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255 sats \ 1 reply \ @TomK 12 Nov 2022 freebie
I feel sorry for those who lost their savings. But what I really cant understand is, how its possible that after all that happened with Celsius et. al. earlier this year people still chasing some interest. Its literally picking up pennies in front of a steam roller, driven by lunatics and crypto-banksters running a great advertisement for cold storage of BTC. Its like the ancient chorus of Ayschylos was repeatedly singing: "acting - suffering - learning!"
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15 sats \ 0 replies \ @scampy 12 Nov 2022
It's nuts. I saw quite a few experienced Bitcoiners using Celsius too. They were no doubt aware of the risks, but presumably thought that should red flags arise they'd be quick and clever enough to withdraw before the ship sank.
Celsius was visibly struggling for weeks before finally tanking, so people at least had a chance to escape. But as we saw with FTX, this shit can happen extremely quickly too. How much time even passed between CZ's first tweet and FTX pausing withdrawls? 48 hours? Astonishing.
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100 sats \ 0 replies \ @longlifelearner20 12 Nov 2022 freebie
Ftx is about to collapse and the customers are now paying the price for their trust, since lately all the withdarwals were pending. It is really terrifying! Are we going to see a crash in crypto like never before.
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100 sats \ 0 replies \ @TheBTCManual 13 Nov 2022
Way too much paper claims on bitcoin on all these exchanges, these proof of reserves or attestations are a joke and people have way too much confidence thinking everyone who runs these services are some genius traders that have found some magical way to generate yield, they're actively trading and sure they eat retails lunch but one mistake and they've got a massive a hole, a hole they filled with customer funds.
Don't pay for other peoples mistakes hold your own bitcoin
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11 sats \ 2 replies \ @Derpitor 12 Nov 2022
It also boils down a lot to the fact that SBF was running essentially a shitcoin casino and gambling hugely. 1.4billion in BTC liabilities and 0 BTC in assets. Meaning they dumped customer BTC for shitcoins. Play stupid games win stupid prizes.
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0 sats \ 1 reply \ @southside263 13 Nov 2022
they really sold 1.4B customer bitcoin!? - srsly?
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0 sats \ 0 replies \ @Derpitor 13 Nov 2022
Based on their balance sheet yea. Otherwise there wouldn't be 1.4bil in Bitcoin liabilities with 0 assets.
Every hour this thing becomes more and more of a gong show.
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2 sats \ 0 replies \ @kilianbuhn 12 Nov 2022
too long didnt read
to boil it down: centralization bad, decentralization good
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0 sats \ 0 replies \ @gunson 13 Nov 2022
I’m surprised people are so surprised by this shit. Inevitable result of shitcoining and not staying humble.
Thanks for making the time to understand this and explain it, @ODELL
I’m optimistic this is the wake up call many need in order to try self-custody. I’ve got many friends here in the UK who just hold their Bitcoin on Revolut and think it’s inconceivable it could be lost or taken from them. This might be the time I’m finally successful getting them to pay attention and take action (if they haven’t already panic sold!).
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0 sats \ 0 replies \ @HardMoney 13 Nov 2022
Shitcoin's only use case is creating leverage using stupid as collateral which invariably results in cheap corn when the market tanks.
Nuke it all and rip the bandaid off. Black swans are good for bitcoin
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0 sats \ 0 replies \ @Play_to_earn 13 Nov 2022
I never had an account FTX But this news was so popular that it caught my attention.
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