Red Mosquito

Multiple Mt. Gox's coming soon?

buncha boomers in here celebrating the victory of TradFi oligarchy

tragabigzanda wrote:

96583UP wrote:buncha boomers in here celebrating the victory of TradFi oligarchy

Oh I think blockchain has some potentially great applications, and I think there are some really cool asset-backed securities emerging that buck conventional public market trends (AcreTrader, Masterworks, etc). But crypto is a joke.

Trab posts, as he buys the dip.

tragabigzanda wrote:

96583UP wrote:buncha boomers in here celebrating the victory of TradFi oligarchy

Oh I think blockchain has some potentially great applications, and I think there are some really cool asset-backed securities emerging that buck conventional public market trends (AcreTrader, Masterworks, etc). But crypto is a joke.

such a simp take

fiat currency is fantasy as is most of the collateral in traditional finance markets but they have the federal reserve to keep propping up that pyramid scheme (see $8.9 trillion balance sheet)

only reason the bottom falls out of the crypto bag every couple years is unlike boomer securities when the going gets tough there is not a centralized white oppressor overlord to step in and call 'timeout' and 'do over' in order to preserve asset values. instead the free market actually has to run its course.

crypto both as a currency (USDC, USDT) and permissionless transaction network (ETH, SOL) is far from a joke - we're talking about a disruptive innovation for finance and the internet akin to the transition from horses to automobiles. conventional banks and brokerages are shitting their pants at the applications crypto have that can render large swaths of their operations obsolete. Clearing agencies (DTCC) and exchanges (NYSE) will rapidly be going the way of the dodo. Deposit and lending operations already exist and will eat up conventional bank market share once they are afforded the same regulatory protection.

Rangi Guy wrote:

One can only hope.

tragabigzanda wrote:

96583UP wrote:

tragabigzanda wrote:

96583UP wrote:buncha boomers in here celebrating the victory of TradFi oligarchy

Oh I think blockchain has some potentially great applications, and I think there are some really cool asset-backed securities emerging that buck conventional public market trends (AcreTrader, Masterworks, etc). But crypto is a joke.

such a simp take

fiat currency is fantasy as is most of the collateral in traditional finance markets but they have the federal reserve to keep propping up that pyramid scheme (see $8.9 trillion balance sheet)

only reason the bottom falls out of the crypto bag every couple years is unlike boomer securities when the going gets tough there is not a centralized white oppressor overlord to step in and call 'timeout' and 'do over' in order to preserve asset values. instead the free market actually has to run its course.

crypto both as a currency (USDC, USDT) and permissionless transaction network (ETH, SOL) is far from a joke - we're talking about a disruptive innovation for finance and the internet akin to the transition from horses to automobiles. conventional banks and brokerages are shitting their pants at the applications crypto have that can render large swaths of their operations obsolete. Clearing agencies (DTCC) and exchanges (NYSE) will rapidly be going the way of the dodo. Deposit and lending operations already exist and will eat up conventional bank market share once they are afforded the same regulatory protection.

How’s that kool-aid taste? You think that regulatory protection won’t come with some huge compromises to the technology?

tastes great

no compromises to the technology, just better collateralization practices

NFA but everyone who wished they bought in 2019-2020 are gonna prob get that chance again. dollar cost averaging in over the next 1-2 years may be a kingmaker trade. just need to to do a little at a time over a long period and be patient, and stick to the bread and butter stuff like BTC, SOL, and ETH

then when the major fund houses are all doing crypto mutual funds and banks start accepting USDC/USDT deposits its gonna be valhalla

but don't just take my word for it!

https://www.occ.treas.gov/news-issuance ... 2022-2.pdf

Regulating stablecoin issuers as banks could also enable more innovation in crypto and make those innovations more durable.

Fun thread

BurtReynolds wrote:

Handsome guy! Does he want a pen pal?

BurtReynolds wrote:Fun thread

Bankman-Fried was allegedly the no. 2 individual donor this cycle after Soros. Mostly gave to super PACs so pols might not be particularly beholden to him. At least one House (R) on the banking committee is already talking about going after him.

He transferred deposits from the FTX exchange to cover losses for his Alameda Research moves, so seems like he's fucked. This whole thing blew up when he started talking shit about a rival exchange because the owner of that is Chinese and he expressed concerns about ties to Chinese gov. The rival exchange started acquisition process and used info from due diligence to start a run on FTX, then backed out of the acquisition.

Hyphenated last name scions of Stanford Professors: not even once.

Simple Torture wrote:

BurtReynolds wrote:

Handsome guy! Does he want a pen pal?

He might be too busy responding to Greta Thunberg's letters to respond to yours.

simple schoolboy wrote:

Simple Torture wrote:

BurtReynolds wrote:

Handsome guy! Does he want a pen pal?

He might be too busy responding to Greta Thunberg's letters to respond to yours.

Honestly, I wish I didn't read enough Wikipedia to recognize him.

Simple Torture wrote:

simple schoolboy wrote:

Simple Torture wrote:

BurtReynolds wrote:

Handsome guy! Does he want a pen pal?

He might be too busy responding to Greta Thunberg's letters to respond to yours.

Honestly, I wish I didn't read enough Wikipedia to recognize him.

He might be a compelling case for why IRBs are a good idea for undergrad psych experiments.