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Someone exploited a bug in their "smart contract" to clean out Nirvana Finance. I expect they will have some unhappy counterparties in the coming days.
Solana is pretty much a joke financially

They have really smart tech (Qualcomm engineers) but crap as far as understanding decentralization or financial security. They constantly "restart" and "stop" the solana blockchain which wouldn't be possible if it was decentralized. They also "voted" to update the smart contract to take control of a whales assets.

Thinking that all crypto is the same is like thinking all stocks are the same. Most stock value is held to very few while there's a long tail of junk
 

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This is a fun one:

Someone exploited a bug in their "smart contract" to clean out Nirvana Finance. I expect they will have some unhappy counterparties in the coming days.
Crypto is amateur hour on many levels. It is thoroughly saturated with problems caused by the financial inexperience of the developers.

As long as crypto operates within their own contained universe......it has no impact on anyone but speculators who lost their money in them.

But any concept that would involve FDIC insurance or IPO to a public company, has broader implications for the financial system.

Publicly traded Coinbase exchange is in trouble as crypto trading dries up and people remove their crypto from online exchanges for fear of becoming "unsecured creditors" overnight. They have laid off many employees due to the lack of volume and rumors are circulating they may be lurching forward into bankruptcy.

Other crypto exchanges are suffering similar liquidity drains and low trading volumes, and they are also laying off employees.
 

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Celsius and Voyager owners seem to believe they can convince US regulators that security rules don't apply to them.

The SEC isn't interested in any of those discussions, and will proceed with investigations and legal action.

Crypto reminds me of the anti-income tax crowd, who show up in court claiming the IRS can't collect taxes.
 

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Solana is pretty much a joke financially
Certainly they are now.

What makes these smart contract booboos fun is the fact that smart contracts are often central to the trustless model of defi. You're meant to not have to trust the counterparty in the transaction much less "regulations" or government "oversight" or any of the meddling of the conventional financial system. The transactions do what they do and the smart contract will execute and enforce itself.

Now SolanaNirvana , or whoever, has written a contract that says, in some small clause, "you can borrow gold bars off us and then pay us back in rotting fish." Now someone's gone ahead and entered into that very contract and cleaned them out. Now they are using language like "recover the stolen funds" that seem to undercut their faith in their own contract and maybe defi in general. Perhaps they would be planning to appeal to the conventional financial, or at least legal, system for recourse.

If it had been a conventional contract, I would think that contract law would be against them. The exploiter of the contract didn't write it -- or at least is not its legal author -- and SolanaNirvana held all the cards. Ambiguity or unintended results would generally not be interpreted in SolanaNirvana 's favour and they could well have been stuck with the fish.

If it was an insider, they might have legal recourse -- say if the coder who wrote the smart contract then went in and exploited a loophole they'd intentionally put in. All conventional fi though.

Lucky thing it's all decentralized and trustless, or else there could have been some trouble.

edit: Nirvana not Solana
 

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Certainly they are now.

What makes these smart contract booboos fun is the fact that smart contracts are often central to the trustless model of defi. You're meant to not have to trust the counterparty in the transaction much less "regulations" or government "oversight" or any of the meddling of the conventional financial system. The transactions do what they do and the smart contract will execute and enforce itself.

edit: Nirvana not Solana
They have geewhiz engineers from Qualcomm (Ukrainian immigrant also) and VC funding but a lot of blind spots as far as decentralization and finance.

The joke about Solana is that it gets turned off all the time. A true decentralized blockchain can't be shut down by central admins. Their smart contracts always seem to be "upgradeable" which defeats the purpose. If someone can change the contract or stop the blockchain than it is useless for anything financial. Maybe it's good for trading jpgs fast and cheap

Haskell, purely functional programming language, is far better for financial contracts. When an exploit was found in Cardano DeFi there was no way for the admins to simple "patch" or "upgrade" the exploit. This is by design because if they could then they could also. Cardano has spent a lot of time researching - fast and cheap is not even desired because you bloat the chain

Smart contract risk is a thing. Battle tested smart contracts with more value locked become more trustworthy but the reward is also diluted. Same as any other market.
 

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Bloomberg article: The Crypto Collapse Has Flooded the Market With Rolex and Patek

The collapse in cryptocurrencies is easing supply of the most sought after watches on the second-hand market, depressing prices for hard-to get-Patek Philippe and Rolex models.


The supply of trophy watches such as the Rolex Daytona or Patek Nautilus 5711A “is now much larger,” online-watch trading platform Chrono24 said in an emailed statement.

The recent swoon in cryptocurrency valuations “has directly impacted pricing of luxury watches from brands like Rolex and Patek Philippe,” said the company, which is based in Karlsruhe, Germany, and has more than half a million watches listed for sale on its website.
 

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Bloomberg article: The Crypto Collapse Has Flooded the Market With Rolex and Patek

The collapse in cryptocurrencies is easing supply of the most sought after watches on the second-hand market, depressing prices for hard-to get-Patek Philippe and Rolex models.


The supply of trophy watches such as the Rolex Daytona or Patek Nautilus 5711A “is now much larger,” online-watch trading platform Chrono24 said in an emailed statement.

The recent swoon in cryptocurrency valuations “has directly impacted pricing of luxury watches from brands like Rolex and Patek Philippe,” said the company, which is based in Karlsruhe, Germany, and has more than half a million watches listed for sale on its website.
You realize this is clickbait for desperate housewives and boomers

The supply for literally everything has eased even target and walmart are overstocked. Some small companies I follow couldn't meet demand 2 years ago increased manufacturing only to get hit with less demand this year and have to sell it at discount. This is what happens when interest rates rise.. liquidity and demand dry up. It's not only logical but the exact intent.. killing demand is how you reduce inflation. How else do you get prices to stop climbing?

To tie rolexes to crypto doesn't even make sense. They'd rather buy a smart watch or another jpg than a gaudy boomer status symbol. There's one guy in crypto who always wears things like that and he's not considered popular at all - he is ridiculed for it. The popular ones wear pajamas to conferences or dirty tractor brand hats or something completely opposite of wealth because of how the industry is viewed. Status in crypto is digital not golden watches

Think critically for a second @james4beach when you read these entertainment articles for mindless boomers who grew up without an internet full of alternate information sources.
 

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Since this thread started, BTC (Cad) is down 39.9% but up 20% in the past month.

There has been 1449 posts arguing between the pro-cryptos and the anti-cryptos. Has any of the pro-cryptos bought on the way down, dollar-cost averaged or started implementing when they'll jump back in?

(FYI, I did with the broad market ETFs XIU, VFV and ZQQ.)
 

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Since this thread started, BTC (Cad) is down 39.9% but up 20% in the past month.

There has been 1449 posts arguing between the pro-cryptos and the anti-cryptos. Hasany of the pro-cryptos bought on the way down, dollar-cost averaged or started implementing when they'll jump back in?

(FYI, I did with the broad market ETFs XIU, VFV and ZQQ.)
This thread started 13 Dec 2020 when BTC was bouncing off the $17k USD all time high resistance from the previous cycle.. which it first broke through on 16 Dec 2020 a few days after this thread started

Certainly not down 39.9% by any imagination in USD and I don't care enough about CAD to check. A few months before this thread started BTC was below $10k USD and it's now +$23k USD. I'm up more than 10x what I bought last cycle and even what I bought during the 2020 covid crash but of course that wouldn't fit the clickbait boomer narrative

I was selling q4 last year and dumped a lot right before end year for tax reasons. Been averaging back in since that big drop q3 this year. Bottom of this logarithmic trend is historically a good time to average in as a general guide

Colorfulness Slope Rectangle Line Font
 

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SEC announces fraud charges against 11 people involved in a crypto defi Ponzi scheme of $300 million.

Interesting 2 of the changes are against people who were pumping the scheme on social media.

Crpto pumpers beware. The SEC is monitoring social media for criminal activity.

The scammers use all the crypto techno babble to lure the suckers in…defi….smart contracts…decentralized….blockchain… blah,blah,blah.

SEC charges 11 people in alleged $300 million crypto Ponzi scheme
 

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In spite of ourselves
We'll end up a'sittin' on a rainbow
Against all odds
Honey, we're the big door prize
We're gonna spite our noses
Right off of our faces
There won't be nothin' but big old hearts
Dancin' in our eyes.
 

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The SEC has decided that crypto tokens are a security and fall under it's jurisdiction, so they are ramping up investigations and charges of illegal and fraudulent trading of securities.

Crypto promoters may disagree with the "security" designation because it requires licensing and allows oversight by the SEC, but it appears the SEC is moving forward regardless. The wild west days of crypto appear to be over.

People who have lost their entire savings in these ponzi schemes are writing to regulators and bankruptcy lawyers pleading to get their money back, but it appears they will have to file the proper documentation and line up as creditors.....likely unsecured creditors who could lose everything.

The regulators should have acted much sooner to protect investors from this cauldron of scammers and criminals.

Hopefully, some of them will be awarded the "Bernie Madoff" 150 year prison sentence.

He defrauded 37,000 investors. These crypto scammers have defrauded millions of investors.
 

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sags you realize the SEC has been "charging" crypto as securities for many years and has failed to make any progress. The ripple lawsuit could still go on for years

Your grammar and intelligence has been demonstrated so many times that I don't even need to read your posts. You're a waste of time which is why so many block you

The irony is that by your loose definition of a ponzi scheme you worked for one your entire life. Therefore your pension is a fraud by your own poor logic
 

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Ripple is running out of time and delay tactics.

In the coming four days, we will get a ruling on the parties’ motions to seal the expert challenges. After that, the unsealed portion of the challenges will be “docketed” as per Filan. Then, on 9 August, Ripple will reply to the SEC’s objection to Judge Netburn’s AC privilege ruling. The SEC is then supposed to submit a reply brief after a week by 16 August. The date for filing statements on undisputed facts and motion for summary judgment stands to be 13 September 2022. The last date to file oppositions for the motions for summary judgment and responses is by 18 October 2022.

The SEC can only issue "civil complaints" but often refer matters to the criminal courts.
 

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sags comes from the industry that has lobbied and manipulated the entire continent

Hasn't got a clue how the real world works. And GM still makes inferior vehicles than Korea.

GM is a scam on the government handouts just like Bombardier
 

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In spite of ourselves
We'll end up a'sittin' on a rainbow
Against all odds
Honey, we're the big door prize
We're gonna spite our noses
Right off of our faces
There won't be nothin' but big old hearts
Dancin' in our eyes.
... the cryto-belly-ups' tsunamis are coming!!!! Sit back and enjoy the show.

Here's another one ... isn't Robinhoods supposed to be one of those darling "hi-tech start-up brokerage" firm? Is it insured with CIPF (or what's that Canadian entity that insures rogue brokerages)?

Robinhood’s crypto arm fined $30-million by New York State’s financial regulator
 

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sags you realize the SEC has been "charging" crypto as securities for many years and has failed to make any progress. The ripple lawsuit could still go on for years

Your grammar and intelligence has been demonstrated so many times that I don't even need to read your posts. You're a waste of time which is why so many block you
... but the surprising(?) thing you haven't blocked him on wasting "your" time with his sub-grammar and human intelligence. Strange, isn't it?

The irony is that by your loose definition of a ponzi scheme you worked for one your entire life. Therefore your pension is a fraud by your own poor logic
... your logic of the pension working like a ponzi-scheme is not entirely that off. So you might want to re-visit this critical post of yours when it's time for you to "retire" (or may you won't) - ie. will your private pension or CPP be around then. Say and pray.
 
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