This thread is like if we had a poster who only ever popped into UP when the Democrats ate shit or failed to pass reform or were exposed as corrupt or whatever and were like “HUR HUR SEE I TOLD YOU GUYS ELECTORAL POLITICS IN THE US IS HOPELESS”. And that electoral politics in the US is hopeless is an idea that is taken seriously on UP, we have some people who completely believe that, some people who completely don’t believe that, and some people who sort of believe it but are still excited when the Dems do unexpectedly well in the midterms because they don’t want to live under fascism.
If you just come in and repeat the same take over and over to people who are willing to discuss and entertain other possibilities, it just makes you a crashing bore. And the fact that you can pull up the Election Hopium Thread does not necessarily mean that people on this forum are unaware of the possibility that electoral politics is hopeless or disagree with it. They might just be like “well it’s MOSTLY hopeless, sure, but maybe there are some small things we can accomplish”.
Just coming in and being like GUYS I KEEP TELLING YOU, IT’S HOPELESS, TAKE THE L when the Dems have some mishap is even more obnoxious if you predicted 20 years ago that the GOP would hold all three branches of government for the next two decades, which, by analogy, is the position Riverman is in with Bitcoin.
Corn is holding at ~16k atm, what is actually happening? Is there a value x over period of time y that falsifies your belief that it’s worthless, or will it still be worthless if it trades at 200k in 2035?
Presumably they were lending the deposits to FTX for more than 8% and/or thought they could trade it for more than that level or return or both. But that’s just a guess.
We believe in building a scalable company with true staying power. That’s why we’ve never held an ICO, nor do we require tokens to maintain a certain interest rate.
When you send crypto to BlockFi, you’re sending it to one of our regulated custodians, like Gemini. From there, we may lend your crypto to one of our vetted institutional counterparties. These clients use the bitcoin they’re borrowing to execute trading strategies and hedge their positions. Rather than lending to just one institution, we lend to multiple counterparties to minimize our risks. BlockFi keeps a sizable amount of collateral to the side so that clients are able to easily withdraw funds."
I think the people running these places literally bought into the STONKS(crypto) ONLY GO UP memes. There was no thought whatsoever as to what happens if you see a large decline in interest or asset prices.
You can have a take. You can’t have a multi year obsession with 100% conviction and hundreds of posts stating your absolute certainty you are correct and everyone else is a total moron.
Once upon a time early in my career I had an investment analyst try to tell me that because a particular investment was risky that it must therefore have a high expected return, so it would be a good investment. It didn’t occur to him that risk and return are correlated because smart investors will demand a higher expected return as compensation for the risk. He thought that making something riskier increased it’s expected return. That has stuck with me my whole career, a great example of knowing just enough to be dangerous.
The answer depends on whether crypto is doing well at any given time. Also, for some reason the “I just like money” crowd, gets furious about negative crypto content.
Nobody gets mad about negative crypto content. If you’d pay attention you’d see that most of it comes from the “I like money crowd”. I, however, do get annoyed by your frequent drive-by dickish comments.
In order to go “allin” into crypto, these crypto entrepreneurs almost have to put on different set of glasses and assume to following:
USD = Garbage fiat legacy currency that will collapse.
Trad Fi = Corrupt system that benefits nobody.
Crypto = Future of finance.
In managing portfolio risk when crypto depositors have deposited billions, these crypto “entrepreneurs” basically do 1 thing which is to spread the money all around the industry. FTX’s entire asset balance was a bunch of other crypto coins. Same with Celsius and BlockFi. 3AC, Luna etc etc.
The thought of buying US treasuries is like swallowing a rock. It’s not possible in their eyes to imagine a world where US treasuries are safer than “Stable Coins”. If it isn’t possible to acknowledge certain truths, then it is impossible to actually properly manage risk. Therefore they all blow up when there was a 70% industry drawdown.
