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Devilmaycare

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First question, where was this when BTC was at $60k? ;)

This seems like it's going to be ripe for even more manipulation of the price of BTC with the lack of regulation on it. It seems like this could really be used for pump and dumps to really drain money from the cryptobros.
 

Russ Smith

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Wow was that bad. I've only head one blockchain idea so far that I think might have merit and that's the stock market. The gist of it is that you have all shares on a blockchain. Then it's a blockchain transaction every time you buy or sell.

It was being sold on two big benefits. The first being that it's faster than the current system and we could change T+2 to be almost instant. The other being that would create a solid record of who owns what so that we can better enforce things like naked shorting. Both seem like they could be good benefits but I really need to look into it more. I'm sure there's a con or two that they guy that was pumping the idea left out.

I don't understand it but there actually is a crypto real estate company, called Propy. I know because a friend of mine works there and keeps talking about it on FB and i still have no clue what the hell she's talking about. She's based in Arizona I think the company is based in Florida. When she first brought it up online I messaged her and said be VERY careful that totally sounds like a scam to me and she said she'd done lots of research. She IS getting paid, but I still have this bad feeling at some point she's going to find out the whole thing isn't real.



 

Russ Smith

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That doesn't seem like a serious amount to seek. You have to sympathize with the plaintiffs though. Who could have foreseen that Dogecoin was a massive scam?

The amount actually makes sense when you read. The guy suing figured out the total amount "lost" on Dogecoin, , it's 86 billion he said. Then because of the laws, the loss is trebled so it's 258 billion.

I don't think they'll win but I understand where the amount came from and I get his point, Musk and others caused Dogecoin to go up by talking it up, online, and if that were a stock what they did would be illegal.
 

Devilmaycare

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I don't understand it but there actually is a crypto real estate company, called Propy. I know because a friend of mine works there and keeps talking about it on FB and i still have no clue what the hell she's talking about. She's based in Arizona I think the company is based in Florida. When she first brought it up online I messaged her and said be VERY careful that totally sounds like a scam to me and she said she'd done lots of research. She IS getting paid, but I still have this bad feeling at some point she's going to find out the whole thing isn't real.

I haven't heard of them before but a quick read of their website sounds like they're trying to use blockchain tech for real estate. Sort of like the guy was talking about in the video @Folster posted the other day (quote below). In a nutshell they're just trying to switch from one ledger to another.

Check out this Web 3 investor get challenged on a use case for blockchain.

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Russ Smith

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I haven't heard of them before but a quick read of their website sounds like they're trying to use blockchain tech for real estate. Sort of like the guy was talking about in the video @Folster posted the other day (quote below). In a nutshell they're just trying to switch from one ledger to another.

Yes his video was what reminded me of them. I tried to watch one of their videos online that she posts on FB and I was completely baffled but I had basically the same thought as the guy in the video, what do I do go to the police and show them an NFT of a house and say I own this?

Forgot to add probably unfair but the fact that the 3 founders all have Russian sounding names made me highly suspicious.
 

elindholm

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I haven't heard of them before but a quick read of their website sounds like they're trying to use blockchain tech for real estate. Sort of like the guy was talking about in the video @Folster posted the other day (quote below). In a nutshell they're just trying to switch from one ledger to another.
I hadn't seen this video before. It's a really great illustrative example. Blockchain bro tries to give a concrete example of the fantasy world he's trying to sell people on, gets called on it, wriggles around, gets exposed as a fool, and eventually has to admit that he has no idea what he's talking about. Crypto in a nutshell!
 

Folster

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So apparently Celsius, the crypto coin that tanked and then froze withdrawals to prevent insolvency trapping investor's funds has convinced some amount of people that there is a short squeeze opportunity and is attracting new deposits that are driving up the price again.

How transparent is this attempt to secure new investors and funding? And how stupid can you be to invest more money into this scam while they still have a freeze on withdrawals?

The bear market and crypto winter are not over folks. There is still more excess that needs to be purged.
 
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Russ Smith

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So apparently Celsius, the crypto coin that tanked and then froze withdrawals to prevent insolvency trapping investor's funds has convinced some amount of people that there is a short squeeze opportunity and is attracting new deposits that atey driving up the price again.

How transparent is this attempt to secure new investors and funding? And how stupid can you be to invest more money into this scam while they still have a freeze on withdrawals?

The bear market and crypto winter are not over folks. There is still more excess that needs to be purged.


hey Reddit investors please come and throw money at us so we can bail ourselves out of massive losses
 
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BigRedRage

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hey Reddit investors please come and throw money at us so we can bail ourselves out of massive losses
So many apes on reddit but oh man when you start going down the rabbit hole, lots and lots of sophisticated investing going on there too.
 

Russ Smith

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So many apes on reddit but oh man when you start going down the rabbit hole, lots and lots of sophisticated investing going on there too.

Oh I agree I'm saying the people losing their shirts in crypto right now are hoping to find someone else to boost the price back up.

So they're hoping to become a Reddit meme
 

Folster

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39% interest! The next ponzi scheme that will inevitably crash.

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Folster

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Another one bites the dust!

Voyager Digital files Chapter 11 bankruptcy after recently halting withdrawals.

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Devilmaycare

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Another one bites the dust!

Voyager Digital files Chapter 11 bankruptcy after recently halting withdrawals.

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These companies going under are going to create a huge mess with crypto. On last week's All In they were talking about the off exchange trades. Basically company A loans company B coins that are to be paid back with interest but company A is using its user's coins to do it. They were painting a picture where your coins were loaned out and lost without you knowing it. A bunch of people right now might not have the coin that they think that they do.

It also shows why you have to use your own wallets and not leave it in a broker/exchange. I guess a lot of these exchanges don't even keep separate wallets for users. They just have one company wallet and then do old fashion book keeping that John own 2 coins in the wallet, Jane own 3, etc. The more I learn about these companies the more grift I feel.
 

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These companies going under are going to create a huge mess with crypto. On last week's All In they were talking about the off exchange trades. Basically company A loans company B coins that are to be paid back with interest but company A is using its user's coins to do it. They were painting a picture where your coins were loaned out and lost without you knowing it. A bunch of people right now might not have the coin that they think that they do.

Technically, this is also a risk with traditional banks. But that's why you have governments backing them up.


It also shows why you have to use your own wallets and not leave it in a broker/exchange. I guess a lot of these exchanges don't even keep separate wallets for users. They just have one company wallet and then do old fashion book keeping that John own 2 coins in the wallet, Jane own 3, etc. The more I learn about these companies the more grift I feel.

I bought $20 of bitcoin through PayPal a year or so ago, so it's worth probably $7.50 now. My guess is that that's exactly what they do, just have one big community wallet for themselves, and then internal bookkeeping to keep track of who owns how much. I doubt I'll ever cash out, but no big deal, I did it just for laughs.
 

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And another one down
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Another one down
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Dback Jon

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Folster

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I couldn't understand how Bitcoin was still hanging around, but now I understand after being back in the office. We're all spread out and mixed up due to Covid, and I have an unlicensed new-hire near me, fresh out of college. I overheard him talking about NFTs and bitcoin to a coworker. I tried to talk some sense into him, but he is a believer.

He showed me his Marvel NFTs and other junk and kept talking about the potential value. I asked him how much they'll be worth when unemployment is at 10%.

If this kid is any indication of market/crypto capitulation then we are in store for some more pain, unfortunately.
 

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I'm not sure if this is good or bad for COIN.

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Out of the frying pan and into the fryer.
 

elindholm

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I'm not sure if this is good or bad for COIN.

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Out of the frying pan and into the fryer.
Wood has to be questioning her methodology at this point. She's been in freefall for almost 18 months now.

That said, I wish she'd thrown her weight behind ETSY instead of SHOP. I could use the moral support.
 

elindholm

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By the way, if you haven't seen it, BITI is a recently launched ETF that shorts bitcoin through reverse futures contracts. So if you're pretty confident BTC is going to continue to slide into oblivion, BITI is an attractive play. And the most you can lose is 100% of your investment.

Edit: Oops, didn't see that Devilmaycare let us know about this a month ago. Never mind.
 
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