[Discussion] Cryptocurrency

Cryptocurrency! Either it's going to disrupt everything and usher in a new era of artistic and consumer freedom, or it'll hasten the climate apocalypse while largely benefitting a tiny number of investors. Let's yell about it!

One of the few shrewd things Trump said is, "If I owe you 3 million, that's a 'me' problem. If I owe you 30 million, it becomes a 'we' problem."

If you can barely afford bills as it is and then don't get the timing exactly right, you'll get hit with overdraft fees, too.

I'd like to note that First Republic is getting $30bb today.

First Republic is what all the VC's were telling us was a "good" bank, right?

H.P. Lovesauce wrote:

One of the few shrewd things Trump said is, "If I owe you 3 million, that's a 'me' problem. If I owe you 30 million, it becomes a 'we' problem."

He was paraphrasing. Badly.

"If you owe the bank $100, that's your problem. If you owe the bank $100 million, that's the bank's problem."
- J. Paul Getty

"If you owe contractors, just don't pay them."

Keldar wrote:
H.P. Lovesauce wrote:

One of the few shrewd things Trump said is, "If I owe you 3 million, that's a 'me' problem. If I owe you 30 million, it becomes a 'we' problem."

He was paraphrasing. Badly.

"If you owe the bank $100, that's your problem. If you owe the bank $100 million, that's the bank's problem."
- J. Paul Getty

I am shocked -- shocked! -- that Trump would steal someone's quote.

Still, I maintain Trump possesses what Doktor Zoom of Wonkette calls "a low vegetable cunning."

Since this is the banking thread, thought everyone would appreciate the latest from Frontline and those commies at PBS:

What do you think is "inevitable" about cryptocurrency?

Probably that crypto advertisers will end hawking their wares here...

Paleocon wrote:

What do you think is "inevitable" about cryptocurrency?

Nations with fiat currency used to provision themselves will either ban or severely curtail its usefulness.

Forex trading.... The fad that was before crypto that pretty much got folded into crypto right?

I never understood that one but saw the spammers on social media sites. Essentially it was just trading forex on the margins and assuming you could arbitrage some gains?

So essentially just playing roulette but calling it trading? Surprised SVB didn't have some of that in it's blow up. Maybe it did but not the main factor.

Go to 243 S. Franklin Street in Chicago in Google Maps, hit street view and look north at the side of the big parking garage at the next corner. Picture taken in August 2022.

jowner wrote:

Forex trading.... The fad that was before crypto that pretty much got folded into crypto right?

I never understood that one but saw the spammers on social media sites. Essentially it was just trading forex on the margins and assuming you could arbitrage some gains?

So essentially just playing roulette but calling it trading? Surprised SVB didn't have some of that in it's blow up. Maybe it did but not the main factor.

Nah, SVB, to my understanding, was something as simple as - tech world which generally banked with SVB made so much money in the COVID era the SVB investment arm couldn't find assets to invest in fast enough, so they snapped up US Treasury bonds which had low yields; they never offloaded them, then got caught in the crunch as fresh issues of US Treasury bonds came out with much higher interest rates, leaving their portfolio of low interest US Treasury bonds practically worthless.

Thus if anything, SVB is criticised for not taking on ENOUGH risk.

Reading about the billions in crypto that the North Koreans stole and now can’t convert into anything makes me laugh.

This actually isn't funny.

but it's also incredibly funny.

Lawyers representing investors in a class-action lawsuit against celebrity endorsers of FTX have not yet served Shaquille O’Neal, who is listed as a defendant.

The lawyers asked the judge if they could serve O’Neal through his Twitter and Instagram direct messages because they have been unable to serve him in person since last fall.

Other defendants — Tom Brady, Larry David, Gisele Bundchen, Stephen Curry and Kevin O’Leary, among others — have all been served.

Who'dathunk Shaq missed his calling as the world's greatest Hide and Seek champion?

I mean he's in Atlanta doing Inside the NBA a couple nights a week.

Stele wrote:

I mean he's in Atlanta doing Inside the NBA a couple nights a week.

Maybe its a hologram.

Prederick wrote:

This actually isn't funny.

but it's also incredibly funny.

Lawyers representing investors in a class-action lawsuit against celebrity endorsers of FTX have not yet served Shaquille O’Neal, who is listed as a defendant.

The lawyers asked the judge if they could serve O’Neal through his Twitter and Instagram direct messages because they have been unable to serve him in person since last fall.

Other defendants — Tom Brady, Larry David, Gisele Bundchen, Stephen Curry and Kevin O’Leary, among others — have all been served.

Who'dathunk Shaq missed his calling as the world's greatest Hide and Seek champion?

IMAGE(https://pbs.twimg.com/media/FthbOj2WIAAznkz?format=jpg&name=small)

LOOOOOOOOOOOOOOOOOOOOOOOL

Taylor Swift was one of the only celebrities who did their due diligence on crypto exchange FTX, according to the lawyer suing the now-bankrupt company’s celebrity promoters.

Attorney Adam Moskowitz has gone after basketball legend Shaquille O’Neal, football star Tom Brady, “Seinfeld” creator Larry David and more than a dozen other FTX promoters in a class action lawsuit that accuses them of promoting the sale of unregistered securities.

Moskowitz is seeking $5 billion in the lawsuit, he said during an episode of The Scoop podcast with Frank Chaparro. He claims the exchange’s celebrity boosters didn’t do their due diligence to check whether they may be breaking the law before cutting TV and digital ads for FTX.

“The one person I found that did that was Taylor Swift. In our discovery, Taylor Swift actually asked them, 'Can you can you tell me that these are not unregistered securities?’” Moskowitz said. Swift reportedly came close to inking a $100 million sponsorship deal with FTX, but the partnership never materialized. Swift did not immediately respond to a request for comment.

TAYLOR SWIFT START A FINANCE TIKTOK

This did it, I'm a Swiftie now. Not for the music, however, purely for Taylor's mind for finance.

No one will be able to convince me that Taylor Swift is not one of the smartest celebrities in existence. Between this and rerecording her masters to get out of her early, very exploitative contracts, she has to the makings of an empire builder.

Some folks you worry will be done with by 40. I think that's when she just catches her stride.

If only she had joined and gotten sued. Think of THAT breakup album.

I didn’t know where to put this but Elmo tweeted that he would give a million dogecoin to anyone who could prove his family owned an emerald mine and his dad replied “I can”.

What's 1 million doge actually worth?

Edit:

*maybe* 80k?
https://walletinvestor.com/converter...

NathanialG wrote:

What's 1 million doge actually worth?

Edit:

*maybe* 80k?
https://walletinvestor.com/converter...

You would think that someone who celebrated the explosion of his flying phallus could afford to be a little more generous.

So, if you've got a net worth of $100k, that offer is the equivalent of something like $0.05.

This guy is like the world's worst 13 year old boy. Good thing he's got all that power!

Top_Shelf wrote:

So, if you've got a net worth of $100k, that offer is the equivalent of something like $0.05.

This guy is like the world's worst 13 year old boy. Good thing he's got all that power!

The system is working as intended. Burn it all down.

All crypto is, at best, cooking the planet for no good reason, and almost always a scam. Anyone shilling for it should be treated as such.

Also, anyone interested in this take should listen to Cory Doctorow on the latest MMT Podcast. It's a good one.

Mixolyde wrote:

All crypto is, at best, cooking the planet for no good reason, and almost always a scam. Anyone shilling for it should be treated as such.

Also, anyone interested in this take should listen to Cory Doctorow on the latest MMT Podcast. It's a good one.

Yup. If idling your F250 Super Duty occasionally created solve sudokus with which you could purchase heroin.

And occasionally the Sudoku type you're generating suddenly only entitles you to candy necklaces.

Crypto and blockchain have been around in various forms since 1991 and in it’s current form since 2008, so I’m really curious how many more decades it’s going to be before we get this revolutionary, life-changing application for it that everyone keeps saying is right around the corner.