Official Cryptocurrency Thread

[revo]

Terracoin, a crypto pegged to the $1.00 mark and used as a de facto “money market fund,” plunged this week to under $0.50, causing all investors to lose half their money and destabilizing the entire crypto market.

Other cryptos are down 20-40% this week alone, and some are down 75%-90% in the last 3 months.

[Ken]

You mean TERRAUSD not Terracoin right? Terracoin is priced at $0.017715 today

(that's not confusing or anything)

[revo]

You mean TERRAUSD not Terracoin right? Terracoin is priced at $0.017715 today

(that's not confusing or anything)

Yes, sorry, Terra.

[revo]

From advertising in the Super Bowl to the brink of collapse all within the same calendar year echoes the Dot Com bust in more ways than one!


Binance is backing out of its plans to acquire FTX, the company said Wednesday, leaving Sam Bankman-Fried’s crypto empire on the verge of collapse.
The reversal comes one day after Binance CEO Changpeng Zhao announced that the world’s largest cryptocurrency firm had reached a nonbinding deal to buy FTX’s non-U.S. businesses for an undisclosed amount, rescuing the company from a liquidity crisis. Earlier this year, FTX was valued at $32 billion by private investors.



“In the beginning, our hope was to be able to support FTX’s customers to provide liquidity,” Binance said in a tweet Wednesday. “But the issues are beyond our control or ability to help.”

[madducks]

Tom Brady, Gisele Bundchen, Larry David, Shaquille O'neal, Steph Curry, Trevor Lawrence, David Ortiz, and Shohei Ohtani are among the list of celebrity endorsers being sued in a new cryptocurrency lawsuit.

https://nypost.com/2022/11/16/tom-br...-ftx-collapse/

[rhd]

Tom Brady, Gisele Bundchen, Larry David, Shaquille O'neal, Steph Curry, Trevor Lawrence, David Ortiz, and Shohei Ohtani are among the list of celebrity endorsers being sued in a new cryptocurrency lawsuit. https://nypost.com/2022/11/16/tom-br...-ftx-collapse/

The article does not mention Ohtani but does mention Naomi Osaka.

[madducks]

The article does not mention Ohtani but does mention Naomi Osaka.

Ohtani was mentioned in several other articles about the lawsuit. The NY Post omitted his name for some reason.

[madducks]

Sam Bankman-Fried, the founder of failed crypto exchange FTX, was arrested in the Bahamas on Monday after US prosecutors filed criminal charges against him.

[madducks]

So many people are going to lose their retirement nest eggs and pensions because of this greedy scumbucket.

[Sour Masher]

So many people are going to lose their retirement nest eggs and pensions because of this greedy scumbucket.

It is amazing that this can still happen after folks have been burnt before. Regulation and reform is long overdue in the space.

[madducks]

Commissioner Gordon is not a fan of cryptocurrency.

[Sour Masher]

Commissioner Gordon is not a fan of cryptocurrency.

Agree or not (I think he is too dismissive of crypto in general), this was a great speech. I had to look up his background--he has a degree in Economics fro UVA, greaet school/program. He ain't just a talking head.

[madducks]

The FBI says this Bulgarian ‘Cryptoqueen’ scammed investors out of $4 billion. Then she boarded a plane in 2017 and disappeared.

https://www.cnn.com/2023/01/22/business/ruja-ignatova-cryptoqueen-fbi-most-wanted-cec/index.html

[revo]

Don't look now, but Bitcoin is up 30% YTD

[Sour Masher]

Don't look now, but Bitcoin is up 30% YTD

And of course, I lost my stomach for crypto and pulled out at a small loss rather than stick it out for the rebound. This sort of high risk investing is just not for me, I guess. I didn't have the patience to wait for gains.