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What's Up With Crypto?
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Started by Henri Charriere,

317 posts in this topic

GoldFinger1969

GoldFinger1969

Posted
Posted (edited)
On 11/16/2022 at 10:01 PM, Quintus Arrius said:

What a difference [not quite] a month makes..."Implosion of Trusted Exchange Shakes Cryptocurrency Faithful." [New York Times, late last week, page one.] There was an interesting editorial underscoring the fact that while people may not understand crypto, they understand ZE-RO.  Looks like government regulators (and Federal prosecutors) have their work cut out for them. Forensics at its finest.

It's a long-standing rule:  you don't co-mingle or borrow from customer accounts.  If JP Morgan Chase wants to speculate on interest rates using the bank's balance sheet, they do it with their own capital and equity, NOT by borrowing from a few million checking and saving accounts.

Exactly WHY or HOW that money cannot be moved -- either more rigorous checks-and-balances at JPM Chase than at FTX or some built-in protection that can't be overridden by humans -- I don't know.  But clearly Bankman-Fried was able to do something Jamie Dimon @ Chase apparently cannot.

Edited by GoldFinger1969
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VKurtB

VKurtB

Posted
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On 11/16/2022 at 10:33 PM, GoldFinger1969 said:

It's a long-standing rule:  you don't co-mingle or borrow from customer accounts.  If JP Morgan Chase wants to speculate on interest rates using the bank's balance sheet, they do it with their own capital and equity, NOT by borrowing from a few million checking and saving accounts.

Exactly WHY or HOW that money cannot be moved -- either more rigorous checks-and-balances at JPM Chase than at FTX or some built-in protection that can't be overridden by humans -- I don't know.  But clearly Bankman-Fried was able to do something Jamie Dimon @ Chase apparently cannot.

List of reputations that need to be trashed:

Steph Curry

Tom Brady

Giselle Bundschen

Matt Damon

Major League Baseball Umpires

more?

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GoldFinger1969

GoldFinger1969

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Posted
On 11/16/2022 at 11:39 PM, VKurtB said:

List of reputations that need to be trashed: Steph Curry  Tom Brady  Giselle Bundschen  Matt Damon  Major League Baseball Umpires  more?

Even Larry David of "SEINFELD" and "CURB" fame is being sued...and he WARNED them not to do it !!!  xD

 

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VKurtB

VKurtB

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On 11/16/2022 at 10:48 PM, GoldFinger1969 said:

Even Larry David of "SEINFELD" and "CURB" fame is being sued...and he WARNED them not to do it !!!  xD

 

“Ehhh, I don’t think so.” Prescient. 

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Henri Charriere

Henri Charriere

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Posted

Q.A.:  🐓 

Forum:  What is it?

Q.A.:  A "talking" Rooster.

Forum:  "I have to be honest with you, it stinks!..."

"[Expletive deleted!]..."

"I don't think so, and I'm usually right about these things!"

"These two need to be deleted from their digital existence!"

"One of the worst ideas I ever heard!"

"Nugatory nonsense! Nobody would lament losing either!"

"A veritable trainwreck... hijacked by hooligans!"

"[Nothing but a troll; how droll!]"

"Better this site be shut down and cease to exist!"

"t'was better in the old days... Sleepy Hollow..."

* * *

🐓:  So how did it go?

Q.A.:  THEY LOVE ❤️ US!

🐓:  We're back!!!

:makepoint:  doh!  :roflmao:  :whistle:  :signofftopic:

 

 

 

 

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Henri Charriere

Henri Charriere

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On 11/17/2022 at 12:05 AM, GoldFinger1969 said:

I'm just confused as to why he couldn't get tuna without celery in 1969. xD

If it wasn't Burger King, you can't "have it your own way."  xD

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VKurtB

VKurtB

Posted
Posted (edited)
On 11/16/2022 at 11:05 PM, GoldFinger1969 said:

I'm just confused as to why he couldn't get tuna without celery in 1969. xD

Maybe he was traveling in Pennsylvania Deutsch Country? I grew up thinking celery was as critical to tuna salad as albacore. 

Edited by VKurtB
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VKurtB

VKurtB

Posted
Posted
On 11/17/2022 at 6:13 AM, Quintus Arrius said:

Q.A.:  🐓 

Forum:  What is it?

Q.A.:  A "talking" Rooster.

Forum:  "I have to be honest with you, it stinks!..."

"[Expletive deleted!]..."

"I don't think so, and I'm usually right about these things!"

"These two need to be deleted from their digital existence!"

"One of the worst ideas I ever heard!"

"Nugatory nonsense! Nobody would lament losing either!"

"A veritable trainwreck... hijacked by hooligans!"

"[Nothing but a troll; how droll!]"

"Better this site be shut down and cease to exist!"

"t'was better in the old days... Sleepy Hollow..."

* * *

🐓:  So how did it go?

Q.A.:  THEY LOVE ❤️ US!

🐓:  We're back!!!

:makepoint:  doh!  :roflmao:  :whistle:  :signofftopic:

 

 

 

 

You’re stuttering again. 

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VKurtB

VKurtB

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On 6/17/2022 at 4:56 PM, Fenntucky Mike said:

How much does the crypto crash affect the collectibles market place? I'm going to type cast a bit and say that it will have the biggest impact on NFT's and little to none on coins. 

Sure seems like it, and now that money is gone. Poof! I don't know that gold rallies as crypto drops. Gold was right around the same price as it is today when BC hit its peak back in Nov, it did make a run at 2,000 in March when BC dropped 30% and was fluttering around 40k, but no real move since early May, other than slightly down, when BC jumped off the cliff again. For purely selfish coin related reasons, I wouldn't mind seeing gold pull back. :whistle: I have a feeling it will. Maybe. (shrug)

BTW, best Dangerfield movie, Back To School. lol

 

Come ON! Caddyshack. 

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VKurtB

VKurtB

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On 11/17/2022 at 10:06 AM, Quintus Arrius said:

I liked Animal House.

Was Dangerfield in that?

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VKurtB

VKurtB

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On 11/17/2022 at 10:15 AM, Quintus Arrius said:

Nope, but the movie was in a class by itself.  Like Airplane.

Surely you can’t be serious. 

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Treeman

Treeman

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On 9/8/2022 at 10:26 PM, Quintus Arrius said:

[I still don't understand a word of what anyone is saying. As it is said, "ignorance is bliss." Maybe some day but not to day.]  😉  

If you read closely, you will see that they don't understand either. Just makes them feel intelligent by babbling on. The simple fact is that Fundamentals Tell the true values, but, these days nobody cares about real value, everything now is speculation....

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VKurtB

VKurtB

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On 11/17/2022 at 11:51 AM, Treeman said:

If you read closely, you will see that they don't understand either. Just makes them feel intelligent by babbling on. The simple fact is that Fundamentals Tell the true values, but, these days nobody cares about real value, everything now is speculation....

Brilliantly put. Hardly surprising, though. @Treeman is a Pennsylvanian. 

Edited by VKurtB
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GoldFinger1969

GoldFinger1969

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NFTs are directly tied to crypto.  I haven't seen any recent prices extolling the prices paid for NFTs.  The entire NFT, FTX, and crypto blowups are good for our hobby. 

You can HOLD what you own in your hand.  It might be overgraded...it might be overpriced....it might not pay any dividends or interest.  But raw gold, or holdered gold, is a tangible asset that won't collapse like these pie-in-the-sky creations.

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GoldFinger1969

GoldFinger1969

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Caddyshack is a timeless classic, Back To School is a Rodney-only movie that is very well done.  Ted Knight, gone too soon, could be said to be the star of Caddyshack.  Great backup performances by Bill Murray, Brian Doyle Murray, and the rest of the cast who were pretty much nobodies at that time.

Always like seeing BTS because an old acquaintance had a super-short cameo in the film.xD

 

Edited by GoldFinger1969
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Fenntucky Mike

Fenntucky Mike

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On 11/17/2022 at 2:06 PM, GoldFinger1969 said:

The entire NFT, FTX, and crypto blowups are good for our hobby.

Probably, (me speculating) wasn't there a sizable amount of money injected into the traditional collectibles market in the past few years because of crypto? How much of that is now gone?

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GoldFinger1969

GoldFinger1969

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On 11/17/2022 at 2:11 PM, Fenntucky Mike said:

Probably, (me speculating) wasn't there a sizable amount of money injected into the traditional collectibles market in the past few years because of crypto? How much of that is now gone?

That was the reason that the 2 buyers of CU/PCGS (including NY Mets hedge fund owner Steve Cohen) bought it.  Ditto BX and CCG/NGC.

The collectibles market was the reason for the purchases, not NFTs.  That was another cherry on top, I guess.  However....I wonder how many people buying Artekomusias (sp.)The Greek Freak or Michael Jordan Rookie Cards had turned $30,000 into $5 million in BitCoin or crypto.

Let's see what happens to NFT and tangible assets (i.e., sports cards) prices now that crypto and BitCoin are in the toilet.  I don't think the $$$ pumping up those sports cards and NFT prices was coming from stocks (even inflated tech stocks) and certainly not interest from 1-2% bond yields before the rise in yields in 2022 (hope some of you are taking advantage of this; I'd post my thoughts here if I can find the OT section).

I haven't seen an article talking about a record price for NFT or sports cards -- or even trophy real estate homes -- in MONTHS, if not back to 2021.

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GoldFinger1969

GoldFinger1969

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Lot of other partners, including Roc Nation and others.  This appears to be an NFT play:

https://www.ngccoin.com/news/article/9253/

Would not be surprised if CCG/NGC went private again down the line with the original founders/owners if the growth angle doesn't materialize.  We'll see if BX can turn CCG/NGC into a multi-billion dollar market cap company.

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Henri Charriere

Henri Charriere

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On 11/17/2022 at 2:38 PM, Fenntucky Mike said:

Water Cooler section of the Forum is here GF, post whatever you like there. (thumbsu

https://boards.ngccoin.com/forum/93-water-cooler-members-only/

🐓:  We really ought to check out this Water Cooler section, the place as I recall, Alex specifically implored management not to banish us to.

Q.A.:  Too late.  If memory serves, OFF TOPIC was surreptitiosly moved there under cover of darkness.

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USAuPzlBxBob

USAuPzlBxBob

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You guys were getting me worried for a few minutes here, throwing around NFT without me knowing what it stood for.

Wondered if some of my investments were NFTs.
Checked monthly statements; holdings are ETFs.

NFT:  Non-Fungible Token
ETF:  Exchange-Traded Fund

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GoldFinger1969

GoldFinger1969

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On 11/17/2022 at 5:29 PM, USAuPzlBxBob said:

You guys were getting me worried for a few minutes here, throwing around NFT without me knowing what it stood for.  Wondered if some of my investments were NFTs.  Checked monthly statements; holdings are ETFs.  NFT:  Non-Fungible Token  ETF:  Exchange-Traded Fund

Yeah, you're OK....xD   NFT's I know what it stands for but no idea what it technically is.  Art is one thing but NFTs as "digital art" doesn't grab me.

ETFs (beware ETNs !!) are OK though liquidity issues in a downturn do happen.  And I got burned with a few money-market type ETFs which lost bids and declined more than I thought in March/April 2020.  It was a pandemic but it taught me there's no substitute for Treasury bills/notes/bonds and MMFs.

Caveat Emptor ! (thumbsu

Edited by GoldFinger1969
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VKurtB

VKurtB

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On 11/17/2022 at 4:43 PM, GoldFinger1969 said:

Yeah, you're OK....xD   NFT's I know what it stands for but no idea what it technically is.  Art is one thing but NFTs as "digital art" doesn't grab me.

ETFs (beware ETNs !!) are OK though liquidity issues in a downturn do happen.  And I got burned with a few money-market type ETFs which lost bids and declined more than I thought.  It was a pandemic but it taught me there's no substitute for Treasury bills/notes/bonds and MMFs.

Caveat Emptor ! (thumbsu

Acronym panic!

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Henri Charriere

Henri Charriere

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Another after-action assessment from today's on-line New York Times...

"FTX's $32 billion valuation was a fantasy, but nobody bothered to look at it closely.

"How do you make a multi-billion company disappear in a week?

"For Sam Bankman-Fried and his crypto exchange FTX, the simple answer is that a leaked balance sheet leads your biggest rival, himself under Federal scrutiny, to instigate a sort of "bank run" you cannot possibly cover, exposing billions of dollars in shortfalls you apparently created by riskily investing money that wasn't yours.

"And revealing yourself, in the process, to be a very new kind of financial villain----one who pitches not just the prospect of profit but also deliverance from the corrupt speculative system in which you 'made' your 'billions.' "

***

Note:  According to Forbes, which cited a Pew research study conducted this past spring, "almost half of all American men ages 18 to 29 say they have invested in, traded or used a form or crypto currency."

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VKurtB

VKurtB

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On 11/21/2022 at 2:32 PM, Quintus Arrius said:

Another after-action assessment from today's on-line New York Times...

"FTX's $32 billion valuation was a fantasy, but nobody bothered to look at it closely.

"How do you make a multi-billion company disappear in a week?

"For Sam Bankman-Fried and his crypto exchange FTX, the simple answer is that a leaked balance sheet leads your biggest rival, himself under Federal scrutiny, to instigate a sort of "bank run" you cannot possibly cover, exposing billions of dollars in shortfalls you apparently created by riskily investing money that wasn't yours.

"And revealing yourself, in the process, to be a very new kind of financial villain----one who pitches not just the prospect of profit but also deliverance from the corrupt speculative system in which you 'made' your 'billions.' "

***

Note:  According to Forbes, which cited a Pew research study conducted this past spring, "almost half of all American men ages 18 to 29 say they have invested in, traded or used a form or crypto currency."

To quote the character Leslie Winkle on Big Bang Theory, “Dumb a-s-s .”

Edited by VKurtB
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