JoshL
3731
This just breaks my brain. They’re out there in the open saying it’s a ponzi scheme (they admit they need more deposits to pay out what they’ve already promised to investors, the definition of a ponzi scheme), but please give us more money anyway. Get in at the bottom of the pyramid! Hey look, we’ll promise you impossible rates of return, just like we did to the earlier investors we now can’t pay!
And yet I’m guessing some people will fall for this. Maybe I’ll be pleasantly surprised? But I kinda doubt it.
You are just trying to use old fiat currency finance knowledge. Crypto is totally different! Also, i will go them one better. Invest in TimeTimCoins and get 25%!
The master bull-shitters truly found their calling in crypto.
rei
3735
That rhetorical exercise could be applied to the Amico.
Been enjoying this podcast which is relevant to the thread:
It’s not full on anti crypto which may bother some but the stories it covers are fascinating.
I just came to post this gem. It is rather cathartic to watch those videos.
I remember loving to watch the Amazing Randi, prove that various psychics were frauds.
What seems to be different is a lot of a cyrpto bros seem to believe their BS.
As the saying goes if you can’t dazzle them with brilliance, baffle them with bullshit.
So I ask myself if I’d prefer an NFT of a Chagall or a reproduction of a Chagall I can hang on my wall and enjoy, and it’s a dumb question because of course I want something to hang on my wall, which is why we have several Chagalls on our wall. NFTs just seem so dumb.
Scuzz
3739
The reproduction is also much cheaper. Personally we have a Van Gogh and 2 Monet’s.
Lantz
3740
Nothing super surprising here, but a nice overview of how ludicrous it is that these crypto ‘banks’ are claiming to be more stable than real banks:
…and now Bitcoin is almost at the same low level that reached 10 days ago:
It happened what I suspected from the start, the upward trend (in green) was only temporal because the primary decline was too step, because markets are like flock of sheep; but at the end of the day the reasons that made the cryptocurrency to fall were not made up, if the markets were more rational, the same decrement would have happened, just following a more regular pink line.
Dominos…a circle-jerk of leveraged and incestual lending and borrowing coming apart.
It’s also possible that Bitcoin’s price was/is being actively defended, most likely by Tether. It has seen its market cap drop in nice orderly intervals from $72 billion to $66 billion in the last three weeks, even when the price of Bitcoin was briefly rallying. That suggests Tether is trying to prop up the price, and confidence in crypto overall (and apparently not succeeding over the long term.)
And as Levine points out, Celsius was one of the better capitalised crypto lenders going in to the crash. Not that that’s saying much.
Also, per the WSJ article linked by Lantz above:
Thrag
3748
It would be interesting to have insight into the trading activity of the last few days and be able to see what level of trading is whales and institutions trying to prop up the value and what is “retail” investors that think they are buying a dip. I have to imagine the huge sudden drops are big players liquidating their positions.
It’s probably quite the game of hot potato among the big position holders right now. Wondering which of them will be next to switch from attempting to prop up the price to just cashing out while they can.
Since all the info is on the chain if there is some great crash I hope someone researches and writes a book about it and the moves the big players made during this time.
