Semi OT: Anyone lose money in the crypto crash?

[Ackshun]

This thread showing me most of you dont understand what a recession is

Please come off your holier-than-thou bull .

Is the recent drop not related to FTX? While I have sound knowledge regarding recessions, I don’t understand crypto very well.

[Johnny Bball]

I dont recall these posts during market corrections in the past? It's really nothing new.

Its called a golden buying opportunity for patient investors and insiders. You also haven't lost a dime, if you are not adding then don't look at a chart for a few weeks.

Our future slave system upgrade into Crypto currencies is certainly not going anywhere, no matter what market related doom and gloom is being spread to scare people near the bottom of the market turn

Those that run the markets just needed to make as much money as possible off retail suffering before going up.

Again nothing new. Congrats on likely calling bottom!

Ok. The US dollar is the world's fiat currecny and its the petro dollar which oil is sold in. This gives the US, and therefore Canada and the west an incredible advantage worldwide.

So two questions.

1)Why would you be so quick to want this advantage removed?

2) Do you really think the US that went to war with Iraq because they were going to use the euro to price oil instead, is going to sit by and watch their currency get devalued or do you think that the US fed will just introduce their own crypto version that is actually backed by the US? Which they have contingency plans to do already if required?

See the thing about crypto currencies are they impact our entire world so very negatively (crime and tax avoidance, the ponzi schemes that we just witnessed) with just few positives that the US etc. are going to eventually further be forced to regulate it.

https://www.whitehouse.gov/briefing-room/statements-releases/2022/09/16/fact-sheet-white-house-releases-first-ever-comprehensive-framework-for-responsible-development-of-digital-assets/


(by the way, like the chart, would draw two secondary support and resistance lines just under and over to those other peaks becauce it may show if and when it is liable to break either line)

[will]

Been saying it was a scam for years now. It's better to bet on sports

Based on how the referees officiate, not sure if there really is a difference

[refshateRaps]

I dont recall these posts during market corrections in the past? It's really nothing new.

Its called a golden buying opportunity for patient investors and insiders. You also haven't lost a dime, if you are not adding then don't look at a chart for a few weeks.

Our future slave system upgrade into Crypto currencies is certainly not going anywhere, no matter what market related doom and gloom is being spread to scare people near the bottom of the market turn

Those that run the markets just needed to make as much money as possible off retail suffering before going up.

Again nothing new. Congrats on likely calling bottom!

Ok. The US dollar is the world's fiat currecny and its the petro dollar which oil is sold in. This gives the US, and therefore Canada and the west an incredible advantage worldwide.

So two questions.

1)Why would you be so quick to want this advantage removed?

2) Do you really think the US that went to war with Iraq because they were going to use the euro to price oil instead, is going to sit by and watch their currency get devalued or do you think that the US fed will just introduce their own crypto version that is actually backed by the US? Which they have contingency plans to do already if required?

See the thing about crypto currencies are they impact our entire world so very negatively (crime and tax avoidance, the ponzi schemes that we just witnessed) with just few positives that the US etc. are going to eventually further be forced to regulate it.

https://www.whitehouse.gov/briefing-room/statements-releases/2022/09/16/fact-sheet-white-house-releases-first-ever-comprehensive-framework-for-responsible-development-of-digital-assets/


(by the way, like the chart, would draw two secondary support and resistance lines just under and over to those other peaks because it may show if and when it is liable to break either line)

Hate to generalize a bigger topic as there are many layers on the surface and above to peel away but simply...

These Countries just like the sports influencers are just controlled accessories in the greater game in my eyes, just on far different levels obviously. The US and Canada will do what they are ultimately told, as always. Building the next stages of infrastructure for future societal surveillance and control will always be rewarded heavily and remain valuable to all levels of investors until its replaced or no longer required.

Crypto is just now being brought to the mainstream whether I like it or not. So I certainly took advantage of the current shake-out, which I see as clearly thinning the weakest of the herd/newbie retail buying who have been led to buy off the swarm of recent paid influencer promotions.

Realizing few may see things in this light... I still absolutely wish you all good luck with any investment taken for any reason, nonetheless.

[KrazyP]

First they said crypto is a currency. Currencies require price stability. An asset that often goes up and down 10% daily cant function as a currency.

Then they said crypto will serve as a hedge against inflation. Well we are in an inflationary environment and in that environment, crypto ended up down 70-80% from the peaks even before the FTX debacle.

Then they say, crypto will create a new world order.....these people dont understand how the world actually works. The entire developed world's economic system (debt, taxation, spending, etc) revolves around traditional currencies. Any legitimate threat to this order will eventually be stopped in its tracks by regulation.....governments could even turn around and make it illegal all together.

Crypto's rise and fall right now is completely dictated by liquidity in the market. Excess liquidity tends to lead investors into speculative asset classes. If you strip that liquidity away, those assets crash.

Its fine for those comfortable with gambling/speculating to park 5% of their portfolio in crypto and just hope for the best. Anything beyond that is the equivalent to drinking 10 beers and driving home. Its completely reckless.

People need to stop getting their information from blogs, tik tok, insta and youtube videos. Pick up books and read them.

[KL78192020]

First they said crypto is a currency. Currencies require price stability. An asset that often goes up and down 10% daily cant function as a currency.

Then they said crypto will serve as a hedge against inflation. Well we are in an inflationary environment and in that environment, crypto ended up down 70-80% from the peaks even before the FTX debacle.

Then they say, crypto will create a new world order.....these people dont understand how the world actually works. The entire developed world's economic system (debt, taxation, spending, etc) revolves around traditional currencies. Any legitimate threat to this order will eventually be stopped in its tracks by regulation.....governments could even turn around and make it illegal all together.

Crypto's rise and fall right now is completely dictated by liquidity in the market. Excess liquidity tends to lead investors into speculative asset classes. If you strip that liquidity away, those assets crash.

Its fine for those comfortable with gambling/speculating to park 5% of their portfolio in crypto and just hope for the best. Anything beyond that is the equivalent to drinking 10 beers and driving home. Its completely wreckless.

People need to stop getting their information from blogs, tik tok, insta and youtube videos. Pick up books and read them.

And now those same people who said how great it is to be decentralized and unregulated when crypto was at its peak are begging for regulation.

[Harcore Fenton Mun]

Man, this FTX stuff is getting crazy. It's going to be way bigger than people think, lots of people are going to get burnt.

[billy_hoyle]

First they said crypto is a currency. Currencies require price stability. An asset that often goes up and down 10% daily cant function as a currency.

Then they said crypto will serve as a hedge against inflation. Well we are in an inflationary environment and in that environment, crypto ended up down 70-80% from the peaks even before the FTX debacle.

Then they say, crypto will create a new world order.....these people dont understand how the world actually works. The entire developed world's economic system (debt, taxation, spending, etc) revolves around traditional currencies. Any legitimate threat to this order will eventually be stopped in its tracks by regulation.....governments could even turn around and make it illegal all together.

Crypto's rise and fall right now is completely dictated by liquidity in the market. Excess liquidity tends to lead investors into speculative asset classes. If you strip that liquidity away, those assets crash.

Its fine for those comfortable with gambling/speculating to park 5% of their portfolio in crypto and just hope for the best. Anything beyond that is the equivalent to drinking 10 beers and driving home. Its completely wreckless.

People need to stop getting their information from blogs, tik tok, insta and youtube videos. Pick up books and read them.

And now those same people who said how great it is to be decentralized and unregulated when crypto was at its peak are begging for regulation.

I think they want the exchanges regulated.

Forgive me if I'm wrong here, I'm not 100% read-in on this, but this FTX thing is about a crypto 'bank' using their users funds to cover the losses of their speculative investment wing. That's like a traditional bank not having any of the 'reserves' required against deposits when their users want to take out their money. I think FTX stated that they wouldn't do that, or they had a specific ratio that they would achieve. They need that sort of thing watched and have third part verification, oversight so people don't panic and get greedy/cover losses. That's not what people signed up for, it's basically stealing at that point right?

[ruckus]

First they said crypto is a currency. Currencies require price stability. An asset that often goes up and down 10% daily cant function as a currency.

Then they said crypto will serve as a hedge against inflation. Well we are in an inflationary environment and in that environment, crypto ended up down 70-80% from the peaks even before the FTX debacle.

Then they say, crypto will create a new world order.....these people dont understand how the world actually works. The entire developed world's economic system (debt, taxation, spending, etc) revolves around traditional currencies. Any legitimate threat to this order will eventually be stopped in its tracks by regulation.....governments could even turn around and make it illegal all together.

Crypto's rise and fall right now is completely dictated by liquidity in the market. Excess liquidity tends to lead investors into speculative asset classes. If you strip that liquidity away, those assets crash.

Its fine for those comfortable with gambling/speculating to park 5% of their portfolio in crypto and just hope for the best. Anything beyond that is the equivalent to drinking 10 beers and driving home. Its completely wreckless.

People need to stop getting their information from blogs, tik tok, insta and youtube videos. Pick up books and read them.

And now those same people who said how great it is to be decentralized and unregulated when crypto was at its peak are begging for regulation.

Ftx was the compete opposite of decentralized though. It's like noone learned from the Quadriga story or from Terra or from Nortel or from BreX.

If you're investing to follow a trend, unless you have impeccable timing, you're going to get burned.

For me, blockchain tech is here to stay and its still in its infancy as an industry. There'll be companies that come and go and there'll be scams that people fall for. The key is identifying the groups of companies that'll make it through this growing pain stage.

[bboyskinnylegs]

Ftx was the compete opposite of decentralized though. It's like noone learned from the Quadriga story or from Terra or from Nortel or from BreX.

If you're investing to follow a trend, unless you have impeccable timing, you're going to get burned.

For me, blockchain tech is here to stay and its still in its infancy as an industry. There'll be companies that come and go and there'll be scams that people fall for. The key is identifying the groups of companies that'll make it through this growing pain stage.

It's the same as the dotcom bubble. There were a lot of garbage companies trying to cash in on easy money at the time during the internet's infancy, along with a few that went on to shape the world and become the tech giants we see today.

I guess this is true of nearly any industry. In recent years we've seen prominent scams like Theranos and Nikola raise tons of money as well.

[Fairview4Life]

Ftx was the compete opposite of decentralized though. It's like noone learned from the Quadriga story or from Terra or from Nortel or from BreX.

If you're investing to follow a trend, unless you have impeccable timing, you're going to get burned.

For me, blockchain tech is here to stay and its still in its infancy as an industry. There'll be companies that come and go and there'll be scams that people fall for. The key is identifying the groups of companies that'll make it through this growing pain stage.

It's the same as the dotcom bubble. There were a lot of garbage companies trying to cash in on easy money at the time during the internet's infancy, along with a few that went on to shape the world and become the tech giants we see today.

I guess this is true of nearly any industry. In recent years we've seen prominent scams like Theranos and Nikola raise tons of money as well.

Madoff is the comparable scam. This FTX thing looks like nothing more than a simple con and massive theft.

[Harcore Fenton Mun]

The FTX thing scares me because of pension funds. Like, wtf are they doing "investing" in crypto.

[Shaazzam]

No. But it **** up the entire DIY PC market, so indirectly I now have to pay more money for computer parts.

Building a new high-end PC would have cost me less than $2000 in 2017. It now costs over $3500 (the GPU alone costs over $2000 now, whereas a top-of-the-line GPU was $800 pre-crypto). Even though crypto is dead, GPU makers aren't about to drop prices.

good point

i still need to put a 4k card in my pc and ive been holding off cuz cant justify the prices when i have a ps5

[xBulletproof]

The FTX thing scares me because of pension funds. Like, wtf are they doing "investing" in crypto.

Investing in crypto is fine. Investing in crypto while someone else holds the crypto, is not.

A lot of weird takes in here on crypto. MoneyGram was using XRP to do cross border money transfers because it was much cheaper and faster. In the end the idea was to save migrant workers money, not just fattening the pockets of banks. But alas the SEC couldn't have that. The SEC has looked down right incompetent in that case so it's a whatever. It will wash out in the end.

Also the US Air Force and Defense Dept has a contract with the Constellation Network. The top 3 wine makers use Vechain for logistics to crack down on fake wines. I could go on for days on the uses. There are plenty of real uses in crypto. Too many people just see one scam or token and think that's all there is.

As someone who's been in crypto for years, I've paid off homes/cars everything I own ..... here's some advice. Find the companies in crypto that are providing a service people actually need. They exist. It takes time, effort and doing homework to find them but they exist. Finding them early is best. That's where I've made the most money.

And use your own wallets. FTX can't lose your crypto if FTX doesn't have it. I have a Ledger, D'Cent, and Trezor Wallet. I have several Metamask and Trust Wallets. Never do I let my investment sit in someone else's account. Not your keys, not your crypto. Rule #1.

[Harcore Fenton Mun]

The FTX thing scares me because of pension funds. Like, wtf are they doing "investing" in crypto.

Investing in crypto is fine. Investing in crypto while someone else holds the crypto, is not.

A lot of weird takes in here on crypto. MoneyGram was using XRP to do cross border money transfers because it was much cheaper and faster. In the end the idea was to save migrant workers money, not just fattening the pockets of banks. But alas the SEC couldn't have that. The SEC has looked down right incompetent in that case so it's a whatever. It will wash out in the end.

Also the US Air Force and Defense Dept has a contract with the Constellation Network. The top 3 wine makers use Vechain for logistics to crack down on fake wines. I could go on for days on the uses. There are plenty of real uses in crypto. Too many people just see one scam or token and think that's all there is.

As someone who's been in crypto for years, I've paid off homes/cars everything I own ..... here's some advice. Find the companies in crypto that are providing a service people actually need. They exist. It takes time, effort and doing homework to find them but they exist. Finding them early is best. That's where I've made the most money.

And use your own wallets. FTX can't lose your crypto if FTX doesn't have it. I have a Ledger, D'Cent, and Trezor Wallet. I have several Metamask and Trust Wallets. Never do I let my investment sit in someone else's account. Not your keys, not your crypto. Rule #1.

It's really the contagion that scares me at this point. When you have these giant entities being forced to cover massive losses, that has a big knock-on effect. Especially when it's funds taking L's that aren't even supposed to be here, because it breaches fiduciary duty.

[shefcurry]

First they said crypto is a currency. Currencies require price stability. An asset that often goes up and down 10% daily cant function as a currency.

Then they said crypto will serve as a hedge against inflation. Well we are in an inflationary environment and in that environment, crypto ended up down 70-80% from the peaks even before the FTX debacle.

Then they say, crypto will create a new world order.....these people dont understand how the world actually works. The entire developed world's economic system (debt, taxation, spending, etc) revolves around traditional currencies. Any legitimate threat to this order will eventually be stopped in its tracks by regulation.....governments could even turn around and make it illegal all together.

Crypto's rise and fall right now is completely dictated by liquidity in the market. Excess liquidity tends to lead investors into speculative asset classes. If you strip that liquidity away, those assets crash.

Its fine for those comfortable with gambling/speculating to park 5% of their portfolio in crypto and just hope for the best. Anything beyond that is the equivalent to drinking 10 beers and driving home. Its completely wreckless.

People need to stop getting their information from blogs, tik tok, insta and youtube videos. Pick up books and read them.

And now those same people who said how great it is to be decentralized and unregulated when crypto was at its peak are begging for regulation.

Money always centralizes. It is it's nature. Those who don't understand this basic philosophical premise don't understand currency.

[KL78192020]

First they said crypto is a currency. Currencies require price stability. An asset that often goes up and down 10% daily cant function as a currency.

Then they said crypto will serve as a hedge against inflation. Well we are in an inflationary environment and in that environment, crypto ended up down 70-80% from the peaks even before the FTX debacle.

Then they say, crypto will create a new world order.....these people dont understand how the world actually works. The entire developed world's economic system (debt, taxation, spending, etc) revolves around traditional currencies. Any legitimate threat to this order will eventually be stopped in its tracks by regulation.....governments could even turn around and make it illegal all together.

Crypto's rise and fall right now is completely dictated by liquidity in the market. Excess liquidity tends to lead investors into speculative asset classes. If you strip that liquidity away, those assets crash.

Its fine for those comfortable with gambling/speculating to park 5% of their portfolio in crypto and just hope for the best. Anything beyond that is the equivalent to drinking 10 beers and driving home. Its completely wreckless.

People need to stop getting their information from blogs, tik tok, insta and youtube videos. Pick up books and read them.

And now those same people who said how great it is to be decentralized and unregulated when crypto was at its peak are begging for regulation.

I think they want the exchanges regulated.

Forgive me if I'm wrong here, I'm not 100% read-in on this, but this FTX thing is about a crypto 'bank' using their users funds to cover the losses of their speculative investment wing. That's like a traditional bank not having any of the 'reserves' required against deposits when their users want to take out their money. I think FTX stated that they wouldn't do that, or they had a specific ratio that they would achieve. They need that sort of thing watched and have third part verification, oversight so people don't panic and get greedy/cover losses. That's not what people signed up for, it's basically stealing at that point right?

Banking and Crypto investing are not the same, plus FTX was based in the Bahamas, skirting any type of regulation.

The CEO of coinbase, which is regulated by the SEC because its on the NYSE stated FTX is more Enron than Bear Stearns. It was a shady company.

[KL78192020]

The FTX thing scares me because of pension funds. Like, wtf are they doing "investing" in crypto.

They have a dedicated allocation for higher risks called their venture growth fund(TVG), while it sucks. This is nothing for them .05% value of the fund.

The equivalent of you losing 50 cents on a $1000 bucks. You'd survive.

[billy_hoyle]

And now those same people who said how great it is to be decentralized and unregulated when crypto was at its peak are begging for regulation.

I think they want the exchanges regulated.

Forgive me if I'm wrong here, I'm not 100% read-in on this, but this FTX thing is about a crypto 'bank' using their users funds to cover the losses of their speculative investment wing. That's like a traditional bank not having any of the 'reserves' required against deposits when their users want to take out their money. I think FTX stated that they wouldn't do that, or they had a specific ratio that they would achieve. They need that sort of thing watched and have third part verification, oversight so people don't panic and get greedy/cover losses. That's not what people signed up for, it's basically stealing at that point right?

Banking and Crypto investing are not the same, plus FTX was based in the Bahamas, skirting any type of regulation.

The CEO of coinbase, which is regulated by the SEC because its on the NYSE stated FTX is more Enron than Bear Stearns. It was a shady company.

Ummm, based on your reply, you know less than I do about the situation. Why even comment?

Can you answer these questions?
What is FTX, and what are it's main use cases?
What are the other arms of the business (affiliated companies under Sam Bankman-Fried)?

I'm no expert, but your reply is very high level. It doesn't seem like you have a very good understanding of the situation.

[KL78192020]

I think they want the exchanges regulated.

Forgive me if I'm wrong here, I'm not 100% read-in on this, but this FTX thing is about a crypto 'bank' using their users funds to cover the losses of their speculative investment wing. That's like a traditional bank not having any of the 'reserves' required against deposits when their users want to take out their money. I think FTX stated that they wouldn't do that, or they had a specific ratio that they would achieve. They need that sort of thing watched and have third part verification, oversight so people don't panic and get greedy/cover losses. That's not what people signed up for, it's basically stealing at that point right?

Banking and Crypto investing are not the same, plus FTX was based in the Bahamas, skirting any type of regulation.

The CEO of coinbase, which is regulated by the SEC because its on the NYSE stated FTX is more Enron than Bear Stearns. It was a shady company.

Ummm, based on your reply, you know less than I do about the situation. Why even comment?

Can you answer these questions?
What is FTX, and what are it's main use cases?
What are the other arms of the business (affiliated companies under Sam Bankman-Fried)?

I'm no expert, but your reply is very high level. It doesn't seem like you have a very good understanding of the situation.

Its not that complicated lol you're not some genius, FTX is a shady exchange that took its customers money and used it to cover Alameda Research for about $10 billion worth. The Binance dude sold his worthless FTX FTT token and it tanked, customers came to pull their money out and there was none. Boom its over.

Its a crooked industry and should not be integrated in normal financial systems, it will only bring the rest of it down in the future.

Almost 42% of exchanges have collapsed. Like others have said if you want Cyrpto then put it on your own personal wallet instead of these exchanges.