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Crypto exchanges disintegrating as you read this, FTX is gone bitcoin is down 65% this year


Crypto exchanges disintegrating as you read this, FTX is gone bitcoin is down 65% this year16-11-2022 00:29
SwanProfile picture★★★★★
(2785)
https://www.cnn.com/2022/11/14/business/ftx-crypto-collapse-updates-hnk-intl

Aftershocks from the massive earthquake in the trillion-dollar crypto industry last week continued to reverberate on Monday.

Prices of digital currencies fell again as the crisis engulfing the market deepened over the weekend. Bitcoin, the world's biggest cryptocurrency, has plummeted about 65% so far this year. It was trading at about $16,500 on Monday, according to CoinDesk. Analysts believe that it could fall below $10,000.

Ether, the world's second most valuable cryptocurrency, isn't faring much better. It was trading at about $1,230 on Monday, having sunk over 20% over the last week, CoinDesk data showed.


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The plunge comes as investors continue to grapple with the stunning implosion of FTX, one of the biggest and most powerful players in the industry.

Some industry insiders have said the company's downfall had triggered a "Lehman moment," referring to the 2008 collapse of the investment bank that sent shockwaves around the world.

The episode has not just destroyed confidence in the crypto industry, but will also embolden global regulators to tighten the screws. Some of the biggest names in the business said they will welcome the scrutiny, if it helps restore faith in the industry.

There is a "lot of risk," said Changpeng Zhao, who runs Binance, the biggest crypto exchange. "We have seen in the past week things go crazy in the industry, so we do need some regulations, we do need to do this properly," he added.

CZ, as he's known, was speaking at a conference in Indonesia on Monday. He said last week that comparing the current crypto turmoil to the 2008 global financial crisis is "probably an accurate analogy."

Binance had reached a tentative rescue deal with FTX earlier last week, but that transaction almost immediately fell apart.

PS I noticed that the big crypto investor a-holes here are all rather SILENT. Oh well back to work for you, and I won't even say that I told you so.

Sheesh, I told you so, should have bought Apples, now you are lucky if you can afford peanut butter and jelly


According to CDC/Government info, people who were vaccinated are now DYING at a higher rate than non-vaccinated people, which exposes the covid vaccines as the poison that they are

This place is quieter than the FBI commenting on the chink bank account information on Hunter Xiden's laptop

I LOVE TRUMP BECAUSE HE PISSES OFF ALL THE PEOPLE THAT I CAN'T STAND.

ULTRA MAGA

Now be honest, was I correct or was I correct? LOL
16-11-2022 02:04
HarveyH55Profile picture★★★★★
(4463)
They are going to seal their fate, by inviting the government in, to 'regulate' them. That was one of the key selling points, that they are independent of government. Regulation, means oversight and audit. They are going to give the governments free run through the records, anytime they want/need. Won't be any different, than keeping your money in a traditional bank. It'll shutdown the pyramid investment scheme as well. Can't hide money, can't play 'get rich quick', frozen assets... Watch the rats pull out and run, when the governments get involved.
16-11-2022 17:27
IBdaMannProfile picture★★★★★
(13031)
HarveyH55 wrote:
They are going to seal their fate, by inviting the government in, to 'regulate' them. That was one of the key selling points, that they are independent of government. Regulation, means oversight and audit. They are going to give the governments free run through the records, anytime they want/need. Won't be any different, than keeping your money in a traditional bank. It'll shutdown the pyramid investment scheme as well. Can't hide money, can't play 'get rich quick', frozen assets... Watch the rats pull out and run, when the governments get involved.

Very astute.

The process you describe has begun. The US government has told the Bahamas that they want Sam Bankman-Fried extradited to the US. You might ask "On what grounds? What gives the US any jurisdiction in all this?"

The US is going to signal to the world that it is OK to clamp down. The rest of the world will comply with a "baaaaaaaah."
17-11-2022 15:57
IBdaMannProfile picture★★★★★
(13031)
IBdaMann wrote:
HarveyH55 wrote:
They are going to seal their fate, by inviting the government in, to 'regulate' them. That was one of the key selling points, that they are independent of government. Regulation, means oversight and audit. They are going to give the governments free run through the records, anytime they want/need. Won't be any different, than keeping your money in a traditional bank. It'll shutdown the pyramid investment scheme as well. Can't hide money, can't play 'get rich quick', frozen assets... Watch the rats pull out and run, when the governments get involved.

Very astute.

The process you describe has begun. The US government has told the Bahamas that they want Sam Bankman-Fried extradited to the US. You might ask "On what grounds? What gives the US any jurisdiction in all this?"

The US is going to signal to the world that it is OK to clamp down. The rest of the world will comply with a "baaaaaaaah."

Update: After the Bahamas-registered FTX exchange collapsed, Bahamas law enforcement initiated a criminal investigation and declared it the country's highest precedence and that it would be working in coordination with other jurisdictions. The next day, the US entered the fray and requested extradition. Now, Turkey's law enforcement is joining in. I think there is more to this story than meets the eyes of gullible cryptocurrency gamblers.

When the dust settles, everything will be regulated, in contrast to the totally unregulated environment that exists today.
17-11-2022 16:19
IBdaMannProfile picture★★★★★
(13031)
Did I understand correctly? Did certain Ontario (Canada) school districts invest $95 million of teachers' pensions in FTX-based cryptocurrencies? That $95 million just might be colored "gone."




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