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Three Arrows Capital has defaulted on a loan worth more than $670M

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Re: Three Arrows Capital has defaulted on a loan worth more than $670M

#41

Post by antiverse »

I don't believe whatever news are posted these days regarding crypto. After the whole gamestop charade of people cheering on the downfall of hedgefunds, it turns out they turned a healthy profit after all and none of what was originally claimed turned out to be true. Who the fuck knows who had a dog in that race to what extend and who was publishing so much misinformation. It even made it's way here, which is why I am writing this comment on HN. There's a slew of information that these articles omit/conceal that could completely change the narrative being portrayed.

There are too many misdirection plays here. People are being screwed, yes, but not the people you think (or in some cases "hope".)

Re: Three Arrows Capital has defaulted on a loan worth more than $670M

#42

Post by Pv9KKy3 »

015a wrote: post #30

> As of Friday, Voyager said it had approximately $137 million in U.S. dollars and owned crypto assets. > Last week, Alameda (FTX founder Sam Bankman-Fried’s quantitative trading firm) committed $500 million in financing to Voyager Digital, a crypto brokerage. Voyager has already pulled $75 million from that line of credit. Am I misunderstanding something, or: what kind of mismanagement could possibly lead to loans b…

It's the lure of money. You did something, it worked, you made a killing. Very tempting to do it again (give 3AC more money etc etc).

Re: Three Arrows Capital has defaulted on a loan worth more than $670M

#43

Post by [deleted] »

rafale wrote: post #14
paywallasinbeer wrote: post #5

For anyone else enjoying the crypto meltdown, might I suggest the subreddit /r/buttcoin? It's quite enjoyable. https://old.reddit.com/r/Buttcoin/

Why would u enjoy people losing their life savings? Just because they told you to have fun staying poor on the way up?

[deleted]

Re: Three Arrows Capital has defaulted on a loan worth more than $670M

#44

Post by randomhodler84 »

rvz wrote: post #13
paywallasinbeer wrote: post #5

For anyone else enjoying the crypto meltdown, might I suggest the subreddit /r/buttcoin? It's quite enjoyable. https://old.reddit.com/r/Buttcoin/

After looking at it for a moment, it's equally delusional as /r/cryptocurrency. I'm enjoying the meltdown because it flushed out those who believed in nonsense like 'This isn't even close to what will be the all time high' [0] 'Doge to $1 by September 2021' [1], etc. Where are they now? I won't be surprised to see Bitcoin go lower than $10K. This is before regulations and the Tether scam collapsing. [0] https://news.…

I don’t think tether is going to collapse. The money is there and the demand is high.

Nobody is trading suitcases of fiat bills behind closed doors anymore, it’s all in USDT.

Re: Three Arrows Capital has defaulted on a loan worth more than $670M

#45

Post by rngname22 »

cjbgkagh wrote: post #33
CoastalCoder wrote: post #8

I always have mixed feelings when someone is warned about the riskiness / foolishness / stupidity of a course of action, and then suffers for it. On the one hand, there's a certain satisfaction or Schadenfreude in the sense of vindication. And it's pleasant to feel like my own wisdom or self-control has been validated. OTOH, I know that everyone has limited wisdom / self-control / intelligence, including me. So it se…

A fool and their money are soon parted. The real problem is that swindlers have made a huge amount of money and can use that money to corrupt politicians so it affects the rest of us. It’s not just the extra tax of having to care for the newly impoverished. My former local community went all in on a bitcoin scam, they made commissions on new entrants so I never heard the end of it. I only talked about it when asked b…

Could you expand a bit? It sort of sounds like you're describing a small town or a social circle / social scene where everyone got involved in some particular altcoin or something and invested a ton of their personal savings into it while encouraging others to do so as well, is that essentially it? Crazy if so.

Re: Three Arrows Capital has defaulted on a loan worth more than $670M

#46

Post by rngname22 »

rafale wrote: post #14
paywallasinbeer wrote: post #5

For anyone else enjoying the crypto meltdown, might I suggest the subreddit /r/buttcoin? It's quite enjoyable. https://old.reddit.com/r/Buttcoin/

Why would u enjoy people losing their life savings? Just because they told you to have fun staying poor on the way up?

Maybe because crypto is burning enormous amounts of fossil fuels at a time when humans are literally destroying the biosphere and for 90% of people involved their motivation is speculation and greed (get rich) not technology or real world applications.

Re: Three Arrows Capital has defaulted on a loan worth more than $670M

#47

Post by siskiyou »

015a wrote: post #30

> As of Friday, Voyager said it had approximately $137 million in U.S. dollars and owned crypto assets. > Last week, Alameda (FTX founder Sam Bankman-Fried’s quantitative trading firm) committed $500 million in financing to Voyager Digital, a crypto brokerage. Voyager has already pulled $75 million from that line of credit. Am I misunderstanding something, or: what kind of mismanagement could possibly lead to loans b…

Stepping in to support the wages of mismanagement may not seem so excellent if the situation worsens further

Re: Three Arrows Capital has defaulted on a loan worth more than $670M

#48

Post by spamizbad »

55555 wrote: post #23

I really don’t understand the business model of making massive fiat loans to “firms” to buy bitcoin. If crypto goes up, you get a small amount of interest. If crypto goes down, you lose everything. What? Lol. Just spend a fraction of the sum on bitcoin and do something safe with the rest. What was the plan? Edit: I guess when someone has “20 billion dollars” a 700mm loan doesn’t seem like a big risk.

I think a lot of these projects are less rational and more ideological. People are desperate for applications of crypto, because the survival of the ecosystem depends on it, so they’re willing to chase down high risk / low reward ventures to keep the music going.

Re: Three Arrows Capital has defaulted on a loan worth more than $670M

#49

Post by randomhodler84 »

arcticbull wrote: post #6
rvz wrote: post #4

Good. Looks like this cycle has claimed tons of over leveraged VCs and deluded crypto bros and maxis thinking that Bitcoin will reach $100K last year. Instead they all got liquidated. We were overdue a wiping out of these gamblers and speculators as regulations will be formed to limit or prevent having another UST, USDD and Celsius. Either way the smart money takes advantage of the hype and prepares well in advance f…

USDD isn't like Terra. It's not actually an algorithmic stablecoin, it's just 'His Excellency' Justin Sun messing with people. There's no redemption mechanism (which is what lead to the UST collapse) and the creation is limited to a few authorized participants - notably Alameda. Sun can restore the peg pretty much at will for a few million bucks. [edit] To be clear I maintain you should stay as far away as humanly po…

Yeah, don’t short USDD (at least not yet). If Justin using His Excellencies personal wealth to bail out His Excellencies stablecoin sideproject, wait at least until the market cap goes beyond what he can bail out. It’s currently 3x over collateralized, you will lose.

Re: Three Arrows Capital has defaulted on a loan worth more than $670M

#50

Post by antiverse »

rngname22 wrote: post #46
rafale wrote: post #14

Earlier quoted context omitted.

Why would u enjoy people losing their life savings? Just because they told you to have fun staying poor on the way up?

Maybe because crypto is burning enormous amounts of fossil fuels at a time when humans are literally destroying the biosphere and for 90% of people involved their motivation is speculation and greed (get rich) not technology or real world applications.

So you finally got to the root of human nature, you're clearly disappointed, and this is your response?
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