Crypto exchange FTX files for bankruptcy protection

[Grim Reaper 6]

11 minutes ago, preacherman76 said:

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. 

But as I stated there are no coins in crypto currency’s on Digital Code ( Binary ), do you understand how Crypto Currencies are bought, sold, and stored?

 

[preacherman76]

What is it exactly that confuses you? I mean did you really think banks were just going to willfully let the power of being the controllers of money slip through their fingers?

People who believe crypto is a libertarian cause and a way around banks have been sold a lie. A lie to introduce digital currency to the public in a way they wouldn’t feel threatened by it. 
 

Heck JP Morgan has owned Ethereum this entire time. 

[preacherman76]

2 minutes ago, Grim Reaper 6 said:

But as I stated there are no coins in crypto currency’s on Digital Code ( Binary ), do you understand how Crypto Currencies are bought, sold, and stored?

 

Of course I understand it. I play the game. Long term, and day trade. 
 

Do you understand there are men with guns who the moment laws are past are going to put people in prison for non compliance? These are companies that run these projects. Companies made by people. People who can and will be subject to law. 

[Grim Reaper 6]

12 minutes ago, preacherman76 said:

Of course I understand it. I play the game. Long term, and day trade. 
 

Do you understand there are men with guns who the moment laws are past are going to put people in prison for non compliance? These are companies that run these projects. Companies made by people. People who can and will be subject to law. 

I am aware there are companies involved, however policing a digital binary currency is not logically possible Dude. There are simply to many places, methods and techniques that can be used to hide digital currency and the digital wallets the currency is stored in.

So please explain in simplistic terms, how a binary currency can be controlled, tracked, and regulated?

[preacherman76]

24 minutes ago, Grim Reaper 6 said:

I am aware there are companies involved, however policing a digital binary currency is not logically possible Dude. There are simply to many places, methods and techniques that can be used to hide digital currency and the digital wallets the currency is stored in.

So please explain in simplistic terms, how a binary currency can be controlled, tracked, and regulated?

Well all digital currency can easily be tracked. It’s on block chains. 
 

What gives a currency value? It’s ability to buy goods. You could simply make it illegal for say any US company to accept said currency. Sure you can put it on a cold wallet, and I do. You can hold the keys to said wallet, and no one will ever be able to touch it. Including you once they go after say nano ledger, or D’cent and sue and or fine them into oblivion to the point they can no longer run that block chain. Now your assets are frozen in limbo. The currency is declared illegal, so you can never cash out. Not in a US bank anyway. 
 

Most exchanges and dex’s dropped xrp when the sec announced the lawsuit. There are people who bet on xrp who for two years now have had their accounts frozen.  Some who bought in at under a penny, and have millions worth of the coin because of the amount they were able to buy. 
 

Just declaring a coin to be a security is a death blow. 

[preacherman76]

Just watch. This is all going down soon. We will see what is or isn’t possible when it comes to policing digital currency. 

[Grim Reaper 6]

1 minute ago, preacherman76 said:

Well all digital currency can easily be tracked. It’s on block chains
 

What gives a currency value? It’s ability to buy goods. You could simply make it illegal for say any US company to accept said currency. Sure you can put it on a cold wallet, and I do. You can hold the keys to said wallet, and no one will ever be able to touch it. Including you once they go after say nano ledger, or D’cent and sue and or fine them into oblivion to the point they can no longer run that block chain. Now your assets are frozen in limbo. The currency is declared illegal, so you can never cash out. Not in a US bank anyway. 
 

Most exchanges and dex’s dropped xrp when the sec announced the lawsuit. There are people who bet on xrp who for two years now have had their accounts frozen.  Some who bought in at under a penny, and have millions worth of the coin because of the amount they were able to buy. 
 

Just declaring a coin to be a security is a death blow. 

I disagree because block chains can and have been hacked and then broken down into smaller units. This is how digital currency that is stolen can be laundered and placed back into circulation, and hackers are certainly not going to declare their digital currency.

You said you play the Market, well I also play the market but not with Digital Currency. I buy and sell actual currency and it has been a very lucrative way to make money. When ever the US Stock Market has a major downturn like it has over the last six months, the US Dollar increases in value in the global currency market. For instance the US Dollar -  Korean Won exchange rate is high than it has been in almost 20 years.

As of today for instance for each dollar converted you receive 1,314.13 Won, last month I exchanged $100,000 dollars into won when the exchange rate was 1398,98 won per dollar. I have already made a considerable amount of money, however as the Stock Market corrects the exchange rate will fall back to its normal range which is approximately 1,130 won per dollar. Anyone has the ability to play this market it only takes research and buying currencies that are not volatile.

Check it out if you have some extra cash you can lock down and you stick to none volatile currencies it’s a win win situation, I will leave the cryptocurrency up to others to much down side to that currency.

[preacherman76]

27 minutes ago, Grim Reaper 6 said:

I disagree because block chains can and have been hacked and then broken down into smaller units. This is how digital currency that is stolen can be laundered and placed back into circulation, and hackers are certainly not going to declare their digital currency.

All the more reason for regulation to override the current systems. To have secure means of exchange with federal oversight and insurance. 

27 minutes ago, Grim Reaper 6 said:

You said you play the Market, well I also play the market but not with Digital Currency. I buy and sell actual currency and it has been a very lucrative way to make money. When ever the US Stock Market has a major downturn like it has over the last six months, the US Dollar increases in value in the global currency market. For instance the US Dollar -  Korean Won exchange rate is high than it has been in almost 20 years.

As of today for instance for each dollar converted you receive 1,314.13 Won, last month I exchanged $100,000 dollars into won when the exchange rate was 1398,98 won per dollar. I have already made a considerable amount of money, however as the Stock Market corrects the exchange rate will fall back to its normal range which is approximately 1,130 won per dollar. Anyone has the ability to play this market it only takes research and buying currencies that are not volatile.

Check it out if you have some extra cash you can lock down and you stick to none volatile currencies it’s a win win situation, I will leave the cryptocurrency up to others to much down side to that currency.

Really? I’m fascinated. I’d like to speak more to you about this. I won’t have anywhere near 100,000 grand to start, but I could start small. You do this for a living?
 

No I agree. Crypto is a tough game. I’m mostly in it with long term holdings on a small handful of coins who’s value will increase because of the problems they will solve. Researched these companies, looked at their technology, connection’s, partnerships ect. Most crypto is a Ponzi scam who won’t be tolerated much longer. 

Edited November 12, 2022 by preacherman76

[Piney]

11 hours ago, Sir Wearer of Hats said:

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

I don't ascribe him to authorship. He was too much of a mouth breather for that level of dry sarcasm. 

[Gromdor]

5 hours ago, Grim Reaper 6 said:

I disagree because block chains can and have been hacked and then broken down into smaller units. This is how digital currency that is stolen can be laundered and placed back into circulation, and hackers are certainly not going to declare their digital currency.

You said you play the Market, well I also play the market but not with Digital Currency. I buy and sell actual currency and it has been a very lucrative way to make money. When ever the US Stock Market has a major downturn like it has over the last six months, the US Dollar increases in value in the global currency market. For instance the US Dollar -  Korean Won exchange rate is high than it has been in almost 20 years.

As of today for instance for each dollar converted you receive 1,314.13 Won, last month I exchanged $100,000 dollars into won when the exchange rate was 1398,98 won per dollar. I have already made a considerable amount of money, however as the Stock Market corrects the exchange rate will fall back to its normal range which is approximately 1,130 won per dollar. Anyone has the ability to play this market it only takes research and buying currencies that are not volatile.

Check it out if you have some extra cash you can lock down and you stick to none volatile currencies it’s a win win situation, I will leave the cryptocurrency up to others to much down side to that currency.

 

5 hours ago, preacherman76 said:

All the more reason for regulation to override the current systems. To have secure means of exchange with federal oversight and insurance. 

Really? I’m fascinated. I’d like to speak more to you about this. I won’t have anywhere near 100,000 grand to start, but I could start small. You do this for a living?
 

No I agree. Crypto is a tough game. I’m mostly in it with long term holdings on a small handful of coins who’s value will increase because of the problems they will solve. Researched these companies, looked at their technology, connection’s, partnerships ect. Most crypto is a Ponzi scam who won’t be tolerated much longer. 

Regarding currency exchange.  I found that it is more useful if you have access to both countries markets.  My wife for instance is Brazilian/Italian and she telecommutes to Paraguay while living in the US.  She gets income in both dollars and Brazillian real.  This lets her exchange back and forth to make a bit of profit if one is higher than the other.  But it also lets her buy products at whichever price is cheaper.  Take a can of coke for instance.  Say it costs $1 US or 5 real.  Those prices rarely change whereas currency constantly fluctuates.  If the rate goes to $1 for 10 real then that can of coke suddenly becomes 50 cents in US dollars.  So basically you can profit off both ends whereas not having access only lets you proft off one end.

Here's a bit to think about as well.  Just switching the currency isn't all you can do.  If you know that one country is handling something like inflation worse than the other- you can switch currencies and then invest in a tangible like real estate instead of just sitting on a mattress full of Dollars/real/won/rubles/etc..

[Raptor Witness]

11 hours ago, acidhead said:

What gives digital assets value?

The same thing that gives any other medium of exchange value. The American Indians used all kinds of things to hold and carry value. I’ve played poker with match sticks and tooth picks. The players agree on the value.

Trading on an exchange is for sport or risk management. The older exchanges are safer, if you want or need to use one. Leaving substantial assets on one, is breaking a cardinal rule. They have always been high risk places to park your money. There are also a variety of ways to perform risk management, without using a crypto exchange.

[Sir Wearer of Hats]

9 hours ago, Grim Reaper 6 said:

I disagree because block chains can and have been hacked and then broken down into smaller units. This is how digital currency that is stolen can be laundered and placed back into circulation, and hackers are certainly not going to declare their digital currency.

You said you play the Market, well I also play the market but not with Digital Currency. I buy and sell actual currency and it has been a very lucrative way to make money. When ever the US Stock Market has a major downturn like it has over the last six months, the US Dollar increases in value in the global currency market. For instance the US Dollar -  Korean Won exchange rate is high than it has been in almost 20 years.

As of today for instance for each dollar converted you receive 1,314.13 Won, last month I exchanged $100,000 dollars into won when the exchange rate was 1398,98 won per dollar. I have already made a considerable amount of money, however as the Stock Market corrects the exchange rate will fall back to its normal range which is approximately 1,130 won per dollar. Anyone has the ability to play this market it only takes research and buying currencies that are not volatile.

Check it out if you have some extra cash you can lock down and you stick to none volatile currencies it’s a win win situation, I will leave the cryptocurrency up to others to much down side to that currency.

Actual currency? You physically exchange physical material for goods/services/trade stock do you? No? What differentiates you from Preacher? The name of the digital currency you use. None of it is real and there’s more digital dollars out there than minted money so what value is your digital dollar? Whatever someone else says it is. No different to any other digital dollar. 

[Grim Reaper 6]

1 hour ago, Sir Wearer of Hats said:

Actual currency? You physically exchange physical material for goods/services/trade stock do you? No? What differentiates you from Preacher? The name of the digital currency you use. None of it is real and there’s more digital dollars out there than minted money so what value is your digital dollar? Whatever someone else says it is. No different to any other digital dollar. 

No there is a major difference, I do not exchange a physical material for goods or services or stock. The digital currency this discussion is about has no substance at all, you can’t convert it into physical currency, there is no backing for it. Yes you can turn it into material goods, but that’s it, and to add to it, it’s also not globally excepted so there are limits to what goods you can buy. Where the currency that I purchase is globally excepted and can be redeemed anywhere I choose for a currency to currency purchase. In addition profits are used to purchase gold which I physically purchase and place in safety deposit box’s in banking facilities I use.

Countries Where Bitcoin Is Legal and Illegal: https://www.investopedia.com/articles/forex/041515/countries-where-bitcoin-legal-illegal.asp

[+DieChecker]

CNBC: Between $1 billion and $2 billion of FTX customer funds have disappeared, SBF had a secret 'back door' to transfer billions: Report.
https://www.cnbc.com/2022/11/12/1-billion-to-2-billion-of-ftx-customer-funds-missing-report.html

CNN: Crypto's white knight lost 94% of his wealth in a single day.
https://www.cnn.com/2022/11/09/business/sam-bankman-fried-wealth-ftx-ctrp

Quote

That would leaves SBF's net worth at about $1 billion — a 94% collapse and the biggest one-day loss by a person tracked by the index.

Cry me a river.

Edited November 12, 2022 by DieChecker

[preacherman76]

34 minutes ago, Grim Reaper 6 said:

No there is a major difference, I do not exchange a physical material for goods or services or stock. The digital currency this discussion is about has no substance at all, you can’t convert it into physical currency, there is no backing for it. Yes you can turn it into material goods, but that’s it, and to add to it, it’s also not globally excepted so there are limits to what goods you can buy. Where the currency that I purchase is globally excepted and can be redeemed anywhere I choose for a currency to currency purchase. In addition profits are used to purchase gold which I physically purchase and place in safety deposit box’s in banking facilities I use.

Countries Where Bitcoin Is Legal and Illegal: https://www.investopedia.com/articles/forex/041515/countries-where-bitcoin-legal-illegal.asp

You can exchange digital currency for fiat. The fees are often crazy, but you can do it. The better cheaper and more secure coins are all working on debit cards that you can use at a ATM, and will cost less than a penny to convert to fiat. 

[Grim Reaper 6]

11 minutes ago, preacherman76 said:

You can exchange digital currency for fiat. The fees are often crazy, but you can do it. The better cheaper and more secure coins are all working on debit cards that you can use at a ATM, and will cost less than a penny to convert to fiat. 

Yes but you overlooked the fact that these currencies are not globally excepted. For me  I like to have tangible hands on assets that is why I use my profits to purchase gold that I can keep under my physical control. However, I do understand the allure of Bitcoin and other unbacked digital currency, and the risks of investing in them is not for me. There are too many pitfalls for my blood, I prefer to stick with a sure thing. If you happy and feel secure with your investment more power to you and I wish you well and all the best sincerely.

[el midgetron]

Global warming, covid 19 preparedness, neglected tropical diseases and of course animal welfare.

LOL

 

 

 

 

 

[el midgetron]

Cryptocurrency exchange FTX has given $25 to each Ukrainian registered on the platform, its chief executive said.

Ukraine’s central bank has temporarily suspended the country’s currency market, limited the withdrawal of cash and prohibited the issuance of foreign currencies to the general public after the nation declared martial law. The limitation of access to foreign currencies could prompt interest in cryptocurrencies, which are not controlled by any government and trade continuously, analysts say

https://www.wsj.com/livecoverage/russia-ukraine-latest-news/card/crypto-exchange-ftx-gives-cash-to-ukrainians-on-its-platform-0kpNhU6rX8Lusu6PgXxu
 

In the aftermath of Russia’s invasion of Ukraine, Sam Bankman Fried, CEO of FTX, has stepped forward to assist a crypto contribution scheme. He claimed, modestly, that FTX will assist the Ukrainian Ministry of Finance and other communities in collecting cryptocurrency donations for the country. Across $60 million in cryptocurrency donations have been received by the Ukrainian government from all over the world
 

https://medium.com/coinmonks/the-ceo-of-ftx-joins-forces-with-ukraine-to-raise-crypto-donations-b5a57893bdfe

[el midgetron]

WASHINGTON —Democratic billionaire Sam Bankman-Fried says he could spend $1 billion or more in the 2024 election, which would easily make him the biggest-ever political donor in a single election.

Bankman-Fried, the 30-year-old founder of the cryptocurrency exchange FTX, said in a podcast interview released Tuesday that he expects to give “north of $100 million” in the next presidential election and has a “soft ceiling” of $1 billion, with his spending likely to be on the higher end if former President Donald Trump runs again……

…..Bankman-Fried has spent at least $20 million so far this year supporting candidates in Democratic congressional primaries who have pledged to push the U.S. government to invest in stopping the next pandemic.

https://www.cnbc.com/2022/05/24/crypto-billionaire-says-he-could-spend-a-record-breaking-1-billion-in-2024-election.html

[el midgetron]

A cryptocurrency billionaire facing federal investigation for mishandling customer funds had high-level White House meetings just months ago, as Congress was debating how to regulate his company—and just weeks before he pledged to donate up to $1 billion to Democrats ahead of the midterm campaign.

Sam Bankman-Fried, the owner of cryptocurrency exchange FTX, met on April 22 and May 12 with top Biden adviser Steve Ricchetti, according to White House visitor logs reviewed by the Washington Free Beacon. At the time, FTX was lobbying Congress and federal agencies to shape regulation of the crypto industry.…..

……It is a remarkable fall for Bankman-Fried, who has emerged as one of the Democratic Party’s biggest campaign donors. He gave more than $5 million to Biden’s 2020 presidential campaign, and has given millions more this cycle to the Democratic Party. In early May, between his first two visits to the White House, Bankman-Fried doled out $865,000 to the DNC, according to Federal Election Commission records. Earlier, in March, he cut three checks totalling $66,500 to the Democratic Senate Campaign Committee, and later in June he sent $250,000 to the Democratic Congressional Campaign Committee.

https://freebeacon.com/biden-administration/beleaguered-crypto-billionaire-was-hobnobbing-at-white-house-just-six-months-ago/

[el midgetron]

How a crypto billionaire decided to become one of Biden’s biggest donors

…..But Bankman-Fried turned heads over the last year when he became one of Silicon Valley’s biggest contributors to groups supporting Joe Biden, at least in terms of disclosed giving. He donated about as much to Democrats as did famous tech titans like former Google CEO Eric Schmidt or Netflix CEO Reed Hastings. 

Why did he do so much for Biden, someone he has never met? Well, because he said he crunched the numbers on how much impact each dollar would have if he donated it.

https://www.vox.com/recode/2021/3/20/22335209/sam-bankman-fried-joe-biden-ftx-cryptocurrency-effective-altruism

[Sir Wearer of Hats]

8 hours ago, Grim Reaper 6 said:

No there is a major difference, I do not exchange a physical material for goods or services or stock. The digital currency this discussion is about has no substance at all, you can’t convert it into physical currency, there is no backing for it.

try turning all your digital cash into real physical currency. Bet you will be stopped.

8 hours ago, Grim Reaper 6 said:

Yes you can turn it into material goods, but that’s it, and to add to it, it’s also not globally excepted

*accepted.

8 hours ago, Grim Reaper 6 said:

so there are limits to what goods you can buy. Where the currency that I purchase is globally excepted and can be redeemed anywhere I choose for a currency to currency purchase. In addition profits are used to purchase gold which I physically purchase and place in safety deposit box’s in banking facilities I use.

Countries Where Bitcoin Is Legal and Illegal: https://www.investopedia.com/articles/forex/041515/countries-where-bitcoin-legal-illegal.asp

You can buy Jack ****e in Oz with American dollars.

[Grim Reaper 6]

21 minutes ago, Sir Wearer of Hats said:

try turning all your digital cash into real physical currency. Bet you will be stopped.

I am confused by your comments, I can withdrawal all the Dollars I have in multiple banks any time I choose to. I have never had a problem withdrawing 6 plus figures in US Currency, the last time I did this was 5 years ago when I purchased our current home here in South Korea.

Here in Korea you can get a much higher exchange rate on the economy than you can ever get directly from a Korean Bank. Korean Banks charge more than 15 points for the exchange, where as on the economy I can make the same exchange for only 4-6 points maximum. That’s why I withdrew a few hundred thousand dollars in 100 dollar bills, when I purchased my current home.

So please explain how I will be stopped?

21 minutes ago, Sir Wearer of Hats said:

*accepted.

Cool

21 minutes ago, Sir Wearer of Hats said:

You can buy Jack ****e in Oz with American dollars.

First of all I don’t ever buy Jacks or anyone else’s ****! Until a moment ago I never checked the exchange rate between the US Dollar and the Australian Dollar. With the current exchange rate of the Australian worth only .67 cents it would not be worth the effort anyway. Like I clearly stated in my previous post I immediately buy physical Gold Bars with all the Profits I make buying and selling currency. Then I purchase more foreign currencies with the original investment I made.

There is no better hedge against inflation and crashes than Physical Gold that’s in your procession. I would never allow my Gold purchases to be on paper only, that’s ludicrous to even consider, but many people seem to comfortable doing that which amazes and confuses me.

[preacherman76]

14 hours ago, Grim Reaper 6 said:

Yes but you overlooked the fact that these currencies are not globally excepted. For me  I like to have tangible hands on assets that is why I use my profits to purchase gold that I can keep under my physical control. However, I do understand the allure of Bitcoin and other unbacked digital currency, and the risks of investing in them is not for me. There are too many pitfalls for my blood, I prefer to stick with a sure thing. If you happy and feel secure with your investment more power to you and I wish you well and all the best sincerely.

Gold is definitely a good investment. Lots of talk about how the price has been suppressed for years. Lots of talk about returning to a gold standard. If so there is big money to be made investing right now. 
 

To me the ship has long sailed on bitcoin. Just one is like 20 grand. I was almost convinced to buy some in 2009 when it was like 3 bucks. I’d be a multi millionaire right now had I done it. I feel there are a small handful of coins that will do the same at some point. I’m not missing the boat this time. 

Edited November 13, 2022 by preacherman76

[el midgetron]

1 hour ago, preacherman76 said:

Gold is definitely a good investment. Lots of talk about how the price has been suppressed for years. Lots of talk about returning to a gold standard. If so there is big money to be made investing right now. 
 

To me the ship has long sailed on bitcoin. Just one is like 20 grand. I was almost convinced to buy some in 2009 when it was like 3 bucks. I’d be a multi millionaire right now had I done it. I feel there are a small handful of coins that will do the same at some point. I’m not missing the boat this time. 

I’m not sure about Gold at this point. I understand It hit an all time record price earlier this year. However, real commodities are probably always preferential to fiat. In regards to using precious metals to back currency, the gold market is apparently small enough that it can still be manipulated. In comparison (to my understanding) silver would be more viable for backing a currency. I bought a tiny amount of gold 20 or so years ago when it was around $300. Back then that seemed expensive :/
 

I remember when the BitCoin ship sailed too. A couple years ago PayPal had a deal where they would give you $25 in BitCoin for opening up a crypto wallet or something (I don’t exactly remember). That’s the only crypto I’ve ever owned and today it’s worth exactly $7.17.