|
In my own opinion, we are experiencing right now the resiliency of Bitcoin despite the many negative developments that happened, happening and can happen with the cryptocurrency industry. BTC has proven to be an insulator in itself. And I think that it is good...as if it is setting up or laying the ground for a near-term big pump. Yes, there is a big possibility that in the first quarter of 2023 we can see BTC crossing the $30K line, unless of course something can happen to shake the whole industry like for instance the collapse of another major crypto platform.
|
|
|
|
|
We certainly need some good news in the face of the FTX collapse contagion. I am not so familiar with Saudi Telecom since I am not based in the Middle East but am assuming that this is a big business organization with lost of revenues and is now looking its good share in the booming (especially in this region) cryptocurrency market. As what I am saying in the past, I am hoping those accepting crypto to plan a marketing campaign by including incentives for people to be using crypto so they can go into the hassles of entering the crypto option and using it to pay. No incentives can be a dry thing especially for people who are speculators.
|
|
|
|
|
I don't understand why there are those who think that with the arrest of Sam Bankman-Fried, victims of his shenanigans can get their money back. The answer is a big NO. The money had been mismanaged, squandered and of course, used in trading where they lost. Nobody can be sure when the assets left will eventually be distributed to those entitled of them under the bankruptcy law...and yes it can take years before that will eventually be settled. Remember Mt Gox, for that matter. The most important is that perpetrators (with 's' because Sam is not alone in this mess) can be brought to jussive and be facing a jail time so they can be big examples to all and be a big warning especially in the crypto industry where scammers and hackers are now making their number 1 home and source of huge revenues.
|
|
|
|
|
I predicted that eventually Bitcoin will stay for some days at the $15K level but I was wrong because the arrest of Sam Bankman Friend in the Bahamas became a big good news for the crypto industry hence pushed the value of BTC to where it is now...bad news for Sam and his minions but stimulating good news for Bitcoin, for sure. I am still wishing for it to go back to $16K zone because that is where I sold my little BTC but I think I am in for some more pumps in here. So I am a little bit frustrated for myself but am happy for Bitcoin.
|
|
|
|
in regards to the $1b loan
many politicians and celebrities do "personal loans" with favoured terms of repayment of just 10cents every decade or have terms where the loan is to be written off upon death/after X years
by being the loan giver and recipient. writing your own terms means you give favour to yourself to not need to repay
this is done for LEGAL tax avoidance.
yep a loan is not taxable. so instead of doing a payment of income to oneself they would give a personal loan to oneself to not have to pay tax on that money received.
its very well known tax loophole which even politicians use
as for SBF current personal holdings
he spent over $300m on real estate for his colleagues and family
I think the big difference is that those politicians (well, of course except the corrupt ones) and celebrities can be using their own money to loan for themselves so there is actually no need for transparency or accountability but with Sam the source of money is FTX whose capital is not his entirely. I am glad that details of this whole mess and the myriad of abuses that Sam and his minions committed is now exposed to the public so this can be serving as a big warning to people who got the same mindset or thinking as he has. Hope that soon people under Sam can also be arrested and prosecuted for the role they played in the FTX collapse. |
|
|
|
|
What happened to FTX is a clear example of why we should not be fully trusting centralized platforms...as they can be subjected to different manipulations and behind-the-scenes frauds committed by the very people whom we assumed will be protecting us. Trust is something that we should not just give to someone - just like SBF - just because he is good in using the media and advertising to his own advantage. Sam had been playing like he owed nobody any accountability and transparency all the while pretending like he is the role model of the industry. Now, if you lost money in FTX - like if you bought the FTX token - then just pretend like it is a big tuition fee for your crypto schooling - we all mostly got victimized by scams and frauds in the past so this can just be one of them. Sad but true.
|
|
|
|
The time is coming when SBF would get a jail sentence for the many bad things he did or approved to have done in FTX...and his lawyer/s will do everything they can to minimize the jail terms. Just like Elizabeth Holmes of Theranos, Sam will have to pay the many frauds he did and it does not matter to me if creditors will get the money owed to them but certainly they are entitled to get some as there are many asserts still left intact by FTX so it is a matter of legally liquidating them. Sam tried to make his name a little bit more acceptable with his interviews and with the mainstream media playing along...but the immense pressure coming from different directions for law enforcers to do what they should be doing has finally come to the arrest of the man...definitely no more the golden boy of the crypto industry he is now its Bernie Madoff version. |
|
|
|
|
The only thing am learning here is that Bitcoin can be for anyone and for any country so anybody can be contributing for its development and the same time can do business with it. We should be happy that in USA though stricter regulations can be coming in for sure in 2023, there is no talk of banning it just like what China did. As to the possibility involvement of Wall Street, the only reason they ca be involved is that Wall Street is always looking for money...they will surely be there if there is something good for them but when things can be so negatively hot they will drop anything anytime...and that is what's happening right now all because we are still in a deep crypto winter capped by FTX/SBF saga. Now, OP can believe anything he wants but that's the end of it.
|
|
|
|
|
Well, time moves on and hopefully by the end of 2022 we also are going to see a better year in 2023. Though am guaranteeing that nothing will stop from platforms from getting hacked - including self-hacked meaning operated from within - which will always mean that people are losing money and nothing can save them from it for now. This year will be marked as one of the big red year due to so many negative developments...capped by the FTX and Sam Bankman Fried saga, no less. Will 2023 be different? I am hoping so.
|
|
|
|
|
I am definitely not a legendary member of this forum as I am currently still stuck at the member level due to low number of merits. Since I am a member of this forum for many months, I can see that we really have high-level members who are dedicating their time, effort to make this forum they way it should be and they are sharing the knowledge, expertise as well as opinions on many things that's why I am also learning a lot here. However, I don't think there are many of them that are devoting their time a lot since they also got their own lives and loves to attend to. Now, for those who are looking at a career in the cryptocurrency industry, am sure there are now many options one can go to.
|
|
|
|
|
People will always be asking 'what's in it for me' in deciding things and this can still be true with the blockchain and cryptocurrency industry. Hence, if players will not be getting something as rewards and they are just for voluntary basis there is a strong chance that things will not last that long. Rewards can be so important in any platform or situation as they can be the reasons why things are moving on. On the part of the users, a feeless or free blockchain can be good but in terms of longevity there can be a big problem unless something can be devised to make things working despite not charging a fee for every transaction.
|
|
|
|
|
In the first place, I don't think Satoshi Nakamoto envisioned to make Bitcoin the globally recognized currency just like the USA Dollar which is being used in international trading and commerce. We could never expect big governments of the world to make Bitcoin as the official currency by choice all because this is something beyond their control and manipulation, not to mention its extreme volatility which can make planning into the future unrealistic - just imagine preparing a national budget pegged in Bitcoin and only to see its value slashed by 40% the following year! The way I am seeing is that Bitcoin is meant to be the best alternative currency that people can hold and use. Bitcoin is of the people, for and by the people and it made me realize also that the entrance of big business into Bitcoin make things unruly just like the direct and indirect side-effects of FTX collapse to Bitcoin.
|
|
|
|
|
Getting into Bitcoin normally involves some money for buying it and of course there is that learning curve - we must be learning on the details of the Bitcoin wallet and how to protect ourselves from scammers and hackers which are always present 24/7 all ready to make their punch. Now, when a person is blind, unless there can be some form of a technology to help them, am sure it would be difficult for them to make some progress here. Maybe a deaf person that can read will not have any problem because one can just read. Practically speaking, I still have to hear a big demand from physically challenged people to get involved with Bitcoin so this idea may not yet be timely.
|
|
|
|
|
Show Posts
