OT: Ray, how's your Bitcoin investment going?

[verticaldoug]

Originally Posted by echappist

That’s a misinterpretation of the gist of the anecdote, which captures how people straying out of their lane is an indication of a bubble. The explanation being, by the time a shoe shiner has heard about a bubble, there really isn’t much more population left to be the next “bigger fool” in the speculation.

You always overcharge the tourists.

[redir]

A lot of people are jumping on the XRP bandwagon as it's been hyped up with the SEC law suit. They think if they win the suit then XRP is gonna go bananas.

It hit a peak and is stabilizing but they could be right in their line of thought. My experience is that if you buy in during FOMO you lose so I consider it as though I missed that boat.

BTC actually outperformed traditional stocks recently which is interesting. That floor has been being tested for weeks now. I keep grabbing some up when it's below 19 but It's been acting like a drunken sailor lately too. Some predictions have it going down to 10 but I don't think the Whales will allow that to happen. If it does I'm all in . But that would make it a very long waiting game for the next ATH but it will be there some day.

ETH moving over to POS is getting itself together again too. I think a lot of ETH miners sold out because after all they are useless now. So even with all the hype of the move to a greener ETH2 the price tanked becasue of it.

[rounder]

Thanks all for the great advice and comments. Loved the one about the cat and not being able to tell the difference between fiduciaries and tortiseshells (sp?).

[SPOKE]

Where does a central bank digital currency fit in with our current inflationary situation?

[verticaldoug]

Originally Posted by SPOKE

Where does a central bank digital currency fit in with our current inflationary situation?

It doesn't change anything. CBDC are just digital forms linked to fiat. Any policy is through the fiat, the CBDC is just along for the ride.

[SPOKE]

Thanks Doug! Do you see any pitfalls if we are switch over to CBDC?? My limited knowledge & fears regarding a “programmable digital currency cause me grave concerns…….govt getting more into my business and the way I like to transact business just pisses me off….
SPOKE

Originally Posted by verticaldoug

It doesn't change anything. CBDC are just digital forms linked to fiat. Any policy is through the fiat, the CBDC is just along for the ride.

[prototoast]

Originally Posted by SPOKE

Thanks Doug! Do you see any pitfalls if we are switch over to CBDC?? My limited knowledge & fears regarding a “programmable digital currency cause me grave concerns…….govt getting more into my business and the way I like to transact business just pisses me off….
SPOKE

As a practical matter, the U.S. isn't going to go there any time soon, and to the extent that at some point in the future the Federal Reserve did try to go there, it would be because they thought they could do it without being disruptive.

Currently, China is more actively pursuing a CBDC, and I believe their goal is to increase the role of the renminbi in international transactions and as a global reserve currency. To the extent China is successful at this, it could reduce the value of the dollar, but reports of the dollar's demise as a reserve currency have not yet come close to playing out in real life.

[adub]

Just keeps dropping..

[redir]

I'm set to buy in at 15. Probably will do small buys at 17 and under just in case I don't get that order fulfilled.

[goonster]

Originally Posted by verticaldoug

SBF understands that crypto is probably rip with fraud, but he doesn't care. His plan is just to try to arb the stupidity, and try to make as much money as he can.

I thought he'd be one of the last ones left standing. Just incredible how quickly something like FTX can go "poof."

[rice rocket]

Originally Posted by redir

I'm set to buy in at 15. Probably will do small buys at 17 and under just in case I don't get that order fulfilled.

Whales gotta wait for the apes to pump it a little more before the next dump.

[redir]

Originally Posted by rice rocket

Whales gotta wait for the apes to pump it a little more before the next dump.

Yeah it's looking like it. The FTX black swan hit everyone though. Maybe some saw it coming IDK.

[sg8357]

Originally Posted by goonster

I thought he'd be one of the last ones left standing. Just incredible how quickly something like FTX can go "poof."

Seems the Binance guy has been studying his J.P. Morgan,
that was some Gilded Age style banking he pulled off.

[verticaldoug]

Originally Posted by sg8357

Seems the Binance guy has been studying his J.P. Morgan,
that was some Gilded Age style banking he pulled off.

I don't think that is what happened here. CZ was probably interested in FTX until he found a real $8b hole in the balance sheet. More importantly, whoever acquires FTX will get to deal with global regulators for the foreseeable future. Cyrpto guys do not do well with regulators so that was a no can do.

I'd say somewhere along the line, SBF morphed from being a sharp Market Maker who was just taking out the spread, to a true believer who just kept investing in the ecosystem

This is FT's first pass on the inter-companies.....



It seems FTX levered real cash from customer accounts against the collateral of their own FTT Stablecoin. Binance has their own stablecoin, and since there is never one cockroach, I'd suspect they have a problem too....

This isn't really about bitcoin ,but about the ecosystem and the infinite leverage being built around it...

[MikeRodg]

Damn, bitcoin down to $16k now .