Crypto Exchange

[WiltonRanch]

I could give a rats ass about crypto as its intangible play money unless it’s backed by something tangible. I’m not judging anyone involved with it as some with better financial success than I were involved. Crypto isn’t going away anytime soon but how is it regulated so people don’t lose their asses again but still be a non government controlled currency? Heard somewhere the Chinese and other rogue powers use crypto but soon convert to greenbacks or tangibles.

Far as the FTX mess it was a case of someone who got too big for their britches. The guy was making money on the bid ask spread between NA markets and Asia markets. Business got saturated so he pivoted to market maker but ran out of capital so he dipped into investors money and lost it too. Then he skipped.

[biglentil]

I could give a rats ass about crypto as its intangible play money unless it’s backed by something tangible. I’m not judging anyone involved with it as some with better financial success than I were involved. Crypto isn’t going away anytime soon but how is it regulated so people don’t lose their asses again but still be a non government controlled currency? Heard somewhere the Chinese and other rogue powers use crypto but soon convert to greenbacks or tangibles.

Far as the FTX mess it was a case of someone who got too big for their britches. The guy was making money on the bid ask spread between NA markets and Asia markets. Business got saturated so he pivoted to market maker but ran out of capital so he dipped into investors money and lost it too. Then he skipped.

So tell me what are dollars backed by?

[sumdumguy]

The dollar is a medium of exchange of verifiable record. It is transportable and convertible. That dollar is visible even though you may think it’s useless, just try living without any.

[AlbertaFarmer5]

So tell me what are dollars backed by?

The dollar is backed by the confidence of most people and most business
who use it for transactions all over the world. who have confidence that another party will accept it at face value. Based on decades of stability compared to virtually any other currency. It may not be a great store of wealth over the long term, but it's not going to zero by next tuesday, as so many other currencies and Ponzi schemes can do.

[biglentil]

The four most expensive words in the English language are ‘This time it’s different – Sir John Templeton

[fjlip]

Ontario teachers pension fund had lots of money invested in Ftx.

That's just perfect! Those rich bastards can go to F'ing hell! Overpaid oligarchs, upper class pricks!

Yup, it's a mess, Democrat/billionaire CROOKS all over, rotten P'sOS wrecking everything!

[AlbertaFarmer5]

That's just perfect! Those rich bastards can go to F'ing hell! Overpaid oligarchs, upper class pricks!

Yup, it's a mess, Democrat/billionaire CROOKS all over, rotten P'sOS wrecking everything!

I wouldn't celebrate too fast. The OTPP will be a defined benefits pension plan. So if they can't meet their obligations, one way or another it's going to come out of taxpayers pockets.

I commented earlier about me Insanity of Canadian pension plans investing in crypto, while selling farmland, but I forgot to add that they are most likely also playing along with the divest in fossil fuels mantra.
It is not going to end well.

[shtferbrains]

I haven't noticed any other countries sending large quantities of cash to aid in the Ukrainian war effort.

If a leader of a country passed out $830+ million dollars to an assortment of known shithole countries where kickbacks are the rule, how much return might be expected?
In millions?

A lot more than shows up in a family foundation?

[TASFarms]

I haven't noticed any other countries sending large quantities of cash to aid in the Ukrainian war effort.

If a leader of a country passed out $830+ million dollars to an assortment of known shithole countries where kickbacks are the rule, how much return might be expected?
In millions?

A lot more than shows up in a family foundation?

Villas in south of France? Looks like a good kick back.

[hedgehog]

[QUOTE=sumdumguy;553407]

Correction, I have been in cash since August. I know whats coming. The fed fund rate is going to 6%. Mortgage rates will be in the 10% range in the US. Let the dumb money burn up.

The Ontario Teachers Fund and Quebec Pension Plan had significant crypto holdings. Oops.

Awe - too bad! 🥲

They might have to offload some dirt