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Crypto exchange FTX files for bankruptcy protection


Eldorado
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1 hour ago, el midgetron said:

Don’t hold your breath. The swamp is deep and things don’t escape easily.

True. They were Biden’s top donor. 

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9 hours 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. 

Well I sincerely wish you the best in search for the cryptocurrency that will meet your needs. Yes Gold is a very good investment and I started buying it before it reach $420 an ounce. I have been able to accumulate 48.7 pounds of gold since the 1990s, I store it in safety deposit boxes and unless a major down turn in the price every occurs that’s where it will remain. I believe there is no better hedge against financial crash’s and inflation.

Sincerely good luck in your endeavors.

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11 hours ago, Grim Reaper 6 said:

Well I sincerely wish you the best in search for the cryptocurrency that will meet your needs. Yes Gold is a very good investment and I started buying it before it reach $420 an ounce. I have been able to accumulate 48.7 pounds of gold since the 1990s, I store it in safety deposit boxes and unless a major down turn in the price every occurs that’s where it will remain. I believe there is no better hedge against financial crash’s and inflation.

Sincerely good luck in your endeavors.

To you as well. 

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On 11/13/2022 at 1:27 PM, el midgetron said:

Don’t hold your breath. The swamp is deep and things don’t escape easily.

Guess you were right. Sam is being totally protected. Bahama’s authorities said he has done nothing illegal and is free to go. Like wow. This kid has friends in high places. This is the worst scandal in American history, and so far looks like he’s gonna walk. 
 

Along with several democrats who were getting money sent back from Ukraine through FTX to fund campaigns. That’s in part why it’s so important we send them a insane amount of cash flow. Just wow

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"Gensler, a former campaign finance chair for Hillary Clinton, is of course not the only prominent Democrat who may have been willing to flex his influence on behalf of FTX. SBF, you may recall, was one of the biggest donors to President Joe Biden, while his parents—both Stanford law professors—have ties to the party. His mother, Barbara Fried, leads a group called Mind the Gap that helps raise Silicon Valley cash for Democrats, while his father, Joseph Bankman, drafted tax legislation for the powerful Sen. Elizabeth Warren (D-Mass). It’s not a stretch to imagine SBF sought to exploit these political ties to his benefit."

https://fortune.com/crypto/2022/11/11/sbfs-disgrace-could-make-things-awkward-for-gary-gensler-and-the-democrats/

Edited by itsnotoutthere
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That's why I stay out of crypto. It seems a lot like gambling, a volatile market. One month I hear people are getting rich off of it, and the next month I hear people are going bankrupt lol

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On 11/13/2022 at 6:11 AM, 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. 
 

Gold is no better then a Mutual Fund. Sure... "Historically", it did fine, but in the current era its just a commodity, rising and falling with the stock market. 

Look at the price over the last 10 years...Screenshot_20221115-093205_Chrome.thumb.jpg.71f7546e8014605971ea75b12deb368b.jpg

Dropped after 2010, then held steady under Obama. Spiked with the stock market under Trump and has been falling off under Biden, like every other investment.

If your looking to just maintain, then I guess it is OK. If you are actually investing then Bonds would yield MORE. And real estate is definitely so, so, so much better an investment.

To hedge against the stock market and inflation, buying property if you can is much better.

Edited by DieChecker
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2 hours ago, spartan max2 said:

That's why I stay out of crypto. It seems a lot like gambling, a volatile market. One month I hear people are getting rich off of it, and the next month I hear people are going bankrupt lol

That’s what makes it so awesome. There are a few rules you have to follow though. Number one is don’t spend money you are not ok with losing. Unless a coin goes to zero, you don’t lose anything till you stop playing. That’s pretty rare. 
 

The volatility is what brings strong possibilities. It’s great for long term, if you get into the utility coins. You have a better chance with crypto than you do making any real gains in stock that doesn’t take 30 years. And that crashes all the time too. 

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8 minutes ago, DieChecker said:

Gold is no better then a Mutual Fund. Sure... "Historically", it did fine, but in the current era its just a commodity, rising and falling with the stock market. 

Look at the price over the last 10 years...Screenshot_20221115-093205_Chrome.thumb.jpg.71f7546e8014605971ea75b12deb368b.jpg

Dropped after 2008, then held stead under Obama. Spiked with the stock market under Trump and has been falling off under Biden, like every other investment.

If your looking to just maintain, then I guess it is OK. If you are actually investing then Bonds would yield MORE. And real estate is definitely so, so, so much better an investment.

To hedge against the stock market and inflation, buying property if you can is much better.

Oh absolutely. I’d totally agree, but the word around the camp fire with some really big players, is it’s going to be used, along with other commodities, to back currencies once this heavily abused system tanks. 
 

Not only that, but there has been talk that JP Morgan has been manipulating and holding down the price of gold for a long time. 
 

Could get interesting for those who hold it over the next 5 years or so. I personally don’t own any. 

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22 minutes ago, preacherman76 said:

That’s what makes it so awesome. There are a few rules you have to follow though. Number one is don’t spend money you are not ok with losing. Unless a coin goes to zero, you don’t lose anything till you stop playing. That’s pretty rare. 
 

The volatility is what brings strong possibilities. It’s great for long term, if you get into the utility coins. You have a better chance with crypto than you do making any real gains in stock that doesn’t take 30 years. And that crashes all the time too. 

How have your returns been?

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5 hours ago, spartan max2 said:

That's why I stay out of crypto. It seems a lot like gambling, a volatile market. One month I hear people are getting rich off of it, and the next month I hear people are going bankrupt lol

If you really want to make money, you need to invest in politicians. 

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 If somehow the US FedGov could collect every bit of gold it would be about 200,000 tons of gold, worth about 11.5 trillion dollars.

GDP of US is about 25 Trillion dollars.

That right there is the issue with using a gold backed system. There's simply not enough gold, or, it's simply not valuable enough.

If the price isn't manipulated, and if the world economy crashes... Yeah, sure, you could back a country using gold. It's possible, just not where we are today.

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2 hours ago, spartan max2 said:

How have your returns been?

Well I had to go through the newbie mistakes. Traded with emotion, and pulled at a loss during a short down turn. Only to see I would have made out well if I had just sat tight a couple weeks. 
 

Hasn’t been till just recently I’ve gotten a lot better at day trading. Few weeks ago I turned like 300 bucks into 1500. But day trading is pretty much like gambling. 
 

My long term utility coins I don’t watch the price on at all. I’m in those for that flip the switch moment when banks, and even companies like Amazon, Uber, Mastercard ect begins using block chain for payments. I have a pretty good standing in 4 of the top 5, technologically advanced coins that will soon solve real world problems. 
 

Like right now if you wanted to say send money to China, you could fly there and get a hotel room before it got there. It’s also very expensive to do. With XRP you could send US dollars to China and it converts into their currency in 3 to 5 seconds, and costs a fraction of a penny to do. Obviously that’s gonna huge. 

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20 minutes ago, DieChecker said:

 If somehow the US FedGov could collect every bit of gold it would be about 200,000 tons of gold, worth about 11.5 trillion dollars.

GDP of US is about 25 Trillion dollars.

That right there is the issue with using a gold backed system. There's simply not enough gold, or, it's simply not valuable enough.

If the price isn't manipulated, and if the world economy crashes... Yeah, sure, you could back a country using gold. It's possible, just not where we are today.

Well it won’t be the only thing used. And like you said, at its price right now it’s just not valuable enough. 
 

What would make it more valuable? Demand. Sure you’d take a risk, but the risk reward factor is interesting. 

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5 minutes ago, el midgetron said:

Bankrupt FTX Gave $18.2M to Early COVID-19 Researchers Who Cast Doubt on Ivermectin and Hydroxychloroquine
 

https://www.themainewire.com/2022/11/bankrupt-ftx-gave-18-2m-to-early-covid-19-researchers-who-cast-doubt-on-ivermectin-and-hydroxychloroquine/

 

 

Jail

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On 11/11/2022 at 4:30 PM, 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?

I've always found that to be a deceptive argument when that applies to the entire history of good old cash itself.

 

On 11/12/2022 at 2:26 AM, Raptor Witness said:

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

Same here though for not as long. I've never heard of ftx the exchange, the coin or this Sam guy who is only second to George Soros as a democrat donor. Just as people who only follow politics more than the average person you'd think we'd have heard of him due to that.

 

On 11/13/2022 at 9:11 AM, 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. 

Perhaps in hindsight but it's hard to know that you'd have held that long. After your $3 investment went to $100, $500, $1000 could you have resisted the urge to sell without the knowledge of Bitcoins future? We all face would'ves and could'ves in these situations BUT we didn't.

 

14 minutes ago, el midgetron said:

Bankrupt FTX Gave $18.2M to Early COVID-19 Researchers Who Cast Doubt on Ivermectin and Hydroxychloroquine
 

https://www.themainewire.com/2022/11/bankrupt-ftx-gave-18-2m-to-early-covid-19-researchers-who-cast-doubt-on-ivermectin-and-hydroxychloroquine/

 

 

Where is the sarcastic shocked "you don't say" reaction when you need it?

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On 11/15/2022 at 9:55 AM, spartan max2 said:

That's why I stay out of crypto. It seems a lot like gambling, a volatile market. One month I hear people are getting rich off of it, and the next month I hear people are going bankrupt lol

It’s more like gambling if you trade certain assets, but not nearly as much if you simply buy and hold established assets, with solid backing.  Trading is gambling, whether it’s stocks and bonds or digital assets.

Owning Bitcoin is not gambling, any more than holding any other asset, except it’s more volatile. Volatility does not equal more risk, long term, any more than any other asset.

As for FTX, they were like a casino, using player assets to gamble, which is corrupt and criminal behavior.

Here’s a sobering view below from a source I trust, of what happened to FTX.

Apparently, Mr. Wonderful from Shark Tank was heavily exposed. His involvement alone, in this exchange, is a red flag for me.

 

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A class action lawsuit has been launched against FTX’s former chief executive Sam Bankman-Fried over the crypto exchange’s collapse which also names as defendants a host of its celebrity backers including Larry David, Naomi Osaka, Gisele Bündchen and Shaquille O’Neal.

Filed in Florida by class action attorney Adam Moskowitz, the case is one of the first to attempt to hold the sports stars and entertainers who promoted cryptocurrencies in the boom years responsible for their support.

https://www.theguardian.com/business/2022/nov/16/us-lawsuit-launched-against-ftx-founder-and-celebrity-backers

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