The Official Stock Market Thread

[xbignick]

Probably my best day in the last two years between the overall market and CPNG smashing.

[finfangfan]

Originally Posted by xbignick

Probably my best day in the last two years between the overall market and CPNG smashing.

Me too… up over 8% in my long term hold account and up 9% in my Roth.

[finfangfan]

From https://www.cnbc.com/2022/11/10/cryp...e-f-ed-up.html

“The full story here is one I’m still fleshing out every detail of, but as a very high level, I f---ed up twice,” wrote Bankman-Fried.

The FTX CEO said his first mistake was poor internal labeling of bank-related accounts, which meant that he was “substantially off” on his sense of users’ margin. “I thought it was way lower.”

He said that on Sunday the exchange saw roughly $5 billion of withdrawals, which he called “the largest by a huge margin.”

By Wednesday, Bankman-Fried told investors that the company was facing a shortfall of at least $8 billion and needed emergency funding, according to a person familiar with the matter.

In Thursday’s tweet thread, Bankman-Fried said his No. 1 priority “by far” is “doing right by users.” To that end, he said, the team is spending the week doing everything it can to raise liquidity.

“I can’t make any promises about that,” he said. “But I’m going to try.”

[Giroux]

https://www.wsj.com/articles/ftx-tap...ll-11668093732

FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall

Crypto exchange FTX lent billions of dollars worth of customer assets to fund risky bets by its affiliated trading firm, Alameda Research, setting the stage for the exchange’s implosion, a person familiar with the matter said.

FTX Chief Executive Sam Bankman-Fried said in investor meetings this week that Alameda owes FTX about $10 billion, people familiar with the matter said. FTX extended loans to Alameda using money that customers had deposited on the exchange for trading purposes, a decision that Mr. Bankman-Fried described as a poor judgment call, one of the people said.

All in all, FTX had $16 billion in customer assets, the people said, so FTX lent more than half of its customer funds to its sister company Alameda.

[KhalDrogo]

A younger Bernie Madoff. He’ll suffer the same fate.

[jcardstore]

I never used FTX, always keep my Bitcoin in a cold wallet but I am actually shocked by the level of fraud here. Amazing nobody did any due diligence

[ninjacookies]

Originally Posted by jcardstore

I never used FTX, always keep my Bitcoin in a cold wallet but I am actually shocked by the level of fraud here. Amazing nobody did any due diligence

90% of the crypto space is amateur hour. I'm not even exaggerating when I say you'll find an equal amount of professionalism on a /satoshibets IPO announcement thread as you will in a crypto trading boardroom. A lot of these guys still officially operate on their IRC handle. You can work at a carwash today and open up the 5th largest trading platform tomorrow given the right connections.

Didn't even need to see the press release about them 'allegedly' using investor funds to furnish large acquisition deals. Anyone with a working frontal lobe could see that was the case when they kept their balance sheet cloaked.

He's a trust fund baby that dropped out of college and interned at a couple investment firms. Low T Dan Bilzerian.


And this happen all over again within a year's time. And people will throw and store their funds blindly.

[Blazed]

............

[KhalDrogo]

FTX files chapter 11.

Anyone who invested in this company is an absolute moron, and should never be trusted again. Clearly no due diligence done at any point in time.

[jcardstore]

Originally Posted by ninjacookies

90% of the crypto space is amateur hour. I'm not even exaggerating when I say you'll find an equal amount of professionalism on a /satoshibets IPO announcement thread as you will in a crypto trading boardroom. A lot of these guys still officially operate on their IRC handle. You can work at a carwash today and open up the 5th largest trading platform tomorrow given the right connections.

Didn't even need to see the press release about them 'allegedly' using investor funds to furnish large acquisition deals. Anyone with a working frontal lobe could see that was the case when they kept their balance sheet cloaked.

He's a trust fund baby that dropped out of college and interned at a couple investment firms. Low T Dan Bilzerian.


And this happen all over again within a year's time. And people will throw and store their funds blindly.

Isn't it crazy how tether is the last thing standing after all the controversy surrounding it over the last 5 years?

[Giroux]

So it looks like the SEC chair was in bed with these clowns. Regulate the regulators.

https://mobile.twitter.com/RepTomEmm...17374801809409

https://mobile.twitter.com/JagoeCapi...51676105125888

[KhalDrogo]

Originally Posted by jcardstore

Isn't it crazy how tether is the last thing standing after all the controversy surrounding it over the last 5 years?

It’s not crazy at all. The system is dependent on tether, and there is too much at stake to allow it to fail.

The longer the price of all these crypto assets stay suppressed, the more failures you will see. The price action of bitcoin this year has reeked of manipulation. Prop up $40k. Prop up $30k. Prop up $20k. It’s all been made by possible by the creation of instant liquidity with the countless shitcoins that have popped up over the last three years. Easy to keep this going while the prices were rising. Now it’s game over.

[Brobocop]

Originally Posted by KhalDrogo

It’s not crazy at all. The system is dependent on tether, and there is too much at stake to allow it to fail.

The longer the price of all these crypto assets stay suppressed, the more failures you will see. The price action of bitcoin this year has reeked of manipulation. Prop up $40k. Prop up $30k. Prop up $20k. It’s all been made by possible by the creation of instant liquidity with the countless shitcoins that have popped up over the last three years. Easy to keep this going while the prices were rising. Now it’s game over.

Buffet got made fun of and was called a boomer but I have agreed with him on this, these "assets" aren't worth anything and have been nothing more than a highly speculative vehicle for people to run scams on other people. The idea of crypto in its current shape being some kind of replacement for fiat is insanity.

[Blazed]

............

[NYBBFAN]

Closed out my NET calls for +$46k across 2 accounts. I still think NET has room to run, but I expect a little consolidation first. Hard to say no to that kind of profit.

[Blazed]

............

[NYBBFAN]

Thanks man. There were a lot of gains to be had in almost every area. NET was just overly punished for what was a decent ER.

[Blazed]

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[ninjacookies]

Originally Posted by jcardstore

Isn't it crazy how tether is the last thing standing after all the controversy surrounding it over the last 5 years?

Until the SEC steps in and deems it an illegal token/stablecoin, it's not going anywhere, much like the 20,000+ other alts in existence.


Well, turns out the 'boardroom' was a bit of an embellishment on my part. More like a dorm filled with LAN party geeks and orgies.

https://finance.yahoo.com/news/bankm...220000971.html

Again, none of this should be surprising if you've been in crypto long enough. I don't know how anyone trusted an offshore based exchange, as I barely even trust Binance at this point.

Stake casino is pretty much ran out a trap house in south america. They're all the same.

It's up to the individual to keep their funds safu. Leaving your money on any exchange long enough is playing with fire...especially one with such a verbally outspoken owner with eccentric financial habits.

Mt Gox happened in 2012. Fast forward a decade and 10+ insolvent exchanges later. Ain't a damn thang changed. And BTC will most likely keep chugging along after the deep correction. Feelsgoodman.

[jcardstore]

Originally Posted by ninjacookies

Until the SEC steps in and deems it an illegal token/stablecoin, it's not going anywhere, much like the 20,000+ other alts in existence.


Well, turns out the 'boardroom' was a bit of an embellishment on my part. More like a dorm filled with LAN party geeks and orgies.

https://finance.yahoo.com/news/bankm...220000971.html

Again, none of this should be surprising if you've been in crypto long enough. I don't know how anyone trusted an offshore based exchange, as I barely even trust Binance at this point.

Stake casino is pretty much ran out a trap house in south america. They're all the same.

It's up to the individual to keep their funds safu. Leaving your money on any exchange long enough is playing with fire...especially one with such a verbally outspoken owner with eccentric financial habits.

Mt Gox happened in 2012. Fast forward a decade and 10+ insolvent exchanges later. Ain't a damn thang changed. And BTC will most likely keep chugging along after the deep correction. Feelsgoodman.

I lost what is several million worth of BTC today between mt gox and btce (the real OGs remember). Nothing has changed lol

Feelsbadman

[ninjacookies]

Originally Posted by jcardstore

I lost what is several million worth of BTC today between mt gox and btce (the real OGs remember). Nothing has changed lol

Feelsbadman

Don't give me ptsd.

5,000 LTC on btc-e and 1,000 XMR on cryptorush.io (actual coin counts not USD value).


Oh what could have been.

[Josh611]

FTX new ceo was the Enron Bankruptcy lawyer.

When is the Netflix documentary for this story?

[awz50]

Disney made me some very nice profits this week

[finfangfan]

Originally Posted by Josh611

FTX new ceo was the Enron Bankruptcy lawyer.

When is the Netflix documentary for this story?

Lol… that’s exactly what I was thinking. Can’t wait for the Netflix doc! And SBF was apparently advising Congress.

[GeechQuest]

Absolute purely speculative but I may take a small position in $LAW next week.

If anybody knows, how do I get exposure to legal expenses via equities? I feel like the legal industry is going to boom with litigation fees relating to bankruptcy, employment, and divorces.