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why no threads on crypto collapse? #7717352
11/14/22 10:14 AM
11/14/22 10:14 AM
Joined: Jan 2007
Posts: 5,620
central PA
W
white marlin Offline OP
trapper
white marlin  Offline OP
trapper
W

Joined: Jan 2007
Posts: 5,620
central PA
I'm the FIRST to confirm that I know nothing about this subject, but it seems SOMETHING is going on...

Re: why no threads on crypto collapse? [Re: white marlin] #7717356
11/14/22 10:19 AM
11/14/22 10:19 AM
Joined: Aug 2011
Posts: 39,485
james bay frontierOnt.
B
Boco Offline
trapper
Boco  Offline
trapper
B

Joined: Aug 2011
Posts: 39,485
james bay frontierOnt.
No surprize-ponzie schemes always collapse.


Forget that fear of gravity-get a little savagery in your life.
Re: why no threads on crypto collapse? [Re: white marlin] #7717361
11/14/22 10:23 AM
11/14/22 10:23 AM
Joined: Jan 2014
Posts: 18,090
North East Kansas
Marty Offline
trapper
Marty  Offline
trapper

Joined: Jan 2014
Posts: 18,090
North East Kansas
I heard that the company involved funneled billions back to the dems from the ukraine.



E
Re: why no threads on crypto collapse? [Re: white marlin] #7717373
11/14/22 10:52 AM
11/14/22 10:52 AM
Joined: Mar 2010
Posts: 4,279
Oklahoma
Blaine County Offline
trapper
Blaine County  Offline
trapper

Joined: Mar 2010
Posts: 4,279
Oklahoma
Everyone is waiting for Jbyrd to explain.


MOLON LABE
Re: why no threads on crypto collapse? [Re: white marlin] #7717387
11/14/22 11:15 AM
11/14/22 11:15 AM
Joined: Mar 2010
Posts: 105
S.C. Montana
M
MTtraps Offline
trapper
MTtraps  Offline
trapper
M

Joined: Mar 2010
Posts: 105
S.C. Montana

Re: why no threads on crypto collapse? [Re: white marlin] #7717390
11/14/22 11:19 AM
11/14/22 11:19 AM
Joined: Dec 2006
Posts: 8,320
Oregon
beaverpeeler Offline
trapper
beaverpeeler  Offline
trapper

Joined: Dec 2006
Posts: 8,320
Oregon
I figure same as Boco. People are purty darn gullible.


Beaver will shine again!
Re: why no threads on crypto collapse? [Re: white marlin] #7717404
11/14/22 11:44 AM
11/14/22 11:44 AM
Joined: Mar 2010
Posts: 2,707
wyoming southeast
D
danvee Offline
trapper
danvee  Offline
trapper
D

Joined: Mar 2010
Posts: 2,707
wyoming southeast
Just another scam that finally went south.

Re: why no threads on crypto collapse? [Re: white marlin] #7717405
11/14/22 11:51 AM
11/14/22 11:51 AM
Joined: Dec 2006
Posts: 26,351
williamsburg ks
D
danny clifton Online content
"Grumpy Old Man"
danny clifton  Online Content
"Grumpy Old Man"
D

Joined: Dec 2006
Posts: 26,351
williamsburg ks
looks like bit coin still has value


Those who would give up essential liberty, to purchase a little temporary safety, deserve neither liberty nor safety. Benjamin Franklin (1706-1790)
Re: why no threads on crypto collapse? [Re: white marlin] #7717425
11/14/22 12:23 PM
11/14/22 12:23 PM
Joined: Jan 2007
Posts: 19,878
Georgia
warrior Offline
trapper
warrior  Offline
trapper

Joined: Jan 2007
Posts: 19,878
Georgia
[Linked Image]

Re: why no threads on crypto collapse? [Re: white marlin] #7717437
11/14/22 12:46 PM
11/14/22 12:46 PM
Joined: Jan 2008
Posts: 4,092
M.T.V. Alaska
Y
yukonjeff Offline
trapper
yukonjeff  Offline
trapper
Y

Joined: Jan 2008
Posts: 4,092
M.T.V. Alaska
Yep Warrior has it right. All bitcoin is a scam .

Re: why no threads on crypto collapse? [Re: beaverpeeler] #7717440
11/14/22 12:53 PM
11/14/22 12:53 PM
Joined: Feb 2014
Posts: 7,699
On Georgian Bay, Ontario Canad...
H
Hutchy Offline
trapper
Hutchy  Offline
trapper
H

Joined: Feb 2014
Posts: 7,699
On Georgian Bay, Ontario Canad...
Originally Posted by beaverpeeler
I figure same as Boco. People are purty darn gullible.



They took that word out of the dictionary eh.

Re: why no threads on crypto collapse? [Re: MTtraps] #7717447
11/14/22 01:09 PM
11/14/22 01:09 PM
Joined: Dec 2006
Posts: 15,909
Rodney,Ohio
SNIPERBBB Online happy
trapper
SNIPERBBB  Online Happy
trapper

Joined: Dec 2006
Posts: 15,909
Rodney,Ohio
Bitcoin wasnt the problem. Problem was the companies involved, Alameda Research and FTX, which were sister companies I'll post some more stuff later
.
Originally Posted by MTtraps

Article doesn't explain anything

Re: why no threads on crypto collapse? [Re: white marlin] #7717451
11/14/22 01:15 PM
11/14/22 01:15 PM
Joined: Mar 2007
Posts: 34,072
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
white17  Offline

"General (Mr.Sunshine) Washington"
W

Joined: Mar 2007
Posts: 34,072
McGrath, AK
It's a lot more simple than the conspiracy theories.

It' called wire fraud, among other things. DOJ will prosecute .......probably and the Big guy might even get a cut. Lots of possible charges but wire fraud would be the easiest to prove.

It has nothing to do with bitcoin being a scam or not. Fried the founder of FTX used investors dollars to fund His trading operations in Alemeda Research. A big NO NO using client funds for proprietary trading.

Occam's Razor


Mean As Nails
Re: why no threads on crypto collapse? [Re: white marlin] #7717471
11/14/22 01:43 PM
11/14/22 01:43 PM
Joined: Dec 2021
Posts: 986
Louisiana
M
MattLA Offline
trapper
MattLA  Offline
trapper
M

Joined: Dec 2021
Posts: 986
Louisiana
The problem here is that FTX and boy genius just straight up stole money, it has little to do with crypto except that it was the form of currency. FTX leaders "borrowed" money from accounts, and made unauthorized transactions including a $10B loan.

For FTX they had a crypto coin they made, but you have to understand that its value is based on how many people "agree" to its value. Their crypto coin also had no use for the general market, it was only good to use on their exchange. Imagine every bank having their own type of dollars, you can only spend them there but you get a better APR, a discount on trading fees, etc. You can understand that at the end of the day, those banks who have their own dollars, those can only be worth so much because they have limited to no use.

Ok so what FTX did was unauthorized use of customer funds by loaning a company named Almeda, which in my opinion is one and the same. They loaned $10B to Almeda using customer funds which is illegal, they also used their own coin to "pump up or obtain a higher valuation". A report came out detailing this, everybody freakes, the 3 biggest holders of FTX's own crypto coin, sold off everything, prompting everybody else to do so. So now remember I said FTX used their own crypto to get a high valuation? Well now that crypto is worthless, and they dont have enough fiat currency or dollars to cover all of the withdrawals. This prompted the bankruptcy, and it just is garbage management, not really a fraud scheme unless it comes out that those funds at Almeda were laundered somewhere.

Crypto is not some complex thing, the "good coins" all have purposes. Like 1 type.of coin you can use for bandwidth, another you can use to surf the internet anonymously, another is used to send money instantly anywhere in thr world, without having to pay all sorts of fees. There is a bunch of different types too, the only true "crypto" that is used for investing is bitcoin, but crypto is not really meant to be invested in. For the last example of sending money, the coin is called Algorand. The way it works is there is a computer program made for every crypto, algorand included. Every single crypto coin has a unique serial number, that we can look at every transaction made using that 1 algorand. So when Matt sends warrior $10 bucks in algorand coins which would be 1000 algorands(just for this example .10 cents = 1 algorand), that transaction gets recorded in the computer program. Now we have to make sure that transaction is legitimate, so that nobody can try to "double spend" the 1 algorand. The way this happens differs among crypto coins, but the basic premise is complex math problem get solved by another computer. This is what is commonly known as "crypto mining", when that computer solves the math problem, the computer program rewards that computer by giving it say half an algorand. The next step is that this confirmed legit transaction gets recorded in the transaction ledger, every single coin, every transaction. So just imagine being able to see where a quarter(25 cents) has ever been spent, used, deposited, etc. This is what the ledger is for.

Ok now that we are tracking just the basics, how does warrior get actual dollars or USD from the algorand I sent him? Well he has a computer program software wallet that holds his algorand, he must go find a crypto exchange, send his algorand to that wallet on the crypto exchange(coinbase, kraken, binance, FTX used to be, etc) After that warrior has to sell his algorand for USD at whatever the market rate is. Lets say in the 5 minutes that all of this takes, algorands are now only 9 cents usd per algorand. Well he is only gonna get $9 dollars, but it also can be that it went up to 11 cents per algorand and he will get $11 dollars. After he gets his USD, he can have a check mailed, paypal transfer, EFT in some cases, bank wire, etc. This is how every basic crypto coin operated, nobody who "uses" crypto uses them for investment purposes, but just like companies if a crypto does good and is useful, people will hold it just like stocks to a degree. The main difference and purpose of crypto is that you shouldnt have to have the gov regulating every move, and things should be as decentralized as possible. There is only one true "semi anonymous" crypto and that is monero.

What I like to do is take crypto for some gun stuff that I sell during the offseason of trapping and hunting, and I do have to pay taxes, but there is NO customer record unless its a legit gun purchase. The federal government cant just hit up monero like they do for mastercard or visa. They are able to see like the date and time when get the monero, but nothing else with how I require it. So it does pay to do some research and try to understand it, but just understand each crypto coin has a purpose that has nothing to do with investing.

Re: why no threads on crypto collapse? [Re: white marlin] #7717552
11/14/22 04:02 PM
11/14/22 04:02 PM
Joined: Apr 2007
Posts: 17,233
Central Ohio
LT GREY Offline
trapper
LT GREY  Offline
trapper

Joined: Apr 2007
Posts: 17,233
Central Ohio
And Tom Brady promoted it. . . laugh

Re: why no threads on crypto collapse? [Re: white marlin] #7717557
11/14/22 04:07 PM
11/14/22 04:07 PM
Joined: Dec 2006
Posts: 8,320
Oregon
beaverpeeler Offline
trapper
beaverpeeler  Offline
trapper

Joined: Dec 2006
Posts: 8,320
Oregon
Interesting analysis Matt. I still would never trust something I can't understand and even with all the nice explanations of how it works I cannot wrap my brain around any of it.


Beaver will shine again!
Re: why no threads on crypto collapse? [Re: white marlin] #7717558
11/14/22 04:08 PM
11/14/22 04:08 PM
Joined: Jan 2020
Posts: 3,945
Aliceville, Kansas 42
Yukon John Offline
trapper
Yukon John  Offline
trapper

Joined: Jan 2020
Posts: 3,945
Aliceville, Kansas 42
I still use checks.


Act like a blank, get treated like a blank. Insert your own blank!
Re: why no threads on crypto collapse? [Re: white marlin] #7717566
11/14/22 04:12 PM
11/14/22 04:12 PM
Joined: Jan 2007
Posts: 5,620
central PA
W
white marlin Offline OP
trapper
white marlin  Offline OP
trapper
W

Joined: Jan 2007
Posts: 5,620
central PA
appreciate the explanation, MattLA.

I thought crypto was so secure that No One could break the "block chain". If that is true, how did he illegally use others' funds for his own use?

Re: why no threads on crypto collapse? [Re: white marlin] #7717576
11/14/22 04:31 PM
11/14/22 04:31 PM
Joined: Dec 2006
Posts: 15,909
Rodney,Ohio
SNIPERBBB Online happy
trapper
SNIPERBBB  Online Happy
trapper

Joined: Dec 2006
Posts: 15,909
Rodney,Ohio
You can't break the block. You can however get access to the keys. Its like getting your CC card or bank account number.

Funds were generated from fundraising through selling FTT tokens, the native crypto of FTX. Think of FTT as shares. People handed company money, company made bad bets, got exposed and selloff ensued.

Re: why no threads on crypto collapse? [Re: white marlin] #7717636
11/14/22 06:15 PM
11/14/22 06:15 PM
Joined: Aug 2011
Posts: 39,485
james bay frontierOnt.
B
Boco Offline
trapper
Boco  Offline
trapper
B

Joined: Aug 2011
Posts: 39,485
james bay frontierOnt.
I told all you guys a few months ago something like this was going to happen with the crypto.
You all know I am very seldom wrong-you need to pay attention.

Last edited by Boco; 11/14/22 06:17 PM.

Forget that fear of gravity-get a little savagery in your life.
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