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Post by Deleted on Nov 14, 2022 14:37:14 GMT
So the FTX.com token called "FTT" has crashed spectacularly quite recently. A look at the last month shows some impressive statistics. It seems a few big players were a little late to the news it was on the way out. Check out the billions of dollars withdrawn on the downwards slope!
It is all run by some 30 year old anorak computer gamer Mr Bankman-Fried. I reckon he's in the shit now. Not only the law enforcement but a few very rich people have been quite badly burned.
Be careful !
Spectacular graph. This does seem a bit like a Ponzi scheme although a lot of people deny this.
The Binance man (Chinese trading platform) helped it fall down and has predicted another similar crash.
Interesting times not that I have any investments but still interesting to watch.
Last year it got up to the dizzy heights of $85. Now trading at $1.44. Hmm.
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Post by Aloysius on Nov 14, 2022 15:15:14 GMT
Most see it as an isolated event. But fundamentally the platform ran out of belief, which is a possibility for any currency.
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Post by fi on Nov 14, 2022 16:06:57 GMT
I heard that the were going to put Liz Truss in charge.... Hence everyone got spooked.
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Post by Telemachus on Nov 14, 2022 18:55:38 GMT
Most see it as an isolated event. But fundamentally the platform ran out of belief, which is a possibility for any currency. But much more likely for a currency invented out of thin air with no substance behind it. Never fails to amaze me how people can’t see these sorts if things as the boiler room scams they are. But then I suppose most of the world’s population believe in their imaginary friend so it isn’t too surprising.
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Post by Mr Stabby on Nov 14, 2022 19:05:33 GMT
Bitcoin is trading at less than a third of the price that it was at the beginning of the year. Perhaps putting on a brave face, I've seen the invested saying things along the line of "It doesn't matter, it will just go back up again and be well above the price it was then". Leaving aside the fact that it might well never do that, the obvious reply would seem to be "Yes, but if you had bought them now instead of in January, you'd have three times as many of them".
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Post by Aloysius on Nov 14, 2022 19:06:51 GMT
Most see it as an isolated event. But fundamentally the platform ran out of belief, which is a possibility for any currency. But much more likely for a currency invented out of thin air with no substance behind it. Never fails to amaze me how people can’t see these sorts if things as the boiler room scams they are. But then I suppose most of the world’s population believe in their imaginary friend so it isn’t too surprising. It's no more or less imaginary than any other currency.
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Post by brummieboy on Nov 14, 2022 20:20:53 GMT
I got a bit concerned when the Queen died. After all, our currency has her head on it.
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Post by Mr Stabby on Nov 14, 2022 20:43:08 GMT
I got a bit concerned when the Queen died. After all, our currency has her head on it. I always thought that was a bit boring though. When I was a kid there were half a dozen monarchs on the coinage. You could even come across a penny with Queen Victoria on it from time to time.
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Post by Telemachus on Nov 14, 2022 21:01:27 GMT
But much more likely for a currency invented out of thin air with no substance behind it. Never fails to amaze me how people can’t see these sorts if things as the boiler room scams they are. But then I suppose most of the world’s population believe in their imaginary friend so it isn’t too surprising. It's no more or less imaginary than any other currency. Oh yes it is. Anyway, please put your money where your mouth is (metaphorically that is, no need to actually eat it) and put all your worldly attributes into crypto-currency. I could do with a laugh.
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Post by Aloysius on Nov 15, 2022 6:31:00 GMT
It's no more or less imaginary than any other currency. Oh yes it is. Anyway, please put your money where your mouth is (metaphorically that is, no need to actually eat it) and put all your worldly attributes into crypto-currency. I could do with a laugh. There you go again.
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Post by Mr Stabby on Nov 15, 2022 6:48:28 GMT
But much more likely for a currency invented out of thin air with no substance behind it. Never fails to amaze me how people can’t see these sorts if things as the boiler room scams they are. But then I suppose most of the world’s population believe in their imaginary friend so it isn’t too surprising. It's no more or less imaginary than any other currency. The main difference is that the £, say, is universally socially accepted as an item which has value. I get paid in it and whenever I want to buy something the vendor will accept it in exchange. Cryptocurrencies only have value among a very small number of people who are invested in the idea. So they are more analogous to Pokemon cards than £5 notes.
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Post by Aloysius on Nov 15, 2022 6:57:32 GMT
It's no more or less imaginary than any other currency. The main difference is that the £, say, is universally socially accepted as an item which has value. I get paid in it and whenever I want to buy something the vendor will accept it in exchange. Cryptocurrencies only have value among a very small number of people who are invested in the idea. So they are more analogous to Pokemon cards than £5 notes. Nope, the only difference is a higher level of belief. If there was a run on the pound, it would go the same way. Sterling only seems to be more tangible, but that's being taken care of.
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Post by Deleted on Nov 15, 2022 8:48:19 GMT
The main difference is that the £, say, is universally socially accepted as an item which has value. I get paid in it and whenever I want to buy something the vendor will accept it in exchange. Cryptocurrencies only have value among a very small number of people who are invested in the idea. So they are more analogous to Pokemon cards than £5 notes. Nope, the only difference is a higher level of belief. If there was a run on the pound, it would go the same way. Sterling only seems to be more tangible, but that's being taken care of. The difference is the pound is in your pocket, crypton currency is in your mind.
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Post by Deleted on Nov 15, 2022 9:10:51 GMT
Or put another way the pound is in your pocket whereas your Bitcoin investment pounds are in someone else's pocket.
Depending on when you "get in" obviously but due to the immense power and reach of advertising a lot of people will have got in at the top and probably had to get out on the way down.
It is an interesting phenomenon. While Bitcoin was at an elevated level there was plenty of talk of the beer shop etc potentially taking it as payment. I wonder if this talk has got a bit muted now it has come down so much.
Also there doesn't seem to be the rush to support it like there has been in previous crashes. One suspects some of the big boys have worked out its screwed.
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Post by Aloysius on Nov 15, 2022 9:18:40 GMT
The chaps who sold Manhattan island were labouring under the same delusion.
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