FTX collapse

[Derek27]

It's hardly, excuse the pun, made a ripple on the main stream news. It's far more serious that any traditional financial scandal.

They're beginning to take it more seriously.

The deputy governor of the Bank of England has warned that cryptocurrency trading is too dangerous to remain outside mainstream financial regulations. Sir John Cuntliffe has told Sky News that the bank is considering new laws to regulate the casino of cryptocurrency trading to protect the wider financial system of potential shock.

weird as it may sound.. grr - bollocks. there has (and still are)lots of great edges in the crypto markets, especially in Futures. Regulation will erode all of this pretty swiftly. Time to get even MORE creative in this space (soon)..

You obviously know what you're doing and from what you've said previously, you know how to really mop up thoroughly when you spot a leak , but it looks like a lot of people have been taken for a ride and lost big-time.

I've heard he's under house arrest at his parent's house, who's put up a 250 million dollar bail!

[jimibt]

.. you know how to really mop up thoroughly when you spot a leak

keep schtum on that - my better half often spots my lack of enthusiasm when armed with a veritable Vileda!!

[jimibt]

They're beginning to take it more seriously.

The deputy governor of the Bank of England has warned that cryptocurrency trading is too dangerous to remain outside mainstream financial regulations. Sir John Cuntliffe has told Sky News that the bank is considering new laws to regulate the casino of cryptocurrency trading to protect the wider financial system of potential shock.

weird as it may sound.. grr - bollocks. there has (and still are)lots of great edges in the crypto markets, especially in Futures. Regulation will erode all of this pretty swiftly. Time to get even MORE creative in this space (soon)..

You obviously know what you're doing and from what you've said previously, you know how to really mop up thoroughly when you spot a leak , but it looks like a lot of people have been taken for a ride and lost big-time.

I've heard he's under house arrest at his parent's house, who's put up a 250 million dollar bail!

in fairness (if that's possible). i honestly think he was just out of his depth and was kinda playing Call of Duty on a grander scale! He's potentially just on the spectrum and didn't see the signals that you/I would see to indicate that personal lives would be affected. No Excuse, just an observation.

what it does highlight tho', is the real need to retain all your </REAL> assets in a cold wallet, rather than trusting it all to the exchange. In my case, I pretty much do as I did in the OLD days of BF and just extract my excess on a monthly basis, leaving only my staking bank in place. therefore, if my exchange (kucoin) were to go TU, I'd only lose a few grand...

each to their own of course and stats do show that long term holding even now trumps day trading on crypto. of course stats don't account for outright shenanigans when spotted

[decomez6]

The fundamentals of crypto trading assumes that one day , some of the coins if not all will one day gain a mass acceptance and replace FIAT currency as a legal promissory note .

- Block chain technology is nothing more than unique digital signature .

So , what stops the federal reserves and all the central banks around the world from introducing their own unique Digital signature and replace their individual FIAT currency e.g Sterling crypto for the £ pound .?

ACCEPTANCE &Waiting game

The reason why the crypto market is not regulated is the same reason as to why its not widely accepted . Humans fear of the unknown and behavioural patterns stops the masses from adopting new technologies.This is exactly why not many governments are keen to legislate on the issue,.
Once the political will is present and there is political mileage to be gained from regulating the Crypto ‘Pumps and Dumps’ then , All crypto currencies will become nothing less as another form of FIAT currency BUT With less ACCEPTANCE and penetration .
Why?
All it takes is to introduce a hybrid process printing FIAT notes and convert some FIAT into Crypto and keep the same farmiliar Banking processes . DONE!!
It’s already happening in places like KENYA (M-PESA)..and CHINA..etc.

So in Short , the long shot is to short the crypto.

[Euler]

Silvergate Tumbles After FTX Implosion Prompts $8.1 Billion Bank Run

https://uk.finance.yahoo.com/news/silve ... 34817.html

[wearthefoxhat]

Silvergate Tumbles After FTX Implosion Prompts $8.1 Billion Bank Run

https://uk.finance.yahoo.com/news/silve ... 34817.html

SBF pleaded not guilty recently to all charges.

[decomez6]

The crypto has been infiltrated by the FIAT invisible hand and for good reasons.
- during the pandemic , workers were paid to stay at home and funny enough the economy was 'saved '.and some businesses boomed while the highstreets and commercial property markets saw a decline .( this bubble still waiting to burst )
- flooding the currency markets with free money will inevitably cause the prices of some goods and ' assets ' to go up ..... CRYPTO is an 'asset'

- Crypto was Originally meant to replace FIAT and offer a GOLD standard insurance policy on investment . But Greed and FOMO kicked in and now its a speculative Game of revolving smoking mirrors.

-FIAT prints currency notes out of thin air. (The BANKING cabal) using Quantitative easing and this causes inflation .
- interest rates on savings are almost competing with the SNP 500... some current accounts are offering up to 5-7 % on savings up to £5,000

https://youtu.be/yFO8wRKdZjI

THE PROBLEM

"Flooding the currency market with Free DEBT , Quantitative easing and free pandemic money ".

result :
inflation caused by increased demand for limited goods and services ... the rich end up being richer and the Rat race generation transfer the little savings to the middle men (Banks).
---others will use the money to speculate with anything that looks like value. And Block Chain is value when used for the right reasons . ( security and transparency )

Exhaustion:
FIAT will work to remove excessive currency notes out of circulation by encouraging saving and restricting free money handouts.

-AND when all the TRICKS in the books stop working ?
and there is still a lot of FIAT currency notes in the market ?

the price of GOLD goes up

20 yrs of Gold.PNG

But this is still NOT enough ...

so...

take the FIAT currencies in speculative PUMP and DUMP schemes ... and with a stroke of a Button wipe EVERYTHING out ... make the currencies Disappear into thin air !

welcome to the CRYPTO mind games .

[Derek27]

Sam Bankman-Fried Chicken found guilty of fraud.

[Derek27]

Bankman-Friedchicken to be sentenced in the next few hours, expected to spend decades in prison.

[Euler]

SBF gets 25 years plus $11.02 billion forfeiture

[Dallas]

SBF gets 25 years plus $11.02 billion forfeiture

Ouch

[Archery1969]

But it sounds like he going to a minimum security prison and not a maximum or super max prison. The judge also said he should be sent to a prison in the Bay Area close to family.

[wearthefoxhat]

Judge.png

Some jail time should apply to the others that were involved despite helping the Feds.

(They lost even more "in las vegas", so there's no chance of any payback)

[megarain]

Judge.png

(They lost even more "in las vegas", so there's no chance of any payback)

I thought his bets in Solana and AI have now made the company whole.

Investors will only get back what they had at the time of the crash - (missing out on BTC rise from 16k to 70k), but they will be re-paid.

[wearthefoxhat]

Judge.png

(They lost even more "in las vegas", so there's no chance of any payback)

I thought his bets in Solana and AI have now made the company whole.

Investors will only get back what they had at the time of the crash - (missing out on BTC rise from 16k to 70k), but they will be re-paid.

Thanks for clarifying.

I was aiming more at the likes of Caroline Ellison/Gary Wang/Nishad Singh/Ramnik Arora and the ex-on-line poker cheater Dan Friedberg. They have likely done an off the table deal to stay out of jail "co-operating" so the feds could nail SBF. (who didn't co-operate).