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Bit-Con, Made-off, End-run, Dodge-con, Etcetra-con...


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#1 Rogerdodger

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Posted 12 November 2022 - 06:07 PM

They say "There's nothing new under the sun".

 

But there is also "A sucker born every minute!" ~P. T. Barnum

 

Be leery if it even sounds like Made-Off or End-Run or Bit Con or Dodge-coin.

 

Or if they say, "Too big to fail!"

 

$2B MISSING! ENRON Moment...

Mysterious $662M Outflow... Hack?

FTX investigating 'unauthorized transactions'... 

Bankman-Fried charmed DC. Then his crypto empire imploded...

.

.

.

"Good night, you princes of Maine, you kings of New England."


Edited by Rogerdodger, 12 November 2022 - 06:23 PM.


#2 pdx5

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Posted 12 November 2022 - 09:46 PM

How long before Coinbase bites the dust? It is classic Ponzi scheme.
"Money cannot consistently be made trading every day or every week during the year." ~ Jesse Livermore Trading Rule

#3 fib_1618

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Posted 14 November 2022 - 05:58 AM

"The spectacular meltdown of the FTX crypto exchange has revealed it to be nothing more than a slush fund for Democrat candidates."

 

https://tinyurl.com/27fpt69b

 

From one corrupted government to another...the story's the same.

 

Fib


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#4 Chilidawgz

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Posted 14 November 2022 - 11:55 AM

Crypto coins are a farce. They are not a currency with the daily swings. Impossible. The mining thing became a delusional mass mania. Crypto is backed by nothing, as is the dollar. But, with the dollar you can purchase real things. Try going through a typical property purchase, or vehicle purchase or weekly groceries using etherium, dogecoin, etc. Impractical and probably impossible for 99.9% of the population.

 

A lot of twenty/thirty somethings lost a great deal of their money this year in an unregulated market. Perhaps they have learned something about managing their assets? I doubt it for most. You reap what you sow.


Edited by Chilidawgz, 14 November 2022 - 12:02 PM.

Anything can happen...what's happening now?
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#5 Rogerdodger

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Posted 14 November 2022 - 12:24 PM

Some folks will pay anything for the latest internet buzz and it's big, exciting adrenaline rush.

 

I knew a novice trader who began trading stock options after attending a seminar on getting rich quick.

He was told: "If you are not in the fetal position all night long, you are not doing it right."

He re-financed his home to open a trading account.

 

After many sleepless nights, he was broke again and homeless.

 

I've seen this movie too many times over the years.



#6 Rogerdodger

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Posted 14 November 2022 - 01:19 PM

"Educating people about the power of crypto..."

turns out to be an expensive education...

 

Tom Brady, Steph Curry and Kevin O’Leary set to lose big from FTX bankruptcy filing

 

Brady said in 2021. “This particular opportunity showed us the importance of educating people about the power of crypto...

while simultaneously giving back to our communities and planet.
 

We have the chance to create something really special here, and I can’t wait to see what we’re able to do together.”

 

Brady served as an ambassador for the company and Bündchen was FTX’s Environmental & Social Initiatives Advisor. The two also starred in several TV commercials for FTX.

FTX raised capital at a $32 billion valuation a few months after the announcement of the deal.

 

A similar story can be told for Steph Curry of the NBA champion Golden State Warriors, who was made a global ambassador for FTX and also given an equity stake in the company in 2021.
It’s unclear what will happen to the money investors put into in FTX, but their equity could be wiped out by the bankruptcy filing.

Other high-profile investors in FTX were Jacksonville Jaguars quarterback Trevor Lawrence, MLB’s Shohei Ohtani, tennis star Naomi Osaka and Sharktank’s Kevin O’Leary.

Additionally, Major League Baseball has a marketing deal with FTX where umpires wear an FTX logo on their shirts during games, and the NBA’s Miami Heat renamed their home stadium “FTX Arena” back in 2021.

According to a list compiled by the New York Times, financial groups that backed FTX include: Third Point Ventures, Tiger Global, Sequoia Capital, SoftBank and BlackRock


 
 

Edited by Rogerdodger, 14 November 2022 - 01:23 PM.


#7 Rogerdodger

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Posted 14 November 2022 - 05:28 PM

NBA’s Miami Heat renamed their home stadium “FTX Arena” back in 2021

 

 

They are now renaming their home stadium to a different "F" word, "F That" is my guess.  zipped.gifyes.gif

 

PS: I'll be here all week...

 

...but I bet you aren't going to buy another ticket! purebs.gif


Edited by Rogerdodger, 14 November 2022 - 05:30 PM.


#8 pdx5

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Posted 14 November 2022 - 05:39 PM

Crypto coins are a farce. They are not a currency with the daily swings. Impossible. The mining thing became a delusional mass mania. Crypto is backed by nothing, as is the dollar. But, with the dollar you can purchase real things. Try going through a typical property purchase, or vehicle purchase or weekly groceries using etherium, dogecoin, etc. Impractical and probably impossible for 99.9% of the population.

 

A lot of twenty/thirty somethings lost a great deal of their money this year in an unregulated market. Perhaps they have learned something about managing their assets? I doubt it for most. You reap what you sow.

Only thing going for the US dollar is the federall government has taxation powers. That allows the gov't to print dollars above and beyond the tax revenues, and people buy the treasury bonds because government will pay the principle & interest using future tax revenues. Crypto has no such support. It is strictly what the next fool is willing to pay for your crypto coins.


"Money cannot consistently be made trading every day or every week during the year." ~ Jesse Livermore Trading Rule

#9 Russ

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Posted 14 November 2022 - 05:48 PM

https://www.armstron...ypto-implosion/

 

The collapse of the FTX Exchange is pretty straightforward insofar as this is the same lesson that constantly repeats in finance time and time again. Basically, FTX lent US$10bn of client funds to their trading arm Alameda, which used it for leveraged their own crypto speculation because the crypto market has been collapsing. Typically, someone like Sam Bankman-Fried had his whole life wrapped up in this venture. Lacking financial controls operating from the Bahamas, moving the money from client funds to his trading arm Alameda was possible. Historically, someone in this position sees his world collapsing but is not prepared to see that unfold for it requires admitting that he was wrong on crypto, to begin with. Consequently, such a person is not trying to actually rob clients’ money, they most likely see it as a temporary loan to save the company and the market will bounce back – or so they believe.


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#10 Douglas

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Posted 14 November 2022 - 06:27 PM

Russ, Rodgerdodger, etc. who were the winners in this fiasco?  Who was on the other side of this trade that walked away with Brady's, O'Leary's, etc. money?  The dollars that were "invested" didn't disappear.  They just went into someone else's hands.  Whose hands?

 

Regards,

Douglas


Edited by Douglas, 14 November 2022 - 06:27 PM.