Thread: Crypto is the party over?

Poor Eddy/Luigi/Mao. He got his shit packed in. He was late to the game and a bandwagon jumper during a time that crypto was exploding, and he jumped on the bus. I bought full bitcoins a few years before he even knew what they were. I am still above water and will never sell them. At least not in the next few years.

Most of my assets are locked up in local real estate, which continues to skyrocket and also draws me a double benefit in that I grow wealth and earn monthly income as a landlord.

I took this shot with my new S22 Ultra the other night at my friend's Italian joint. It takes great pics, don't you think yourdaddy?

Originally Posted by bsnub

real estate

Another orifice Eddo got rogered in.

At least you're lucky in love mate.

Oh

Originally Posted by Reg Dingle

love

Mannnnny



MANNNNNNNNNY

Damn this place sometimes when posting pics. Click on the pic to make it bigger.

Oh ok... I got it. Someone messaged me snub had most of his coins on Celsius. It figures....but still what a creep

The level of his utter insecurity is kinda odd.

Oh look, the two butt buddies are having a cry.

YD, Why aren't you posting about your "big" entry into crypto just at the time it started to crash? You sure were into it just what 6-8 weeks ago?

The bottom is in.

Ruinous £1 trillion crypto crash proves greedy investors never learn.


Unsophisticated investors got burned by the fallacy of a get-rich-quick investment

BEN WILKINSON
HEAD OF PERSONAL FINANCE
21 June 2022 • 6:00am
Ben Wilkinson

A fool and his money are soon parted, or so the saying goes. Once smug cryptocurrency punters are now learning a bitter lesson after their investments hurtled closer towards worthlessness this month.

For centuries, greedy investors have lost great fortunes to investment bubbles. “Tulipmania” in 17th-century Holland saw bulbs become more [at]valuable than houses before reality set in.

It’s not just fools who throw away their savings in the blinkered pursuit of easy money. Even Sir Isaac Newton managed to lose as much as £40m in today’s money to the South Sea bubble of the 1700s.

The greater fool theory dictates that prices of an asset go up only because there is a “greater fool” willing to buy it. Eventually, the market sees sense and the greatest fool is left with [at]nothing.

More than £1 trillion has been wiped off the value of the cryptocurrency market in the course of just a month. The flagship cryptocurrency Bitcoin is down to less than £17,000 a coin from its peak of £48,000 in April last year.

Bubbles are fuelled by the fear of missing out, and much of hype around crypto was blown up by online forums and social media. The more money that flooded into a particular currency, the more inflated its value became.




Now, investors are using these same forums to share helpline numbers with those who have lost everything.

But while the mood around cryptocurrencies is sombre now, there are still some who believe the technology behind it all has a future. Former health secretary Matt Hancock does not want to see Britain miss out on a cryptocurrency revolution.

He told the London Crypto Club earlier this year: “There is a huge change [at]happening in the world, it is going to disrupt everything in finance and we need to be at the centre of it.”

The Tory MP is right that “caveat emptor” applies, we should be allowed to risk all of our money if we choose to – but only if we are given enough details to make an informed decision.

As Mr Hancock told me this month in his parliamentary office overlooking the Thames: “The idea that you need to stop people from investing their own money is highly patronising.”




Instead, he says the “core problem” is that regulation has not kept pace. You can always bet your house at Royal Ascot, but at least you are given odds. This month’s crash shows how [at]vulnerable we will always be to pyramid schemes. Regulation will never tame basic human greed, investors now [at]nursing losses need to take some responsibility.

There has never been such a thing as a genuine get-rich-quick investment, and the value of any cryptocurrency has always been a fallacy. Savvy investors have made money only when [at]taking a punt before unsophisticated investors, the greater fools, piled in.

It’s no coincidence that crypto[at]currencies peaked in the depths of the pandemic when people had lockdown savings to fritter away.

Cryptocurrencies such as Bitcoin were billed as “digital gold” and a hedge against inflation. Now, crypto has been put to the test, and so far, it’s proven, like tulip bulbs in 17th-century Holland, to be worth almost nothing.

DAILY TELEGRAPH

Crypto party is over for Thevamanogari Manivel


Melbourne sisters sued after spending $11.7m accidentally transferred into bank account

31 Aug, 2022

An Australian woman who spent A$10.4 million ($11.7m) that was mistakenly transferred into her bank account has been ordered to pay it all back plus 10 per cent interest as well as legal costs.

In May last year, Melbourne resident Thevamanogari Manivel was supposed to receive a A$100 ($112) refund from cryptocurrency exchange Crypto.com.

Instead, the Singapore-based trading platform, which uses actor Matt Damon to spruik its products and sponsors the AFL to the tune of A$25 million ($28m) a year, made a big mistake.

They "erroneously transferred" A$10,474,143 ($11,747,641) to the customer, according to court documents.

Manivel then gifted the money to six other people, including family members such as her daughter and her sister.

"Extraordinarily, the plaintiffs allegedly did not realise this significant error until some seven months later, in late December 2021," the Victorian Supreme Court judge James Elliott stated.

Last Friday, the court ruled in favour of Crypto.com and ordered all the money plus more costs to be paid back, but have yet to receive a response from the defendants.

More at link

One would definitely be tempted to do a Lord Lucan.

You'd have to be a saint to mention it to chancers like that.

Cambo time!

The party is not over, and would never be.

Jaysus, that's some Bail!

And some party if he does a runner

Disgraced 'crypto king' Sam Bankman-Fried released on $250m bail - the largest in pre-trial history

Disgraced 'crypto king' Sam Bankman-Fried released on $250m bail - the largest in pre-trial history | Science & Tech News | Sky News

Rumour has it they left him with his passport and dropped him off at JFK.