- Published: 17 November 2022 17 November 2022
- Hits: 93 93
Ok, Readers, no disrespect to those that have suffered losses in the
crypto market, or who will do so in the future. Also, I am referencing
the titanic as an analogy, or reference, only! The ship is sinking
and spreading fast, the bilge pumps have failed captain!
Here is a movie clip of the final sinking of the titanic for your
reference, always hedge against the "dredded" suck-tion' as the
The Titanic sunk on April 15, 1911 and then "Consolidated" until
it was rediscovered in 1985, then artifacts were "raised" to the surface.
Do you remember Tesla, TSLA, it's stock shares "consolidated"
for about five years, then the breakout!
So it looks like this FTX implosion has a lot of tentacles, celebrities,
other lenders, Gemini next? News breaking that Gemini, Blockfi and
and Genesis are all announcing restrictions, this is not good Readers!
This reminds me of LTCM, then Lehman Bros. and then Bear Stearns, scary
credit crisis times we live in these days!
Bitcoin BTCUSD could plunge to the depths of despair in price to
the Q1 2020 dip of $3,500ish and then pull a Tesla and consolidate
for 5 years, then the Breakout? Time will tell.
In 1931-1932, they said the same thing about the Dow Jones Industrial Average
because it had lost approx. 90% price dip, then the huge pump, so why can't
Bitcoin BTCUSD behave the same way as the Dow Jones Industrial Average has
in it's trading history?
Don't you remember, that Bitcoin BTCUSD has had 4 previous -85% price dips,
only to go onto new All Time High Prices. This cycle is approx. Bitcoin BTCUSD down
from it's record high of $69K, soon to go to $10K, then we have the mega pump
above $70K and then to De Moon! We shall see Readers, just sit tight!
Bitcoin BTCUSD looks like it wants to roll over to less than $10K, from my perspective.
I am currently weekly purchasing a very small amount of Bitcoin BTCUSD, to probe the market.
When this indicator turns Buy Green, then I chase up the new Bullish trend, until this indicator
goes Green\Buy, just taking my "time" with Bitcoin BTCUSD!
Notice how this Trend Indicator is -100% Red Sell, Trend Readers, Bitcoin BTCUSD goes
lower, perhaps much lower! No Buy the dip, just sit tight, and wait for the signal to go
Green, then the Trend has shifted and then you chase it up to higher high purchase
prices! With this indicator, you won't miss the Upside Bitcoin BTCUSD Breakout! Plus,
always read the Altcoingazette.com for market Trend Updates on Bitcoin BTCUSD!
Warren Buffet quoted" Stock market crashes, allows everyone to "see" who is swimming,
without a bathing suit".
Remember, if not your keys, then not your crypto!
Not Investment Advice Ever...Opinion Only!
- Published: 16 November 2022 16 November 2022
- Hits: 106 106
NEW YORK (AP) — A host of Hollywood and sports celebrities including Larry David and Tom Brady were named as defendants in a class-action lawsuit against cryptocurrency exchange FTX, arguing that their celebrity status made them culpable for promoting the firm's failed business model.
FTX has been in the public eye for more than a week, after the third-largest cryptocurrency exchange ended up with billions of dollars worth of losses and had to seek bankruptcy protection on Friday. The Bahamas-based company and its founder, Sam Bankman-Fried, are under investigation by state and federal authorities for allegedly investing depositors funds in ventures without their approval.
Lawmakers also announced plans to investigate the failure of FTX, with the House Financial Services Committee saying it plans to hold a hearing on FTX in December.
Before its failure, FTX was known to use high-profile Hollywood and sports celebrities to promote its products. It had the naming rights to a Formula One racing team as well as a sports arena in Miami. Its commercials featured “Seinfeld” creator David, as well as Brady, the star quarterback of the Tampa Bay Buccaneers, basketball players Shaquille O'Neal and Stephen Curry, and tennis star Naomi Osaka.
The lawsuit filed late Tuesday alleges that these sports and TV celebrities brought instant credibility to FTX, and should be held just as culpable as Bankman-Fried.
“Part of the scheme employed by the FTX Entities involved utilizing some of the biggest names in sports and entertainment—like these Defendants—to raise funds and drive American consumers to invest ... pouring billions of dollars into the deceptive FTX platform to keep the whole scheme afloat,” the lawsuit said.
Class-action attorney Adam Moskowitz pointed to previous cases where the U.S. government fined celebrities Kim Kardashian and Floyd Mayweather for promoting crypto.
“The crypto industry needed celebrity endorsers to get any credibility,” Moskowitz said.
The plaintiff in the case is Pierce Robertson, who is also involved in a case involving Voyager Digital, another failed cryptocurrency company that was endorsed by Dallas Mavericks owner Mark Cuban. Voyager Digital failed for bankruptcy protection this summer, but FTX had pledged to buy Voyager’s assets for $1.4 billion, which would have led to financial relief for Voyager’s depositors. FTX’s failure now puts its aid to Voyager in question.
The lawsuit was filed in the Southern District of Florida. Moskowitz is the attorney representing the victims in the collapse of a Florida residential tower in Surfside, Florida.
Well-known attorney David Boies, who represented the U.S. government against Microsoft in the 90s and Al Gore in the 2000 election, is also named as an attorney on the case.
The Miami Heat were starting a four-game road trip in Toronto on Wednesday. Forward Udonis Haslem, also named in the lawsuit, is away from the team for personal reasons.
Read Full Article Here:
- Published: 14 November 2022 14 November 2022
- Hits: 130 130
NEW YORK (AP) — Sam Bankman-Fried received numerous plaudits as he rapidly achieved superstar status as the head of cryptocurrency exchange FTX: the savior of crypto, the newest force in Democratic politics and potentially the world’s first trillionaire.
Now the comments about the 30-year-old Bankman-Fried aren’t so kind after FTX filed for bankruptcy protection Friday, leaving his investors and customers feeling duped and many others in the crypto world fearing the repercussions. Bankman-Fried himself could face civil or criminal charges.
“Sam what have you done?,” tweeted Sean Ryan Evans, host of the cryptocurrency podcast Bankless, after the bankruptcy filing.
Under Bankman-Fried, FTX quickly grew to be the third-largest exchange by volume. The stunning collapse of this nascent empire has sent tsunami-like waves through the cryptocurrency industry, which has seen a fair share of volatility and turmoil this year, including a sharp decline in price for bitcoin and other digital assets. For some, the events are reminiscent of the domino-like failures of Wall Street firms during the 2008 financial crisis, particularly now that supposedly healthy firms like FTX are failing.
One venture capital fund wrote down investments in FTX worth over $200 million. The cryptocurrency lender BlockFi paused client withdrawals Friday after FTX sought bankruptcy protection. The Singapore-based exchange Crypto.com saw withdrawals increase this weekend for internal reasons but some of the action could be attributed to raw nerves from FTX.
Bankman-Fried and his company are under investigation by the Department of Justice and the Securities and Exchange Commission. The investigations likely center on the possibility that the firm may have used customers’ deposits to fund bets at Bankman-Fried’s hedge fund, Alameda Research, a violation of U.S. securities law.
“This is the direct result of a rogue actor breaking every single basic rule of fiscal responsibility,” said Patrick Hillman, chief strategy officer at Binance, FTX’s biggest competitor. Early last week Binance appeared ready to step in to bail out FTX, but backed away after a review of FTX’s books.
The ultimate impact of FTX’s bankruptcy is uncertain, but its failure will likely result in the destruction of billions of dollars of wealth and even more skepticism for cryptocurrencies at a time when the industry could use a vote of confidence.
“I care because it’s retail investors who suffer the most, and because too many people still wrongly associate bitcoin with the scammy ‘crypto’ space,” said Cory Klippsten, CEO of Swan Bitcoin, who for months raised concerns about FTX’s business model. Klippsten is publicly enthusiastic about bitcoin but has long had deep skepticism about other parts of the crypto universe.
Bankman-Fried founded FTX in 2019, and it grew rapidly — it was recently valued at $32 billion. The son of Stanford University professors, who was known to play the video game “League of Legends” during meetings, Bankman-Fried attracted investments from the highest echelons of Silicon Valley.
Sequoia Capital, which invested in Apple, Cisco, Google, Airbnb and YouTube, described their meeting with Bankman-Fried as likely “talking to the world’s first trillionaire.” Sequoia enthusiastically invested in FTX after one Zoom meeting in 2021.
“I don’t know how I know, I just do. SBF is a winner,” Sequoia Capital’s Adam Fisher, wrote in a profile of Bankman-Fried for the firm, referring to Bankman-Fried by his popular online moniker. The article, published in late September, was removed from Sequoia’s website.
Sequoia has written down its $213 million in investments to zero. A pension fund in Ontario, Canada wrote down its investment to zero as well.
In a terse statement, the Ontario Teachers’ Pension Fund said, “Naturally, not all of the investments in this early-stage asset class perform to expectations.”
But up until last week, Bankman-Fried was seen as a white knight for the industry. Whenever the crypto industry had one of its crises, Bankman-Fried was the person likely to fly in with a rescue plan. When online trading platform Robinhood was in financial straits earlier this year — collateral damage from the decline in stock and crypto prices — Bankman-Fried jumped in to buy a stake in the company as a sign of support.
When Bankman-Fried bought up the assets of bankrupt crypto firm Voyager Digital for $1.4 billion this summer, it brought a sense of relief to Voyager account holders, whose assets has been frozen since its own failure. That rescue is now in question.
As king of crypto, his influence was starting to pour into political and popular culture. FTX bought prominent sports sponsorships with Formula Racing and bought the naming rights to an arena in Miami. He pledged to donate $1 billion toward Democrats this election cycle — his actual donations were in the tens of millions — and prominent politicians like Bill Clinton were invited to speak at FTX conferences. Football star Tom Brady invested in FTX.
Bankman-Fried had been the subject of some criticism before FTX collapsed. While he largely operated FTX out of U.S. jurisdiction from his headquarters in The Bahamas, Bankman-Fried was increasingly vocal about the need for more regulation of the cryptocurrency industry. Many supporters of crypto oppose government oversight. Now, FTX's collapse may have helped make the case for stricter regulation.
One of those critics was Binance founder and CEO Changpeng Zhao. The feud between the two billionaires spilled out onto Twitter, where Zhao and Bankman-Fried collectively commanded millions of followers. Zhao helped kickstart the withdrawals that doomed FTX when he said Binance would sell its holdings in FTX's crypto token FTT.
“What a s(asterisk)(asterisk)t show ... and it’s going to be crypto’s fault (instead of one guys’s fault,” Zhao wrote on Twitter on Saturday.
Read Full Article Here:
- Published: 13 November 2022 13 November 2022
- Hits: 117 117
Hey Readers, John T., Editor In Chief of
the Altcoingazette.com here. How are you this
fine day?, I hope all is well with you this
Take a look at the S&P 500 Financial Sector
SPDR ETF XLF. Here is a Barchart link for your review:
Notice how last month XLF was a -72% Red SELL and is
now shifted to a +24% Green BUY! Shift happens!
I have been probing this sector recently with some small
purchases of XLF. Reason, as interest rates go up, financials
earn greater profits, thus said profits drive up stock prices?
I like being early in the econometric cycle and adding to
winning trades as they pump, thus the Trend Green Shift is
my Friend! Here is a ETF Constituents list of stock \ stonk shares held
by percentage in XLF ETF! Notice the Bullish Pivot Point Breakout in most of these shares!
Jessie Livermore: "Whenever I had the patients to wait for
the Pivot Point, I always made money in my operations".
Not Investment Advice Ever...Opinion Only!