You all see this stuff about the FTX and Binance fraud? Love to smuggly tell crypto idiots I told you so lol.
Hilariously enough the reason this FTX shit happened is because he treated crypto the same fucking way brokers, hedge funds, and banks treat the stock market. Basically selling stock, or in this case coins, as “IOUs”… That he didn’t actually have backed up with real tokens … So when a “bank run” happened the guy behind FTX didn’t have the collateral to back it up and went under. The ENTIRE reason this happened is because when push comes to shove you can’t make a fake of a crypto coin. So when people demand “their” assets you can’t just hand them a synthetic… This is the difference with stocks… The crooks on wallstreet, the big banks, etc, have spent decades gaming the systems to they can just make fake shares out of thin air. It’s called naked shorting and it’s supposedly illegal but lmao you think the SEC gives a flying fuck? Hell no. There’s also a ton of ways for them to hide all this and certain exchanges don’t even have to report the data. Also these hedge funds can just get away with not delivering on their orders. It’s called an FTD “failure to deliver” and it happens all the time and all these places get is a slap on the wrist. Imagine if you bought a car for $50k and then the dealership hands you a pink slip and then you ask for the actual car and the dealers like “oh yeah, well turns out we don’t have any of those in right now but thanks for the money” then the government comes in and they wag their finger, and go “bad dealership, bad. Here’s a $500 fine now don’t do that again… But also you get to keep that money.” That’s basically how a major part of the stock market works… You will never see massive hot pieces about the corruption in the stock market though, but one guy actually gets caught doing it with crypto and faces actual repercussions and everyone looses their minds… Mind you I’m not defending crypto, it’s fucking dumb… But it’s actually less dumb then how the stock market works… And that’s fucked…
Very true. It’s why I avoid the stock market as well. The entire system is a giant pile of lies designed just to extract value from workers. But crypto is easier to dunk on people for because the stockmarket is so normalized in everyone’s lib brainwashing.
How I sleep knowing I have never bought crypto
I knew a guy who was majorly invested in crypto. Maybe had a few thousand usd worth invested. For him, it was a lottery ticket, with the hope of buying his way own of a life shitty jobs he felt he was trapped within. And perhaps he was indeed trapped. Surprisingly, people can’t magically jump into the labour aristocracy or petit bourgeois. I hear more and more that a lot of crypto is like a ponzi scheme and it makes me feel bad for people like him. It’s people like him who are perhaps the most susceptible.
What’s going on in crypto land? I’m out of the loop on all this
bitcoin has fallen from $71k to $17k in a year and now a major bitcoin exchange collapsed, because they were using their customers accounts as collateral for loans, then using those loans to invest, which only works as long as the market goes up forever and ever, if it goes down even slightly you owe $300 trillion somehow
This guy has a pretty quick breakdown of what happened here https://youtu.be/--lJUyNyvek
And before anyone says anything, I know he’s a lib lol. But he has good hitman speedrun videos and occasionally puts out something else interesting like this.
Pretty good video, thanks for linking. And honestly idc what ideology you prefer, if you can do Hitman speedruns properly, I have to respect you at least a bit, ESPECIALLY if they do it Suit Only Silent Assassin
How I sleep knowing I was never played for a sucker over crypto:
Crypto isnt all bad. I breifly invested in it like 2 years ago, then immediately realized it was a scam and decided to read Marxist literature. Never looked back after that.
whole thing is a scam, always has been
I will never invest In crptyo
Good policy to have.
Does crypto even have any use value at all?
yeah you can use it to seduce libertarian tech bros
But why would you want to?
take all of their money and forward it to the CPP
if hiring hitmen and buying cp are “use value”…
only use-value i see is making shady transactions on the deep web, although it can be used to evade sanctions too.
No
Thought so
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Those are just centralized services. I’ve lost some money too actually. But there are many thousands of people who are hurting really bad. Don’t expect crypto to go away.
Common Capitalist L’s
I know it’s popular to meme on crypto, but this is typical dumbasses funding get rich rugpulls. Crypto is not an investment or a “currency” in the traditional sense. It’s an alternative money transfer so you don’t have to go through banks. And you can use p2p exchanges so you’ll never deal with some scam exchange like FTX.
The thing that protects crypto is the transparency. The entire ledger of every coin is viewable by the public so long as you use real exchanges and don’t use some scammy broker type shit like what FTX was running. So where stocks/banks can be rigged and people doing illegal shit all over, people using crypto eventually get caught. As we can now see.
This is why shit like NFTs get really bad media. Some dumb shit silicon valley tech bros made somes stupid jpeg and now that’s all NFTs are seen as. When the real application of that is to apply it to real word assets and stocks and a way to track the items to prevent fraud. This would completely undermine the way in which wallstreet cons the stock market. An in ability to short and make up fake shares would break the US economy.
Is it all ridiculous and unnecessary? Yeah it is. I would much rather there be no such thing as a stock market because it think it’s fucking dumb in general. The only “stocks” should be for the workers having a way to show ownership of the company they work for. I however don’t live in a communist utopia so I won’t fault people for trying however they might to fix some of the corruption in this one.
Here is a really good breakdown of this entire scandal in 99 seconds. Literally it’s all the major points covered.
