Oso planning to go pro
vs the dollar, yep that's true.
It's actually pretty fun to see someone collapse in real time.
Not really. Harry Truman: The only thing new in the world is the history you don't know.
Not vs the $. Just down around 74% for the past year.
“It’s partly fraud and partly delusion. That’s a bad combination. I don’t like either fraud or delusion, and the delusion may be more extreme than the fraud.”-- Charlie Munger, on crypto.
He's 98, and made all of his money on central banking.Eye don't see the point you're trying to make here.
From a link the NYT morning brief.https://www.vox.com/future-perfect/23462333/sam-bankman-fried-ftx-cryptocurrency-effective-altruism-crypto-bahamas-philanthropy?campaign_id=9&emc=edit_nn_20221117&instance_id=77783&nl=the-morning®i_id=98421546&segment_id=113408&te=1&user_id=65badcb7c07b4cd4815fe5e758510381Again, this dude was seen as a leader in the crypto space. People put their trust and tens of billions of dollars in the hands of a guy that apparently couldn't read a balance sheet.Unlike the Enron guys, I don't think he had bad intentions, but talk about being totally unprepared and over his head...
That's not how this works.
Ok. What physical token of value would you like to compare it to? A house? A loaf of bread? Newspaper delivery? A loaf of bread in Spain? In the past year, it's dropped ~75% vs a loaf of a bread - everywhere.edit: Lets agree on the big mac index - which some argue is a true measure of inflation. https://inflationchart.com/bigmac-in-btc/?time=1%20year&logarithmic=1
Media and banks and a lot of people love to pile on and say, "BTC is going to zero!", but when it goes up, they're quiet, or they're investing in it themselves.
I'd compare it to a currency with long term store of value. Similar to what gold used to be.
I guess I'm somewhere in the middle. But I definitely don't think BTC specifically is a good long term store of value. Crypto overall has a long term future in our society, and BTC, ETH and others "gained" value because they were seen as novel and secure (hah!). For a while I believed mining technology (GPUs) were a good investment because of the crypto craze (and they were) But at this point, crytpo "technology" is a dime a dozen, and it will only be widely accepted once a legitimate government issues one, and guarantees it's value the same as their physical currency. But really, is that even needed when we have credit cards, and very few of us ever even touch greenbacks anymore? It's already a digital money society. We'll see.
This is a hot take. Holy smokes.
I don’t buy that. They hid behind “effective altruism” while doing really shady stuff. They were also actively embezzling https://twitter.com/Gold_Mansack/status/1593238242899402752?s=20&t=Z2-3ERAi-V-hQStmqAJckgNot to mention SBF’s trading fund, Alameda, was using FTX customer deposits to trade…while actively using those FTX customers trading information to front run and trade against them. They were way over their heads in how to run and manage a company/balance sheet with that much capital. But they were also being shady, duplicitous, and dirty from the start. Originally management of Alameda left a few years ago because they were uncomfortable with a lot of the activity…so SBF installed his GF as the new CEO
You may be right. From the limited amount I've read I didn't get that impression, but I admit I haven't been that closely following until now. Woof.But how do we know that the girlfriend of a 20-something wasn't totally qualified to be the CEO, huh?
Turns out that lots of Congresspeople took donations from FTX and other crypto companies. FTX lobbied especially hard to keep Congress from enacting any laws that could be seen as possibly limiting the industry.
If you're laughing at the security of BTC, then you honestly are out of your depth here. BTC has never had a security risk in its existence.Have centralized unregulated exchanges? Yes, of course.