/biz/ - Business & Finance

>>52323187
Not even close

>>52323187
unironically nothing compared to mt gox

>>52323187
lolno

>>52323187
>>52323200
>>52323206
Systemic risk. FTX is connected to so much of the crypto ecosystem through staking, speculation, and derivatives.

>>52323187
Much bogger $ amount and way more people affected, plus contagion effect possibly. More people had their life savings in this

>>52323187
2022 has literally been nothing but bear market

>>52323343
Because sergerburger announced steaking at the very start of the year

>>52323187
In terms of dollar value its bigger, in btc mt gox was bigger

>>52323187
it’s worse actually. black swan events are beginning to stack up with more retail money in the game and more institutional money on top. regulations are coming thanks to the chinks and jews that were sent to destroy crypto. mix tom brady into the headlines with his walled roastie ex wife and you have a fiasco of niggerific proportions. CBDC coming soon, nations will have their digital brands of currency tied in

>>52323343
2022 is the correction. 2023 will be the bear market

>>52323187
worse and it isn't over yet. Who lent money to FTX/Alameda?

>>52323187
Worse
Bitcoin was still niche when mtgox happened
This kike lost 6billion dollars and has the company name on a stadium in miami

>>52323187
bro 2014 total mcap of crpyot was 9 billion
its 750 billion right now...

>>52323617
Tom Brady had big bucks deposited. Ontario Teachers union also had big deposits because they were supposed to be safu funds. Not sure who the creditors were

No. Mt.Gox was basically the only large exchange operating, It's more akin to 3 out of the big 3 (CB, Binance and Bitfinex) being insolvent

>>52323252
Only Solana eco+Couple DeFi protocol like Aave and Chainlink.

They're some money in Near and Mina but they don't even have ecosystem kek

I was thinking about that..

>>52323811
Doesn't this have much more of a snowball potential? Would you change your mind if more exchanges started becoming insolvent? Coinbase CEO sounds shook in his tweets.

>>52323187
It's over. There will never be another bull run. These greedy merchants are going to get regulation brought in before that.

No. MtGox was worse.
The problem now is derivatives, which should never exist for crypto. But back in 2017 maxis were shilling for it, and now here we are.
This is what the maxis calls "legitimization", that is, turning bitcoin into a paper tiger.

mt.goy happened during a period of relative calm when crypto wasn't a byword for third world scam and qe was at peak flow.

>>52323890
>Coinbase CEO sounds shook in his tweets.
What do you mean by that?
Half my money is in USDC, the other half in BUSD. Should I worry?

>>52323187
Mt Gox would be binance or tether crashing

>>52324181
And Tether crashing is not a matter of IF, just WHEN.

That's what worries me.

>>52323187
Lmfao kys newfag

>>52323187
i lost 23btc on Mt Goy
but i had bought them for $45 each so I didnt care. and this is about 1mil times the magnitudes more of a happening than Mt Goy>>52324155

>>52323187
stfu newfag

>>52324161
He made some tweets a couple days ago to reassure investors but that to me just sounded like damage control the kind of shit CEOs say before they're the next domino to fall.

>>52323187
Far from it. Imagine if Binance just disappeared (can’t even access the website) with all customer funds tomorrow. That would be the equivalent of MtGox.

>>52323187
>>52323200
Mt. Gox = Binance
If Binance goes down then so does the entire crypto space. You would see BTC below 1k again, eth below 20 again.

>>52324161
>half my money is in totally reliable stablecoins
>yes I know multiple stablecoins have rugged this year but usdc is special even though they wont let anyone audit their reserves
screenshotted ur post for posterity

>>52323187
The biggest exchange that tried to make its name synonymous with crypto, buying stadiums and superbowl ads, with fake money throughout the system, going insolvent and wrecking teachers pension funds along with multiple billion in user assets, being a jew scam, is the biggest blow the crypto market has ever had I'm willing to say

>>52323187
No dude, it's a nothing burger

Reminder: NEWS doesn't MATTER
Only cycles and timing matter

Last cycle bottom:
-85% from the top, one year & a day later

This cycle bottom:
-77% from the top (so far), almost one year later

2014 cycle bottom:
-86% from the top, a year & 1.5 months later

>>52326549
Give me one reason why Sam Bankman-Fried doesn't just dump his baggies into real dollars and dump the dirt he has on Mr Ping Pong Binance causing a bankrun to hit them like they did FTX? If I got publicly cucked as hard as Bankstein did I'd probably go nuclear.

>>52326599
Btw this is day two, the fallouts not over, ftx just deleted their website hours ago. What else goes insolvent when ftx token goes to 0.000017 like Luna, nobody knows. Nobody's bailing them out

Yes and no.

Relatively speaking to 2014, it was a big deal because MtGox was pretty much the only serious exchange. But in terms of volume, any exchange right now handles more money to what MtGox has.

Crypto is supposed to be more mature now after 7 years, not some “cool internet digital coin” like it was stereotyped in 2014. All of these CeXes combined have been pretty disastrous to the industry. More people with more millions lost in it.

>>52323187
Can someone provide a quick rundown for a clueless person? FTX is dead and now that funny looking billionaire with the curly hair is broke?

>>52323187
Ftx is much much worse.

>>52323206
a few virgin nerds lost a few 1000 each with gox. billions are being lost with ftx

>>52323539
>regulations are coming thanks to the chinks and jews that were sent to destroy crypto.
More revelations means more money coming in, dummy

>>52326727
I'm gonna guess you have the rainbow chart image saved on your pc unironically

>>52326727
>le bull circle theory
what a decade of irresponsible FED policies does to a normie

>>52326812
This.

Mt gox was just basement dwelling nerds losing money, FTX going down is literal billionaires and companies losing an endless shit ton of money

>>52326795
He took the money people invested in ftx and gambled with it in his investing company Alameda, while printing ftx tokens that are now strewn throughout the market causing a house of cards collapse, and billions of dollars that was on the exchange is gone, also his company started dumping all their crypto to try to cover the debt leading to a spiral

>>52324236
>And Tether crashing is not a matter of IF, just WHEN.
I've been waiting for this for so long now. Just fucking happen already!!!!

>>52323252
>>52323290
>>52323539
>>52323617
>>52323686
>>52323705
>>52326599
>>52326812
>>52326956
>t. literal retards

>Proportionally:
This is nothing. To have another black swan as big as that, you'd need Binance and Coinbase o both become insolvent and disappear with people's money.

>In absolute terms:
This is way worse. Mt Gox costed millions, this is costing billions.

This is x100 times worse then MT. Gox because back then the hack was only worth 12 million USD but FTX just scammed over 5 billions not including derivatives. It's unironically over.

>>52323617
>>52323721
He meant tether

>>52327055
>>52327323
>the dotcom crash was worse than the great depression since more dollar value was destroyed

>>52327453
Not what I said, imbecile. Learn to read. Read it again. Then apologize and never again speak to your betters unless spoken to.

>>52324181
Binance crashing wouldn't do that much. Tether, well, it would be pretty catastrophic. But sane projects would survive.
>>52324236
Well it's not any different than the dollar.

>>52323187
Far worse, this is crypto black tuesday. Next up is the main event.

>>52326549
Blackrock manages the usdc reserves. I don't know what obligation they would have to cover any debt it has though. Maybe none
>BlackRock earns 0.17% per year. "Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so," states the prospectus.

the collapse of mtgox around the same time the feds shut down silk road and seized all their BTC was the only time in the 9 years I've been in crypto where I legitimately thought it was over

this might be larger in dollar magnitude and the number of (((sophisticated))) counterparties it has ensnared, but in terms of threatening the viability of crypto as a whole this is NOTHING close to mtgox

where is the tl;dr? idk wtf is happening right now

>>52327744
Market shidded and farded

>>52326812
You weren't there you dumb retard, you don't know shit.
I'm happy people like you are losing money

>>52327501
kys retard, you're out of your element

>>52327744
tldr you’re probably not gonna make and should kill yourself

>>52326995
how much btc will they dump?

>>52327323
PNK is unironically my most confident hold in this market. Haven’t budged at all on it. 250k stack and not selling.

>>52323187
2022 has been very entertaining so far. so far we have had supports being broken through like its nothing, Celsius hodl mode fiasco, ftx donating peoples money to democrats, Luna creating another gme baggies general, crypto.com "fortune favor the brave" chronos rugging. can't wait for the remaining 2 months.

>>52326995
It's funny how all these seemingly respectable dudes end up going bankrupt. I remember thinking the three arrows capital guy was really intelligent after listening to his podcast some.

>>52329032
Never respect a guy that suddenly becomes a multi-billionaire out of nowhere with no solid explanation (i.e. he didn’t invent anything, etc.).

Also never respect a guy who’s conspicuously disguised as a dishevelled teenager when everyone else wears a suit. It’s an act to look harmless, which means he’s probably harmful.

>>52328247
almost forgot about 3ac as well. so much had happened this year can't remember it all