Bitcoin, Blockchain, Battlestar Galactica

@spejic so what is going on with Binance?

Are they going down for real or just a false alarm?

2019123586632495326 is not a valid tweet id

 

The cryptosphere believes that Binance had a major part to play in last October's crypto crash that we still haven't recovered from. The reason they believe this is that, being the largest and most option filled exchange, they are the face of the high-risk leveraged betting that typifies crypto investing. People using Binance can tell that there is a lot less liquidity in the market these days.

They are wrong about the cause, however. The reason crypto crashed then was the takedown of the Prince Group, a massive Cambodian with Chinese characteristics gambling turned crypto crime organization doing money laundering, pig butchering, and all sorts of other scams and thefts. In October their assets all over the world (including $14 billion in Bitcoin) were seized. The one use-case of crypto is crime, so when one criminal is taken out and the others are nervous, then there is less activity.

I don't know if Binance will fail. They are dealing with easily manipulated fake money. They might figure something out, or someone with deep pockets that depends on scamming people with crypto can prop them up. It's really hard for exchanges to fail - FTX was the only big one one I know that collapsed by itself. Others were taken down directly or indirectly by government action. But hope springs eternal.

 

Buy the dip!

 

Let me quote that infamous Spurs coach
"Bitcoin is in a downward spiral".

 

Nope...the other Portuguese dude, Villas Boa....He was talking about Arsenal actually...

 

Trump thinks this downturn is real. He (or rather the people handling Trump's crypto) dumped $5 billion in Bitcoin today.

https://nitter.poast.org/TedPillows/status/2019409661125095758#m

 

Million not billion

 

Yeah, its million, which is not much for him. I guess Trump believes in the buy high, sell low strategy.

 

Buy high or buy while high?

 

I saw a bleat…up to the 2010s we had been a service economy. Now we are in a scam economy. Let’s see what’s next!

 

I prefer whilst high, TYVM.

 

I mean, if you can't trust dead pedos and the russian intelligence service, who CAN you trust

 

Bitcoin by itself is very traceable, and if they try to go through an exchange to sell the Bitcoin for money they will be caught.

But pros won't do that. What they can do is wash the Bitcoin through automated exchanges and change it for non-traceable funds like Monero, or they can go through a mixer where the funds are put into a pool and when a withdrawal is made you can't easily connect it to any particular deposit. The procedure is pretty solid - most ransomware attack have the person pay in Bitcoin because it's fairly easy for the victim to acquire, and they almost never get caught.

 

How hard would it be for a small group of gangster/hackers to, once a year, pick out a crypto richie rich and hold him/her hostage until they fork over $10M in crypto? Let’s say your gang has 4 members. It’s pretty easy to live on $2.5M a year, and your lifestyle wouldn’t attract that much attention.

I see a reboot of Leverage coming….

 

This actually happens fairly frequently. They usually end up getting caught. Like soccernutter said, the whole physical part of the crime is full of risk especially these days with cameras everywhere. Sometimes they fail to convince the owner to give up the keys (knowing they can't be killed, although sometimes horrific torture is used). Sometimes the thieves are morons and post about their victory on social media.

People know that saying they have cryto wealth is like saying they have lots of gold in a safe in their house - it invites tragedy.

There is already one (well, a continuation). The third season (what I've seen so far) is excellent.

 

Can I just mention, in passing, that you seem to have thought about this a tad too much

 

Crypto.com was trying to get in on the prediction market boom and made a betting site to wager, among other things, sports using crypto. They were sued by Nevada, which strictly regulates sports betting in state, and they lost, resulting in a ban on their company in the state.

On January 23, they made a $5 million donation to MAGA, Inc, one of Trump's Super PACs. On February 17, the CFTC filed a brief in Crypto.com's appearl, fully endorsing their side of the argument. They are now expected to win.

https://popular.info/p/days-after-5m-donation-trump-administration

Crypto.com has also just received approval to operate as a national bank.

https://nitter.poast.org/WatcherGuru/status/2026019217351287176#m

 

Eric Trump is deleting every tweet he ever made about crypto.

 

Looks like we learned the reason. American Bitcoin, a company Eric is heavily involved with, released their quarterly and it was horrible, losing $59 million. They both mine Bitcoin and buy and hold Bitcoin so their value depends on the value of that Bitcoin. Which of course didn't do well this month. They want to limit people quoting him saying things that didn't age well, like advocating buying Bitcoin at near its peak last winter.

The stock lost half its value this month, which sounds worse than it is because the stock went from $2 to $1.

 

So Eric is the Trump that can't even grift right.