Canadian Money Forum banner
1 - 19 of 19 Posts

·
Registered
Joined
·
19,578 Posts
Governments and the financial system are jumping right over crypto as a solution to their own solution using the preferred digital fiat currencies.

It reminds me of the rush for dot mobi domain names when smartphones started accessing the internet. Many thought all the corporations and businesses would have to buy a dot mobi domain built specifically for the smartphone platform. They were wrong. The businesses adapted their dot com websites to recognize if a search was done on a computer or phone and render the website accordingly. The result was dot mobi flopped and people lost a lot of money investing in dot mobi domain names. I see the same happening in crypto mania.

The Bank for International Settlements will test the use of central bank digital currencies with Australia, Malaysia, Singapore and South Africa in an experiment that could lead to a more efficient global payments platform.

Codenamed “Project Dunbar,” the study aims to develop prototypes for a common platform that will enable international settlement in digital fiat currencies issued by central banks, BIS said in a release Thursday. The system would allow direct transactions in central bank digital currencies, or CBDCs, between institutions, while reducing time and cost, according to BIS.


 

·
Registered
Joined
·
19,578 Posts
There are going to be investigations when millions of investor dollars are involved, especially when it involves a major public pension fund.

Cypto is highly leveraged and the tentacles run deep into the financial world. It reminds of the derivatives discovered in 2008.
 

·
Registered
Joined
·
19,578 Posts
Some people are looking pretty foolish now and talking gibberish.

Michael Saylor of MicroStrategy claims he hasn't lost anything on his bitcoins because he hasn't sold any.

I think most investors think $1 billion in "unrealized losses" is an important metric.

Amazing how many public figure pumpers of crypto are now claiming they sold everything just in the nick of time, when a week ago they were still pumping.

When the regulators peel back the layers of the onion.......it is going to be rotten inside.
 

·
Registered
Joined
·
19,578 Posts
There are 497 threads on CMF with content for "bitcoins".

Crypto has had a lot of discussion on CMF.

It is interesting to look back to view the discussion and debates over the years.
 

·
Registered
Joined
·
19,578 Posts
A handful of people making money from crypto is not a revelation for most people. That is exactly what happens in ponzi schemes, pyramids and frauds.

It is all based on the "greater fool theory" and after the recent collapses in Luna and Celsius, crypto is running out of fools with money.
 

·
Registered
Joined
·
19,578 Posts
Have all conservative leaders lost their minds ?

Alberta Premier Jason Kenney announced Alberta is rolling out the welcome carpet to FTX crypto exchange, which is operated by Sam Bankman-Fried, the guy interviewed in the link posted below......who perfectly describes crypto yield farming as a huge ponzi scheme.

“We want to position Alberta at the forefront of emerging technologies and industries in Canada. FTX launching in Calgary will help further grow our reputation and our opportunities in technology and innovation, specifically in blockchain technology. This is great news for further growth of our fintech sector and further diversification of our economy.”
  • Honourable Doug Schweitzer, Minister of Jobs, Economy and Innovation
“We are delighted to enter the Canadian marketplace and continue to expand FTX’s global reach. Our expansion into Canada is another step in proactively working with cryptocurrency regulators in different geographies across the globe.”
  • Sam Bankman-Fried, CEO of FTX
The explanation of yield farming is quite entertaining but it is baffling why an exchange that provides access to this crap is welcome in Alberta.

Sam Bankman-Fried Described Yield Farming and Left Matt Levine Stunned

One takeaway from this whole conversation is that DeFi might be more similar to Bitcoin than a lot of people thought, deriving its value from collective agreement that the ‘thing’ (in this case the box, or yield-farming protocol) is worth something rather than deriving value from a fundamental usefulness.


 

·
Registered
Joined
·
19,578 Posts
One crypto analyst described "defi" as a "majoritocrisy"......where those with the most coins control everything.

It sounds overlaying a fiat system that favors the wealthy onto cryptocurrencies and blockchains.
 

·
Registered
Joined
·
19,578 Posts
President Biden has not aged well in the Presidency, and should step down before he falls off his bike one too many times.

He perfromed a great patriotic service by defeating Trump, but it is time for him to retire and bask in the praise of a job well done.
 

·
Registered
Joined
·
19,578 Posts
m3s should start an honest crypto exchange, maybe guaranteed 100% with gold bullion reserves.

Levy sufficient transaction fees to pay all the operational expenses.
 

·
Registered
Joined
·
19,578 Posts
Perhaps the crypto platforms and concepts should work out all their problems before they start collecting investor cash from the public.

Trapped in the middle of a crypto crisis doesn't seem the optimum time to be experimenting with internal governance protocols and procedures.

It certainly doesn't convey any level of trust or confidence in the protocols to possible future investors.
 

·
Registered
Joined
·
19,578 Posts
First comes the SEC and IRS to build the case and then come the criminal prosecutors to arrest and send them to prison.

Bernie Madoff was an amateur compared to these crypto scam artists.

I am always surprised by the arrogance of these people who think they can steal billions, walk away, and get to keep the money by pleading ignorance.

I wanted millions so I stole some.

I fought the law but the law won.
 

·
Registered
Joined
·
19,578 Posts
Celsius declared Chapter 11 bankruptcy last night. A judge will determine if depositors are secured or unsecured creditors.

They have 100,000 creditors......owed tens of millions or small retail customers.

They estimate their liabilities between $1 billion and $10 billion. More entanglements are thought to be uncovered in the bankruptcy process.

 
1 - 19 of 19 Posts
Top