AA Optics

Anyone Invested in crypto?

The #1 community for Gun Owners in Indiana

Member Benefits:

  • Fewer Ads!
  • Discuss all aspects of firearm ownership
  • Discuss anti-gun legislation
  • Buy, sell, and trade in the classified section
  • Chat with Local gun shops, ranges, trainers & other businesses
  • Discover free outdoor shooting areas
  • View up to date on firearm-related events
  • Share photos & video with other members
  • ...and so much more!

    • Register Log in
    smokingman

    smokingman

    Grandmaster
    Rating - 100%
    2   0   0
    Nov 11, 2008
    9,451
    149
    Indiana
    DK Firearms Ad
    Genesis is suspending redemptions and new loan originations at its lending business after facing what it described as "abnormal withdrawal requests."
    Chief Executive Officer Derar Islim admitted that withdrawal requests exceeded current liquidity at Genesis Global Capital.
    As Bloomberg notes, Genesis is one of the oldest and most well-known cryptocurrency brokers, offering trading and custody services to professional investors in digital assets.

    Zerohedge

    ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
    www.zerohedge.com www.zerohedge.com
     
    smokingman

    smokingman

    Grandmaster
    Rating - 100%
    2   0   0
    Nov 11, 2008
    9,451
    149
    Indiana
    • I have over 40 years of legal and restructuring experience. I have been the Chief Restructuring Officer or Chief Executive Officer in several of the largest corporate failures in history. I have supervised situations involving allegations of criminal activity and malfeasance (Enron). I have supervised situations involving novel financial structures (Enron and Residential Capital) and cross-border asset recovery and maximization (Nortel and Overseas Shipholding). Nearly every situation in which I have been involved has been characterized by defects of some sort in internal controls, regulatory compliance, human resources and systems integrity.
    • Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.
    • "In the Bahamas, I understand that corporate funds of the FTX Group were used to purchase homes and other personal items for employees and advisors. I understand that there does not appear to be documentation for certain of these transactions as loans, and that certain real estate was recorded in the personal name of these employees and advisors on the records of the Bahamas," Ray said, who also noted that the company didn't have appropriate corporate governance and never held board meetings. There was no accurate list of bank accounts and account signatories, as well as insufficient attention paid to the creditworthiness of banking partners.



    "This Is Unprecedented": Enron Liquidator Overseeing FTX Bankruptcy Speechless: "I Have Never Seen Anything Like This" | ZeroHedge

    ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
    www.zerohedge.com www.zerohedge.com
     
    L

    Leo

    Grandmaster
    Rating - 100%
    30   0   0
    Mar 3, 2011
    9,795
    113
    Lafayette, IN
    gregkl said:
    I don't understand the defending of one's own investment strategy. Whether someone wants to buy crypto, or not buy, means nothing to me. I'm not looking for anyone to fall on misfortune due to their decisions nor am I in fear of missing out of something.

    I tried it but decided it wasn't for me so I got out. In the future if crypto takes over the world, I'm not going to be looking back with remorse that I didn't stay in.

    I wish I had bought Chrysler stock when Lee Iacocca took over or Walmart when they first got started. Or Tesla. Heck, you can see how it goes. Sure it would have been nice, but I'm not going to beat myself up over it.

    I do the best that I can and let life play out.
    Click to expand...
    I agree with your opinion Greg. However, I will be highly agitated if the Congress steps in and takes my tax money to bail out the people that decided to play the game. Just like school loans, how can I be held responsible for financial commitments of foolish people?

    Don't even get me started on the corporate bailouts of companies that are giving hundreds of millions of dollars as umbrella money to the executives that ran the place into the ground to start with.
     
    A

    asevans

    Sharpshooter
    Rating - 100%
    8   0   0
    Feb 26, 2011
    508
    63
    I’m sorry I meant bitcoin isn’t digital currency. It is crypto.
    I don’t mess with anything else.
    I’ll take the chance with bitcoin though. I have a feeling it will be around a while.
     
    snapping turtle

    snapping turtle

    Grandmaster
    Rating - 100%
    6   0   0
    Dec 5, 2009
    6,498
    113
    Madison county
    I think you will see my post in the very beginning of this thread. I have 2.5 bitcoins. I had 5 but got out of 2.5 back a few years ago when it peaked at 18k.
    Two of the coins I have 22 dollars in and the half I have 100 ish in. The one’s I sold off I had under 300 ish in. I have dabbled in a few others.

    I rode the little waves of a few and sold them off. When did I sell (ether lite and others) when I saw you could stake them for interest. Just kept the 2.5 coins in my digital wallet and backup off grid and secure.

    I wish I had cashed out at 66k.
    Now I shall hold till the end. 2.5 coins at 144 investment. I used to have bar tabs smaller. Let it ride till I need it and take a boat to the Bahamas from port Canaveral a few days in a row and bring it all home if there is anything left.
     
    smokingman

    smokingman

    Grandmaster
    Rating - 100%
    2   0   0
    Nov 11, 2008
    9,451
    149
    Indiana
    So if you were one of the top 50 investors in FTX you can now hide? I have a feeling this is two fold. Political(democrats) and hiding financial damage(in the case of corporations that invested).

    Zerohedge

    ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
    www.zerohedge.com www.zerohedge.com

    Of course if you had the back door you could start converting Ether to dollars.

    Zerohedge

    ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
    www.zerohedge.com www.zerohedge.com

    Most of this fraud was done mostly through Tether. Which claims to have 1 dollar per digital coin. I and many others have questioned, for better than 8 years rather that was true. It has been over 5 years since Tether agreed to be audited for the first time. It still has never been,and likely never will be. It is simply not logical that Tether really has over 68billion(65b since the collapse of FTX) in cash on hand,and that is what you have to believe if you think they are telling the truth.

    I think it will blow up. Though some have mentioned the USA funding certain groups over "there" with it so who knows. It is not what it appears to be though(a prospering business).

    This is from today 11/21/2022. Which of these is not like the others(market cap vs daily trading volume)?
    tether.jpg
     
    Last edited:
    smokingman

    smokingman

    Grandmaster
    Rating - 100%
    2   0   0
    Nov 11, 2008
    9,451
    149
    Indiana

    Highlights From First FTX Bankruptcy Hearing: "Substantial Amount" Of FTX Assets Stolen, "Dueling" Bahamas Liquidation Comes To A Head | ZeroHedge

    ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
    www.zerohedge.com www.zerohedge.com

    In an especially interesting twist, one which potentially involves SBF's strategy on how to keep stolen assets close by at hand, Judge Dorsey says he will sign an order formally moving a Chapter 15 bankruptcy case filed by Bahamian liquidators from New York to Delaware. In response, Chris Shore who is representing the dueling Chapter 15 liquidators in the Bahamas, said “we’re going to try to work this out” with the Chapter 11 debtors.

    As a reminder, court-appointed liquidators in the Bahamas previously said the local subsidiary controls private keys needed to transfer crypto in and out of the entire FTX complex, once estimated to hold around $16 billion in assets. As such, some have speculated that the Bahamas govt may be in cahoots with SBF himself to keep much of the stolen assets on the Bahamas.
     
    gregkl

    gregkl

    Outlier
    Site Supporter
    Rating - 100%
    33   0   0
    Apr 8, 2012
    11,912
    77
    Bloomington
    smokingman said:
    As such, some have speculated that the Bahamas govt may be in cahoots with SBF himself to keep much of the stolen assets on the Bahamas.
    Click to expand...
    That would be no surprise to me. My father-in-law had a home in the Bahama's since the 70's and sold it a few years back. I was able to go several times there and heard over the years the stories of how the Bahamians operated.

    People think our politicians are bad. It goes unpoliced for the most part on the islands, especially the smaller private islands like the one my FIL had his home on.

    There was a lot of paying people off, turning of the head(s), favors granted, etc..
     
    teddy12b

    teddy12b

    Grandmaster
    Trainer Supporter
    Rating - 100%
    40   0   0
    Nov 25, 2008
    7,667
    113
    There will always be an attack on crypto so long as it competes as a currency against the powers that be. Old money in high places doesn't want to lose any purchasing power.
     
    You must log in or register to reply here.

    Site Supporter

    INGO Supporter

    Latest posts

    Members online

    ... and 200 more.
    Total: 1,471 (members: 250, guests: 1,221)

    Forum statistics

    Threads
    525,460
    Messages
    9,817,023
    Members
    53,857
    Latest member
    ccesare
    Bear Creek Arsenal Ad
    Top Bottom