The Crapto Thread

[6ix]

lol what a fucking dork

[Rivaldo]

he among you who has not been mad, let him hurl the first errr

[6ix]

@Formula72

@j8i3h289dn3x7

I could see it fucking over a lot of retirees who need to now go back to work. I wonder how things are going down in the Villages.

Dude, crypto hodling is mostly millennials with free money who never traded before covid. There aren’t going to be any old geezers going back to work because someone stole their keys.

A lot of normies did get burned by Luna (this FTX biz is really just an aftershock of that) and that’s what made it so insidious; it was billed as like a “no risk exposure to crypto”.

But yeah, retirees weren’t cranking the leverage slider to 100x and screaming YOLO BITCH.

[simplicitus]

Interesting article showing some links between UltimetBet and AP and FTX, mainly that they had the same “regulatory” lawyers.

FTX collapse, Tether operations have links to infamous online-poker cheating...

This is an article that people should read.

[otatop]

@6ix

It’s like you guys’ sole animus is to mock peoples’ pain, and if there isn’t pain you’ll invent some in your mind to mock.

All of the anti-crypto posts right now are basically the equivalent of going into the 2+2 thread where people with balances on FTP were sweating whether they’d get anything post Black Friday and some were selling off thousands for pennies on the dollar and mocking everyone in the thread and calling them dumb fish.

[Formula72]

@Trolly

Calling something a “ponzi” when it’s actually an asset bubble is wrong and sort of lazy tbqh.

I’d imagine that the market would be mostly on the ball in correctly “valuing” a 300 billion dollar product like Bitcoin. A lot of the “intrinsic value” that all the skeptics like to use against it mostly involves a lot of the cost-effective or anonymity at best to outright fraud and theft. If everyone turns their heads to FTX next week and its back to business, crypto would just go up because its just too lucrative for too many situations right now.

[j8i3h289dn3x7]

Feel free to quote literally any post in this thread where I have gloated or celebrated people on this forum, or in general, losing money.

[ChrisV]

From the NYT article:

He lived in a five-bedroom penthouse in the Albany resort’s Orchid building, with Ms. Ellison, Mr. Singh, Mr. Wang and six others. Mr. Bankman-Fried and Ms. Ellison were at times romantically involved, two people said.

Their bedrooms-to-people balance sheet also appears to have some irregularities.

[spidercrab]

@otatop

All of the anti-crypto posts right now are basically the equivalent of going into the 2+2 thread where people with balances on FTP were sweating whether they’d get anything post Black Friday and some were selling off thousands for pennies on the dollar and mocking everyone in the thread and calling them dumb fish.

I don’t think this is true. I think it’s more similar to cheering a Twitter fail, even though there are (probably?) Twitter employees who aren’t douchebags and there are people internationally who legitimately view Twitter as a crucial tool to communicate from a repressive regime. Or, 20 years ago, like watching Arthur Andersen fail, even though a bunch of secretaries and mail room staff lost their jobs. Or a scammy for-profit college that employs of bunch of people with no great outside job prospects.

Maybe it’s compartmentalization, but I think it’s possible to be rooting against an entity without rooting against the people who might rely on it. Like, I think SBF deserves to get fucked and I hope he gets jail time, and I will appreciate when he does. That doesn’t imply that I’m happy if innocent people have lost money.

[suzzer99]

Yeah if the people with $$ stuck FTP were still calling everyone else dumb wusses for not making money while the getting was good.

As far as I know there isn’t one person on UP who’s currently sweating money they can’t cash out. And from what I’m told, everyone itt is still up tons of $$ on crypto, even with the downturn.

This is a lazy analogy.

[suzzer99]

If we could all take a trip back in time to the Motley Fool forums circa 1999, knowing the eventual outcome, we’d all be lolling at the valuations and the crazy claims.

No one would feel bad for the people in the CMGI forums who replied to 100s of well-reasoned arguments with “Well yeah you have your facts and figures, but your shorts keep getting crushed and my CMGI keeps going up - so ppptttthhhhh!!!”

[otatop]

@spidercrab

I don’t think this is true. I think it’s more similar to cheering a Twitter fail, even though there are (probably?) Twitter employees who aren’t douchebags and there are people internationally who legitimately view Twitter as a crucial tool to communicate from a repressive regime. Or, 20 years ago, like watching Arthur Andersen fail, even though a bunch of secretaries and mail room staff lost their jobs. Or a scammy for-profit college that employs of bunch of people with no great outside job prospects.

You’re probably right, I don’t really read this thread so seeing all of the “ponzi ponzi ponzi” stuff reminded me of FTP.

[ViridianDreams]

@Huehuecoyotl

I feel like if your assets are made up of wholly fictional assets you invented yourself, but you also have a HIDDEN POORLY INTERNALLY LABELED ACCOUNT entry on the liabilities side, that account might be doing the balancing part of the balance sheet regardless what numbers are on the spreadsheet.

Dumb And Dumber Iou GIF - Dumb And Dumber Iou - Discover & Share GIFs

Lol, that’s exactly what came to mind for me, too.

[Xiaolongbao]

what does the US debt situation look like if less than 5% inflation is impossible because of global warming and demographic changes?

[suzzer99]

Read the whole thread before you comment please. There’s a lot of history here and in the older crypto threads. Some of us said this was going to happen and were subject to a lot of derision for it then, and still are now because not everything has gone to zero, or other tone-related reasons. They literally trotted out a gimmick account yesterday to call me stupid for suggesting FTX was a ponzi scheme.

So yeah we’re spiking the football some. But it’s not directed at the people itt unless I’m in the process of defending myself. I’m not calling anyone out by name, and I only really get into the whole dreary “who said what when” thing when I’m defending myself after Wichita attacks me for owning cruise stonks, and then a bunch more pile on. It’s the same pattern every time.

I didn’t start this latest round of rancor. I’m just posting about crapto in the crapto thread. Nobody makes them come in this thread. Isn’t there a positive crypto thread as well?

[6ix]

@j8i3h289dn3x7

Feel free to quote literally any post in this thread where I have gloated or celebrated people on this forum, or in general, losing money.

I was about to say “want to bet” but then I remembered you are poor and are not mad about it, and are even entertained and having fun staying so.

[6ix]

@suzzer99

Read the whole thread before you comment please.

HAHAHA OW MY SIDES THEY HURT

THEY HURT FROM LAUGHING

[Riverman]

To be clear, I’m absolutely spiking the football.

This is nothing like the scenarios Spidercrab mentioned where truly innocent people got hosed. Everyone that invested in this garbage made an affirmative choice to do so! Like maybe there are a couple dozen admins somewhere who are going to lose their jobs and that sucks but basically everyone getting rekt here has only themselves to blame. The facts are people made terrible investments based on FOMO and believing techbro nonsense and they deserve to lose their money. Basically this:

Man Who Lost Everything In Crypto Just Wishes Several Thousand More People...

[jwax13]

@suzzer99

Motley Fool forums circa 1999

[j8i3h289dn3x7]

“If only a thousand—or even a few hundred—more friends had told me about the risks of putting my entire savings into Dickcoin, I might not be where I am today,”

Best “Real or Onion?” I’ve ever seen.