Cryptocurrencies Part III - We ran as if to meet the Moon

[Ben Grimm]

Senate Banking hearing set to take aim at FTX and cryptocurrency industry: 'The largest Ponzi scheme in history'

FTX's new CEO John J. Ray told lawmakers Tuesday that former CEO Sam Bankman-Fried, committed "old fashioned embezzlement."

www.cnbc.com

Crypto is a bad religion, but you'll never convince it's zealots of the truth.

 

[beowulf]

Senate Banking hearing set to take aim at FTX and cryptocurrency industry: 'The largest Ponzi scheme in history'

FTX's new CEO John J. Ray told lawmakers Tuesday that former CEO Sam Bankman-Fried, committed "old fashioned embezzlement."

www.cnbc.com

Crypto is a bad religion, but you'll never convince it's zealots of the truth.

Was only matter of time and the new Conservative party leader here in Canada ran for the party leadership in part on crypto and opening it up but I think that won't happen soon.

 

[The Crypto Guy]

Indeed, not only is Twitter in trouble but Tesla's stock continues to drop and is down 50% over the last year.

Everything is down over the last year, so that isn't saying anything.

 

[beowulf]

Everything is down over the last year, so that isn't saying anything.

Indeed but Tesla is one of the bigger losers among the big tech type companies or mega market cap companies, Meta is doing worse that Tesla over the last year but others like Alphabet or Amazon have not fallen as hard, as of yet.

Company	Ticker	Stock YTD	Largest owner	Loss on shares this year ($ billions)
Tesla	(TSLA)	-54.3%	Elon Musk	-$85.3
Meta Platforms	(META)	-64.3%	Mark Zuckerberg	-$75.2
Amazon.com	(AMZN)	-44.5%	Jeff Bezos	-$73.7
Microsoft	(MSFT)	-23.6%	Vanguard	-$50.4
Alphabet	(GOOGL)	-34.0%	Vanguard	-$44.3
Apple	(AAPL)	-18.1%	Vanguard	-$40.8
Nvidia	(NVDA)	-38.6%	Vanguard	-$23.1
Netflix	(NFLX)	-46.8%	Capital Research	-$12.1
PayPal Holdings	(PYPL)	-60.9%	Vanguard	-$11.0
Salesforce	(CRM)	-46.6%	Vanguard	-$9.5

 

[The Crypto Guy]

Indeed but Tesla is one of the bigger losers among the big tech type companies or mega market cap companies, Meta is doing worse that Tesla over the last year but others like Alphabet or Amazon have not fallen as hard, as of yet.

Company	Ticker	Stock YTD	Largest owner	Loss on shares this year ($ billions)
Tesla	(TSLA)	-54.3%	Elon Musk	-$85.3
Meta Platforms	(META)	-64.3%	Mark Zuckerberg	-$75.2
Amazon.com	(AMZN)	-44.5%	Jeff Bezos	-$73.7
Microsoft	(MSFT)	-23.6%	Vanguard	-$50.4
Alphabet	(GOOGL)	-34.0%	Vanguard	-$44.3
Apple	(AAPL)	-18.1%	Vanguard	-$40.8
Nvidia	(NVDA)	-38.6%	Vanguard	-$23.1
Netflix	(NFLX)	-46.8%	Capital Research	-$12.1
PayPal Holdings	(PYPL)	-60.9%	Vanguard	-$11.0
Salesforce	(CRM)	-46.6%	Vanguard	-$9.5

True, but once the bull market is back, whenever that may be, I do think Telsa rebounds pretty significantly. Unknown if that will be the same with Meta however.

 

[beowulf]

True, but once the bull market is back, whenever that may be, I do think Telsa rebounds pretty significantly. Unknown if that will be the same with Meta however.

I think part of the problem for Tesla is that people are getting fed up with Musk, he will always have his fanboys but the general public is tired of him and how he runs companies. He does what he wants and does not listen. One of the biggest complaints with Tesla vehicles is the initial quality which is worse than most other luxury, or similar average priced cars and he has done little if anything to improve that quality.

He has been in trouble with the FTC how many time now? Including with a crypto currency Dogecoing which he is now being sued for over $250B is it?

He really is not a good business man but is an excellent conman and BS seller.

 

[Scandale du Jour]

I think part of the problem for Tesla is that people are getting fed up with Musk, he will always have his fanboys but the general public is tired of him and how he runs companies. He does what he wants and does not listen. One of the biggest complaints with Tesla vehicles is the initial quality which is worse than most other luxury, or similar average priced cars and he has done little if anything to improve that quality.

He has been in trouble with the FTC how many time now? Including with a crypto currency Dogecoing which he is now being sued for over $250M is it?

He really is not a good business man but is an excellent conman and BS seller.

Which is why his fanboys and another person's that shall not be named fanbase would be a perfect circle if we were to make a Venn diagram.

 

[chicagoskycam]

TikTok - Make Your Day

Kevin O blaming binance for putting FTX out of business

 

[PeteWorrell]

Binance simply accelerated the inevitable. FTX/Alameda were severely lacking in cash flow and their solution was to have another round of financing. Those companies were dysfunctional and had no business model beyond using Sam Bankman-Fried as a mascot to get more money from clients/investors. This is not an Enron where a legitimate business fell on hard times and started cooking the books to try and save themselves.

 

[beowulf]

TikTok - Make Your Day

Kevin O blaming binance for putting FTX out of business

Saw that, eh is a clown and I take little of what he says as important.

 

[chicagoskycam]

Binance simply accelerated the inevitable. FTX/Alameda were severely lacking in cash flow and their solution was to have another round of financing. Those companies were dysfunctional and had no business model beyond using Sam Bankman-Fried as a mascot to get more money from clients/investors. This is not an Enron where a legitimate business fell on hard times and started cooking the books to try and save themselves.

That’s not exactly what happened at Enron. Pure old fashion greed led to them cooking the books.

 

[Fixed to Ruin]

True, but once the bull market is back, whenever that may be, I do think Telsa rebounds pretty significantly. Unknown if that will be the same with Meta however.

I think Tesla's problem is that every car maker is making EVs that are cheaper and better quality. Also, there way more hybrid options which will attract people who live in condos and appartment where they can't setup a charging system.

This is the new Prius. No longer a ugly box looking nerd car as its predecessors.

 

[The Crypto Guy]

I think Tesla's problem is that every car maker is making EVs that are cheaper and better quality. Also, there way more hybrid options which will attract people who live in condos and appartment where they can't setup a charging system.

This is the new Prius. No longer a ugly box looking nerd car as its predecessors.

I loled hard at this

 

[flyersnorth]

A properly run exchange would behave like casino where they just collect the rake on a bet or a bank that collects a fee when you make a transaction and be happy with those returns rather than trying to hit a 10000x grand slam by making crazy bets with customer funds.

This.

Listening to all the crypto pumpers talk about making 10x, 50x, 100x..... it's completely detached from reality.

 

[flyersnorth]

Binance simply accelerated the inevitable. FTX/Alameda were severely lacking in cash flow and their solution was to have another round of financing. Those companies were dysfunctional and had no business model beyond using Sam Bankman-Fried as a mascot to get more money from clients/investors. This is not an Enron where a legitimate business fell on hard times and started cooking the books to try and save themselves.

SBF himself, when using a metaphor to describe FTX, was describing a ponzi scheme. The Bloomberg host called him out on it "um, you're describing a ponzi scheme," and he just laughed it off.

 

[TheDoldrums]

TikTok - Make Your Day

Kevin O blaming binance for putting FTX out of business

Worst thing you can do to a famous person, worse than stealing their money, is make them look stupid. All the idiots who were fooled by SBF desperately trying to rationalize their poor judgement.

Sorry there's no conspiracy here, you guys were just scammed.

 

[chicagoskycam]

The question I have for Kevin, where was your due diligence when you agreed to represent and promote this company?

 

[Fixed to Ruin]

The question I have for Kevin, where was your due diligence when you agreed to represent and promote this company?

The check cleared. I bet that was the due diligence.

 

[Fixed to Ruin]

 

[Fixed to Ruin]

 

[PeteWorrell]

Not surprised that Caroline Ellison the forest nymph squealed. It was just too quiet considering her former position even as a puppet.

 

[DailyKaizen]

Senate Banking hearing set to take aim at FTX and cryptocurrency industry: 'The largest Ponzi scheme in history'

FTX's new CEO John J. Ray told lawmakers Tuesday that former CEO Sam Bankman-Fried, committed "old fashioned embezzlement."

www.cnbc.com

Crypto is a bad religion, but you'll never convince it's zealots of the truth.

Yes, no one is more hated than those who expose the truth.

 

[beowulf]

Boom $250M bond and has to stay with his parents lol.

https://www.cnn.com/2022/12/22/business/ftx-sam-bankman-fried/index.html

 

[Ben Grimm]

AMZN lost half it's value. There's no reasoning with kids that think crypto and TSLA are the keys to wealth. My stocks and broke even this year and that's before dividends.

 

[The Crypto Guy]

AMZN lost half it's value. There's no reasoning with kids that think crypto and TSLA are the keys to wealth. My stocks and broke even this year and that's before dividends.

Cool, and i'm still up 1,000+% from my early Crypto buys in 2016-17. So yes, Crypto could have been a nice key to wealth had you bought Bitcoin/Ether early when people told you do. But congrats on breaking even