OT: Crypto Crashing?

[Jeffreauxdawg]

I hate to even bring it up as the thread will spin out of control, but I know a few crypto nerds on here have some insight.

What I know is over the last day or two, FTX the 3rd largest crypto exchange behind Coinbase and Binance had rumors of insolvency and they were amplified (or started I am not sure which) by the CEO of Binance. Now today, Binance is buying FTX and the shinola is hitting the fan apparently across the entire crypto spectrum. I know the last thing I read about Binance is that they are under investigation from the US Justice Department for allowing Iranian firms to avoid sanctions. I think Binance has been on the US shitlist for 3-4 years honestly.

Bitcoin has moved up and down within an 18% intraday range and Ethereum 22%. Its going nuts right now. Any insight on the implications of all this mess? I know a few of the SPSers are way more into the crypto world than I am.

 

[aTotal360]

And it's slowly crashing the luxury watch market with it. I will buy the dip.

 

[greenbean.sixpack]

I fell the Elon Musk Dogecoin pump and dump a couple years back. My average cost was $.20 and I think it got up close to $.75. Now it is $.08 and I still have it!

 

[horshack.sixpack]

I hate to even bring it up as the thread will spin out of control, but I know a few crypto nerds on here have some insight.

What I know is over the last day or two, FTX the 3rd largest crypto exchange behind Coinbase and Binance had rumors of insolvency and they were amplified (or started I am not sure which) by the CEO of Binance. Now today, Binance is buying FTX and the shinola is hitting the fan apparently across the entire crypto spectrum. I know the last thing I read about Binance is that they are under investigation from the US Justice Department for allowing Iranian firms to avoid sanctions. I think Binance has been on the US shitlist for 3-4 years honestly.

Bitcoin has moved up and down within an 18% intraday range and Ethereum 22%. Its going nuts right now. Any insight on the implications of all this mess? I know a few of the SPSers are way more into the crypto world than I am.

 

[57stratdawg]

Is this what happen with the real markets this afternoon? The markets were almost all green and got stung.

I saw some ECB talk too.

 

[Ibdancin]

All of my crypto has come from mining, And I cash out 75% each month. Well, until Sept. Now I mine it and let it sit.

 

[jethreauxdawg]

I hate to even bring it up as the thread will spin out of control, but I know a few crypto nerds on here have some insight.

What I know is over the last day or two, FTX the 3rd largest crypto exchange behind Coinbase and Binance had rumors of insolvency and they were amplified (or started I am not sure which) by the CEO of Binance. Now today, Binance is buying FTX and the shinola is hitting the fan apparently across the entire crypto spectrum. I know the last thing I read about Binance is that they are under investigation from the US Justice Department for allowing Iranian firms to avoid sanctions. I think Binance has been on the US shitlist for 3-4 years honestly.

Bitcoin has moved up and down within an 18% intraday range and Ethereum 22%. Its going nuts right now. Any insight on the implications of all this mess? I know a few of the SPSers are way more into the crypto world than I am.

Are you telling me the make believe money market might not be secure? But they promised!

 

[karlchilders.sixpack]

There is lot riding on this Ponzi Scheme.
If it goes under, look at what funds have been lost.
I saw upstream here, something about liquidity issues.
Very Scarry!

 

[Spartyteacher]

https://www.washingtonpost.com/business/2022/12/18/crypto-winter-ftx-collapse-bitcoin-prices/

“Craptocurrency” But a few of you persisted on blowing off my and other’s warnings, because I didn’t understand the brilliant vision of it all Digital art, anyone?

 

[Jeffreauxdawg]

https://www.washingtonpost.com/business/2022/12/18/crypto-winter-ftx-collapse-bitcoin-prices/

“Craptocurrency” But a few of you persisted on blowing off my and other’s warnings, because I didn’t understand the brilliant vision of it all Digital art, anyone?

@Spartyteacher ?

Looks like somebody got hammered after MSU's rival UM got beat by TCU in the playoff and ended up on the wrong MSU board. If this is the case that's perfectly acceptable and you're welcome here anytime friend... Bonus points for dancing on the graves of crypto bagholders.

 

[jethreauxdawg]

@Spartyteacher ?

Looks like somebody got hammered after MSU's rival UM got beat by TCU in the playoff and ended up on the wrong MSU board. If this is the case that's perfectly acceptable and you're welcome here anytime friend... Bonus points for dancing on the graves of crypto bagholders.

Pretty much summed up my thoughts

 

[DesotoCountyDawg]

It was the emoji use for me.

 

[Spartyteacher]

@Spartyteacher ?

Looks like somebody got hammered after MSU's rival UM got beat by TCU in the playoff and ended up on the wrong MSU board. If this is the case that's perfectly acceptable and you're welcome here anytime friend... Bonus points for dancing on the graves of crypto bagholders.

Hey good friends of another MSU site. Our MSU just switched to On3 and when I did a search for this thread, it out me here. Happy New Year!

 

[TulsaLawDawg]

Hey, I like his style.