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Cryptocurrency

Bazal

Post Whore
Messages
99,404
Naw, not me. I haven't got strong feelings either way tbh, I reckon it's all a bit useless but good luck to you lot. I do hate all the overnight financial experts on socials but. Pack of f**kwits.

I was more looking at who to get a loan from, gonna be buying another apartment in a few months.
 

Chief_Chujo

First Grade
Messages
7,418

Get in while the pots still low. Fomo3d broke ethereum last time it was played due to its popularity.
 
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Chief_Chujo

First Grade
Messages
7,418
Would have been a good one to get in on at launch. What's coming? It looks like it's on the way down with no volume.
Yea the game has slowed a bit. Went to 400bnb pot quickly and you could get ROI in a few days from dividends. Its slowed down and crabbed its way to 470bnb last two days but they have marketing planned. At this point, no ones gonna let the timer run out because keys are still cheap. The game will get more widespread and as it goes on and as the keys get more expensive and the pot larger it should rope in some whales. Collect sweet divvies on the way. P3D will also go up with the game, but keys are a better play at this point IMO.

It's a blatant ponzi game, they're actually clear about that. But the incentives are interesting and as long as the game doesn't die out too soon I'll be in the clear.

But like everything in the shitcoin casino, buyer beware.
 

soc123_au

Moderator
Staff member
Messages
18,444
Yea the game has slowed a bit. Went to 400bnb pot quickly and you could get ROI in a few days from dividends. Its slowed down and crabbed its way to 470bnb last two days but they have marketing planned. At this point, no ones gonna let the timer run out because keys are still cheap. The game will get more widespread and as it goes on and as the keys get more expensive and the pot larger it should rope in some whales. Collect sweet divvies on the way. P3D will also go up with the game, but keys are a better play at this point IMO.

It's a blatant ponzi game, they're actually clear about that. But the incentives are interesting and as long as the game doesn't die out too soon I'll be in the clear.

But like everything in the shitcoin casino, buyer beware.
I've never managed to get my head around the gaming tokens. I've had a few of the rewards ones, they all seem to go great for a day or 2, then volume dies down, rewards slow to a crawl and they dump. I've done pretty well out of shitcoins overall, but the rugs and honeypots are everywhere. Get on the right one early enough though and it's happy days.
 

Chief_Chujo

First Grade
Messages
7,418
Yea its high risk/reward. I dumped my ADA because I think its on the way out and decided I'd use it as gambling money pretty much. Got rugged a few times but the coins that have done well have more than made up for it.
 

soc123_au

Moderator
Staff member
Messages
18,444
Yea its high risk/reward. I dumped my ADA because I think its on the way out and decided I'd use it as gambling money pretty much. Got rugged a few times but the coins that have done well have more than made up for it.
I've still got my ADA. Kind of wish I sold when it hit $3.00, maybe next time it pumps.

I've used some of the shitcoin gains to build up more VET, I'm still hoping it has a lot more gains to come.
 

abpanther

Moderator
Staff member
Messages
20,784
Not being a dick at all, just curious have things finally come crashing down for crypto or just a bigger that usual correction?
 

soc123_au

Moderator
Staff member
Messages
18,444
Not being a dick at all, just curious have things finally come crashing down for crypto or just a bigger that usual correction?
This is more than a correction. It will recover though, not the first time this has happened. A lot of the shitcoins will disappear, but most of the bigger projects will survive.
 

abpanther

Moderator
Staff member
Messages
20,784
This is more than a correction. It will recover though, not the first time this has happened. A lot of the shitcoins will disappear, but most of the bigger projects will survive.

Thanks for the update mate, I've got a close friend who's heavily invested so was wondering how concerned I should be!

Sounds like it may be a purge of the market as you say, sounds like similar has happened across the stock market
 

soc123_au

Moderator
Staff member
Messages
18,444
Thanks for the update mate, I've got a close friend who's heavily invested so was wondering how concerned I should be!

Sounds like it may be a purge of the market as you say, sounds like similar has happened across the stock market
Ìt depends what he is holding. Most of the top 50 to 100 should be safe enough. If he is loaded up with metaflokisaferocketinu then maybe head to bunnings for a nice sturdy rope.

I plan on buying more of a few coins in the next few months. Not a bad time to dca.
 

gUt

Coach
Messages
16,875
FTX chief executive Sam Bankman-Fried apologises to staff, investors on Twitter after cryptocurrency exchange's sudden collapse

The chief executive of cryptocurrency exchange FTX has taken to social media to say he was at fault after revealing the company's swift and sudden downfall.

Its collapse has sent shock waves through the crypto world, with FTX head Sam Bankman-Fried now seeking some funds from other funds, including current investors in FTX such as venture capital fund Sequoia Capital, according to Reuters sources.

Those sources said Mr Bankman-Fried has discussed raising the funds from crypto token Tron founder Justin Sun, rival exchange OKX and stablecoin platform Tether.

However, it was not clear whether he would be able to raise the funds he needed and whether those investors would participate.

Tether's chief technology officer, Paolo Ardoino, tweeted that it had "no plans to invest in or lend assets to FTX".

Authorities are now investigating FTX for potential securities violations and analysts are bracing for a further downturn in crypto prices after its collapse.

Mr Bankman-Fried said in tweets and a memo to employees seen by Reuters that he was in talks with "a number of players" in the crypto sector, including Mr Sun, after a potential rescue deal with larger rival Binance fell apart.

However, he added, he did not want to "imply anything about the odds of success".

He also said his trading firm, Alameda Research — which sources have said was partly behind FTX's problems — was winding down trading.

It followed repeated apologies by Mr Bankman-Fried on social media to clients and employees.

"I am sorry. That's the biggest thing," he said in a series of tweets on Thursday morning local time.

"I f****d up, and should have done better.

"I also should have been communicating more very recently.

"The full story here is one I'm still fleshing out every detail of, but as a very high level, I f****d up twice.

"The first time, a poor internal labelling of bank-related accounts meant that I was substantially off on my sense of users' margin. I thought it was way lower."

Mr Bankman-Fried — who is from California but now lives in the Bahamas where FTX is based — said the company would take a "hard look" at governance and that he "will not be around if I'm not wanted".

FTX had agreed earlier this week to sell itself to its arch-rival Binance after experiencing the cryptocurrency equivalent of a bank run.

Customers fled the exchange after becoming concerned about whether FTX had sufficient capital.

A person familiar with matter said that the Department of Justice and the Securities and Exchange Commission were examining FTX to determine whether any criminal activity or securities offences were committed.

The person could not discuss details of the investigations publicly and spoke to The Associated Press on condition of anonymity.

Mr Bankman-Fried had been hailed as a kind of saviour earlier this year when he helped shore up a number of cryptocurrency companies that ran into financial trouble.

The investigation into FTX by those in the crypto world, as well as securities regulators, will centre on the possibility that the firm may have used customers' deposits to fund bets at Mr Bankman-Fried's hedge fund, Alameda Research.

In traditional markets, brokers are expected to separate client funds from other company assets. Violations can be punished by regulators.

The latest crisis in the crypto industry prompted renewed calls for stricter regulations.

White House press secretary Karine Jean-Pierre said the FTX developments highlighted "why prudent regulation of cryptocurrencies" was needed.

"The White House, along with the relevant agencies, will again closely monitor the situation as it develops," she said.

Analysts said the collapse of the cryptocurrency's third largest exchange was likely to cause further disruption across the entire crypto world.

"The unwinding of FTX, as well as its shock of confidence to the system, will cause crypto prices to fall even further, leading to a new cascade of margin calls," said analysts at JP Morgan in a note to investors.

"This de-leveraging is likely to last for at least a few weeks unless a rescue for Alameda Research and FTX is agreed quickly."
 

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