E
Ed Lee
Guest
On Thursday, November 17, 2022 at 5:55:12 AM UTC-8, Cursitor Doom wrote:
Yes, it did. Probably not in US, but the Canadian Pension fund did gamble on it.
On Wed, 16 Nov 2022 13:49:34 -0800 (PST), Ed Lee
edward....@gmail.com> wrote:
On Monday, November 14, 2022 at 3:52:50 AM UTC-8, Ed Lee wrote:
On Sunday, November 13, 2022 at 12:38:22 PM UTC-8, Cursitor Doom wrote:
On Sun, 13 Nov 2022 13:27:03 -0500, Phil Hobbs
pcdhSpamM...@electrooptical.net> wrote:
Cursitor Doom wrote:
On Sun, 13 Nov 2022 07:18:22 -0800, John Larkin
jla...@highlandSNIPMEtechnology.com> wrote:
On Sun, 13 Nov 2022 09:36:43 +0000, Cursitor Doom <c...@notformail.com
wrote:
On Fri, 11 Nov 2022 23:04:40 -0800 (PST), Flyguy
soar2...@yahoo.com> wrote:
On Friday, November 11, 2022 at 11:54:05 AM UTC-8, a a wrote:
Crypto Exchange FTX Files for Bankruptcy
Crpto is dead.
Crapto is dead. There - fixed it for you.
What a crazy concept it was, a Ponzi scheme that burns terawatt hours
of energy doing nothing useful.
Those COP27 jet-setters don\'t seem to have much to say about crypto
mining. Curious.
I never understood the perceived value of crapto currencies. The claim
was the value of each \'coin\' was the energy and time expended in
finding the prime factors required to solve the equation (we can argue
the toss about that definition which I admit is a bit flakey).
However, the key point is that the value is all in the past. The
costly work to arrive at that successful calculation is all done. It\'s
over. Finished. The \'coin\' therefore carries no intrinsic value
forward into the future for subsequent holders. It always struck me as
odd that no one else seemed to have noticed that uncomfortable fact.
At least with promissory notes like banknotes, the holder has a claim
against the institution that created them which can be enforced by the
courts, there\'s no such mechanism for crapto. It\'s only worth what
people believe it to be worth and as such is even worse that 100%
unbacked currency. At least that is in effect a \'share/stock
certificate\' in the wealth and standing of the country which issued
it.
The value of crypto is that it lets you get money out of China, and some
kinds (the anonymous ones, unlike Bitcoin) also allow you to launder
money. If you don\'t need to do those things, it\'s useless.
For the rest of us, its value won\'t become apparent until governments
start issuing digital money, so that they can control in detail what
they graciously permit you to spend it on.
Exactly. People are sleep-walking into this and the aspect of this 3rd
party permission for everything you buy never seems to get discussed.
In entire history of money and commerce, there have always been 2
parties to a transaction: buyer and seller. But once cash has been
abolished, there will forever more be 3 parties and no fall-back
alternative. There will *always* have to be some third party somewhere
authorizing the transaction. That is a seriously huge change IMV.
If you study the history of money, its evolution if you will, the
entirety of it has been a succession of fortuitous events invariably
favoring the banks. It\'s no wonder some folk believe the invention of
money was the devil\'s work and only a tiny fraction of one percent of
the population know about these magical little gifts that have fallen
into the laps of the bankers. It really does go way beyond incredible
when you look into it in detail.
Anyway, digital money and the abolition of cash is not quite the end
of the story but rather just another in a long line of stepping
stones. There\'s a film clip on the Web in which this Italian film
director shortly before his death spills the beans and tells of what
Nicholas Rockefeller revealed to him in regards to this end-game. They
want digital money to become biological by means of an implanted chip
which eventually they want everyone to have. All your money will be on
it and if you step out of line, they will wipe your chip and wipe you
out financially. I\'ve been trying to find the clip but haven\'t had any
luck as I can\'t recall the director\'s name (even though he was well
known and respected - I\'m just not a movie buff and know nothing of
the industry. I did do a search on Italian film directors but the list
of them is vast, so that didn\'t help at all. I\'ll be thinking of this
all night now!
FTX and many other crypto firms has little to do with digital and/or analog money. It\'s not even ponzi scam, it\'s pure and simple scam.
Put it this way: I issue my own papers in exchange for your dollars/euros/yens/yuans and trade them in my hedge fund. Would you give me your money? Why would it be any different if i issue my paper in crypto?
And my paper is not backed by any faith and/or credit of any entity. It\'s not even an IOU. It\'s just a piece of paper with $8B written on it.
SBF is looking at a year per billion dollar in jail.
He still does not realize what\'s wrong, from latest interview:
https://www.vox.com/future-perfect/23462333/sam-bankman-fried-ftx-cryptocurrency-effective-altruism-crypto-bahamas-philanthropy
A bank can lend out money, subject to fractional reserve, and backed by real assets. If all else fails, the Fed pickup the tab.
FTX took customer deposits and lend it out. There is no real asset other than cryptos, which are in free-fall. Finally, there is no Fed to pick up the mess.
VCs losing their shirts are OK, That\'s their game and business. People who put Ontario Teacher\'s Pension fund in crypto gambling should be fired and send to same cell with SBF.
Has that actually happened?? I ask because fund managers who deal with
pensions generally have certain strict criteria about what they can
and can\'t invest in. For pensions, the rating of an investment needs
to be AAA or perhaps AAB depending. But crapto shouldn\'t even have a
rating at all. It\'s purely and simply a speculative fad and like any
other, once it turns parabolic from demand from \'the little people\'
it\'s time to GTFO of it. No way should any pension fund even
contemplate holding any garbage grade crap like that.
Yes, it did. Probably not in US, but the Canadian Pension fund did gamble on it.