Semi OT: Anyone lose money in the crypto crash?

MessiahUjiri · Post #1 » by **MessiahUjiri** » Fri Nov 11, 2022 4:25 pm

As many of you know, the crypto industry just had the worst moment in its history, with FTX (the equivalent of RBC in Canadian banking) going bankrupt.

Our beloved Kyle Lowry is an ambassador for Bitbuy (unaffected by these events), and many of the people here probably have savings on crypto platforms.

This is like the equivalent of the 2008 crash for many people. I know some Raps fans that lost a very large chunk of their net worth.

Are you guys doing okay?

ishoy123 · Post #2 » by **ishoy123** » Fri Nov 11, 2022 4:31 pm

Spencer Dinwiddie definitely did

d00lttle · Post #3 » by **d00lttle** » Fri Nov 11, 2022 4:34 pm

Tor_Raps · Post #4 » by **Tor_Raps** » Fri Nov 11, 2022 4:35 pm

Not gonna lie... I had near 0 faith in the crypto world lasting. Felt like just a fad to me. Hope no one lost too much here.

bboyskinnylegs · Post #5 » by **bboyskinnylegs** » Fri Nov 11, 2022 4:41 pm

I'm looking for opportunities to buy (both stocks and crypto), but I think both have further to drop.

Chandan · Post #6 » by **Chandan** » Fri Nov 11, 2022 4:41 pm

First of all, i didn't invest a dime into crypto. Also, i dont want to be a party pooper but...
some people come around here to escape their every day life, relax, and talk some basketball. Perhaps they wouldn't enjoy coming in and be reminded they lost a boat load of hard earned money just now.

GreatWhiteStiff · Post #7 » by **GreatWhiteStiff** » Fri Nov 11, 2022 4:42 pm

My brother is big into crypto but put a lot into "stable coins" when the market began to crash, so his investment is kind of ok. He's a lurker here and tWo member.

LoveMyRaps · Post #8 » by **LoveMyRaps** » Fri Nov 11, 2022 4:43 pm

Yeah, I'm down but I only had money that I was WILLING to lose invested in BTC & ETH (and Doge, lol).

At the end of the day, it was still a speculative asset (and still is) and there was no way I was gonna go ''all-in''.

Crypto made up approximately 5% of my portfolio.

shmoosicle · Post #9 » by **shmoosicle** » Fri Nov 11, 2022 4:43 pm

If your money situation is not 'ok' after this then you've made some really poor investing decisions.

positivetension · Post #10 » by **positivetension** » Fri Nov 11, 2022 4:45 pm

GreatWhiteStiff wrote:My brother is big into crypto but put a lot into "stable coins", so his investment is kind of ok. He's a lurker here and tWo member.

tWo member investing in tanking currencies. Gotta respect the consistency.

ruckus · Post #11 » by **ruckus** » Fri Nov 11, 2022 5:00 pm

Dollar cost averaging bitcoin and ethereum. I stayed away from centralized exchanges so not feeling the crash right now except on paper. It's also a small portion of my portfolio.

Fairview4Life · Post #12 » by **Fairview4Life** » Fri Nov 11, 2022 5:01 pm

The one benefit of being old but not too old is hitting that sweet spot of extreme cynicism and believing everything is a scam.

SFour · Post #13 » by **SFour** » Fri Nov 11, 2022 5:03 pm

I don't have any money in crypto but when bitcoin first became mainstream hitting $20k I was about to buy one from a Canadian exchange called QuadrigaCX (but I didn't)....once bitcoin crashed and people started wanting to withdraw their money the CEO (who is from Ontario, went to York university) ended up running away with over $200 million of the money in a cold wallet and allegedly died in India shorty after

This FTX situation reminds me of that...FTX just filed bankruptcy which QuadrigaCX did as well once they started having liquidity issues.

https://en.wikipedia.org/wiki/Quadriga_Fintech_Solutions

Netflix also has a doc on the Quadriga situation if anyone is interested in it

Watch on YouTube

Inklink · Post #14 » by **Inklink** » Fri Nov 11, 2022 5:10 pm

Just a little, nothing I'm going to lose sleep over.

Tor_Raps · Post #15 » by **Tor_Raps** » Fri Nov 11, 2022 5:15 pm

Fairview4Life wrote:The one benefit of being old but not too old is hitting that sweet spot of extreme cynicism and believing everything is a scam.

Haha that's exactly where I am. It's just a big ponzi scheme backed up some extremely wealthy folks. Thought the bubble would have bursted a little sooner.

ballchique · Post #16 » by **ballchique** » Fri Nov 11, 2022 5:17 pm

Fairview4Life wrote:The one benefit of being old but not too old is hitting that sweet spot of extreme cynicism and believing everything is a scam.

This made me laugh. Ditto

SFour · Post #17 » by **SFour** » Fri Nov 11, 2022 5:17 pm

Tor_Raps wrote:Not gonna lie... I had near 0 faith in the crypto world lasting. Felt like just a fad to me. Hope no one lost too much here.

To me it feels like a runway for governments to eventually take over with their central bank digital currencies....with all these crypto scandals it just gives governments a reason to step in under the guise of our safety.

cryptos will be casted in a negative light and the exchanges will be given a reputation as being untrustworthy, you can trust the big banks though :wink:

MoneyBall · Post #18 » by **MoneyBall** » Fri Nov 11, 2022 5:19 pm

It ain't lost until you sell it.

TheBoi10 · Post #19 » by **TheBoi10** » Fri Nov 11, 2022 5:20 pm

OTPP wrote off the ~$100 mill they had in FTX

Kevin Willis · Post #20 » by **Kevin Willis** » Fri Nov 11, 2022 5:22 pm

Inklink wrote:Just a little, nothing I'm going to lose sleep over.

Same here. I have a small set of small cap stocks in 'emerging' technologies and the 'future of' blah blah blah. Each individually is small enough for me to not care with the hope that at least one or two hit it big and then I can put it in something safer.