Beginning Of The End For Crypto?

[ToraToraTora]

https://www.bbc.com/news/business-63601213

[royfromaus]

Nope.

[davebro]

Stan - would you buy a used car from that man?

[Peter Pedant]

It reads like a standard bank failure from the 1870s
too many people see to withdraw their money and the bank closes its doors

[Peter Pedant]

Here is another one
https://en.wikipedia.org/wiki/Charlie_Shrem

who did time for using Bitcoin - - - - carelessly
( didnt make sure it wasnt used for money laundering)

sozza double neg there - he should have made sure that there was no money laundering and didnt

[tomus42]

// Nope //

Says Roy, hoping he hasn't lost his life savings :-)

[Gromit]

Far far more people have lost their fortune on the established stock markets than on crypto markets.

I am not convinced on Crypto, but the ideas behind it are sound. This is a minor setback, and proper legitimacy is near.

The international banking system is rife with criminality, and is desperately in need of industry disruption. And no one will shed a tear when people turn their back on them and many of them are culled.

[Hymie]

If you have invested heavily in bitcoin (or some other crypto currency) you should ask yourself; should everyone decide to cash in their holding – what assets exist to pay out the entire crypto currency in real money?

I see another South-Sea bubble, only much, much worse.

[davebro]

Bitcoin over the past 12 months has gone from £50k down to £14k. Sure folks lose money gambling on shares but I think I would rather have had my £50k in a FTSE100 tracker.

(other cryptos are available)

[Peter Pedant]

I am not convinced on Crypto, but the ideas behind it are sound.
any refs for the ideas?

Both Charlie Shrem and I had the same ideas - he did time and I did not, but my father was a POW - tins of tuna and cigs were the currency. Charlie boy saw that you cd put all the tins in er a bank or store and just keep tally of what belongs to each con . ( for tin read cig, POW camp) But the records have to be accurate - in his case multiple uptodate and on a computer.
The odd thing was that both cigs and tuna are consumable

but I wd like more cerebral ideas....
DOI dont go near crypto - obvious scam

[ToraToraTora]

Yes Hymie, It would only take a small trickle of sellers to precipitate a waterfall and the price could crash very quickly. Tulip mania, South Sea bubble, Dot com bubble......crypto bubble? Any I am delighted to award a BA to you.

[royfromaus]

https://www.msn.com/en-us/news/world/what-is-the-alleged-connection-between-sam-bankman-fried-ftx-democrats-and-ukraine/ar-AA147XCu