Et tu, Sam Bankman-Fried?

[Covertibility]

https://twitter.com/x/status/1590093302535454720

 

[Pekelo]

Anybody remembers the Prince song? Banking like it is 1899!

I will see myself out now. Probably too soon...

 

[The_Krakenite]

FTX's Bitcoin Balance Plunges to Just One

Roughly 20,000 bitcoin have been pulled from the crypto exchange in the past 24 hours, according to data from Coinglass.

https://www.coindesk.com/business/2...eferral&utm_source=rss&utm_campaign=headlines

 

[destriero]

SBF calls off GS purchase.

 

[nrstrader]

Shit like this is why it is hard to take crypto seriously.

It is ultimately why I don't trade the stuff. Not against it but the idea of trusting any of these exchanges with my capital is laughable.

 

[destriero]

SBF is a fraud. The ROK arbitrage was awesome in its scale, and then he perpetrated outright fraud with Alameda.

 

[Collagen]

Shit like this is why it is hard to take crypto seriously.

It is ultimately why I don't trade the stuff. Not against it but the idea of trusting any of these exchanges with my capital is laughable.

It’s worth a read the bloomberg’s article posted above to get a general idea of the field. It explains how ponzi schemes are engineered through farming and some thoughts of the perceived value compared to the intrinsic value of something; what matter for us as trader is the perceived value and more specifically the timing to get in/out; You can apply this principle just for everything; Another read that I recommend is the “miserable life” thread of the pit guy; his cottage home and the price fluctuations over few months; finally to know if You need to click the buy/sell Just get a broadly understanding of where we are in the economic cycle, and You should do fine

 

[The_Krakenite]

Oh boy, did Solana continue to get rekt today!