Not the majority , I think like 1 million in Bitcoin or something
Official BGOL Crypto Currency Thread ★★★★★
- Thread starter Matt Beesy
- Start date
The person was speaking to some of the macro factors that impacted all markets globally. Those factors are the same. The movements in the stock market are correlated with the crypto market which are being impacted by worldwide events. This is probably occurring much more now because of an increase in Institutional investors who also invest in the traditional markets. In this regard, they are the same. The micro factors like FTX is what makes them different.
Even using your example, cryptos are closer to commodities than stocks. Diamonds in and of itself is not a business. It is given value based on different use cases but more importantly its perceived value. Business are built around diamonds and the same is true for some crypto ie exchanges, mining rigs, hardware wallets, blokchain developers etc..
As of today, most if not all cryptos are more speculative in nature. Truthfully, alot of blokchain projects probably dont even need the coin/token. However, there are people who are attempting to build use cases for cryptos besides investment vehicles. Ripple is a good example of a company using crypto with a purpose as of today.
Dogz, CZ said he found out SBF used political lobbyists to stop Binance from growing (buying Voyager)
so as a result he was selling ALL their $FTT. They had 23 Million tokens
While FTX HAD they money to cover they didn't have the money to cover what FOLLOWED
Not only did $FTT plunge down people asked whether FTX was insolvent and it started a "Bank Run"
6 Billion was withdrawn in 3 days. They HAD to halt withdrawals to stop the bleeding
FYI - NO BANK on EARTH would NOT have done the same thing because assets are
allowed to fractionalized with banks in the US. So they DON'T have the money if everyone pulls at once
So you see, CZ STARTED THIS and has since apologized by saying he didn't plan this
and he didn't want this to happen. Hence he tried to help them when he offered to bail them out
This was the day FTX started going down hill
"DUE TO RECENT REVELATIONS THAT HAVE COME TO LIGHT"
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update
Dear Frosty,
Last week, we reopened the bidding process after FTX US, which won the auction for Voyager’s assets, filed for bankruptcy and agreed to let us solicit other offers. In coordination with the Voyager Official Committee of Unsecured Creditors (UCC), we are exploring strategic options, which include active discussions with several alternative bidders.
In light of recent events and reports regarding FTX US, the customer vote will be cancelled and the proposed sale will not move forward. You will not need to take any action, regardless of whether or not you have already voted.
Like you, we were disappointed to see the events of last week unfold. Nevertheless, we remain confident in the continued value of Voyager and are accordingly moving forward with all due care and deliberate speed. Our core objective in this process remains unchanged: maximizing the value returned to you, our customers, and other creditors.
As we move forward, we want to remind you that Voyager did not transfer any assets to FTX US in connection with the previously proposed transaction. Voyager also has no loans outstanding with any borrower. Our exposure to FTX Group is approximately $3 million, substantially composed of locked LUNA2 and locked SRM. We could not withdraw these assets because they remain locked and subject to vesting schedules.
We will keep you updated on our reorganization efforts, including notifying you of any decisions you may need to make.
Our restructuring information line remains available at +1 (855) 473-8665 (toll-free in the U.S.) or +1 (949) 271 6507 (for parties outside the U.S.) as does our case website at https://cases.stretto.com/Voyager.
Sincerely,
The Voyager Team
Good. This needed to happen.
Binance role in FTX collapse under congressional scrutiny
“This is serious. I think that this is a major event,” said Rep. Patrick McHenry, R-N.C., told The Block while acknowledging that Binance’s role in the sudden meltdown will be one of the focuses of a December hearing announced this morning.
Binance role in FTX collapse under congressional scrutiny
by Colin Wilhelm
Quick Take
- The likely next chairman of the House Financial Services Committee says that Binance’s role in the collapse of FTX is expected to be one of the focuses of a recently announced hearing on the topic.
- It remains unclear whether former FTX CEO Sam Bankman-Fried will participate in next month’s congressional hearing.
“This is serious. I think that this is a major event,” Rep. Patrick McHenry, R-N.C., told The Block while acknowledging that Binance’s role in the sudden meltdown will be one of the focuses of a December hearing announced this morning.
The North Carolina Republican — the likely next chairman of the House Financial Services Committee — referred to a widely circulated internet meme that used footage from television show "The Office" to highlight the role public comments made by Binance CEO Changpeng "CZ" Zhao played in FTX’s sharp decline.
FTX filed for Chapter 11 bankruptcy protection on Nov. 11.
In separate remarks to reporters, McHenry demurred as to whether former FTX CEO Sam Bankman-Fried has agreed to appear at the hearing, or if the embattled crypto mogul would be subpoenaed.
“The first step is a bipartisan call for a hearing,” the current ranking member of the House Financial Services Committee said. “We’re certainly going to prioritize this next Congress.”
McHenry told reporters that Committee Chair Maxine Waters, D-Calif., has similar concerns to his over the crypto meltdown. “It’s a bipartisan call. We’re going to work together on who those witnesses are in the process forward.”
Asked if the FTX situation added urgency to negotiations around stablecoin legislation for a possible lame duck passage before the end of the current Congress in early January, McHenry said that was up to Waters as chair.
“Chairwoman Waters and I have had fruitful conversation and have worked significantly to come to terms there, and I think we understand each other a lot better,” said McHenry. “The issue of what a stablecoin is, we’re clearly aligned,” as well as on other major issues within the legislation, he continued.
But he added that the FTX collapse lent urgency to additional legislation around defining digital assets and regulate centralized exchanges.
“We’ve had these conversations about what I think are the second-, third-, and fourth-order decisions that we have to make as a committee to bring clarity,” McHenry said. “So I believe the first step here is you have to have clarity around what is a digital asset. And that means making a clear legal distinction here.”
Binance has denied any direct role in FTX's downfall. The company argued that the cause of FTX's failure were financial irregularities and possible fraud in written comments to a UK parliamentary committee that asked for details of the crypto exchange's role in their rival's collapse.
Left them in April after the last stunt they pulled and haven’t looked back. They were insolvent before now but are just using the FTX fallout to finally cut the charade.
Solid.
Slightly before Celsius debacle, I removed more than 90% of all my funds that were on CEXs.
So is Crypto officially dead or is this just another bump in the road to deter ppl from invest more?
I'm thinking the game is ripe for the taking. Fear now = profits later
I'm thinking the game is ripe for the taking. Fear now = profits later
Why is a Crypto company asking for a FIAT loan? That tells you everything about Crypto Lmbaooo
It's called pegging.
Save Bitcoin, digital assets classes with crazy tokenomics are stronger plays if backed by real-world assets classes--even if its fiat.
Fixed it.
Isn’t the whole point to move away from Fiat money? That’s what the Crypto Bros always were screaming. Funny how they always cash out for FIAT money , the same shit they claim to be against.
Bruh anybody talkin shit about crypto has zero idea what
IMF and CBDC's are..
INTERNATIONAL MONETARY FUND and CENTRAL BANK DIGITAL CURRENCY aka the BANKSTERS CRYPTO...
thats why so much fuckery is going on,
but the Karmic payback, is gonna be soo fuckin sweet... I can fuckin taste it,
the vision is clear as day.. Its like
Its so obvious they pulled the trigger but dont even know, the imf's head
and everything holding it up was the target..
and if folks dont know what the imf is, then then really have no business
discussing fiat notes.
if they dont know how much the imf is INVESTED in taking over the crypto
market..
they dont have a clue what is going on right now in ALL THE FINANCIAL MARKETS.
Its all good tho,
MRFREDDYGOODBUD reads for those that DONT!!!
shout out to
Dr Truff!!!
The Future of Money: Gearing up for Central Bank Digital Currency
Remarks by Managing Director Kristalina Georgieva at the launch of a new IMF paper "Central Bank Digital Currency Behind the Scenes: Emerging Trends, Insights, and Policy Lessons."
www.imf.org
Funny but NO.
Digital currency could be backed by land, gold, fiat, commodities, metals, etc. Its strengthens it's overall case for investors. This is what made Bored Ape become so popular. It has real world use case which is exclusive, scarce, and sought after.
@Dr. Truth to answer your question, YES, that was the case primarily and only for BITCOIN, not the thousands of existing altcoins. Bitcoin is finite, The math is verified, the algorithm is secure, and the people demand it! Bitcoin is money! What you're seeing, as explained by the good brotha @Mrfreddygoodbud is the manipulation of the crypto markets by banking entities who are losing their grasp on power and control. The tokenomics behind most altcoins is their downfall. Many altcoins are replicating the legacy financial system via blockchain, and the legacy financial system is recreating itself via the blockchain and selling you more fake worthless money. Got me?
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Dear Reader,
Today, we have an important alert on Gemini, one of our recommended crypto trading exchanges.
On Wednesday, the crypto lending platform Genesis announced it has suspended redemptions at its lending facility.
It’s one of the largest institutional crypto lenders, with $2.8 billion in total active loans as of the end of the third quarter.
Shortly after the announcement, Gemini Earn, the lending arm of the Gemini exchange, suspended its withdrawals. That’s because Genesis is the lending partner for Gemini Earn.
It’s important to note that if you hold your assets on the Gemini exchange, you still have access to your funds. Only those who held their assets on Gemini Earn are affected by the suspension. (Note: We haven’t recommended Gemini Earn as a lending platform.)
That being said, we’re concerned about the risk surrounding the Gemini exchange in the wake of this announcement. And we recommend removing your assets from the Gemini exchange as soon as possible.
There are reports that Genesis is seeking to raise $1 billion. And considering the market environment surrounding crypto, we’re concerned that might not happen.
If Genesis can’t raise the funds it seeks, Gemini Earn could be the next lending platform to file for bankruptcy.
It’s possible there isn’t a clear separation between Gemini Earn and the Gemini exchange. If that’s the case, we could see assets from the exchange tied up in this mess.
For these reasons, we recommend you remove your assets from the Gemini exchange and take self-custody of them.
It could be, but is it really. Give me an example of those that are actually backed by any of these; land, gold, commodities, metals.
When you wrote "made", were you speaking in the past tense? I ask because them things aint worth too much right now and are expected to be worth less soon.
Fallen Crypto Billionaire’s Wild Admission in New Interview
Sam Bankman-Fried is experiencing a virtually unprecedented collapse. In a new interview over Twitter DMs, he didn’t seem to be taking it well.
Elon Musk Tries Out a New Conspiracy Theory
Just weeks after going after Nancy Pelosi’s husband and getting absolutely pummeled for it, the Twitter CEO is at it again, according to Fever Dreams’ Will Sommer and Kelly Weill.
Shady Crypto Cash Fueled Their Campaigns. Will They Keep It?
Taking FTX CEO Sam Bankman-Fried’s money was already a bit of a controversial subject. Now it’s looking downright scandalous. But Democrats aren’t speaking up.
B.C. regulator alleges cryptocurrency exchange is breaking provincial law
A B.C. regulator is taking on a cryptocurrency exchange that it says is not complying with provincial financial laws.
Most stablecoins are backed by fiat.
Paxos and Tether Gold are backed by gold.
Decentraland has some real-world land backing depending on contract parties.
I don't completely disagree with you as I do think most of these will fail but cryptocurrency as it stands is a trial and error exercise until mass adoption and stabilization occurs. NFTs can and will eventually be coupled to stocks in the next 15 years or less.
I think we're mostly on the same page. I really wanted crypto to be successful, meaning it could be a reliable real currency that you could store wealth and spend. Its just that so many greedy manipulative people were only interested in getting rich quick off the backs of other greedy but gullible folks. I lost some money, but I learned.
OG Cryptos is still good alot of these fly by night Cryptos aka Ponzi Cryptos are the problem
Africa is one of the reasons bankers are shook, gold back crypto seems to be catchin on like wildfire,
of course in the link I posted it mentions China having their crypto backed by the yaun which is backed by gold,
but to answer your question..
https://www.itweb.co.za/content/Pero37ZgjV1MQb6m
Ubuntu Coin: A gold-backed crypto currency for Africa
Toure expects the number of users to reach up to one million by the end of 2020
african.business
The world's first gold-backed digital gold currency launched in the Gulf Cooperation Council, Middle East and Africa
Dubai, United Arab Emirates (UAE) - IBMC Financial Professionals Group, an internationally recognized financial services institution and business consultants, has joined hands with US Gold Currency Inc and Blockfills to bring the world’s first monetary gold-backed digital gold currency to the...
thefintechtimes.com
Right now govts waged war on crypto and just started bombing. What they dont realize is crypto was created
to go tit for tat with world govts...
Its still resilient they way crypto was attacked bitcoin should be under five thousand by now
as govt comes up with shit, crypto will just create shit around it...
Crypto is like downloading music,
this attempt by the global banksters, is gonna be napster,
yall remember napster...
when the music industry was able to contain napster, they
thought they won something an stopped digital downloading
of music,
they just opened up pandoras box, next thing you know
torrents were created and muthafuckas werent just downloading Music,
they got fuckin apps, books, movies etc..
thats exactly whats going to happen... All the IMF is going to do,
Is ignites more crypto creativity.. LOL.
for now I would freeze accounts and not move anything till after the holidays....
See what all the markets are doing early first qtr. and be in a position to catch
some fire sales...
way too much smoke and chaos going on now to make any moves.....
Now is just time to just sit back and observe the chess pieces moving..
to go tit for tat with world govts...
Its still resilient they way crypto was attacked bitcoin should be under five thousand by now
as govt comes up with shit, crypto will just create shit around it...
Crypto is like downloading music,
this attempt by the global banksters, is gonna be napster,
yall remember napster...
when the music industry was able to contain napster, they
thought they won something an stopped digital downloading
of music,
they just opened up pandoras box, next thing you know
torrents were created and muthafuckas werent just downloading Music,
they got fuckin apps, books, movies etc..
thats exactly whats going to happen... All the IMF is going to do,
Is ignites more crypto creativity.. LOL.
for now I would freeze accounts and not move anything till after the holidays....
See what all the markets are doing early first qtr. and be in a position to catch
some fire sales...
way too much smoke and chaos going on now to make any moves.....
Now is just time to just sit back and observe the chess pieces moving..
I'll check it out. I remember Napster.Africa is one of the reasons bankers are shook, gold back crypto seems to be catchin on like wildfire,
of course in the link I posted it mentions China having their crypto backed by the yaun which is backed by gold,
but to answer your question..
https://www.itweb.co.za/content/Pero37ZgjV1MQb6m
Ubuntu Coin: A gold-backed crypto currency for Africa
Toure expects the number of users to reach up to one million by the end of 2020
The world's first gold-backed digital gold currency launched in the Gulf Cooperation Council, Middle East and Africa
Dubai, United Arab Emirates (UAE) - IBMC Financial Professionals Group, an internationally recognized financial services institution and business consultants, has joined hands with US Gold Currency Inc and Blockfills to bring the world’s first monetary gold-backed digital gold currency to the...
I'm hoping for someone to keep the platform in place
update
Dear Frosty,
Last week, we reopened the bidding process after FTX US, which won the auction for Voyager’s assets, filed for bankruptcy and agreed to let us solicit other offers. In coordination with the Voyager Official Committee of Unsecured Creditors (UCC), we are exploring strategic options, which include active discussions with several alternative bidders.
In light of recent events and reports regarding FTX US, the customer vote will be cancelled and the proposed sale will not move forward. You will not need to take any action, regardless of whether or not you have already voted.
Like you, we were disappointed to see the events of last week unfold. Nevertheless, we remain confident in the continued value of Voyager and are accordingly moving forward with all due care and deliberate speed. Our core objective in this process remains unchanged: maximizing the value returned to you, our customers, and other creditors.
As we move forward, we want to remind you that Voyager did not transfer any assets to FTX US in connection with the previously proposed transaction. Voyager also has no loans outstanding with any borrower. Our exposure to FTX Group is approximately $3 million, substantially composed of locked LUNA2 and locked SRM. We could not withdraw these assets because they remain locked and subject to vesting schedules.
We will keep you updated on our reorganization efforts, including notifying you of any decisions you may need to make.
Our restructuring information line remains available at +1 (855) 473-8665 (toll-free in the U.S.) or +1 (949) 271 6507 (for parties outside the U.S.) as does our case website at https://cases.stretto.com/Voyager.
Sincerely,
The Voyager Team
Don't mind lowering the interest but everything else was on point
I still doubt Binance wins the bid cause America hates when Chinese people buy
shit that Americans use so expect the xenophobia to start back up
Interest rates are pretty high now, so why would they lower it when everyone else is raising them?
WTH you talking about?
Have you ever been on the platform?