We all need a little more of this in our lives. NFT Market Collapses Just As Square Enix Sells Tomb Raider To Bet Big On Blockchain

kirbyrj

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https://www.cnn.com/2022/06/15/tech/bill-gates-crypto-nfts-comments/index.html

Well now it's official, Crypto and NFT's are a scam. Ol Bill says so.

When did he become the defacto standard for input on various topics from "news" outlets. Of all the cancel culture bullshit in this world, he survives it.

He's just saying that until he can mint his own Jeffrey Epstein coin...

Wait a minute, why did my Windows just deactivate...and now my computer is shutting down with smoke coming out of it...ahhh...

In all seriousness, Gates has been anti-crypto forever. This is nothing new.
 

OutOfPhase

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Bill, whatever one thinks of him or the old MS, is no fool. Disregard the thoughts of a smart billionaire at your own peril.
 

Zarathustra[H]

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Crypto currency is going to be a part of the future no matter what, just wish it wasn’t based on cryptographic mechanics

I'm going to disagree. I just don't see any value in crypto what so ever. It doesn't do anything at all for us that existing instruments or currencies don't.

I see it as a fad, like beanie babies or Tamagotchi, and now the market has started to catch on, and the value is this plummeting.

I just think it is a shame that so many have used it as a get rich quick scheme and have scammed others out of their savings.
 
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KazeoHin

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I'm going to disagree. I just don't see any value in crypto what so ever. It doesn't do anything at all for us that existing instruments or currencies don't.

I see it as a fad, like beanie babies or Tamagotchi, and now the market has started to catch on, and the value is this plummeting.

I just think it is a shame that so many have used it as a get rich quick scheme and have scammed others out of their savings.

I respectfully disagree.

The current Crypto Crash is due to Crypto holdings being liquidated to meet margin requirements by major financial institutions. This isn't anyone 'waking up' and realising that their crypto is somehow less valid than fiat. The financial sector is frighteningly full of ridiculously over-leveraged bets with layers upon layers of rehypothecated assets being borrowed against, and the recent drop in the NYSE has forced MANY to close positions due to their leverage no longer being valuable enough to meet margin calls from other financial institutions. The market is eating itself and liquidating their assets in order to feed itself to itself.

Crypto assets are often used as collateral/margin/leverage and the fact that the mass crypto crash follows the SP500 decline is evidence of this.

I'm neither here nor there on Crypto. I do think it holds more future potential than fiat as it's decentralised. I don't own any crypto, myself.
 

lopoetve

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I respectfully disagree.

The current Crypto Crash is due to Crypto holdings being liquidated to meet margin requirements by major financial institutions.
It’s an unregulated security. Or so you all keep telling us. So which financial institutions? Oh wait, none of them but the crypto ones that are worried about going out of business?? Mkay.
This isn't anyone 'waking up' and realising that their crypto is somehow less valid than fiat.
It’s less valid than fiat except guns and drugs, and would be there but for major regulations and government oversight and all that.
The financial sector is frighteningly full of ridiculously over-leveraged bets with layers upon layers of rehypothecated assets being borrowed against, and the recent drop in the NYSE has forced MANY to close positions due to their leverage no longer being valuable enough to meet margin calls from other financial institutions.
Because all of those have to report to the SEC. Coin base and the like only have to as a business; not as a broker. This should tell you something. (Hint; if they go bankrupt tomorrow you’re fucked, unlike an actual broker dealing in real currencies or securities).
The market is eating itself and liquidating their assets in order to feed itself to itself.
Ayup
Crypto assets are often used as collateral/margin/leverage and the fact that the mass crypto crash follows the SP500 decline is evidence of this.
Sure. No evidence that I’ve seen either way, but I’ll buy your premise for the moment. I doubt it’s significant like you think, but sure.
I'm neither here nor there on Crypto. I do think it holds more future potential than fiat as it's decentralised. I don't own any crypto, myself.
Why does decentralization make any difference? That’s one part crypto bros have never managed to explain other than “I don’t like the government” - unless you live on a sea stead, you don’t get a choice.
 

KazeoHin

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It’s an unregulated security. Or so you all keep telling us. So which financial institutions? Oh wait, none of them but the crypto ones that are worried about going out of business?? Mkay.
Not quite. Many large market-makers and funds hold crypto

It’s less valid than fiat except guns and drugs, and would be there but for major regulations and government oversight and all that.

I mean, Fiat is based on a pinky-swear from the FED, and I don't think we've seen the last of runaway inflation because of their printer. Neither is ideal, but Crypto is at least not reliant on any central agency, and is an actual finite resource.

Because all of those have to report to the SEC. Coin base and the like only have to as a business; not as a broker. This should tell you something. (Hint; if they go bankrupt tomorrow you’re fucked, unlike an actual broker dealing in real currencies or securities).

Reporting to the SEC is like showing your grades to your blind grandma. It's self-reported, and the consequences for billions of dollars of ill-gotten gains usually work out to be fines of a few hundred thousand to a few tens of millions, without ANY admission of wrongdoing. In other words, the SEC take their cut as a price of doing business. Funds and brokers are more afraid of other funds and brokers than the SEC.

Also, I'm not sure how a crypto broker going bankrupt is different to a stock broker or bond fund going bankrupt. your assets are fucked either way. By the way, it seems more hedge funds are going bankrupt/closing down than crypto brokers at the moment (or its possible my news feed emphasises different stories, who knows)

Ayup

Sure. No evidence that I’ve seen either way, but I’ll buy your premise for the moment. I doubt it’s significant like you think, but sure.

I think we've only seen the beginning of this downturn in both crypto and fiat. Remember, where there is money to be made: legal, logical, or legitimate don't matter. Money is money, and the finance industry will take it any way they can. money money money, and Crypto has been a great source of money for them. I can't think of one reason the international Ponzi scheme that is the financial sector wouldn't go whole-hog into something as lucrative as crypto.

Why does decentralization make any difference? That’s one part crypto bros have never managed to explain other than “I don’t like the government” - unless you live on a sea stead, you don’t get a choice.
Well, decentralising a currency frees it from the FED and other major players like banks. No more needing a bank. This also means that it can change hands between unsavory characters, yes. But the same with the US$.

The US dollar is loaned to the people by the FED, and their policy on how and when they loan out or collect can mean literal life and death. you're seeing in REAL TIME how the very human choices of the FED and JPow can affect the world at large. Crypto is crashing due to contagion with the US$ value plummeting and its affect on the market, not the other way around.

While I completely understand the hate for Crypto, (especially as a gamer who does not mine or own any crypto) I don't let my emotions or hate get in the way of realising that it's probably the future of many things, and I don't totally hate that future.
 

LukeTbk

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Also, I'm not sure how a crypto broker going bankrupt is different to a stock broker or bond fund going bankrupt. your assets are fucked either way. By the way, it seems more hedge funds are going bankrupt/closing down than crypto brokers at the moment (or its possible my news feed emphasises different stories, who knows)
That shound really strange to me, usually clients does not even feel if their stock broker got into bankruptcy (the new buyer cause not even interruption of service sometime) and in a bad case scenario for an American broker the first half a millions of security and 250K of cash is insured by the SIPC coverage:
https://www.sipc.org/for-investors/what-sipc-protects#:~:text=SIPC protects against the loss,a $250,000 limit for cash.

Client asset of a broker are not open to the creancier of said broker, I am not sure what you mean by the asset being fuck, do you have an example ?

Of does a bond fund going bankrupt fuck your asset ? I think mutuel bund company has a different company that hold the asset that the company that manage them, if the company fail the clients asset are in a different untouch company (not accessible to the creditors during the bankruptcy process), by law. Do you have an example ?

Reporting to the SEC is like showing your grades to your blind grandma. It's self-reported
I thought many of them were validated by independent auditor.

I mean, Fiat is based on a pinky-swear from the FED
That a bit of a reduction imo, a Fiat like the USD is based on the power of the American tax payers and American goverment police/state/judicial force to convince them to pay, that a incredibly giant concrete things, I am not sure how much it requires a competent FED has well, but the force put on it to be competant are also quite big.

but Crypto is at least not reliant on any central agency, and is an actual finite resource.
Now I will sound completely novice, but is it, does all the new crypto coin source on the same finite resource or are they not creating new resource with a finite or not possible amount of them ?


No more needing a bank.
When private bank were mostly in charge of money creation, it was quite a good era in the history of mankind too imo no (could be fully wrong here), but the system is a genius one, with quite a good alignment with incentive and good for society well aligned that was working quite well. I am not sure if/when you reach close to the limit of a crypto, if it really replaces flat how does terrible, terrible deflation does not occur.

Removing individual bank and employee decision to replace it by what could end up world Internet hockey-stick winner get all like distribution (like a Spotify versus local DJ) capital distribution is incredibly frightening has well, the track record on that shift is really not particularly good imo. Local bank/local branch loosing power to regional management of banks is already something that is disputable to have been good.
 
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lopoetve

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Not quite. Many large market-makers and funds hold crypto
As assets. Not as a regulated security broker. It's a distinction
I mean, Fiat is based on a pinky-swear from the FED, and I don't think we've seen the last of runaway inflation because of their printer. Neither is ideal, but Crypto is at least not reliant on any central agency, and is an actual finite resource.
Finite resource - as pinky swore by a dude in Topeka, and his pet dog, not-toto.
Reporting to the SEC is like showing your grades to your blind grandma. It's self-reported, and the consequences for billions of dollars of ill-gotten gains usually work out to be fines of a few hundred thousand to a few tens of millions, without ANY admission of wrongdoing. In other words, the SEC take their cut as a price of doing business. Funds and brokers are more afraid of other funds and brokers than the SEC.
https://en.wikipedia.org/wiki/Enron_scandal Beg to differ. Minor consequences for minor violations, major consequences for major violations. Those folks went to jail and were banned from ever holding that type of office again. It's also audited,
Also, I'm not sure how a crypto broker going bankrupt is different to a stock broker or bond fund going bankrupt. your assets are fucked either way. By the way, it seems more hedge funds are going bankrupt/closing down than crypto brokers at the moment (or its possible my news feed emphasises different stories, who knows)



I think we've only seen the beginning of this downturn in both crypto and fiat. Remember, where there is money to be made: legal, logical, or legitimate don't matter. Money is money, and the finance industry will take it any way they can. money money money, and Crypto has been a great source of money for them. I can't think of one reason the international Ponzi scheme that is the financial sector wouldn't go whole-hog into something as lucrative as crypto.
Lack of regulation and extremely high risk, lack of future visibility to potential regulation, no inherent value - there's a multitude of reasons. The primary one, however, is that it serves the majority of it no purpose other than as speculative value - and speculation can go up, or go to absolute zero, since there is no inherent value to it as an item for trade, outside of guns and drugs.
Well, decentralising a currency frees it from the FED and other major players like banks. No more needing a bank. This also means that it can change hands between unsavory characters, yes. But the same with the US$.
Not having banks has proven to be a bad idea every time it has been attempted in the past, for good reason.
The US dollar is loaned to the people by the FED, and their policy on how and when they loan out or collect can mean literal life and death. you're seeing in REAL TIME how the very human choices of the FED and JPow can affect the world at large. Crypto is crashing due to contagion with the US$ value plummeting and its affect on the market, not the other way around.

While I completely understand the hate for Crypto, (especially as a gamer who does not mine or own any crypto) I don't let my emotions or hate get in the way of realising that it's probably the future of many things, and I don't totally hate that future.
I mean, yes - sorta. But we've tried fully unregulated markets - they don't work. Ever. As for the future - why? What can it do that I can't do with straight currency now?
That shound really strange to me, usually clients does not even feel if their stock broker got into bankruptcy (the new buyer cause not even interruption of service sometime) and in a bad case scenario for an American broker the first half a millions of security and 250K of cash is insured by the SIPC coverage:
https://www.sipc.org/for-investors/what-sipc-protects#:~:text=SIPC protects against the loss,a $250,000 limit for cash.
Yep. They serve to trade for you - you're protected. When Mt Gox went under, everyone who lost out was pretty much screwed.
Client asset of a broker are not open to the creancier of said broker, I am not sure what you mean by the asset being fuck, do you have an example ?

Of does a bond fund going bankrupt fuck your asset ? I think mutuel bund company has a different company that hold the asset that the company that manage them, if the company fail the clients asset are in a different untouch company (not accessible to the creditors during the bankruptcy process), by law. Do you have an example ?
If the fund breaks, then yes - you can lose money, but that's generally exceedingly rare - and depending on who's bonds they are, there's often recourse or a backstop to it (eg: US Government bonds, since we don't default on debt).
I thought many of them were validated by independent auditor.
Ayup. And the few times the auditors truly fuck up, they tend to cease to exist fast.
That a bit of a reduction imo, a Fiat like the USD is based on the power of the American tax payers and American goverment police/state/judicial force to convince them to pay, that a incredibly giant concrete things, I am not sure how much it requires a competent FED has well, but the force put on it to be competant are also quite big.


Now I will sound completely novice, but is it, does all the new crypto coin source on the same finite resource or are they not creating new resource with a finite or not possible amount of them ?
Fuzzy. And trust.
When private bank were mostly in charge of money creation, it was quite a good era in the history of mankind too imo no (could be fully wrong here)
Oh you're WAY wrong on that one (eg: the guilded age, the free banking age, etc - none of those worked out for your average common man). Central banks exist for a reason, and it's not just monetary policy. https://www.clevelandfed.org/en/new...0071201-a-brief-history-of-central-banks.aspx
, but the system is a genius one, with quite a good alignment with incentive and good for society well aligned that was working quite well. I am not sure if/when you reach close to the limit of a crypto, if it really replaces flat how does terrible, terrible deflation does not occur.

Removing individual bank and employee decision to replace it by what could end up world Internet hockey-stick winner get all like distribution (like a Spotify versus local DJ) capital distribution is incredibly frightening has well, the track record on that shift is really not particularly good imo. Local bank/local branch loosing power to regional management of banks is already something that is disputable to have been good.
What
 

LukeTbk

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If the fund breaks, then yes - you can lose money, but that's generally exceedingly rare - and depending on who's bonds they are, there's often recourse or a backstop to it (eg: US Government bonds, since we don't default on debt).
What fund breaks mean ? The company handling the fund, why would you loose money ?

Why which bond in the actual fund matter ? Maybe it is some lingo I am missing, are people talk about the entity that emitted the bond goes bankrupt (than yes the bond values can obviously and should obviously go down) but that a completely different conversation.

Oh you're WAY wrong on that one (eg: the guilded age, the free banking age, etc - none of those worked out for your average common man). Central banks exist for a reason, and it's not just monetary policy.
I was talking reform after the terrible 70s-80s inflation, i.e. mid 80s to now, central banks became way more independent. Did private banks in charge of money creation via loan like today back in 1880 usa ? I thought they were still on the gold standard, almost an 180 opposite.

The current system in place since the governement step out a little bit:
https://www.forbes.com/sites/france...-money-tree-is-not-cost-free/?sh=2978e333073e
https://opentextbc.ca/principlesofeconomics/chapter/27-4-how-banks-create-money/

Is a really good one imo, it tie an incentive (making profit) into allocating capital into profitable endavours at the same times that creating money that follow the numbers of good&services that exists, you loan to someone that build an house that keep is value or start a company that succeed, money is created at the same time that there is more value in the country, loan to an housing project that fail or a company that fail not able to pay interest on the loan, no money created.

About the deflation, there is a lot of crypto enthusiast that seem happy when they rise in traded valuation, which is nice if they tried to be an pure side asset storage a la gold but more pratical, but there is a tension with them wanting to be day to day used as well, that I am not sure if would ever succeed and be a good idea to ever succeed, having people keeping thigh on their money when there is a sign of economic challenge (like it happened in 1929) just seem a really bad idea collectively, even if it would be a good decision for the individual making it at the time.

Has for the hockey stick distribution comments, 90% of youtube vidoes have less than 1,000 views, almost all song on spotify less than 100 views and 90% of streams goes to the 1%, decentralisation and shifting to a purely online mono player format seem to very often create a winner take all phenomenom, removing traditionnal bankers/banks, by everyone doing it themselve following the latest FOMO trending stuff and I feel we risk to see the same happening with capital. Currently, people in a very disproportional way invest regionally and that not necessarily a bad thing to mass down the distribution. We seem to go to the top 20% get 80% of the stuff to a top 1% get 90% of the stuff.
 

MooCow

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More like somebody thought they'd become bored apes once they got to the top, lol.
 
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