BREAKING: Crypto firm Genesis says it may have to declare bankruptcy without new funding
— The Spectator Index (@spectatorindex) November 21, 2022
crypto idiots getting schooled. how do you invest in ability to create a computer ledger? how?
I have seen reports of people buying computers and making a living out of mining cryto coins. What nonsense is that?
After losing more than $1 billion of his customers’ money, the disgraced crypto titan Sam Bankman-Fried had just one thing to say.They have all been brought to the ground after Sam Bankman and other conmen came down with a thud! I don't like stress or anything complicated, so I do predictable traditional stocks and things I can convert to cash the next business day.
“1) What.”
That inscrutable message, posted on Twitter last weekend, followed a cataclysmic week for the 30-year-old. FTX, the cryptocurrency-trading site he’d founded and turned into a global behemoth, went insolvent. Bankman-Fried’s personal wealth plummeted from $15 billion to $0 in just one day, and the company filed for bankruptcy. Things have continued to deteriorate ever since, as a new, potentially criminal narrative has emerged: Federal prosecutors in New York have already begun contacting possible witnesses as part of a far-reaching investigation, and the white-shoe law firm Paul, Weiss has already dropped Bankman-Fried as a client.
But as Bankman-Fried’s empire lay smoldering and regulators began closing in, the man once considered the friendly face of crypto apparently figured he should just tweet through it. Over the course of the next 48 hours, that lone “What” was followed by a pattern of numbers and letters—first “2) H,” indicating the beginning of a thread, then “3) A,” then “4) P”—until a mesmerized public began to wise up. At some point, it seemed, Bankman-Fried would attempt to explain “what H-A-P-P-E-N-E-D” at FTX.
Except he didn’t, really. Instead, Bankman-Fried, or SBF, as he is known, has spent the past two weeks brazenly chattering his way through the chaos, using a combination of breathless apologies, cryptic poetry references, and unnervingly casual conversations with journalists to hammer in what FTX’s creditors had already learned: that in spite of his trustworthy facade, Bankman-Fried still doesn’t really understand the gravity of his situation.
It doesn’t take a brilliant legal mind to know that if you’re under any kind of scrutiny for crimes you may or may not have committed, the best course of action is to essentially shut up, lest you further implicate yourself. SBF has taken the opposite tack, granting at least two interviews to journalists. In the first, for The New York Times, Bankman-Fried announced that he was still sleeping pretty well despite the turmoil. “It could be worse,” he said, before adding that he’d been spending recent days unwinding with video games. Here was Bankman-Fried attempting to remind readers that he’s still the same old guy—the implication being that maybe he was just naive after all.
That probably the only value of bitcoin - otherwise it's now useless because it's been banned everywhere as legal tender. They are using lots of computer power to basically count large numbers; The most useless "economic" activity eve conjured by men - and it's worth trillion of dollars.
The biggest ponzi there ever was. As long as they can recruit new fools with fancy propaganda about fiat money & how gov controls & lots of conspiracy they are in business. Until the domino start to come down like now.I have seen reports of people buying computers and making a living out of mining cryto coins. What nonsense is that?
It basically a ponzi. I remember when I was newly minted graduate there were Ponzi in Nairobi selling email and other computer packages; I was forced by colleaque - persistant woman to join GNLD - she literally dragged me to City Hall from intl org where we both worked - I paid 5K for a package of vitamin D and other concotion - joined her network and heard stories of success - like those church evangicals - big GNLD driving big cars and going for big holidays; as long as you can recruit more; the money flows; until new recruits stop coming; and then everyone try to cash out before it crashes; and it crashes.
I never used that GNLD package - I couldnt trust it with all amino and vitamin bla - so dumped it - and I had no intention of recruiting people
One day it will shoot up and voila, am a bil. Robina is a bil even after this rout.
The market is worried about Coinbase’s solvency.
— Genevieve Roch-Decter, CFA (@GRDecter) November 22, 2022
Here’s what I know: