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Post by Blitz on Jun 30, 2022 7:41:41 GMT -5
Glad I only barely dipped one toe in this water to find out it's very cold water... seekingalpha.com/article/4521129-wall-street-breakfast-crypto-crashDeFi outlook: Sam Bankman Fried, the 30-year-old billionaire founder of FTX, believes that more failures among crypto exchanges are coming amid the ongoing slump that has wiped off $2T in market value since November. "Some third-tier exchanges are already secretly insolvent," he told Forbes in an interview. Increasing worries are also enveloping the broader DeFi industry, such as crypto lenders whose loans are backed by little collateral and lack access to liquidity in the event of a downturn. "It's just a risky structure," said Eric Budish, an economist at the University of Chicago Booth School of Business. "It strikes me as diversified as the same way that portfolios of mortgages were diversified in 2006. It was all housing - here it's all crypto." //////////////////////// |
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Post by birdnest on Jul 6, 2022 8:00:56 GMT -5
Surprising I didn’t get in, I really wanted to and maybe eventually I will. Even my teenage kids kept asking me to get into Crpto. Now maybe that it has cooled down.
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Post by Blitz on Aug 28, 2022 6:46:28 GMT -5
Crypto just keeps on taking hits. I know several people that lost some really big gains. So, I'm guessing they have changed their plans to buy second, third or fourth condos, yachts, sports cars, and jets. Perhaps the good news is that the lost gains help relieve inflation pressures.
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Post by mercedz on Aug 29, 2022 14:36:03 GMT -5
Patience my dear Watson, Patience. Ripple and XRP. Ripple the company and its technology and XRP the token was developed for usage as a cross border bridge currency to transfer monies, payments, etc. between banks . Intended to replace the current Swift system where the current time it takes to transfer currency from country to country takes hours and cost as much as $75 per transaction. With Ripple and XRP, transaction time is between 1-3 seconds and cost pennies on the dollar. Also on the blockchain so security and hacking is nearly impossible. Ripple is already being implemented in Japan, Singapore, Korea, Phillipines, Saudia Arabia, India, Brazil to name a few. It's only in the U.S where no regulatory clarity and slow adaption of this technology is slowing down the eventual new way of transferring payments worldwide. Can you say the J.P. Morgan, Bank of America, Goldman Sachs of the world is manipulating its adaption because of the billions of dollars of fees they will lose ?
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Post by Blitz on Sept 15, 2022 6:50:33 GMT -5
The metaverse and crypto are 2 peas in a pod... The Meta meltdown: This chart shows Facebook’s fall from grace among the most valuable U.S. companies Last Updated: Sept. 14, 2022 - By Emily Bary www.marketwatch.com/story/the-meta-meltdown-this-chart-shows-facebooks-fall-from-grace-among-the-most-valuable-u-s-companies-11663111637Facebook parent company Meta Platforms was the fifth-most-valuable company in the U.S. near the end of last year but has since fallen behind Visa, Tesla and others  Meta Platforms Inc. has seen a sharp decline in its market value since the end of last year, taking the company from the fifth-most-valuable U.S. company as of December to now the 10th-most-valuable. Dogged by competitive and macroeconomic threats, Meta Platforms Inc. is sinking down the ranks of the largest U.S. companies. After a 9.4% daily slide in its stock, Meta META, -1.08% ranked 10th by market value as of Tuesday’s close, falling below Visa Inc. V, -0.13% for the first time since the start of August. Meta, the parent company of Facebook and Instagram, ranked fifth among U.S. companies as recently as December, according to Dow Jones Market Data, and joined the four other Big Tech companies — Apple Inc. AAPL, +0.96%, Microsoft Corp. MSFT, +0.09%, Google parent Alphabet Inc. GOOGL, +0.65% GOOG, +0.53% and Amazon.com Inc. AMZN, +1.36% — in the $1 trillion club briefly last year. Meta’s shares have been punished this year, however, amid concerns about competitive dynamics and the impact of economic uncertainty on advertising revenue. That $1 trillion market cap has been cut by more than half, allowing several companies to jump in front of Meta — which announced its new corporate name last October — on the valuation chart.  Meta’s market value has taken a steep plunge in the past year. SENTIEO Visa was valued at $413 billion as of Tuesday’s close, compared with $412 billion for Meta. Exxon Mobil Corp. XOM, +2.45% is next on the list with a market capitalization of $397 billion, per Dow Jones Market Data. Standing above Visa are still the four other Big Tech companies in Apple, Microsoft, Alphabet and Amazon, as well as Tesla Inc. TSLA, +3.59%, Berkshire Hathaway Inc. BRK.A, +0.43%, UnitedHealth Group Inc. UNH, -0.82% and Johnson & Johnson JNJ, +2.06%. Meta’s stock suffered its sharpest daily decline since February in Tuesday’s trading amid broad-market pressure brought on by the latest consumer-price-index reading, which resurfaced fears about the potential effects of inflation on the advertising landscape. “Meta, like the other social-media companies, has been negatively affected by the moves that Apple did in the advertising business as well as the general anticipation of lower ad spending as we might be going into a recession,” said Nick Mazing, the director of research at Sentieo, who’s been tracking the changes in market values over recent weeks. In-depth: Apple decimated Meta’s ad-tech empire. Now, it’s homing in on Facebook’s advertisers, too. “Additional factors include competition from TikTok and investor skepticism regarding the company’s metaverse efforts,” Mazing said. Executives at Meta have cautioned about the impact that inflationary pressures and other economic issues could have on the business, with Sheryl Sandberg, then the company’s chief operating officer, telling investors on Meta’s last earnings call that “recessions put pressure on marketers to make sure their ad budgets are spent in the smartest way possible,” though she thought that Meta tools could help them maximize their investments. Chief Executive Mark Zuckerberg said on that July call that “we seem to have entered an economic downturn that will have a broad impact on the digital advertising business.” Visa shares have held up better amid the inflationary backdrop, falling just 8% on the year as Meta shares have lost 54%. While Meta executives have sounded a cautious tone on the current landscape, Visa’s management team has come off more upbeat due to the nature of the payments giant’s business. Back in April, Visa Chief Financial Officer Vasant Prabhu said that inflation had “net-net” been positive for Visa, and as recently as Monday, he said that consumer spending remained resilient. Visa “is somewhat isolated from the big macro story, the persistent inflation, as they get paid on nominal volumes,” Mazing told MarketWatch, noting that the company has also been benefiting from the big rebound in international travel and the spending that comes with it. Meta briefly flirted with placement outside the top 10 U.S. most valuable U.S. companies at the start of August, but its dip below Visa this time around keeps it inside the top 10 as fellow technology company Nvidia Corp. NVDA, -0.02% has also seen its value fall sharply in recent weeks. Nvidia ranked as high as seventh by market cap earlier this year, but it now stands in 15th place with a $327 billion valuation, per Dow Jones Market Data, amid inventory issues that have hit revenue totals and a U.S. crackdown on sales of high-performance artificial-intelligence technology to China. |
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Post by Blitz on Dec 4, 2022 8:33:49 GMT -5
Here's what the prescient boy genius SBF, the Pied Piper of Crypto & the bk'd FTX said back in June... seekingalpha.com/article/4521129-wall-street-breakfast-crypto-crash DeFi outlook: Sam Bankman Fried, the 30-year-old billionaire founder of FTX, believes that more failures among crypto exchanges are coming amid the ongoing slump that has wiped off $2T in market value since November. "Some third-tier exchanges are already secretly insolvent," he told Forbes in an interview. I think he should be in the same jail cell as 'Bernie-Made-Off'... with everyone's money. ///////////////// And now this... Crypto Stocks Teeter Near Abyss as Fink’s Warning Adds to Angst Matt Turner - Sat, December 3, 2022 at 10:00 AM·4 min read finance.yahoo.com/news/crypto-stocks-teeter-near-abyss-150000942.html  (Bloomberg) -- Analysts and investors are struggling to call a bottom in crypto stocks in the wake of a brutal month that ended with the head of BlackRock Inc. saying most digital-asset firms won’t survive. Cryptocurrency firms including Coinbase Global Inc., Galaxy Digital Holdings Ltd. and MicroStrategy Inc. all plunged more than 25% last month. The declines added to the pain of a dismal year amid a deep and extended plunge in Bitcoin and other digital tokens. While that trio of firms rallied this week, they’ve still wiped out roughly $52 billion of shareholder value in 2022. Already reeling from the so-called crypto winter, investors were dealt a major blow with the high-profile collapse of Sam Bankman-Fried’s FTX exchange in early November, which sent Bitcoin tumbling. To top it off, BlackRock Chief Executive Larry Fink said this week that he expects most crypto companies will fold after FTX’s demise. A Schwab index tracking crypto-linked stocks is coming off its worst month since June, and is down 63% this year. “Questions about whether crypto has a future have become prevalent after a year during which many tokens lost more than 70% of their value and the collapse of FTX has exacerbated a crisis of confidence that had started in the spring,” said Mark Palmer, an analyst at BTIG LLC. Few, if any, companies connected to the sector have been spared during the selloff, with even banks like Silvergate Capital Corp. and Signature Bank taking hits. Mining stocks have been among the worst performers, with Marathon Digital Holdings Inc. and Hut 8 Mining Corp. both seeing their share prices cut roughly in half in November. FTX’s sudden downfall sparked fears of contagion across the industry, which ultimately became a reality this week when crypto lender BlockFi Inc. also filed for bankruptcy. “We expect the crypto space to continue to be toxic for investors in the near-term and expect overall chain activity to be relatively quiet among users as we continue to wait out potential contagion effects as a result of the bankruptcy of FTX,” Chase White, an analyst at Compass Point, wrote in a note to clients. Silvergate now finds itself playing damage control. The company, whose shares tumbled by a record 52% in November, said several weeks ago that its exposure to FTX represented less than 10% of its digital-asset deposits. This week, it said exposure to BlockFi was less than $20 million. It’s been a similar situation for Coinbase. Chief Executive Officer Brian Armstrong took to Twitter multiple times in recent weeks in an attempt to reassure investors that the cryptocurrency exchange remains on solid footing. So far, it seems to have done little to sway traders and analysts. Coinbase closed at a record low on Nov. 21 and has been downgraded by analysts at firms including Bank of America Corp. and Daiwa Securities, leaving it with its lowest number of buy ratings since August 2021, data compiled by Bloomberg show. Coinbase shares just snapped a four-week slide, but they’re still down about 80% this year, erasing about $44 billion in value. Cryptocurrency mining stocks have fared even worse as soaring energy costs add to the challenge of sinking cryptocurrency values. Core Scientific Inc. has seen its share price crumble nearly 99% this year. In its third-quarter earnings release, the company said losses for the nine months through September had reached $1.7 billion and it’s also said it might have to file for bankruptcy if it can’t find additional funding. The slump in crypto-mining stocks is problematic for a group that was already struggling to pay back $4 billion in loans tied to mining-equipment. Read more: Fink Says Most Crypto Firms Will Die Off Following FTX Implosion To be sure, Fink, whose firm had invested roughly $24 million in FTX, said he still sees potential in the technology underlying crypto, including instant settlement of securities. And some money managers see an opportunity in the beaten-down stocks. Cathie Wood’s Ark Investment Management added crypto investments in the weeks following FTX’s bankruptcy, including in Coinbase, Silvergate and the Grayscale Bitcoin Trust. Wood also told Bloomberg TV that she stands by her forecast that Bitcoin -- which traded at roughly $17,000 on Friday afternoon in New York -- will hit $1 million by 2030. |
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Post by mrtaxx on Dec 4, 2022 10:07:31 GMT -5
I've been buying the Crypto related stocks: They have been moving Up
Coinbase COIN
MARA
RIOT
SI : Silvergate: There's a SHORT Seller report on SI so it hasn't been moving Up much.
CAN
HUT
CAN & HUT are the lowest by price in the $2 & $1 price range.
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Post by Blitz on Dec 4, 2022 17:35:01 GMT -5
I've been buying the Crypto related stocks: They have been moving Up Coinbase COIN MARA RIOT SI : Silvergate: There's a SHORT Seller report on SI so it hasn't been moving Up much. CAN HUT CAN & HUT are the lowest by price in the $2 & $1 price range. Hope it works out for you. I sort of looked at crypto like the Tulipmania...  |
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Post by mrtaxx on Dec 4, 2022 20:20:45 GMT -5
Some people don't want the Crypto stocks, their out of favor, that's the reason i'm buying crypto related stocks.
Tiny Tim always thought you should "Tip Toe thru the Tulips".
I don't think Crypto Currency is going away, it's to ingrained into the system.
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Post by Blitz on Dec 5, 2022 8:20:26 GMT -5
Some people don't want the Crypto stocks, their out of favor, that's the reason i'm buying crypto related stocks. Tiny Tim always thought you should "Tip Toe thru the Tulips". I don't think Crypto Currency is going away, it's to ingrained into the system. Tiny Tim song quote...  Too funny. I hope the 'tech wreck' and the crypto collapse just weeds out the compromised players as happens with most bubbles and irrational exuberance. Many on this forum made a lot of money betting on LVS in 2009 when it's stock went below $2.00/share and then went over $80/share. |
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Post by mrtaxx on Dec 5, 2022 13:45:26 GMT -5
The Tulip craze lasted about 2 years, bitcoin has been around for over a decade.
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Post by Blitz on Dec 13, 2022 7:08:36 GMT -5
The Bernie Madoff of Crypto arrested...  FTX’s Sam Bankman-Fried Is Arrested in the Bahamas 12/13/22 pechanga.net/ftxs-sam-bankmanfried-is-arrested-in-the-bahamas-p25219-215.htmSam Bankman-Fried, the disgraced founder of the collapsed cryptocurrency exchange FTX, was arrested in the Bahamas on Monday after U.S. prosecutors filed criminal charges. "S.B.F.’s arrest followed receipt of formal notification from the United States that it has filed criminal charges against S.B.F. and is likely to request his extradition,” the government of the Bahamas said in a statement. The arrest was the latest stunning development in one of the most dramatic falls from grace in recent corporate history. Mr. Bankman-Fried, 30, was scheduled to testify in Congress on Tuesday about the collapse of FTX, which was one of the most powerful firms in the emerging crypto industry until it imploded virtually overnight last month after a run on deposits exposed an $8 billion hole in its accounts. Prosecutors for the Southern District of New York confirmed that Mr. Bankman-Fried had been charged and said an indictment would be unsealed on Tuesday. Separately, the Securities and Exchange Commission said in a statement that it had authorized charges "relating to Mr. Bankman-Fried’s violations of our securities laws.” The criminal charges against Mr. Bankman-Fried included wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering, said a person with knowledge of the matter. Mr. Bankman-Fried, who was the only person charged in the indictment, was taken into custody by the Bahamian authorities, the person said. He was arrested shortly after 6 p.m. at his apartment complex in the Albany resort in the Bahamas, according to a statement from the Bahamian police. The timing of when Mr. Bankman-Fried might be moved to the United States was unclear. While the Bahamas has an extradition treaty with the United States, the process can take weeks, and sometimes far longer if a criminal defendant contests it. Mr. Bankman-Fried was cooperative during the arrest, according to a person familiar with the matter, and will be held overnight in a cell at a police station. He is scheduled to appear on Tuesday in Magistrate Court in Nassau, the capital of the Bahamas. A spokesman for Mr. Bankman-Fried declined to comment. Nicholas Biase, a spokesman for the U.S. attorney’s office, also declined to comment. www.nytimes.com/2022/12/12/business/ftx-sam-bankman-fried-bahamas.html |
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Post by Blitz on Dec 13, 2022 7:15:15 GMT -5
I'd opine that it's almost beyond a doubt that SBF was purposely running a Ponzi scheme. That said, when Bernie did it, it was not an indictment of stocks. My guess is that Crypto's positives will result in a comeback.
I have close to zero money in the crypto world but I can tell you it facilitates moving money anywhere in the world very quickly. That alone gives it value.
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Post by CardsFan on Mar 18, 2023 4:48:27 GMT -5
Glad I only barely dipped one toe in this water to find out it's very cold water... Early adopters almost always get burned, but if all you did was dip a toe, as I did, there could be bright things ahead. The biggest issue with crypto wasn't the currency itself, it was poor 'actors' that ran the exchanges at FTX, Voyager, etc.... The miners themselves got thrown out with the bathwater but most are still doing okay. And if anything, I'll be investing more in some of them, especially when you look at the distrust of the banking system and Bitcoin's rebound since the current banking crisis started. Heck, someone who invested in the online gaming companies like Draftkings has the same complaints right now. Luckily, I didn't buy too much of DKNG before it plunged. |
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Post by Blitz on Mar 18, 2023 8:20:32 GMT -5
Glad I only barely dipped one toe in this water to find out it's very cold water... Early adopters almost always get burned, but if all you did was dip a toe, as I did, there could be bright things ahead. The biggest issue with crypto wasn't the currency itself, it was poor 'actors' that ran the exchanges at FTX, Voyager, etc.... The miners themselves got thrown out with the bathwater but most are still doing okay. And if anything, I'll be investing more in some of them, especially when you look at the distrust of the banking system and Bitcoin's rebound since the current banking crisis started. Heck, someone who invested in the online gaming companies like Draftkings has the same complaints right now. Luckily, I didn't buy too much of DKNG before it plunged. I bot DKNG in the $20's and rode up to around $80... and back down to its lows. I did some falling knife knife buys too. I held because I was thinking there would be buyout or they would buy somebody like Entain. I also thought the Wire Act would be modernized or repealed... and still could be. I took a loss on some shares and bot more near its lows and still hold a position but smaller. I never went all-in at least... My crypto buy in was with the Novogratz company, Galaxy. I followed the advice of a very wealthy friend of mine that was a retired big wig with Prudential. Ooops. But again it was small position. |
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Post by Blitz on Mar 18, 2023 12:33:07 GMT -5
DraftKings Hit with Class Action Stemming from Plunging NFT Prices Posted on: March 17, 2023 www.casino.org/news/draftkings-marketplace-facing-class-action-suit-as-nft-prices-fall/DraftKings (NASDAQ: DKNG) was slapped with a federal class action lawsuit this week related to tumbling values of the non-fungible tokens (NFTs) offered on the company’s DraftKings Marketplace. DraftKings Marketplace An add for DraftKings Marketplace. The company is facing a class action suit due to declining NFT values. (Image: DraftKings Marketplace) An NFT is a unit of data stored on the blockchain. NFTs can be applied to various digitized items, such as audio and video files and pictures. The suit filed earlier this month in US District Court in Boston was brought by Illinois resident Justin Dufoe who claims he lost approximately $14,000 on NFTs he bought on DraftKings Marketplace. The defendant is headquartered in Boston. In the complaint, Dufoe asserts that because marketplace users were “entirely dependent on the managerial efforts of DraftKings,” clients were made vulnerable by the company’s actions. The profits would be realized when Plaintiffs and the Class would sell their NFTs on the secondary market platform that DraftKings solely owned and managed, with DraftKings receiving exchange-like fees and commissions from the purchases and sales on its secondary market platform,” according to the legal document. The suit also contends that during the class period, DraftKings failed to register its NFTs as securities with the Securities and Exchange Commission (SEC). If accurate, the sportsbook operator could be subject to increased regulatory scrutiny because the SEC is mulling classifying NFTs as securities. DraftKings NFT History DraftKings launched its NFT business in mid-2021 at a time when interest in the asset class and prices were soaring. The gaming company partnered with Autograph, an NFT collecting platform co-founded by legendary quarterback and seven-time Super Bowl champion Tom Brady. In 2021, an NFT produced by the artist known as Beeple sold for more than $69.3 million at a Christie’s auction. That year, DraftKings board member Shalom Meckenzie spent $11.8 million on the NFT known as “CryptoPunk #7523” at a Sotheby’s auction. That enthusiasm quickly evaporated as NFT prices tumbled last year. In the case of Dufoe, he purchased $72,261 worth of NFTs on DraftKings Marketplace, and it is estimated those units of data are now worth around $58,000. Underscoring recent weakness in the NFT space, Fanatics said in January it’s selling its 60% stake in digital collectibles platform Candy Digital to Galaxy Digital for an undisclosed price. What Could Come of DraftKings NFT Suit Forecasting outcomes in the class action suit is difficult. On one hand, with DraftKings Marketplace serving as the only venue in which clients can buy and sell the company’s NFTs, a jury might decide that there is a burden on the gaming company to properly execute the NFT platform and do so without making clients susceptible to financial losses. Just as investors of traditional securities such as common stock, preferred stock, bonds and warrants that have different features and profit opportunities are still equally dependent on the managerial efforts of the company, here the investors of DraftKings’ NFTs nominally associated with different players were entirely dependent on DraftKings’ managerial efforts,” according to the legal complaint. On the other hand, class action suits stemming from evaporated securities values often fail, with courts ruling that investing implies risk and issuers of investment products are not always liable for market conditions that lead to price deterioration. |
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Post by mercedz on Sept 16, 2023 7:37:24 GMT -5
exactly, and that is the use case value of xrp and Ripple. The SEC lost the lawsuit against Ripple and XRP. The judge ruled that XRP is not a security as the SEC had claimed. XRP is the only crypto token with legal clarity as being a non security, not even bitcoin has legal clarity ( by the way bitcoin is full of BS, it has no use case value )
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Too funny.