[Bhargav7]

In another news, Michael Saylor stepped down as the CEO of Microstrategy. His Bitcoin strategy doesn't seem to be working as the company recorded a billion dollar loss in second quarter. As of June 30th, their networth is negative.

If the new CEO decides to liquidate the Bitcoin assets, it has the potential to crash BTC price to under 10k.


https://u.today/breaking-bitcoin-adv...rostrategy-ceo

[Samurai]

Over half of Bitcoin's daily trading volume fake globally: Report

More than half of all Bitcoin daily trading volumes are reportedly fake, as the world's largest cryptocurrency nosedives again amid global economic turmoil


How wonderful... every time I think crypto world has found a bottom, they find a new bottom.

https://www.business-standard.com/ar...2800286_1.html

[speedmiester]

Originally Posted by Samurai

Over half of Bitcoin's daily trading volume fake globally: Report

More than half of all Bitcoin daily trading volumes are reportedly fake, as the world's largest cryptocurrency nosedives again amid global economic turmoil


How wonderful... every time I think crypto world has found a bottom, they find a new bottom.

https://www.business-standard.com/ar...2800286_1.html

Not at all surprised.
I am all for the underlying blockchain technologies, but crypto is a scam that needs to be called out.

[SoumenD]

Anyone here stuck with VAULD fiasco? Any hope of ever getting our investment back? Thankfully I was just experimenting and hence invested only a few thousand. But looks like that’s all I would see of cryptocurrency in this life

[DigitalOne]

FTX Cryptocurrency market rocked by near-collapse of exchange


Source

The digital assets market has been rocked by the near-collapse of one of the world's biggest cryptocurrency exchanges, FTX.

On Tuesday, FTX struck a bailout deal with larger rival Binance after a surge in withdrawals caused a "significant liquidity crunch".

Concerns about FTX's financial health reportedly triggered $6bn (£5.2bn) of withdrawals in just three days.

The news sent shockwaves through the digital assets market, with cryptocurrencies falling sharply.

Bitcoin fell by more than 10% to hit the lowest level since November 2020.

Meanwhile, online trading platform Robinhood lost more than 19% of its stock market value, while cryptocurrency exchange Coinbase fell by 10%.

There are other news reports stating that the founder of FTX used his client funds for his private investment and would soon be facing criminal investigation.

More on this:

In just the last 24 hours, the value of FTX Token (FTT), the native token of the FTX exchange, plunged 85% to $3.15 levels from $19.51, and its market cap remained at merely half a billion dollars.

Among other top crypto tokens, Bitcoin slumped about 12% to slip below $18,000, whereas Ethereum plunged 20% to breach the $1,200 mark. Solana tanked about 45% to trade just above $16.

Other altcoins also took a hit at a similar magnitude, with Dogecoin, XRP, Polygon, Polkadot, Avalanche, Shiba Inu, Uniswap, and Litecoin plunging 12%-22% each at the time of writing this report.

[Samurai]

When children are in-charge of so much money, it can turn into play money.

https://www.youtube.com/watch?v=l3HfrRjWilQ

https://youtu.be/MWfuDeO9thk

[PrasunBannerjee]

Another video for the uninitiated which is rather detailed but is not at all using any technical jargons, good watch for people who want to get an understanding of everything that happened without getting into technical mumbo jumbo

https://www.youtube.com/watch?v=vC6Ck4-rUxU&t=42s

[mayukh42]

Here is another:

https://www.youtube.com/watch?v=ieu3VzKkp1c

It seems the dude was second highest donor to the winnig president's election campaign. Interesting

A screengrab from above why celebrity media cannot be trusted:



Looks like marketing for the Ponzi scheme that crypto was in its existing state.

[Samfromindia]

Originally Posted by LaRoca

This is more likely whats happening now...

And I will show you this:

Originally Posted by antz.bin

Rule #1 of Crypto. Never hold your coins in the exchange for any longer than absolutely required. Move it to a wallet that you control, even if it means that you lose some amount as transfer charges. That is the price we pay for our safety. This approach is similar to someone paying extra for a nicer helmet / a safer car.

Amen ! However many start off their crypto journey with few thousands, then the cold hardware wallets and the transfer fees does not make sense. For bigger ventures they are a must. As the saying goes : Not your keys, not your coins.

Originally Posted by Sebzgeo89

As a newbie investor in the world of equities and cryptos, this is has been an awful year. Both my stock portfolio and my cryptos are in the red. Fortunately I didn’t go overboard with my crypto acquisition and ended up investing just 15k into Ethereum thinking I’ll check back after 20 years. Tempted to withdraw whatever little I have left. Holding onto my stocks for the time being.

Crypto should be a minimum part of the portfolio and you should only invest an amount you that you can afford to lose.

Originally Posted by rkv_2401

WazirX funds have been frozen by the ED in connection with money laundering by unauthorized, predatory loan fintech firms

The WRX token has taken a big hit after this fiasco. I always used Binance, and back in the days could transfer coins between these platforms for free. Now Binance have removed that link as well. Just curious how do all of you buy stablecoins like USDT/BUSD in India ? The P2P market is very overpriced, where 80Rs USDT are selling for 88 currently which is like 10% premium.

[Samurai]

In any other industry, someone who stole a few billion dollars will be behind bars. But Crypto is such a special thing that doesn't come under any regulatory regime.

This scam artist is free and participating in web chats like a very humble man.

https://www.youtube.com/watch?v=AfmBdKoqq1o

[Samurai]

Crypto is a complete sideshow, tokens are like 'pet rocks,' says JPMorgan CEO Jamie Dimon

https://www.youtube.com/watch?v=TIJbTsYbHME

[Samurai]

CNBC tries to act tough now... Why didn't they do this with SBF?

https://youtu.be/R9UdlMtfwyw

https://youtu.be/kyKcd850QEQ

As described in these videos, the crypto exchanges basically play the role of the middleman, which crypto supposedly eliminated. So how is your money safe in crypto? Promise made, but not delivered. How many are you comfortable carrying your wealth in hardware wallets, and store it in personal lockers or bank lockers, which is not safe from thieves or law enforcement authorities?

The problems I laid out when I first studied crypto is still remain a problem.

[Imran.Syed]

My friend and I had a heated disagreement yesterday.
She had asked me to "invest" in bitcoin back in 2017 when 1 btc cost about 6k usd. My friend lucked out really good, even after crashing so much, BTC is 10000% approximately as of today. Why? She cant tell.
Maybe my friend has a knack for discovering bubbles before they are inflated by the public's money.

I didn't listen to her then, because like many here I did not understand the nature, science, art and utility behind it and could not put down Rs 1 for something that looked so fishy and speculative. Maybe I should have put some chump change in it. But it went strongly against my principles so I stayed away.

Also went through many posts here of people who started investing in crypto from early 2020 - late 2021. They probably wouldve been much better off investing in ITC Ltd which was on SmartCat's screeners for months! I have made close to a 100% gains on my investments using them but the most important thing is that I did not lose any peace while waiting it out.

I will still not touch crypto with a ten foot pole because they is just no way to value it and other perceived supply and demand. Novice investors allocating some amount of their portfolio to crypto is mind boggling to me.
Please correct me if I am wrong.

[Samurai]

‘Cryptocurrency is a scam, have zero ties to the industry,’ says Ratan Tata

Ratan Tata has said that he isn't involved with any cryptocurrency firm, and that cryptos are a scam, after reports started circulating online that the had invested in Bitcoin and certain crypto businesses

https://www.firstpost.com/world/cryp...-12806252.html

[Pandher]

Originally Posted by Imran.Syed

I will still not touch crypto with a ten foot pole because they is just no way to value it and other perceived supply and demand. Novice investors allocating some amount of their portfolio to crypto is mind boggling to me.
Please correct me if I am wrong.

Bitcoin ETF's are coming, your mutual funds and retirement funds will be allocating percentages into it. They will have to market buy BTC 1:1 ratio, only 21 million total BTC in existence, much less available on exchanges to buy.

Do you not understand the gravity of the situation?



A little tip - Buy as much Kaspa (KAS) as possible