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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

#111

Post by happyopossum »

retcon wrote: post #103
TameAntelope wrote: post #78

Earlier quoted context omitted.

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).

Default means that you are or have been technically deemed incapable of making any further payments. This includes repaying the principal outstanding. You're confusing any potential amount ultimately recoverable in insolvency with some kind of imaginary ex gratia payment by a management of a imaginary going concern which absolutely doesn't exist in Ch.12. Its chapter12 in the circumstances conceived.

> Default means that you are or have been technically deemed incapable of making any further payments

Nope, that's not correct. Loan default occurs when a borrower fails to pay back a debt according to the initial arrangement - it most assuredly does not mean that no further payments will ever come (or be extracted via judgement).

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

#112

Post by acchow »

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?

When this crypto thing turned into a ponzi scheme, it was already guaranteed that many people would lose everything. We can only hope it collapses earlier so there are fewer victims.

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

#113

Post by randomhodler84 »

puranjay wrote: post #98
randomhodler84 wrote: post #75

Earlier quoted context omitted.

Some even did better than that ;-) My life is completely unchanged. I still work everyday.

I work everyday too. But not having debt and enough cash cushion to do nothing for years gives you a sense of freedom and confidence that can help you make life changing decisions.

True. I was able to make riskier investments knowing that I would be able to eat if things went badly.

I’m just waiting for the collapse of civilization now myself.

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

#114

Post by dtmmax33 »

bombcar wrote: post #101
zeven7 wrote: post #96

Earlier quoted context omitted.

I'm fascinated that some kind of place like this existed. I've only lived in large cities and the picture I've gotten of small towns from trips and media hasn't prepared me for the idea of a whole community that collectively buys into a get rich quick scheme.

It happens all the time but often the community and the physical community don't overlap, but check out /r/MLM or other similar subreddits and there's whole groups of scammers who target particular groups (church, social, retired, veterans, etc) with particular pitches designed for that group. Because if some rando tells you to join Amway or invest in AmCOIN™ you will tell them to get bent, but if it's a trusted frie…

You can also check out behindmlm.com which exposes most of the more popular scams.

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

#115

Post by idiotsecant »

Rebelgecko wrote: post #80
idiotsecant wrote: post #66

Earlier quoted context omitted.

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?

Cuyrrently (and at a few points in the past) it's a little hard because the value of crypto is fluctuating so wildly but a lot of early adopters have continuously been using and advocating adoption of crypto for a decade now.

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

#116

Post by wjko21 »

mirntyfirty wrote: post #36
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…

I think it’s a strange part of human psychology to ignore objective reality and double down to complete ruin. It seems remarkably common and with corporate power being so concentrated at the top it seems rather easy for these situations to happen.

I think the reason is that safety nets our system provides to big businesses (especially "too big to fail" ones) incentivizes them to take risks. If you have a 50/50 chance to strike gold or loose tons of someone else's money, why not take it. If it pans out, you get a lot of bonus $$$, if it doesn't - it's no skin off your back.

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

#117

Post by mbar84 »

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…

Worse than paper shuffling about and numbers changing in a computer is when peoples behaviours change due to such foolishness. People who thought they could retire early but should have been continuing to work. People who bought cars and propped up an industry that should have been shrinking, freeing up resources for other parts of the economy to grow. People who built houses with resources that could have been put to better use and which now stand empty.

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

#118

Post by roywiggins »

hackinthebochs wrote: post #100
roywiggins wrote: post #77

Earlier quoted context omitted.

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…

Sure, there's no problem donating now 5 months into the war. But what about when the war just started? How would someone from the U.S. be able to donate money and be confident where it was going? It's not like the Ukrainian govt had a well-known paypal address.

How can you be confident where a BTC payment is going? Did they have a well-known BTC address? If it's a matter of a .gov.ua website posting a wallet address, that's not obviously better than a .gov.ua website posting an IBAN.

To be clear, the Ukraine government posted payment information by March 1st:

https://bank.gov.ua/en/news/all/natsionalniy-bank-vidkriv-sp...

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

#119

Post by andruby »

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.

Perhaps they also own a lot of bitcoin/crypto and the goal of this investment is to prevent the price from dropping (due to firms going down).

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

#120

Post by roywiggins »

ntoskrnl wrote: post #95
roywiggins wrote: post #77

Earlier quoted context omitted.

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…

https://www.yahoo.com/video/ukraine-government-using-crypto-... > Chobanian says vendors are stepping up to accept crypto in exchange for supplies and crypto is proving to be more efficient than traditional payment methods. > “It's really difficult to [send money] using traditional methods. First of all, it takes a lot of time. Secondly, it's a lot of bureaucracy and so on. Here, we are really fast. So we receive mon…

Of course he would say that it's super-efficient and better than using existing banks, Chobanian runs a crypto exchange.

It's impossible to imagine a crypto exchange founder saying anything different.

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