Crypto News

[tsptalk]

Crypto market tops $2 trillion for the first time in nearly 3 months as bitcoin rallies


Bitcoin topped $48,000 over the weekend, its highest level since May, but pared some of those gains on Monday.

Bitcoin’s rise helped push the value of the entire cryptocurrency market above $2 trillion on Saturday, the first time since mid-May.

The bitcoin recovery comes after it sold off heavily in June and July, dropping below $30,000 after hitting a record high of more than $64,000 in April.
https://www.cnbc.com/2021/08/16/bitcoin-btc-rises-above-48000-as-crypto-market-tops-2-trillion.html

[Marjuno]

Yes, Bitcoin strikes.
But I was more surprised by the rise of Solana. Doubled in two weeks!

[Bullitt]

Australia's Commonwealth Bank is partnering with Gemini to offer a platform for customers to trade cryptocurrencies. Depending on how easy they make it to get involved, this should result in some additional buying pressure from those who are curious.


Australia's biggest lender said it will partner with New York-based exchange Gemini Trust Company LLC to offer a "crypto exchange and custody service" through a new feature in its mobile banking app that is used by about 6.4 million customers.

https://www.reuters.com/business/cop/australias-cba-leads-industry-offer-in-app-crypto-trading-2021-11-02/

[tsptalk]

Don’t think of it as leaving Twitter. Jack Dorsey’s going all in on crypto.

Bitcoin unleashed a huge wave, and Dorsey — no longer doing double duty at Twitter and Square — wants to ride it.


"If I were not at Square or Twitter I'd be working on bitcoin," Dorsey said at a cryptocurrency conference in Miami in June. At the time, he said “both companies have a role to play.”

https://www.protocol.com/fintech/jack-dorsey-bitcoin-crypto-twitter

[tsptalk]

More than $320 million stolen in latest apparent crypto hack


Wormhole, one of the most popular bridges linking the ethereum and solana blockchains, lost about $320 million in an apparent hack Wednesday afternoon.

The two blockchains are popular in the world of DeFi, where programmable contracts can replace lawyers and bankers in some transactions, and NFTs.

But few users stick with one blockchain exclusively, so bridges like Wormhole are a necessary go-between.

https://www.cnbc.com/2022/02/02/320-million-stolen-from-wormhole-bridge-linking-solana-and-ethereum.html

[bmneveu]

With crypto creeping back up the charts, I figured I'd throw this out there for anyone interested in checking on coin prices from time to time. Nice user-friendly list, very similar to coinmarketcap.com but a little more clean, in my opinion:

https://www.coingecko.com/

[tsptalk]

This is what ruins it for me. Why so many cryptos? How easy is it to make one? It seems like trading something for the sake of trading something -- kind of like GameStop. :D

If there were just a half dozen of these than maybe I'd get it. And, to me, all of these other little ones bring down the credibility of Bitcoin and Ethereum because they are obviously a lot easier to manufacture than what in my mind was the complexity of BTC and ETH.

[Frixxxx]

This is what ruins it for me. Why so many cryptos? How easy is it to make one? It seems like trading something for the sake of trading something -- kind of like GameStop. :D

If there were just a half dozen of these than maybe I'd get it. And, to me, all of these other little ones bring down the credibility of Bitcoin and Ethereum because they are obviously a lot easier to manufacture than what in my mind was the complexity of BTC and ETH.
Have to make money off those millennials expecting huge returns and early retirement!!!!
https://www.marketwatch.com/story/millennials-have-solved-the-retirement-crisis-11649199310

[TommyIV]

FBI says fake crypto apps defrauded investors of more than $42 million (https://www.cnbc.com/2022/07/19/fbi-says-fake-crypto-apps-defrauded-investors-of-more-than-42-million.html)
The socialized hype of getting rich off crypto has opened a door for scams. Those who are in crypto to make a quick buck are those looking for the next no name to blow up. This is the perfect bait for scammers to create fraudulent crypto currencies or crypto-management accounts. The FBI estimates at least $42 million of dollars were lost by investors to fake crypto apps in under a year.

What does this mean for the practicality of crypto as a currency? It seems the further you get from physical cash the less secure your currency becomes.

[Bullitt]

FTX, the latest massive fraud that is collapsing in the world of crypto.

Tom Brady is in, are you?


https://youtu.be/uymLJoKFlW8

[TommyIV]

Charlie Munger says crypto is a bad combo of fraud and delusion — ‘good for kidnappers’ (https://www.cnbc.com/2022/11/15/charlie-munger-says-crypto-is-a-bad-combo-of-fraud-and-delusion-good-for-kidnappers.html)


The best quote of this article: "Nobody’s gonna say I got some s*** that I want to sell you. They say – it’s blockchain!" - Charlie Munger

It's easy to see red flags in retrospect, but when you start seeing billboards and celebrity commercials for an asset, it's time to start asking questions. It's time to jump ship when every barista at the local coffee shops are guaranteeing that asset is going up.

[Bullitt]

We're just scraping the surface of the rampant fraud within the crypto world. It's not like "last time" when it went down and then back up again. The erosion of trust this time around will be very hard to win back.

[tsptalk]

I am disappointed that there has been little done with the infrastructure of bitcoin / crypto in order to make it a viable form of payment. But at this point, and with all of the controversy, it is still up more than 4X since the COVID lows, although below the 2017 highs. The die hard "Hodlers" don't seem interested in selling. Is it just shaking out those who don't know anything about it?

disclosure: I don't own any right now.

[TommyIV]

I don't see how it could ever be used as a practical form of payment with how volatile it can be.

Disclosure: I likely know less.

[tsptalk]

It would be confusing. We'll have to go to El Salvador and see how it's going there. :)

[tsptalk]

Here's some FTX / Sam Bankman-Fried crypto news (video). Some may call it conspiracy, but this guy seems to have done his homework.

https://www.youtube.com/watch?v=OYQMcYCN2EA

[tsptalk]

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


The Senate Banking hearing is set to take place just one day after new FTX CEO John J. Ray testified in front of the House Financial Services Committee.

FTX founder Sam Bankman-Fried was charged by federal prosecutors in the Southern District of New York for a wide variety of crimes including wire fraud, securities fraud and violating campaign finance regulations.
https://www.cnbc.com/2022/12/14/senate-banking-hearing-set-to-take-aim-at-ftx-and-cryptocurrency-industry-the-largest-ponzi-scheme-in-history.html

[Bullitt]

Imagine what will happen when the fed cuts rates.

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