#Cryptocrash

This is why I don’t trust crypto. At least if BoA goes under, I still get my money. These cryptos close up shop, you have no recourse.
 
Not should there be!

But I do laugh when people think banks are safe and responsible.

If you're in crypto you can't have money on these exchanges or.you deserve having it rugged

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sturg33 said:
Not should there be!

But I do laugh when people think banks are safe and responsible.

If you're in crypto you can't have money on these exchanges or.you deserve having it rugged

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Click to expand...

Especially since it’s a lot of the same exact people with some nerdy tech bros sprinkled in around them.
 
Bankrupt cryptocurrency exchange FTX is probing a potential hack and asked customers to stay off the FTX website, the company said. More than $370 million worth of crypto funds appears to be missing, according to crypto analytics firm Elliptic Enterprises Ltd.

A rival crypto exchange said Saturday it knew the identity of the alleged hacker and would help authorities in their investigation.

The potential hack occurred Friday after FTX filed for bankruptcy. Ryne Miller, FTX US’s general counsel, said in a Saturday tweet that FTX and FTX US had started moving all digital assets to cold storage—crypto wallets that aren’t connected to the internet—after the bankruptcy filing.

https://www.wsj.com/articles/ftx-is...ankruptcy-filing-11668261070?mod=hp_lead_pos3
 
Apparently, Michael Lewis (Moneyball and The Big Short) had been interviewing Sam Bankman-Fried the past 6 months and is writing a book about him. Seems like he found the ending to his book with all the crazy **** this past week. Can't wait for the movie.
 
Whether you believe in regulation or not, one thing that still feels apparent to me is that the media and lawmakers need to learn and teach more about Crypto. Can you imagine how inescapable the story would be if a traditional financial institution did what SBF is accused of doing?
 
People still grow and trade tulips in Holland. Just not with the same craziness and intensity of the tulip mania period. This is the future I foresee for crypto. A hobby. Like trading stamps or baseball cards or pokemon cards.
 
Bitcoin is the ultimate threat to this.

I do wonder if the seals on this board understand why this is a terrible thing

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