BITCOIN

[Weather Man]

Billionaire Charlie Munger calls crypto combination of fraud and delusion​

BRK.B +1.14%Nov. 15, 2022 9:58 AM ET22 Comments

98-year old billionaire Charlie Munger, a long time critic of crypto, called digital currencies a combination of delusion and fraud in the wake of the blowup of exchange FTX.
“You are seeing a lot of delusion," Munger, vice chairman of Berkshire Hathaway (NYSE:BRK.B), said in a CNBC interview. "Partly fraud and partly delusion. That’s a bad combination."
Bahamas-headquartered FTX filed for Chapter 11 bankruptcy on November 11 after traders rushed to withdraw billions of dollars from the platform in the wake of its multi-billion dollar shortfall.
“This is a very, very bad thing," Munger said. "The country did not need a currency that was good for kidnappers. There are people who think they’ve got to be on every deal that’s hot. I think that’s totally crazy. They don’t care whether it’s child prostitution or bitcoin.”
The once multibillion dollar exchange is under investigation by the U.S. Securities and Exchange Commission, Commodity Futures Trading Commission, and the Justice Department.
“Good ideas, carried to wretched excess, become bad ideas,” Munger told CNBC. “Nobody’s gonna say I got some s*** that I want to sell you. They say – it’s blockchain!”

 

[Klaus]

 

[Lambeau]

LOL.
Ya, and he's Santa Claus to Ukraine, the democrat party, and the defense machine.

 

[Rb0891]

LOL.
Ya, and he's Santa Claus to Ukraine, the democrat party, and the defense machine.

Besides Mcconnell, I saw where he also gave to Murkowski, Collins and Romney... all good people.

 

[Lambeau]

Besides Mcconnell, I saw where he also gave to Murkowski, Collins and Romney... all good people.

Ya overall, SBF was in second place overall with his donations to the democrat party. He woulda been first, but George Soros is the #1 donator.

 

[Weather Man]

Given its "significant exposure" to insolvent cryptocurrency exchange FTX, crypto lender BlockFi is preparing to potentially file for bankruptcy protection, The Wall Street Journal reported Tuesday, citing people with knowledge on the situation.

 

[Weather Man]

Kevin O'Leary says his FTX account balances plunged to zero; takes aim at Bitbuy​

Nov. 15, 2022 4:16 PM ETWONDFBy: Max Gottlich, SA News Editor3 Comments

Andrew Burton

Shark Tank star Kevin O'Leary said Tuesday that his investment in now-bankrupt cryptocurrency exchange FTX was a "bad investment" as his venture capital firm's account balances on the platform dropped to zero.
O'Leary has deep ties with Sam Bankman-Fried's exchange, having been a shareholder of FTX International and FTX US, he told Crypto Banter in a livestreamed YouTube interview.
But Sam Bankman-Fried's crypto empire fell apart last week, when it filed for Chapter 11 bankruptcy in the U.S., as traders rushed to withdraw their funds in the face of FTX's multibillion-dollar balance sheet shortfall. In turn, O'Leary's account balances were completely wiped out when he checked them on Monday, calling it "a tough day. That's a hit."
Taking into account the high-profile FTX failure as well as relatively poor regulatory coordination in the U.S., O'Leary said he's moved "my assets off all unregulated exchanges and we're putting them in Canada, where we can find a regulated exchange -- a company called Bitbuy," which is regulated by the Ontario Securities Commission. Bitbuy, of note, is owned by WonderFi Technologies (OTCQB:WONDF).
"I'm not putting assets where they're not regulated," he emphasized, mostly pointing his finger to the U.S.
Overall, O'Leary has proven to be an outspoken crypto investor in recent years. And while he may be altering his crypto-related investment path as a result of the FTX meltdown, he certainly isn't pulling out of crypto entirely. In May, he said crypto will be the 12th S&P 500 sector.

 

[_Snake_]

Kevin O'Leary says his FTX account balances plunged to zero; takes aim at Bitbuy​

Nov. 15, 2022 4:16 PM ETWONDFBy: Max Gottlich, SA News Editor3 Comments

Andrew Burton

Shark Tank star Kevin O'Leary said Tuesday that his investment in now-bankrupt cryptocurrency exchange FTX was a "bad investment" as his venture capital firm's account balances on the platform dropped to zero.
O'Leary has deep ties with Sam Bankman-Fried's exchange, having been a shareholder of FTX International and FTX US, he told Crypto Banter in a livestreamed YouTube interview.
But Sam Bankman-Fried's crypto empire fell apart last week, when it filed for Chapter 11 bankruptcy in the U.S., as traders rushed to withdraw their funds in the face of FTX's multibillion-dollar balance sheet shortfall. In turn, O'Leary's account balances were completely wiped out when he checked them on Monday, calling it "a tough day. That's a hit."
Taking into account the high-profile FTX failure as well as relatively poor regulatory coordination in the U.S., O'Leary said he's moved "my assets off all unregulated exchanges and we're putting them in Canada, where we can find a regulated exchange -- a company called Bitbuy," which is regulated by the Ontario Securities Commission. Bitbuy, of note, is owned by WonderFi Technologies (OTCQB:WONDF).
"I'm not putting assets where they're not regulated," he emphasized, mostly pointing his finger to the U.S.
Overall, O'Leary has proven to be an outspoken crypto investor in recent years. And while he may be altering his crypto-related investment path as a result of the FTX meltdown, he certainly isn't pulling out of crypto entirely. In May, he said crypto will be the 12th S&P 500 sector.

Wonder how much he lost.

 

[Weather Man]

Wonder how much he lost.

Enough to sting but not endanger.

 

[Klaus]

Everyone I know made a shitton on bitcoin.

 

[Klaus]

We have the hottest inflation in 50 years and BTC is off by 70%.

It now appears that inflation is easing and stocks and bonds are ripping while BTC is doing nothing.

We know it isn't money. We know it isn't a "store of value." Now we know it is only a risk asset to the downside. LOL.

 

[VegasMichael]

We have the hottest inflation in 50 years and BTC is off by 70%.

It now appears that inflation is easing and stocks and bonds are ripping while BTC is doing nothing.

We know it isn't money. We know it isn't a "store of value." Now we know it is only a risk asset to the downside. LOL.

I thought the stock market overreacted to the less than expected inflation numbers. Granted, Inflation Rate is at 7.75% compared to 8.20% last month but that is still inflation and more than double the historical average.

 

[Klaus]

I thought the stock market overreacted to the less than expected inflation numbers. Granted, Inflation Rate is at 7.75% compared to 8.20% last month but that is still inflation and more than double the historical average.

Maybe. But the market trades on expectations and we can see the light at the end of the tunnel. There will be a fed pivot within the year. Inflation is going to fall quite dramatically in the next 12 months. The bigger issue is whether or not we are going into a recession. This is a lot less certain.

 

[VegasMichael]

Maybe. But the market trades on expectations and we can see the light at the end of the tunnel. There will be a fed pivot within the year. Inflation is going to fall quite dramatically in the next 12 months. The bigger issue is whether or not we are going into a recession. This is a lot less certain.

Yes, but markets also trade on the latest available news as well as future expectations. Target's earnings were dreadful today. I just saw inflation in the U.K. was up over 11% and that households were paying on average 88.9% more for their electricity, gas, and other fuels than they were paying a year ago. That's scary. But, like you said, a recession will sink markets as will a rail strike if it happens. The two largest rail unions have yet to approve a contract.

 

[Klaus]

Yes, but markets also trade on the latest available news as well as future expectations. Target's earnings were dreadful today. I just saw inflation in the U.K. was up over 11% and that households were paying on average 88.9% more for their electricity, gas, and other fuels than they were paying a year ago. That's scary. But, like you said, a recession will sink markets as will a rail strike if it happens. The two largest rail unions have yet to approve a contract.

Fighting the fed is not a winning strategy.

Japan is already jawboning an end to tightening.

You are right about UK, but who cares? In the scheme of things UK does not matter either way.

Retail is interesting right now. TGT is shit but WAL earnings yesterday were awesome. FedEx is furloughing. AMZN is laying off.

 

[Klaus]

Target's earnings were dreadful today.

BTW this is supportive of fed easing......

 

[VegasMichael]

Fighting the fed is not a winning strategy.

Japan is already jawboning an end to tightening.

You are right about UK, but who cares? In the scheme of things UK does not matter either way.

Retail is interesting right now. TGT is shit but WAL earnings yesterday were awesome. FedEx is furloughing. AMZN is laying off.

My comment inre the U.K. was just for comparison's sake. Nothing more.
TGT complained that organized retail crime was a huge issue.
People love to make fun of WMT but they make bank.
AMZN's layoffs seem to be corporate/tech related and not warehouse/delivery people. Elon Musk seems to be laying off almost all of twitter. Ha!
Retail sales just came in a tad above expectations.

 

[Klaus]

My comment inre the U.K. was just for comparison's sake. Nothing more.
TGT complained that organized retail crime was a huge issue.
People love to make fun of WMT but they make bank.
AMZN's layoffs seem to be corporate/tech related and not warehouse/delivery people. Elon Musk seems to be laying off almost all of twitter. Ha!
Retail sales just came in a tad above expectations.

Don't sleep on China. When they eventually emerge from lockdown shit will rip. It will be interesting to see how the fed handles this.

 

[Klaus]

Genesis’ Crypto-Lending Unit Is Halting Customer Withdrawals in Wake of FTX Collapse

The unit, known as Genesis Global Capital, serves an institutional client base and had $2.8 billion in total active loans as of the end of the third quarter of 2022.

www.coindesk.com

The thing I love about defi is how there are multiple Lehman events every day.

 

[Silverstrike]

Genesis’ Crypto-Lending Unit Is Halting Customer Withdrawals in Wake of FTX Collapse

The unit, known as Genesis Global Capital, serves an institutional client base and had $2.8 billion in total active loans as of the end of the third quarter of 2022.

www.coindesk.com

The thing I love about defi is how there are multiple Lehman events every day.

I say the whole house of cards will fall in how ironic the Fall of 2023