Bitcoin price discussion and analysis
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Garpal Gumnut
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From the FT.
Hedge Funds caught in FTX collapse.
Where goes one, there go all is a motto of Hedge Funds.
gg
Hedge Funds caught in FTX collapse.
Where goes one, there go all is a motto of Hedge Funds.
gg
Dona Ferentes
A little bit OC⚡DC
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"Shocked, shocked" - Captain Renault in Casablanca
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Not just hedge funds. A lotta people were banking on payments from FTX. Why wouldn't you trust a company headquartered in the Bahamas?
Heat to cut ties with bankrupt FTX, rename arena
The Miami Heat have decided to terminate their relationship with the cryptocurrency exchange FTX, which filed for bankruptcy Friday.
The deal in Miami was one of a number of sports marketing deals FTX had signed over the past few years, including sponsorship deals with the Golden State Warriors and Washington Wizards. Among top athletes who had FTX deals included Tampa Bay Buccaneers quarterback Tom Brady, Warriors guard Stephen Curry and tennis star Naomi Osaka.
FTX also entered into a deal with Mercedes for Formula One racing and a sponsorship deal with Major League Baseball, whose umpires wear the company's logo. Earlier Friday, Mercedes said it would immediately remove FTX logos from its Formula One cars.
We've got crypto sponsoring tier 1 American sports teams. We've got celebrities getting paid to push (and prosecuted) crypto. Can't recall Hugh Jackman doing commercials for the Aussie dollar or seeing the "AUD Arena" anywhere. Crypto will always have a place for drug trafficking, pedophiles, and organized crime, but it shouldn't have a place in regular society for regular people.
bluekelah
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Still have a few more key players yet to fall out, Microstrategy and Binance to name a couple 
Dona Ferentes
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Not forgetting the political donations by FTX boss. That's a lot of other people's moolah
Garpal Gumnut
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It looks like our Monthly Competition graph.
And I have the same colour as George Soros.
I expect to be in the same position as ole George with CVN this month. ?
gg
Dona Ferentes
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How's FMG doing?
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Salvadoran President Bukele says Bitcoin is ‘the opposite‘ of FTX
“FTX is the opposite of Bitcoin,” said President Bukele while explaining the inner workings of the Bitcoin protocol.
cointelegraph.com
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I resent the use of the frog image, i am in no way..... LoL ?
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Going back to basics, i expect more exchanges to fail.
I kept a few BTC bits and pieces, i actually got less than I thought but that might not be so bad..
Some were still stored in my exchange,but following the fall in btc value, i moved these onto my own digital vault.
I somewhat think many owners might have done this too..or should.
And this can trigger a snowball effect, removing the lifeblood of various crypto exchanges in the process..
Exchanges fall, cryptos fall, users get out of exchanges/cryptos,and loop back.
A trust issue ..similar to what we might see coming for fiats once a few banks collapse.
I can easily store a few k of BTC on a memory stick, but not so easy to bring back home wads of cash for your savings...
I kept a few BTC bits and pieces, i actually got less than I thought but that might not be so bad..
Some were still stored in my exchange,but following the fall in btc value, i moved these onto my own digital vault.
I somewhat think many owners might have done this too..or should.
And this can trigger a snowball effect, removing the lifeblood of various crypto exchanges in the process..
Exchanges fall, cryptos fall, users get out of exchanges/cryptos,and loop back.
A trust issue ..similar to what we might see coming for fiats once a few banks collapse.
I can easily store a few k of BTC on a memory stick, but not so easy to bring back home wads of cash for your savings...
Good morning
Reported this morning (15/11/22):
Roughly three-quarters of people who have bought bitcoin have lost money according to a study published overnight as the cryptocurrency sector reels from the collapse of a major exchange that has sapped confidence. Economists at the Bank of International Settlements analysed data on investors in cryptocurrencies in 95 countries between 2015 and 2022.
“Overall, back of the envelope calculations suggest that around three-quarters of users have lost money on their bitcoin investments,” they said in their study.
During the period studied, the price of bitcoin rose from $US250 in August 2015 to peak at nearly $US69,000 in November 2021. It is now trading at around $US16,500. The number of people using smartphone apps allowing one to purchase and sell cryptocurrencies rose from 119,000 to 32.5 million during the same period.
“Our analysis has shown that, around the world, bitcoin price increases have been tied to greater entry by retail investors,” the researchers wrote. Moreover, they said they found that “as prices were rising and smaller users were buying bitcoin, the largest holders (the so-called ‘whales’ or ‘humpbacks’) were selling – making a return at the smaller users’ expense.”
The researchers did not have direct data on the gains or losses of individual investors.
However, they were able to extrapolate based on the price of bitcoin when new investors began using cryptocurrency trading apps and the approximately $US20,000 it was worth last month.
The study also found that the biggest segment of new cryptocurrency investors, at roughly 40 per cent, were men under 35, and who are commonly identified as the most “risk-seeking” segment of the population
Reported this morning (15/11/22):
Roughly three-quarters of people who have bought bitcoin have lost money according to a study published overnight as the cryptocurrency sector reels from the collapse of a major exchange that has sapped confidence. Economists at the Bank of International Settlements analysed data on investors in cryptocurrencies in 95 countries between 2015 and 2022.
“Overall, back of the envelope calculations suggest that around three-quarters of users have lost money on their bitcoin investments,” they said in their study.
During the period studied, the price of bitcoin rose from $US250 in August 2015 to peak at nearly $US69,000 in November 2021. It is now trading at around $US16,500. The number of people using smartphone apps allowing one to purchase and sell cryptocurrencies rose from 119,000 to 32.5 million during the same period.
“Our analysis has shown that, around the world, bitcoin price increases have been tied to greater entry by retail investors,” the researchers wrote. Moreover, they said they found that “as prices were rising and smaller users were buying bitcoin, the largest holders (the so-called ‘whales’ or ‘humpbacks’) were selling – making a return at the smaller users’ expense.”
The researchers did not have direct data on the gains or losses of individual investors.
However, they were able to extrapolate based on the price of bitcoin when new investors began using cryptocurrency trading apps and the approximately $US20,000 it was worth last month.
The study also found that the biggest segment of new cryptocurrency investors, at roughly 40 per cent, were men under 35, and who are commonly identified as the most “risk-seeking” segment of the population
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To be honest, i am not sure where i stand overall, i did a big profit initially,then tried to trade TBC and a few mainstream crypto..a few coins but not that much and now: what is left of my cryptography path ( just BTC now) is at a loss as BTC goes down .
Would be interesting to do the total sum and see if i am ahead i would think so but no private jet life
Dona Ferentes
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Hong Kong’s AAX exchange has suspended trading for 10 days, citing the failure of an unidentified third-party partner.
Cronos, the token underpinning the Crypto.com business, has fallen 25 per cent in the past 24 hours, and 98 per cent of all transactions made on the Cronos blockchain on Monday were withdrawal
Good morning qldfrog
Hoping find you well. rcw1 stayed away from investing/trading in crypto thingies, have enough vices. ha ha ha ha
But do keep abreast of developments in this space.
Good fortune with your stake in this one.
Have a very nice day, today.
Kind regards
rcw1
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I have less than half a BTC left..just leftover and in case it ever becomes a 1 mil per btc...
Keeping it under the bed, will see in a few years
AAX in damage control, no doubt their clients are waiting to press the exit button when they lift the suspension.
"Taking to Twitter, AAX vice president Ben Caselin said: "Bad timing for a scheduled maintenance at @AAXExchange, aimed to address serious vulnerabilities and given the already fearful circumstances in industry, opening up will require some caution and will be gradual, as sentiment cools."
Very unlikely that Aussie clients will recover much if anything from the FTX global collapse...
www.afr.com
At least 30,000 Australians trying to claw back FTX losses
FTX Australia administrators are working to secure the assets of 30,000 Australian investors exposed to the dramatic collapse of global crypto trading platform FTX last week.
bluekelah
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It's very easy to keep gold coins and bars. A 10oz gold bar the size of a car remote is easily 26kaud now.
and a 1oz gold coin/Bar size of memory stick, worth 2.6k can easily be kept and hidden. That's what I do for insurance don't need electricity or internet either to use it.I believe many folks have lost their trust in crypto exchanges and will likely move their assets to cold wallets. However this means the float available for crypto trading will nosedive and cause the market to become quite illiquid. This will exacerbate price falls. Especially if liquidators have large amounts of btc to liquidate. When the digital asset in the wallets go down in value, more and more folks will eventually turn to gold and other PMs.
