of US regulator’s if it’s sold in the US. This has been allowed to happen. And now that you have two major coins going down and losing people a ton of money, the hammer is about to drop on 99% of these coins, and the ones that remain will be handed over to the banks and Wall Street. 
 

The Ripple logo is suddenly all over Times Square. 

[preacherman76]

4 hours ago, Raptor Witness said:

Sadly, you don’t understand what you are talking about.

Trying to ban Bitcoin would be like trying to ban the computer and the Internet. It won’t work, because you don’t need the government’s permission to type on your keyboard.

A failed exchange does not mean the item of agreed value fails. It’s just an exchange. No one with any real knowledge of the technology, leaves their digital money on the exchange. Those holders will learn a good lesson in the management of digital assets.

Bitcoin will not be stopped by any government, unless they manage to shut down the Internet. It’s much easier to move across the globe, than fiat, and most people who use it, do it for legal purposes.

Fiat, is the currency of most criminals, but it wouldn’t matter what the medium of exchange was, because the medium itself isn’t the problem.

If the federal government wants to try and create their own digital assets, it won’t be viewed the same, and will likely fail, due to perception and rejection by the Internet community.

Bitcoin is simply an idea that works. Those who don’t understand it, are still living in a cave, in darkness.

Oh man where to start. The US absolutely has the power to shut down bitcoin. They and many others are in the process of it right now from several different angles. The environmental impact alone will be the doom of bitcoin. Miners use enough electricity to power a small country. That hasn’t gone unnoticed. Much of the new policies and laws being written now demand a very minor, and eventual zero carbon footprint.  Bitcoin’s only chance of survival in the long term, at least in the west, is to go from proof of work to proof of stake. They so far want no part of that. And really I can’t blame them. The second that happens they fall under securities law.
 

Bitcoin is also deeply tied to tether, which will be the next shoe to drop. They are under investigation right now. Tether is basically a counterfeit US currency. When they go down, the whole titanic of bitcoin goes with it. This will crash the whole market for a time. 
 

The federal government, and all central banks are moving quickly towards CBDC’s. They will be implemented after a soon to be financial collapse. Domino’s are already falling. This is going to change everything, not for the better. 
 

Lastly bitcoin is old incomplete tech that most certainly does not work. It isn’t scalable and has been a failure everywhere it’s been tried on a mass scale. Even after they joined the lightning network. There are a small handful of other coins that make bitcoin look like a rotary phone compared to the newest iPhone. 
 

 

Edited November 12, 2022 by preacherman76

[acidhead]

4 hours ago, Raptor Witness said:

Sadly, you don’t understand what you are talking about.

Bitcoin is simply an idea that works. Those who don’t understand it, are still living in a cave, in darkness.

Bitcoin is a Ponzi Scheme

 

[acidhead]

11 hours ago, Eldorado said:

Crypto exchange FTX filed for bankruptcy protection in the U.S., the Bahamas-based company said Friday.

Now FTX is claiming they've been hacked and currently being looted 

 

[acidhead]

Easy come Easy go

[acidhead]

 

[preacherman76]

Just now, acidhead said:

 

Wow

[preacherman76]

They are taking the money and running. 

[acidhead]

 

[preacherman76]

This has all been planned. Now the banks have every excuse as to why they should be the only crypto exchanges. 

[acidhead]

 

[Raptor Witness]

I never heard of FTX until they got into trouble, and I’ve been interested in digital assets since 2012.

[acidhead]

1 minute ago, Raptor Witness said:

I never heard of FTX until they got into trouble, and I’ve been interested in digital assets since 2012.

What gives digital assets value?

[Grim Reaper 6]

1 hour ago, preacherman76 said:

All crypto is within the jurisdiction of US regulator’s if it’s sold in the US. This has been allowed to happen. And now that you have two major coins going down and losing people a ton of money, the hammer is about to drop on 99% of these coins, and the ones that remain will be handed over to the banks and Wall Street. 
 

The Ripple logo is suddenly all over Times Square. 

Um since these currencies are made up of digital code ( Binary ) please explain how they will be literally handed over to anyone?

 

Edited November 12, 2022 by Grim Reaper 6

[preacherman76]

1 hour ago, Grim Reaper 6 said:

Um since these currencies are made up of digital code ( Binary ) please explain how they will be literally handed over to anyone?

 

Laws, regulations. 
 

Its not that they will take over the coins. The banks and certain institutions like black rock will be the only ones allowed to sell it. 
 

Ask XRP and Library about how US regulatory body’s can restrict and even shut down projects. The SEC cost xrp holders over 15 billion dollars when they announced the current law suit against Ripple. 
 

If in the end the SEC gets it’s way, Ripple the company won’t work in the US, and every US citizen holding it will be holding a illegally sold security, on publicly transparent block chains. 
 

Never underestimate the power of banks. 

Edited November 12, 2022 by preacherman76