The Bitcoin Saga

Tim_N · 2022-11-09T22:49:26.570Z

Thrag:

If the price gets so low that it’s not worth the energy cost to mine even for the whales with rooms of customized boxes it may collapse completely.

If miners start to pull out it just gets easier for the other miners to win btc rewards for validating transactions. Or have I forgotten how PoW mining works?

jpinard · 2022-11-10T00:43:22.547Z

What is wrong with people?

image763×1059 121 KB

KevinC · 2022-11-10T00:57:52.619Z

jpinard:

What is wrong with people?

They’re stupid.

ShivaX · 2022-11-10T01:16:38.279Z

And terrible people:

twitter.com

no longer inactive

@YZYSZNUK

@tier10k @TorayKortan so easy just check the replies💀💀💀💀🤣🤣🤣🤣🤣🤣🤣

10:05 PM - 9 Nov 2022

sharaleo · 2022-11-10T01:42:02.814Z

Once again I am shocked to find that the smartest guys in the room are…not.

Well…not that shocked.

DoubleG · 2022-11-10T02:48:48.204Z

Sequoia just wrote off their 210 million investment. Seems like they should have seen this coming, based on what they themselves published on their site:

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(source)

HumanTon · 2022-11-10T03:09:46.194Z

twitter.com

Sal Bayat

@Sal_Bayat

@FoldableHuman Bitcoin is sure to be more attractive to Libertarians now that it's under 18.

11:07 PM - 9 Nov 2022 230 12

Tim_N · 2022-11-10T04:51:46.639Z

This site is so funny and sad:

nayibtracker.com

Nayib Bukele Portfolio Tracker

A website tracking the amount of bitcoin (and value in USD) owned by Nayib Bukele (read: El Salvador).

Watch Nayib tweet “buying the dip!” from 60k down to where it is now…

sharaleo · 2022-11-10T05:14:17.454Z

Don’t forget Saylor! At least this one is more pure schadenfreude!

saylortracker.com

Michael Saylor (MicroStrategy) Portfolio Tracker

A website tracking the amount of bitcoin (and value in USD) owned by Michael Saylor (read: MicroStrategy).

Ginger_Yellow · 2022-11-10T09:09:11.303Z

Speaking of Saylor/Microstrategy, they put out their 10-Q a bit over a week ago. They reported liabilities of $2.75bn at the time, meaning they were already balance sheet insolvent at September prices.

And speaking of that, I imagine this is going to be the next shoe to drop:

WSJ

Crypto Bank Silvergate Capital's Stock Falls Further

Shares of Silvergate Capital, the closest U.S. bank to the crypto world, are down more than 7% Wednesday, continuing the stock's slide amid the week’s crypto sell-off. The bank fell 23% on Tuesday and is now down more than 80% over the past 12...

Ginger_Yellow · 2022-11-10T13:27:30.515Z

Although it may be Tether, which has been persistently trading well below a dollar, though currently “only” by 2 cents.

Ginger_Yellow · 2022-11-10T15:22:36.049Z

SBF speaks!

twitter.com

SBF

@SBF_FTX

3) So here's an update on where things are. [THIS IS ALL ABOUT FTX INTERNATIONAL, THE NON-US EXCHANGE. FTX US USERS ARE FINE!] [TREAT ALL OF THESE NUMBERS AS ROUGH. THERE ARE APPROXIMATIONS HERE.]

2:13 PM - 10 Nov 2022 2K 200

Let me quote the key bit:

The first time, a poor internal labeling of bank-related accounts meant that I was substantially off on my sense of users’ margin. I thought it was way lower.

My sense before:

Leverage: 0x
USD liquidity ready to deliver: 24x average daily withdrawals

Actual:

Leverage: 1.7x
Liquidity: 0.8x Sunday’s withdrawals

Because that’s a sane way to run a multi-billion dollar business responsible for customer deposits. Based on the CEO’s “sense” of customer leverage.

Thrag · 2022-11-10T16:23:42.435Z

This morning bitcoin and most everything jumped back up suddenly. BTC in the high 17k range. Wonder what hapened. Someone bought the dip big.

KevinC · 2022-11-10T16:26:48.785Z

There’s a big market rally going on right now as the latest inflation data has given people hope that it’s starting to cool. Amazon is up 12% today alone.

I’m guessing it’s a combo of that along with “buying the dip” and the usual manipulation that goes on with BTC.

HumanTon · 2022-11-10T16:38:30.887Z

KevinC:

There’s a big market rally going on right now as the latest inflation data has given people hope that it’s starting to cool. Amazon is up 12% today alone.

That plus Binance has just posted proof of its reserves as a way to bolster confidence.

KevinC · 2022-11-10T16:39:04.686Z

Ah, interesting! Thanks for the additional context.

Dejin · 2022-11-10T19:36:07.462Z

Just to reiterate on @KevinC’s point. NY Times article (Gift Link)

nytimes.com – 10 Nov 22

Markets Soar on Signs of Slower Inflation

Stocks rallied and bond yields tumbled as investors reset their expectations for the pace of interest rate increases by the Federal Reserve.

Houngan · 2022-11-10T22:41:59.436Z

I guess I’ve been doing it wrong, I pulled out of my small position and all my big money popped! It’s all about MEEEE!

Destarius · 2022-11-11T03:45:21.390Z

I was thinking about CZ posting about buying FTX subject to DD, then within a really short span of time, reject it because it looked bad, seems as good as any method to deter anyone else from picking it up.

scottagibson · 2022-11-11T11:07:31.964Z

I don’t follow crypto at all, so when I read this thread, all I can get from it is…WTAF??

twitter.com

SBF

@SBF_FTX

1) I'm sorry. That's the biggest thing. I fucked up, and should have done better.

2:13 PM - 10 Nov 2022 56K 14K

twitter.com

SBF

@SBF_FTX

3) So here's an update on where things are. [THIS IS ALL ABOUT FTX INTERNATIONAL, THE NON-US EXCHANGE. FTX US USERS ARE FINE!] [TREAT ALL OF THESE NUMBERS AS ROUGH. THERE ARE APPROXIMATIONS HERE.]

2:13 PM - 10 Nov 2022 3.7K 360

twitter.com

SBF

@SBF_FTX

5) The full story here is one I'm still fleshing out every detail of, but as a very high level, I fucked up twice. The first time, a poor internal labeling of bank-related accounts meant that I was substantially off on my sense of users' margin. I thought it was way lower.

2:13 PM - 10 Nov 2022 3.2K 280

twitter.com

SBF

@SBF_FTX

6) My sense before: Leverage: 0x USD liquidity ready to deliver: 24x average daily withdrawals Actual: Leverage: 1.7x Liquidity: 0.8x Sunday's withdrawals Because, of course, when it rains, it pours. We saw roughly $5b of withdrawals on Sunday--the largest by a huge margin.

2:13 PM - 10 Nov 2022 3.6K 330

twitter.com

SBF

@SBF_FTX

7) And so I was off twice. Which tells me a lot of things, both specifically and generally, that I was shit at. And a third time, in not communicating enough. I should have said more. I'm sorry--I was slammed with things to do and didn't give updates to you all.

2:13 PM - 10 Nov 2022 2.7K 180

twitter.com

SBF

@SBF_FTX

10) So, right now, we're spending the week doing everything we can to raise liquidity. I can't make any promises about that. But I'm going to try. And give anything I have to if that will make it work.

2:13 PM - 10 Nov 2022 3.2K 240

twitter.com

SBF

@SBF_FTX

21) NOT ADVICE, OF ANY KIND, IN ANY WAY I WAS NOT VERY CAREFUL WITH MY WORDS HERE, AND DO NOT MEAN ANY OF THEM IN A TECHNICAL OR LEGAL SENSE; I MAY WELL HAVE NOT DESCRIBED THINGS RIGHT though I'm trying to be transparent. I'M NOT A GOOD DEV AND PROBABLY MISDESCRIBED SOMETHING.

2:13 PM - 10 Nov 2022 3.1K 340

People gave this guy their money? Really?!