The World's Biggest Crypto Exchange Appears to Be Melting Down

Yahoo News: The World's Biggest Crypto Exchange Appears to Be Melting Down

Comments

[TheGJ90]

To those of you who have in mind a full-on legit crypto idea that is absolutely not scummy, take it from this observer:

The entire crypto well was poisoned long ago by grifters and greed itself. Drop that idea and stay away from that side of finance for the sake of your health.

Trust me, it ain't worth the years of stress involved.

[Herald of Opera]

Other relevant memes: surprised Pikachu face.

[SockPuppet]

5748313
Crypto's main use is giving me grist for shitposts.

5748326
media.tenor.com/UZJd1pjj4NMAAAAC/surprised-pikachu.gif

[HarpyYoshi]

[Dan]

Didn't Tara Strong get sucked into the NFT craze?

I hope she got out in time.

(It's funny since she's voicing a clock these days)

[Mockingbirb]

Golly, what's a bank run and why can't they be avoided by 'financial institutions' that insist on refusing regulation and going without real depositor's insurance?

Also, someone tell me again why 'crypto' is worth anything to start with. It's like the goldbugs who called dollars and yen 'fiat' decided to find a dollar replacement that had the least possible inherent value and can be destroyed by the first software bug.

(Edited to Note: Of course, someone might show up to 'explain' why this was not a bank run, it was just something that they've decided is something else. These last few years, I've sure learned a lot from having some people 'explain' crypto to me! Specifically, I've seen so many examples of what bullshit looks like and how bullshit works.)

[Anon E Moose]

And nothing of value was lost

[mishun]

5748446

Also, someone tell me again why 'crypto' is worth anything to start with.

If you have ready access to first world financial system and don't pay for something your government doesn't want you to then it probably isn't worth much. For you. (unless you care about underlying research, I guess?)

EDIT: "first world financial system" above should probably be replaced with "modern first world financial system"

[Mockingbirb]

5748540
I mean, gold has uses for adornment or decoration and for making useful artifacts. It's used in some electronics. If no one wanted it for any other reason, it would have useful engineering applciations.

But 'crypto' is good for...hoping that someone else wants it?

And, yeah, if criminals want to charge a ransom without setting foot in your country and getting arrested for encrypting a hospital's life saving records, I guess that's a 'use.'

An evil use.

[Mockingbirb]

5748540

If you have ready access to first world financial system and don't pay for something your government doesn't want you to then it probably isn't worth much. For you. (unless you care about underlying research, I guess?)

The most popular 'cryptos' are ridiculously traceable through their blockchains, btw, (not so much privacy!) which goes to show that even a lot of the advocates have no idea what they are talking about.

Really, most of the people who are using the big 'online exchanges' are putting big 'sucker' signs on their own foreheads and have been for years.

[mishun]

5748569

But 'crypto' is good for...hoping that someone else wants it?

So, like gold, unless you are jeweler or electronics producer? Or like paper money? (I can't believe you haven't heard that argument)

I suggest here that "what is good for" is determined not by adherence to your favorite brand of economic philosophy, but by if it's helping mitigate currently existing real world consequences of dictators, semi-failed states, idiots in economic authorities and so on. Which it is, although dictators may disagree.

And, yeah, if criminals want to charge a ransom without setting foot in your country and getting arrested for encrypting a hospital's life saving records, I guess that's a 'use.'

Charge ransom by saying that you have to mail them cash, for example? (real world trick scammers use, but bitcoin is faster, yeah)

5748570

The most popular 'cryptos' are ridiculously traceable through their blockchains, btw,

Well, you can put modified clients that write logs everywhere and try to figure where owner of public key that initiated a transaction was physically located from that (or go after exchanger), but authoritarian governments are usually too lazy/incompetent for that: banks are much easier in comparison --- you just subtly suggest what you want to be done and what or elses are on the table and leave technical details to them (I don't know how often democracies do that, but that story about Canadian truckers from ~1.5 years ago suggests that at least sometimes).