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

Post by bombcar » Mon, Jun 27, 2022, 5:53 PM UTC

AlwaysRock wrote: post #127

bombcar wrote: post #101

Earlier quoted context omitted.

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…

In the smallest version of this... My weekly poker group talks about stocks and crypto often. It's a mix of guys who work in tech and engineering and a handful who just want to get rich quick. We've all bought a few yolo stocks and coins together and 100% of the time the investments have gone to zero or close to it. Thankfully no one in the group is dumb enough to go all in on this hyper risky investments but I can s…

Post by HWR_14 » Mon, Jun 27, 2022, 5:56 PM UTC

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.

Post by randomhodler84 » Mon, Jun 27, 2022, 6:01 PM UTC

jpambrun wrote: post #129

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.

It is probably true that 99.9% of people with crypto use it as a speculative investment. The remaining 0.1% true crypto idealist may exist, but I have never met one. So it makes the previous statement very much mostly true. This type of disingenuous argument is why some of us rejoice at the crypto meltdown.

Post by SilasX » Mon, Jun 27, 2022, 6:02 PM UTC

paulgb wrote: post #63

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.…

> After looking at it for a moment, it's equally delusional as /r/cryptocurrency. There can be some serious discussion there but it's first and foremost a joke subreddit. Without knowing what you're labeling delusional, there's a good chance it's meant to be taken with a sense of irony.

Post by randomhodler84 » Mon, Jun 27, 2022, 6:03 PM UTC

ironlake wrote: post #92

ejanus wrote: post #38

Earlier quoted context omitted.

Same with most company shares

You are wrong. No value can be added to crypto except through fiat deposit. Publicly traded companies create value by their activity. For example, if I own a share of AT&T, the value of that share goes up if AT&T runs a successful marketing campaign to get new users to sign up. Crypto has no utility and no underlying value.