BITCOIN as an alternative to regular currency

[rebeccalais]

Current bitcoin price is 16,311.30USD

[Euler]

Have you noticed how a lot of these exchanges or third parties are built on sand?

https://twitter.com/SBF_FTX/status/1590709166515310593

Crypto was supposed to be exempt from all the problems in traditional financial markets, but instead we are seeing runs on leveraged entities and other associated problems. The currency has changed but the problems haven't.

https://twitter.com/i/status/1590564647920234499

[Archangel]

It was a bubble, or even maybe a pyramid scheme, its over

[Euler]

Chapter 11

https://twitter.com/FTX_Official/status ... 52/photo/1

[Archangel]

Chapter 11

https://twitter.com/FTX_Official/status ... 52/photo/1

In the space of days, FTX went from a $32 billion valuation to bankruptcy as liquidity dried up, customers demanded withdrawals, and rival exchange Binance ripped up its nonbinding agreement to buy the company. FTX founder Sam Bankman-Fried admitted on Thursday that he “fucked up.”

[Euler]

Crypto is just one scam piled on another

[Euler]

Prior to the meltdown, Mr Bankman-Fried had been one of the stars of the crypto scene, with a net worth estimated at more than $15bn (£12.8bn) as recently as Tuesday.

[Dublin_Flyer]

Chapter 11

https://twitter.com/FTX_Official/status ... 52/photo/1

So many stories and books about crypto, but they always end at chapter 11....or at least they should, caveat emptor

[Derek27]

Makes your worst day/week's trading not so bad after all!

[Euler]

Complete disaster / meltdown underway by the look of it. Just a stream of bad news. Who knows how bad this is?

[megarain]

FTX investors .. $400m-$900m-$1,7Billion if you really fancied it.

Sorry to see Alan Howard on there (gave my son a bursary).

FTX investors.jpg

[weemac]

FTX investors .. $400m-$900m-$1,7Billion if you really fancied it.

Sorry to see Alan Howard on there (gave my son a bursary).

FTX investors.jpg

The Ontario teachers need to go back to school.

[wearthefoxhat]

The clients' money seems to be spent/invested and never ring-fenced in the unregulated companies/exchanges space. Some are subjected to straight out fraudulent activities.

Mount Gox
Bitconnect
One Coin
Terra-Luna
Ethereum Max (Emax) Digital Token (Kim Kardashian sponsored)
Coinflex (Doug Polk sponsored)
FTX

Almost all the NFT's as well.

Probably £100's billions between them that includes Joe Schmoe's hard earned along the way.

[Archangel]

UK Treasury considering creation of a digital pound

And the government was "a long way down the road... to establish a regime for the wholesale use, for payment purposes, of stablecoins".

Stablecoins are designed to have a predictable value linked to traditional currencies or assets such as gold.

https://www.bbc.com/news/technology-642 ... me=twitter

[gazuty]

I fail to see the necessity for the development of a digital currency by reputable institutions like the Bank of England. We already have access to digital forms of currency through our bank accounts, credit cards, and digital payment systems like tap-and-go and Apple Pay. The majority of transactions in modern society are already conducted digitally, as our money is stored as digital data on bank servers. There seems to be no pressing need to create a new digital currency when our current systems are already functioning effectively.