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

cnbc.com

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

#71

Post by mellavora »

randomhodler84 wrote: post #58
spaceman_2020 wrote: post #40

Earlier quoted context omitted.

Because you’d have to be a real dumbass to actually put your life savings in crypto. When I first bought crypto, I put in just enough that if I were to lose it all, it would mean one vacation less and a fewer more meals at home for a few months. The returns are absurd enough that a $10k investment can be life changing. Anything beyond that is just greed and stupidity.

$10k can’t even buy a car. I don’t know where you are in this crazy world but where I but $10k isn’t life changing, it’s more like a month of fancy dinners. I guess I’m a real dumbass. :-)

he said the *returns* can be life-changing, not the investment.

some people 100xed on crypto

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

#72

Post by a4isms »

atwood22 wrote: post #52
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.

It's called picking up pennies in front of a steam roller.

Also “picking up nickels off of railroad tracks.”

It’s very seductive. I like the railroad tracks analogy because in my real-world experience, railroad tracks can be seldom-used, and look like they’ve been abandoned. But every once in a while, something does come driving down it, be it a full train or maybe a pickup truck outfitted with bogeys, belonging to the company.

But only once in a while. If you don’t see one for months, you convince yourself you’ll never see one.

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

#74

Post by jpambrun »

paywallasinbeer wrote: post #60
jpambrun wrote: post #56

Earlier quoted context omitted.

And I would feel the same if a massive amount of people were pushing for it, were deceptive and exploitative about it.

There's a subreddit for that too! https://old.reddit.com/r/gme_meltdown/

Yes! GME stock was exactly the same and just as scummy. Thanks for pointing that out.

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

#75

Post by randomhodler84 »

mellavora wrote: post #71
randomhodler84 wrote: post #58

Earlier quoted context omitted.

$10k can’t even buy a car. I don’t know where you are in this crazy world but where I but $10k isn’t life changing, it’s more like a month of fancy dinners. I guess I’m a real dumbass. :-)

he said the *returns* can be life-changing, not the investment. some people 100xed on crypto

Some even did better than that ;-)

My life is completely unchanged. I still work everyday.

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

#76

Post by mertd »

randomhodler84 wrote: post #44
rvz wrote: post #13

Earlier quoted context omitted.

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.

Can you point to a source for "the money is there"?

Nothing surrounding Tether passes the smell test.

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

#77

Post by roywiggins »

ntoskrnl wrote: post #62
badcppdev wrote: post #32

Earlier quoted context omitted.

> Now if only there were mainstream news articles about all the things that go right in crypto. Legitimate question. What things have gone right in Crypto? I'm excluding individuals getting rich as that can happen due to gambling, etc.

One example: Ukraine's military has been using bitcoin to pay their suppliers. The bitcoin network is antifragile and not vulnerable to attack the way their traditional banking infrastructure has shown to be. When searching I mostly found results on crypto news sites (naturally), but here are some mainstream sources: https://time.com/6155209/ukraine-crypto/ https://apnews.com/article/russia-ukraine-cryptocurrency-tec…

There's no real problems with donating fiat to Ukraine, you can send money to them no problem.

https://u24.gov.ua/

As far as I can tell the reason they bought a bunch of stuff with crypto is because crypto fans gave them a bunch of crypto, not because they need to route around actual problems with the banking system.

Of course Ukraine would make noises about how much they like crypto, because anything that encourages crypto holders to donate is good for them. Even if they prefer fiat they probably won't complain- making crypto donors feel good about giving them money (because it is acting as an advertisement for crypto generally) is a good idea for Ukraine.

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

#78

Post by TameAntelope »

jcstauffer wrote: post #7
dmos62 wrote: post #3

Article has a refreshingly neutral tone. I wish all news were like this.

I particularly like how they neutrally listed all the assets and lines of credit of Voyager Digital (the loan holder) without mentioning that they add up to just $655M (< $670MM), meaning that they are now insolvent.

I don't think defaulting on a loan means you're going to pay $0.00 on that loan, just that you've missed a payment (plus whatever grace period is given).

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

#80

Post by Rebelgecko »

idiotsecant wrote: post #66
jpambrun wrote: post #21

Earlier quoted context omitted.

People with crypto coins needs other people to be willing to buy them at higher price just slightly later. They keep exploiting fomo for their own gain. I don't think this is moral and a bit of karma is always welcomed.

This isn't necessarily true. A lot of people have held crypto since you could purchase it for single digit American dollars because they believe in the fundamental tenants of crypto - permissionless world financial exchange where the levers and dials of the economic systems are not controlled by world governments.

If they believed in crypto as a unit of financial exchange, wouldn't they be actually using it for transactions instead of going full-HODL?
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