Crypto exchange FTX files for bankruptcy protection. Is that the sound of the crypto bubble popping?

edited 11 November 2022 at 5:11PM in Savings & investments
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bostonerimusbostonerimus Forumite
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edited 11 November 2022 at 5:11PM in Savings & investments
So it looks like the crypto-exchange FTX is in a terminal tail spin. Is this the popping of the crypto bubble and what implications does it have for VR, NFTs etc?
“So we beat on, boats against the current, borne back ceaselessly into the past.”
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  • AdyinvestmentAdyinvestment Forumite
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    Good for crypto in the long run, flushing out all the bad eggs. "Only when the tide goes out do you discover who's been swimming naked" Warren Buffett

    In the short term gives the haters some extra fuel for the fire.
  • MillyonareMillyonare Forumite
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    The crypto and NFT bubbles popped months ago!
  • hallmarkhallmark Forumite
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    It's noticeable how many mainstream commentators are comfortable calling crypto a worthless ponzi scheme currently. Notably more than were brave enough to previously.

    I think it's all leverage based on QE, so I'm a bear.

    I'm bearish by nature though.
  • talexusertalexuser Forumite
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    Time to sell your tulips.
  • LunaLaterLunaLater Forumite
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    talexuser said:
    Time to sell your tulips.
    If you have any bulbs for sale I have some shares in the South Sea Company that I’d like to exchange for them.
  • talexusertalexuser Forumite
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    Damn, I already sold mine for a bunch of packaged up mortgage derivatives :(
  • LunaLaterLunaLater Forumite
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    talexuser said:
    Damn, I already sold mine for a bunch of packaged up mortgage derivatives :(
    I’ve a low-resolution digital picture of a monkey in a baseball cap that I could throw in if that helps?
  • bostonerimusbostonerimus Forumite
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    I think this is the first wave that's over. Blockchain is a very useful idea and if VR takes off it will have lots of applications to track your virtual self. Bitcoin won't be big because you can use it in the real world, it will really succeed when you need to spend in VR.
    “So we beat on, boats against the current, borne back ceaselessly into the past.”
  • FrequentlyhereFrequentlyhere Forumite
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    I think this is the first wave that's over. Blockchain is a very useful idea and if VR takes off it will have lots of applications to track your virtual self. Bitcoin won't be big because you can use it in the real world, it will really succeed when you need to spend in VR.
    I don't see why VR would suddenly make this stuff useful?

     I mean, we're operating in a non-real World environment talking on the internet right now and I can hop over to non-real World Amazon and buy whatever I want with just a credit card number. How does me putting on a visor and "walking" to amazon make blockchain/bitcoin particularly more useful?

    Besides which, it would face exactly the same pushback from regulators as when Zucky tried to create his own facebook coin. Except even more stringent pushback in light of the utter S**tshow ongoing.
  • edited 12 November 2022 at 9:11AM
    DannyCareyDannyCarey Forumite
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    edited 12 November 2022 at 9:11AM
    It will set the "crypto industry" back a few years no doubt about it. I still believe in the long term validity and success of Bitcoin. Bitcoin is not equal to illegally ran exchanges, who sell thousands of worthless tokens. 

    The FTX thing is just the latest in a long line of exchanges doing extremely shady things.

    SBF essentially made a sh**coin, sent a ton of it to his partner company, pumped it up, creating a fake demand, then when there was an inevitable run on it started by CZ of Binance it was revealed just how much of consumer's money SBF was gambling with. An $8 Billion dollar hole. 

    He has been sitting on panels with Bill Clinton etc, he was promoted as "the next Warren Buffet" !!! 

    He sat in a room with government officials saying what he did is no different to what banks do, ha! 

    He will be going to jail for a long, long time. 

    And if somehow he doesn't, then the only conclusion I would have is that he is a state actor brought in to cause this destruction. 
    "Wealth consists not in having great possessions, but in having few wants."
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