This was basically a forgone conclusion, but it ought to teach a lesson, “not your keys, not your coins”. an exchange is like a public toilet you get in, do your business, and get the fuck out you don’t stay in a public toilet.
I have an account with Coinbase, but I put dollars in and I pull crypto out as soon as it’s available and wouldn’t you believe it? I’ve never lost any money doing it that way.
because most people are using crypto incorrectly as a speculative asset where it’s meant to be used as a currency. What people should be doing is buying it and then taking it and spending it. Whereas what they are doing is they are buying it, hoping that the price goes up in terms of dollars or euros or yen or whatever and selling it. Those sorts are not what I would consider real crypto people. They are just using it as some sort of stock. What real crypto people want to see is the government and central banks no longer able to fuck people out of their money through inflation, taxation, and manipulation of the money supply. The good cryptos All have a completely predictable money supply. Hard-coded into their core so you always know how much there will be at any given time.
I tried buying something using crypto on Coin base back in the day. Signed up, transferred $100 into Eth, had to wait two or three days for Coinbase to do their due diligence or whatever, and then it was down 50% by the time I could use it. (I think China banned crypto or something?) I just pulled out my credit card and bought the item directly, and never touched crypto again
Now imagine central bank halving their value to reduce inflation. Its the same thing but you don’t have any control over the money you earned spending the time you did to earn that money. If there was an alternate currency which is not controlled by any government or inflation of a single government that crypto currency.
The problem is that the item you were buying was priced in terms of fiat currency, such as dollars or euros. When items are priced in crypto, then they don’t fluctuate, because, for example, one bitcoin will always be one bitcoin, no matter what. Whereas a dollar will not always be a dollar. A dollar in 1914 would have bought a lot more than a dollar does today. The three good monies are silver, gold, and crypto. The first two can only be manipulated by going into space and getting asteroids to get more, and the third can only be manipulated by worldwide community consensus, which is really hard to obtain.
But with a hard coded money supply, you cannot control inflation. The inflation won’t be in terms of dollars, it’ll be in the number of coins required to buy whatever, you know like how inflation doesn’t make euros less valuable versus dollars, it makes euros less valuable versus bread
First off, let me say that I am no monetary expert. Now, with that said, once something like Bitcoin hits its 21 million cap, there will never be any more Bitcoin. So wouldnt thar be deflationary due to lost coins, etc? Now in this case it can be argued this is a bad thing because miners need fees to secure the network. If there are no more coins being released to secure the network, then fees will have to make up for it, and that could drive the cost to transact up, which would be a bad thing. Something like Monero takes another route where 0.6 new Monero will always be released, but that the inflation is asymptotically 0 because that new 0.6 Monero makes up less and less of the entire supply over time. This would allow for the replacement of lost coins as well so that one coin doesn’t become infinitely valuable.
My brother-in-law is obsessed with cryptocurrency. He keeps going on about a fiat and how it isn’t a fiat, or something. I don’t listen to that 90% of the things he says, so I’m not that clear.
He’s also a massive anti-vaxxer.
It’s like being an idiot in one area of your life predisposes you to be an idiot in another era of your life. Who knew?
I’m always shocked at the size of these scams. Like there have been so many notorious scams already for “coins” that…hold no intrinsic value whatsoever. And yet people keep diving into the new cryptocurrencies and putting it all on black in the hopes of winning big.
They are appealing to human nature because it is absolutely human nature to gamble in the hopes of winning big and these scammers take serious advantage of that. Something for nothing is always extremely interesting.
Steal? No, it’s a clever business model where I convince you to buy dogshit because dogshit will be worth x10 next month and I’m definitely not dumping all my dogshit once you poors drive the price up.
No, it’s the even more clever business model where I convince half my employees that if they just work a few extra minutes a day off the clock or work through their legally mandated lunch breaks, but still allow me to automatically deduct their pay for the break, then someday I’ll notice all their hard work and reward them for it… someday.
Friendly reminder that wage theft outweighs all other robberies combined:
No they won’t. There’s way more of us. They’ll take serious action and make heavy weights testify before congress. Court cases will follow and the news and speculation will be dizzying. Then as the trials slowly work their way through the courts they will be found not guilty or face mild slaps on the wrist or have to resign from ceo to a lesser role like vice ceo. And which ever rich person stole the most from other rich people will be thrown to wolves and the cycle will continue for another decade.
“Originally placed under house arrest, he was sent to jail in August for violations of his bail conditions, including using a VPN to watch a football game and leaking the diary entries of his ex-girlfriend”
Ok I get the diary, that’s shitty…but using a VPN to watch football? That’s a normal Saturday afternoon.
He also got caught sending some cryptic messages to someone saying something along the lines of getting their stories straight.
He said he had concluded that Mr. Bankman-Fried’s communication with the media and a separate attempt to contact a former FTX employee were intended to “intimidate or also to influence” witnesses in the case.
August 4th
Dear diary, I have tried once again in vain to get Sam to get a decent haircut. In the movie of your life you’re going to be played by Jesse Eisenberg, the least you could do is move over to his default haircut. It’s only courteous.
While reading your comment I somehow managed to overlook the emojis initially and I just pictured you running outside with a bubble wand and a container of soapy water to celebrate.
I would simply have not given real money to some company in the Bahamas in exchange for a token and a promise the token would be good for more money later. But I’m street smart like that.
I remember finding them in a list where they offered something like 8% interest if you deposited your bitcoins with them which was still fishy as hell. It looked like a sweet deal but I wondered how they managed to do that sustainably. I guess the answer was “they didn’t”.
I think you’re thinking about Celsius. SBF absolutely had his own coin, and it is tantamount to the whole FTX collapse. Their competitor owned a shit load of it, it was called FTT iirc. He then just decided to tweet out that they were selling all their FTT, and then everyone started selling FTT which started a run on the token.
The company also pumped FTT and other tokens value through their hedge fund Alameda research. The man deserves every last day of sentencing.
Also, be glad you didn’t put money in Celsius. I have a friend that did for the interest that they were offering. It worked… Til it didn’t. He lost $50k.
People absolutely think something about it when it happens, and hell sometimes the government even does something about it (as demonstrated in the article you linked). Just a whole lot of us would argue they don’t do enough about it.
I’m not actually defending Sam Bankman-Fried. I’m pointing out the obvious hypocrisy in the system. Both that fat fuck and actual bank execs need to waste away in prison cells.
Waiting for the hopelessly retarded vegans to come out in force and cry for their new cult symbol like they did the last time there was a .world news thread about this.
Remember, he’ll only get peanut butter sandwiches in prison 🤣
If you look back in the .world news feed, you’ll find a couple of months ago that dumbass fucking Bankman-Fried was complaining that there were no vegan options for him in jail, and he was forced, forced I tell you, to subsist on peanut butter sandwiches. And vegans came out in full force in defense of that fucking jelly roll. Others were arguing about it in there… I remember reading the comments and losing a little bit of my faith in humanity.
I had hoped they were actually being serious about it and weren’t just a bunch of paid shills or concern trolls or whatever exploiting the situation to upset others. I honestly don’t know which would have been worse, but I now feel deprived, as if they actually were serious about the vegan thing, they would’ve come up here bitching and I could have laughed at them.
Maybe, maybe people just believe that human rights matter? That he belongs in prison but his human right to live according to his creed matters? Do you think Jews and Muslims in prison shouldn’t turn their noses up at ham?
And I don’t pretend to be anything but. Yet you do. Your one response to me was a way to make yourself superior to both, and that was what was most important to you.
So welcome to the club. I’m sure more of their ilk will be around. And I can certainly be entertained laughing at you.
Are you fully aware that the traditional “bread and gruel” prison diet is vegan?
It’s not a big ask. It’s just basic human rights to meet reasonable dietary restrictions, especially for people in the “innocent until proven guilty” stage.
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