I think there were some posts about speculating in crypto currencies......maybe you should read this article in the wall street journal before you risk your hard earned dollars in a crypto currency.
https://www.wsj.com/articles/terrausd-crash-led-to-vanished-savings-shattered-dreams-11653649201
Sorry.......I tried the link and there is a pay wall for the Journal ( have to subscribe to the Journal to read the article) so you probably will not be able to read the article.
The article said that numerous people lost their life savings trading crypto. Classic example of a herd mentality bubble.
Nothing comes easy in life.......unless you have rich parents who leave you a lot of money when they die.
You are exactly right!
I also heard the same thing on a tv show about the financials regarding that.
Here is another interesting article on Crypto trading........which has become an absolute financial nightmare for some people.
https://news.yahoo.com/lost-major-coin-now-tax-024520554.html
Another article about the world of crypto:
https://www.yahoo.com/entertainment/investors-revenge-m-master-charged-000023582.html
Another crypto world.........oh no, not again !!
https://www.cnbc.com/2022/07/12/founders-of-bankrupt-crypto-hedge-fund-three-arrows-go-missing.html
If you had money deposited with the Crypto fund Celsius, these articles may be of interest to you :
https://www.msn.com/en-us/news/us/hope-for-depositors-dwindles-as-crypto-lender-celsius-files-for-bankruptcy/ar-AAZylKW
https://www.washingtonpost.com/technology/2022/06/21/celsius-withdrawal-freeze-explained/
Thx 8OR9 for posts.
It will be interesting to see if governments try to prosecute the crypto Cos that purposefully misled investors. This was such a new entity that most governments didn't even have a department, policy, laws,..etc. I doubt governments will pursue to prosecute unless they perceive a possible confiscation of assets(If assets can even be located).
This whole thing really mimics the dot.com hype/destruction 20 years ago. So many companies were trying to get the words: Dot or Com in their name. Similar to now when many crypto companies tried to get the words: Bit, Coin, and Crypto into their name. Not so much now.
Probably a lot of consolidation going forward. The surviving crypto/crypto related companies certainly have a blue print going forward(on what not to do). Several unchecked boxes for the whole industry in upcoming decade. The more
healthy/legitimate companies will check the boxes.
Trust: unchecked
Transaction Anonymity: unchecked
Non Traceable: unchecked
Pegged to Intrinsically Valued Asset(& Verifiable): unchecked
A lot of opportunities in the field going forward as IMO many countries and the financial industry as a whole will continue moving toward a digital currency. The blockchain and similar technology will lend itself to this transition.
Just my thoughts and I may very well be incorrect and certainly Non informed.
Hopefully XXVV will chime in /offer his informed opinions and experience in all things crypto.
Continued Success,
More crypto nightmare stories:
https://www.cnbc.com/2022/08/02/hackers-drain-nearly-200-million-from-crypto-startup-nomad.html
Here are some really sad stories about investing in crypto.......especially the guy who put his entire life savings into crypto......never put your entire lifesavings in anything.....only put 1% of your life savings into something as unpredictable as crypto.
https://www.cnbc.com/2022/08/02/celsius-investors-owed-4point7-billion-beg-judge-to-recover-life-savings.html
Another one............doesn't seem to stop :
https://www.bnnbloomberg.ca/crypto-takes-a-fresh-hit-as-thousands-of-solana-wallets-hacked-1.1800707
More crypto:
https://www.yahoo.com/finance/news/north-korea-laundered-1-billion-183843121.html
Even rich movie stars get their crypto wallets hacked:
https://www.thestreet.com/investing/cryptocurrency/crypto-actor-bill-murray-victim-of-a-spectacular-hack
The whole movement will be worth a heck of a lot less next summer (summer or even earlier than 2023).
Watch and see. Recession and Devaluation stirred extremely well together, extremely.
Did I mention extremely?
Sometimes the hackers get caught:
https://www.cnn.com/2022/09/08/politics/fbi-north-korea-hackers-30-million-axie-infinity/index.html
Thx 8OR9--a good read.
I see these articles and wonder how much of the stolen(& retrieved) crypto money will be returned to the owner(IOW how much does the government(s) keep).
*Another thought I am reminded of is from the beginning some of the key attributes many crypto Co. touted were:
A) Its safe and can neverevernever be hacked.
B)Its the only transactions in the whole wide world that has total anonymity.
"Nope/Nope"
Continued Success,
Here is a CNBC documentary on stolen bitcoin you might find interesting.
https://www.youtube.com/watch?v=d6EXbQ6jqIM&ab_channel=CNBC
Thx 8OR9 /good link.
I saw a brief sketch on that story when it broke a few days ago but didn't realize the heist occurred such a long time ago. I feel for the many victims as they will likely see very little of the recovered loot.
*I'm guessing in a couple years we will start seeing movies about all these crypto heists.
Similar to "Oceans 11 series" with George Clooney or "Catch me if you can" with Leonardo Decaprio, ...etc.
Cheers,
Here are some more fun facts from crypto land.
Sounds like some people are trying to get into a rowboat and escape with suitcases full of cash.
https://www.dailymail.co.uk/news/article-11422261/FTX-founder-holed-founder-chief-technology-officer-luxurious-Bahamas-resort.html
Gee whiz......some people would actually try to steal money......I find this hard to believe!!
https://www.cnbc.com/2022/11/12/ftx-says-it-is-investigating-unauthorized-transactions.html
Hi 8OR9
Good reads/thx for posts.
I read a similar article on the Ftx/Sam bankman-fried fellow. I posted the link below as it appears on breitbartnews.com.
https://www.breitbart.com/economy/2022/11/11/breitbart-business-digest-Sam-bankman-fried-hoped-ftx-was-bear-stearns-but-it-was-lehman-brothers-instead/ (https://www.breitbart.com/economy/2022/11/11/breitbart-business-digest-Sam-bankman-fried-hoped-ftx-was-bear-stearns-but-it-was-lehman-brothers-instead/)
The most important part in above link) and what I found interesting about the comparison with bear stearns/ lehman borthers financial debacle is WHY the government bailed out one entity(banks) but didn't bail out the others(FTX et al cryptos). IMO the government doesnot want crypto to compete with the USD (or not at this stage).
Its also my opinion some of these crypto exchanges/ owners of crypto exchanges/ individuals owning(&leveraging) large amounts of cryptos are now going to implement huge "preplanned" bankruptcies, and wipeout ALL of their debt under the guise(well, i was ripped off by those damn cryptos").
Their appears to be several hollywood and professional athletes also in the middle of several crypto defaults. Im thinking we will see more in next few months.
*The kicker is on or near the very same day this story started breaking on FTX/Sam bankman fried, I saw these type of headlines below optimistically touting cryptos. I wonder at times if the media and individual reporters ever listen to themselves.
Is crypto the way to fight inflation(2022)
Bitcoin vs Gold: Are cryptos the new gold
???
Continued Success To All/ To All A Good Week
Kind of a long article if anyone is still interested in the crypto world.
https://www.forbes.com/sites/johnhyatt/2022/12/24/these-crypto-founders-and-bitcoin-moguls-lost-116-billion-in-2022/?sh=65e7ac4942b2
FTX founder Sam Bankman-Fried was 'chilling' in the American Airlines lounge at JFK before flying business class to his parents' home to await trial
"File bankruptcy and resign wiping out everyone's investment". Yeah right, LMAO!
https://www.businessinsider.com/ftx-Sam-bankman-fried-aa-lounge-jfk-flight-san-francisco-2022-12
Two FTX insider employees flipped and will testify against Bankman......so he will never get acquitted........he will make a plea deal and hope he only gets 10 years at a
white collar prison.
I only wonder how much money he has rat holed away in Switzerland, the Cayman Islands, or buried in his back yard etc etc etc.
QuoteTwo FTX insider employees flipped and will testify against Bankman......so he will never get acquitted........he will make a plea deal and hope he only gets 10 years at a
white collar prison.
I only wonder how much money he has rat holed away in Switzerland, the Cayman Islands, or buried in his back yard etc etc etc.
Oh, IMO without a doubt, he will plead out.
Here is a pretty good detailed explanation of Federal Prison classification including the lowest level, which are Federal Prison Camps.
https://federalcriminaldefenseattorney.com/prison-life/prison-security-levels/minimum-security-prisons/
Another $ billion crypto scam from 5 years ago.
https://www.cnn.com/2023/01/22/business/ruja-ignatova-cryptoqueen-fbi-most-wanted-cec/index.html
Hi 8OR9
Good links above.
Your statement: "I only wonder how much money he has rat holed away in Switzerland, the Cayman Islands, or buried in his back yard etc etc etc."
Spot on. I have made this exact statement several times recently. Furthermore, I think we will see later on that many other people were also on Team FTX from the beginning. This affected far more people than Bernie Made-Off and Enron scams.
Continued Success.
Major crypto bank calling it quits.......hopefully everyone will get their funds back.
https://www.cnbc.com/2023/03/08/silvergate-shutting-down-operations-and-liquidating-bank.html
As an addendum thought to the above post by 8OR9 on 3/8 above.
Crypto shaken as SVB exposure depegs $37 billion
Read more at:
https://economictimes.indiatimes.com/markets/cryptocurrency/crypto-shaken-as-svb-exposure-depegs-37-billion-stablecoin/articleshow/98576221.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
My thoughts:
It will be interesting to see the effects on Cryptos after the SVB default on 3/8. Much of the fail out or (bailout) will depend on the USA Feds and if they choose to bailout the depositors. I guess we will know Monday morning.
Knowing the USA federal reserves' history (post -2008 crash) they will likely bail them out instead of letting them fall. That would likely help stabilize the markets (including cryptos), but not a good decision to always bail out poorly run/managed corporate and large mega businesses. Individuals and small businesses do not get bailed out. Just my opinion. kfb
Another Ponzi scandal in CryptoWorld.
https://www.dailymail.co.uk/news/article-11903219/Crypto-prodigy-23-abducted-TORTURED-scamming-investors-29M.html
Thx 8OR9--Interesting link. Unfortunately, I expect we will see many more crypto and crypto-related schemes.
One of several reasons why I prefer Gold as an investment vehicle.IMG_1936 - Copy.JPG
What is the "turnaround" on gold?
I mean, what is the actual cost coming and going when buying gold?
AD
Hi ADulay
Hope you're doing well.
"...what is the actual cost coming and going when buying gold?..."
Generally speaking, ~~(+4.5%) premium on the buy and ~~ (-0.0125%) on the sale (From a certified dealer). Premium meaning % above or below NY spot price). Based on a 1oz gold bar from an average-brand mint.
As you probably know the above premiums % will be lower on the "buy" for a larger denomination (e.g., 5oz or 10oz will have less buy-premium % and vice versa on a smaller bar such as a 1/2oz or 1/4oz bar will have a higher premium %).
For example, at today's gold price (4/16/23) of say $2004.00USD NY spot price one could buy a 1oz gold bar for 2093.00(+4.44%) and one could sell that same bar to the same dealer for 1979.00(-.0126%).
All other variables being equal the "buy" premium is typically less for Bars.
Bars% < Rounds < Coins
Continued Success,
Quickly overviewing this theme, it certainly has many horror stories and it is wise to be alert and aware.
Because I went to key US locations and met the original developers in a few projects, I avoided the thousand fold scams that still are increasingly posted on coinmarket.com
Perhaps I was lucky, but my very few core investments have been excellent , now x24, and Meta1 rises to $507.90 USD
I have tiny holdings in Eth, Btc, Ltc but all in a private cold wallet - clear of central exchanges.
Meta 1 has its own de-fi exchange.
It is still private but will probably start going public May onwards this year, and of course is a gold backed/ reserve stable coin.
It is shrewd and wise to be cautious, but do not be blinded by fear, and trust your inner best judgement.
Do not be cynical, but be healthily sceptical and overview current research, but do not get lost in the smoke and mirrors which the next bull run wave will encourage in coming months and years.
My guess for Bitcoin next peak $140,000 USD, then correct 60% again.
My guess for Meta 1coin in 2-3 years $140,000 USD with max correction permitted being less than 5% by smart contract - available via the White Paper. Meta1 coin is outside of US jurisdiction.
Lol. We shall see. It doesn't really matter when you have sufficient reserves and safety, and take note of the warnings from Whitney Webb about the controlled demolition of the banking system, enforcing CBDC.
Best Wishes
R.
FROM: CNBC
'Crypto is dead in America,' says longtime bitcoin bull Chamath Palihapitiya
PUBLISHED MON, APR 24 20231:40 PM EDTUPDATED MON, APR 24 20232:59 PM EDT
Tech investor Chamath Palihapitiya, who previously claimed bitcoin has replaced gold and would eventually get to $200,000, now says "crypto is dead in America."
"The United States authorities have firmly pointed their guns at crypto," Palihapitiya said on the latest episode of the All-In podcast.
The SEC has ramped up its enforcement of the crypto industry, bearing down on companies and projects that were allegedly selling unregistered securities.
Tech investor Chamath Palihapitiya, who said two years ago that bitcoin has replaced gold and predicted the digital currency would climb to $200,000, has a much more cautious view on cryptocurrencies these days.
"Crypto is dead in America," Palihapitiya said in the latest episode of the All-In podcast.
Palihapitiya blamed crypto's demise largely on regulators, who have gotten much more aggressive in their pursuit of bad actors in the industry. Securities and Exchange Commission Chairman Gary Gensler has said crypto trading platforms should abide by strict U.S. securities laws.
In answering questions in front of lawmakers recently, Gensler connected the collapse of Silicon Valley Bank with the crypto industry.
"You had Gensler even blaming the banking crisis on crypto," Palihapitiya said. "The United States authorities have firmly pointed their guns at crypto."
The SEC has ramped up its enforcement of the crypto industry, bearing down on companies and projects that the regulator alleges were selling unregistered securities.
In February, the agency proposed rules that would change which crypto firms can custody customer assets. In March, the SEC issued crypto exchange Coinbase a Wells notice — typically one of the final steps before it files charges — warning the company that it identified potential violations of U.S. securities law. Last week, the SEC charged the crypto asset trading platform Bittrex and its ex-CEO with operating an unregistered exchange.
Coinbase CEO Brian Armstrong told CNBC that his company is preparing for a yearslong court battle with the commission, and is also considering relocating outside the U.S. if it doesn't get improved regulatory clarity. Meanwhile, Bittrex has already announced it would wind down U.S. operations specifically due to "continued regulatory uncertainty."
They "were probably the ones that were the most threatening to the establishment," said Palihapitiya, referring to crypto companies. "And they were the ones that, in fairness to the regulators, did push the boundaries more than any other sector of the startup economy."
"Now they're paying the price for that," he said. "The bill has come due for them."
Gensler faced similar criticism from House Republicans over the agency's crackdown on cryptocurrency platforms during four hours of congressional testimony last week.
"Regulation by enforcement is not sufficient nor sustainable," said House Financial Services Committee Chairman Rep. Patrick McHenry, R-N.C. "You're punishing digital asset firms for allegedly not adhering to the law when they don't know it will apply to them."
McHenry said the SEC's approach was "driving innovation overseas and endangering American competitiveness."
Gensler defended the agency's actions.
"We have a clear regulatory framework built up over 90 years," he said, adding that the exchanges "are "noncompliant generally, and they need to come into compliance."
Bitcoin, the largest cryptocurrency, reached a record of about $69,000 in November 2021, when the Federal Reserve's benchmark interest rate was near zero and investors were flooding into risk. The market changed in a hurry last year, as the Fed began steadily raising rates to fight inflation.
In early 2021, Palihapitiya predicted on CNBC that bitcoin would rise from $39,000 at the time to $100,000 and then up to $200,000.
"In what period, I don't know," he said. "Five years, 10 years, but it's going there. And the reason is because every time you see all of this stuff happening, it just reminds you that, wow, our leaders are not as trustworthy and reliable as they used to be."
Later in 2021, just before the peak, he said bitcoin had "effectively replaced gold."
Bitcoin is currently trading at just over $27,300, down 60% from its all-time high.
The volatility at the Bac table is easier to navigate.
May 8,2023
https://www.kitco.com/news/2023-05-08/Bitcoin-crashes-below-27-400-wiping-60-billion-from-the-crypto-market-cap.html (https://www.kitco.com/news/2023-05-08/Bitcoin-crashes-below-27-400-wiping-60-billion-from-the-crypto-market-cap.html)
I just posted a link to a crypto scam but I just realized I had posted the same link a few months ago so I deleted the new post. The old post was # 14 in this topic. Sorry
Another crypto story for those interested in crypto. It's a Wall Street Journal article which has a pay wall, but if you click on the X in the upper right hand corner of the article, you may be able to read it.
https://www.wsj.com/finance/do-kwon-crypto-crash-0d0dc50b
Thx 8OR9. Interesting.
Another crypto story today (11/2/23) with link posted below. Sam BankmansFried was convicted today and faces up to 110 years total. My prediction is that he won't even receive 1/2 of the total time. He will likely get pardoned in a few years by an outgoing president.
Sam bankmans fried (https://www.yahoo.com/finance/news/Sam-bankman-fried-found-guilty-of-defrauding-ftx-customers-investors-and-lenders-001855503.html)
Continued Success,
Another crypto embarrassing situation:
https://www.justice.gov/usao-sdny/pr/three-men-arrested-complex-bank-fraud-and-cryptocurrency-laundering-scheme
If anyone is still interested. here is another crypto news item:
https://www.cnn.com/2023/11/21/investing/binance-changpeng-zhao-treasury/index.html
Ha, u beat me to it 8OR9 as I was getting ready to post same exact link.
Cheers,
Not sure if anyone is still interested but here is another act in the crypto circus:
https://www.cnbc.com/2023/11/23/htx-heco-chain-crypto-hack-115-million-stolen-so-far.html
Looks like me and king fu read the same articles all the time.
I do not understand how anyone can "invest" in bitcoin, crypto...etc etc which is totally unregulated and it seems that every week there is a story where someone rips off tens of millions of dollars ...but it seems that the SEC may eventually authorize a crypto ETF where you can trade it just like a stock in a regulated market......I think that would attract a lot of traders since it would be regulated and you can be sure you can get your money out at any time.
Bit-Con(I mean bitcoin,aka BTC) hit $44,000 this week 12/7/23.
I do not own any bitcoin at present. I did buy some BITI(Short Bitcoin) @ 13.01 this past week. I will likely buy more if this (BITI) drops further as Im in the process of laying the groundwork to "lock-In" a snare (Kungfu Grip) :nod: around Bitcoins' neck as it tanks and does all kinds of wild swings/gyrations going forward.
IF I owned bitcoin and in the (+) I would be concerned/ lock in additional profits while there is time left. Just my opinion.
Some interesting thoughts about Bitcoin(Not necessarily all my thoughts though I agree with most):
A Big-Time Bit-Con Pump Is Underway
Bitcoin $BTC has reached one of its most overbought levels in the last 3 years. It's also the most extended above the 200D moving average since the November 2021 peak.
In April 2021, Bloomberg made the bold prediction that #Bitcoin will surge above $400,000 by the end of year. Instead, we entered the longest BTC bear market on record, and tumbled under $16,000. Now, as the short-term bull trap grows, mainstream media is back at it, predicting $500,000, in an effort to lure in greedy retail investors for exit liquidity. The crash that follows is inevitable. Unfortunately too many investors are blinded by greed to secure profits. They will just repeat their same mistakes as last time.
When the media is bullish, you should be worried.
.04% of Bitcoin addresses own 62% of all BTC. But its totally decentralized and for the people
Continued Success,
It will get all time high within next 9 months.
QuoteNow, as the short-term bull trap grows, mainstream media is back at it, predicting $500,000, in an effort to lure in greedy retail investors for exit liquidity. The crash that follows is inevitable. Unfortunately too many investors are blinded by greed to secure profits. They will just repeat their same mistakes as last time.
Bingo. Nailed it.
AD
If you are thinking of becoming involved in Crypto, I suggest you read this link.........It's kind of a long article but I think it is important.
https://www.cnn.com/interactive/2023/12/asia/chinese-scam-operations-american-victims-intl-hnk-dst/
Here is another one
https://www.cnn.com/videos/world/2023/12/22/myanmar-pig-butchering-scams-watson-pkg-intl-ldn-vpx.cnn
Thx 8OR9, good links.
Even if one isn't involved with cryptos or crypto sites I encourage all to have an advanced cyber security company monitoring your home internet/ cell phone (A company that will actually see the perpetrators get prosecuted/ not just block the attack).
The following link re: crypto scams is a good read.
https://www.forbes.com/sites/ninabambysheva/2022/12/28/over-3-billion-stolen-in-crypto-heists-here-are-the-eight-biggest/?sh=14995c07699f
5 Myths about crypto (https://www.brookings.edu/articles/five-myths-about-cryptocurrency/)
How Many Cryptocurrencies Are There?
Key passages from the following link at the very bottom:
*There are more than 23,000 cryptocurrencies, according to CoinMarketCap. That's a far cry from a decade ago, when there were just seven.
However, that astonishing growth rate isn't entirely good news. Many new cryptocurrencies have little purpose other than making money for their developers.
**Why are there so many different cryptocurrencies?
The biggest reason there are so many different cryptocurrencies is that there's practically no barrier to entry. Anyone who wants to create a cryptocurrency can do it. Even if you have zero technical know-how, you could hire someone on Fiverr (FVRR 1.36%), say, to make a cryptocurrency for less than $20.
I actually had a passing thought about creating my own crypto: BacBit. :)
A group of professional bac players could all pool verifiable/liquidable assets of say 100K each (Gold bars, cash, land, stock shares,real estate,...etc). BacBit would be formed with verifiable assets(Great sales pitch).
They (Bacbit owners) could draw on it for front money at a casino and every profitable session or day they would contribute 2.5% of wins back to BacBit(Net proceeds paid out once a year back to BacBit owners). Of course the first goal after each winning session would be to buy our own shares back so our share price would constantly be on the rise.
Of course our real profits would be from getting other (outsiders) to buy our stock (because it had increasingly increased since inception). We would then offer small rewards(small % of another BacBit coin) for the early investors to then recruit other "new" investors. Therefore, we would need to hire a PR firm to constantly talk about how successful the bac players at BacBit were because we never lost,...etc. We would be fine as long as "ALL" investors never wanted to redeem their stocks at once.
This is how I perceive many of the earlier cryptos were formed---just a group of friends setting around kicking ideas around. It is almost comical when I read how many of the meme/altcoins were formed and how they immediately had millions of dollars being invested in a Non verifiable Ponzi-like crypto coin.
https://www.fool.com/investing/stock-market/market-sectors/financials/cryptocurrency-stocks/how-many-cryptocurrencies-are-there/ (https://www.fool.com/investing/stock-market/market-sectors/financials/cryptocurrency-stocks/how-many-cryptocurrencies-are-there/)
Looks like the Securities and Exchange Commission (SEC) will authorize and regulate a Bitcoin ETF ( Exchange Traded Fund), which means if you are thinking about starting your own crypto currency, you will have to register with the SEC and hire securities lawyers to complete the blizzard/tsunami of required paperwork,,,,,,,,,,which means mucho much mucho mucho $$$$$$$ lawyer fees.
That's why Bitcoin recently went up to about $ 45,000 since a regulated ETF will attract many traders ( mandatory segregation of trader funds etc etc ) versus the gang of crooks currently in operation.