Mr.Pickles profile picture
Mr.Pickles profile picture

Mr.Pickles

Sr. Customer Success Manager

Arsonist
Politicker
Influencer
+7

FTX colapsed and so did crypto?

The collapse of FTX, one of the world’s largest cryptocurrency exchanges, has unleashed another bout of volatility in the highly speculative digital asset market. The fortune of FTX’s founder, Sam Bankman-Fried, went from nearly $16bn to zero within days as his crypto empire filed for bankruptcy protection in the US on 11 November.


Could there be contagion within the crypto markets?

💎 Cryptocurrency
15

39 comments

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braintank
Politicker
12
Enterprise Account Executive
Yes, cuz entire industry is a scam.
Mr.Pickles
Arsonist
5
Sr. Customer Success Manager
Laundry everywhere. I think some projects are unique, especially decentralized apps. NTFS is great when it comes to authenticating art but come on! Is an ape image worth 1m USD? clownery everywhere.
Blue_Turtle
Opinionated
0
sdr
We already have means of authentication even without NFTs. They serve zero purpose.
NoSuperhero
Politicker
0
BDR LEAD
The importance of NFTs lies in the smart contracts, not on the stupid art that we're seeing being sold and resold to launder money
Blue_Turtle
Opinionated
1
sdr
What smart contracts? They don’t solve any problems that aren’t already solved with traditional means. Figuring out ownership isn’t all that hard and even the most complex court cases on the subject won’t be fixed with NFTs. People buying them are just fools, because even though people talk about crypto and NFTs as having this grandiose purpose they are never used for those purposes and don’t solve any problems that aren’t already solved with other means.
SiliconBBQ
Politicker
0
The Metal Rooster
Let them eat cake
antiASKHOLE
Tycoon
6
Bravado's Resident Asshole
Yeah, the news/stories have been all over the place. Glad I don’t care about crypto.
ThatNewAE
Big Shot
6
Account Executive - Mid enterprise
+1, thankfully I don't feel the FOMO anymore.
Mr.Pickles
Arsonist
4
Sr. Customer Success Manager
*cries in bitcoin* haha I agree, after all the hype when BTC reached 60k, doomsday was knocking on the door faster...
hh456
Celebrated Contributor
5
sales
A lot of my money is tied up in ranch right now. So I’m pretty solid.
Mr.Pickles
Arsonist
1
Sr. Customer Success Manager
stacking hard?
hh456
Celebrated Contributor
0
sales
its carb loading decade
1nbatopshotfan
Politicker
1
Sales
Would you say you’ve moved investments into a Hidden Valley, if you will?
SADNESSLieutenant
Politicker
4
Officer of ♥️
HOLY SHIT. thats fucking crazy 16 BN to nothing
Mr.Pickles
Arsonist
3
Sr. Customer Success Manager
in 3 days - people were crazy stacking funds and withdrawing all the could.
SADNESSLieutenant
Politicker
0
Officer of ♥️
Thats fucked.
DungeonsNDemos
Big Shot
4
Rolling 20's all day
It's not an investment, it's speculation. Doesn't mean you shouldn't put money but in my opinion it's the same as gambling.
Mr.Pickles
Arsonist
3
Sr. Customer Success Manager
Absolutely - as this is backed up by how people keep adding funds and believing in the project. I always say: don't invest money you're not willing to lose
Diablo
Politicker
3
Sr. AE
No idea 😂
Mr.Pickles
Arsonist
3
Sr. Customer Success Manager
Same - but this is nuts. There's this guy that hired an advisor just to flush all the funds. SMH
FinanceEngineer
Politicker
3
Sr Director, sales and partnerships
The short answer is yes and it is obvious. The other exchanges are getting killed. Multiples have filed already.
braintank
Politicker
3
Enterprise Account Executive
Checks Schwab, Fidelity, and E*Trade accounts — things seem fine. Maybe it’s something else…
FinanceEngineer
Politicker
2
Sr Director, sales and partnerships
Talking about crypto exchanges my dude.
braintank
Politicker
3
Enterprise Account Executive
Yeah I know. Those are all equity exchanges. Virtually same business model. Yet none of them have gone out of business.
FinanceEngineer
Politicker
3
Sr Director, sales and partnerships
No, they aren’t. They are brokerages.

The main post that I am replying to is asking specifically about contagion in the crypto markets.
braintank
Politicker
2
Enterprise Account Executive
Fair point!
Blue_Turtle
Opinionated
3
sdr
People talk about all the uses of crypto and then approach it like a speculative asset anyway. It’s backed by nothing, and there’s no regulation around it whatsoever. Turns out people are getting screwed putting their hopes and dreams into what is essentially a scam. The people who bought and held BTC early on are the lucky ones, everyone else is just a fool. Honestly, it doesn’t do anything the dollar can’t and if the dollar ever collapses you’ll be so fucked in life even crypto won’t be able to do anything to help you. This is a “solution” looking for a problem and the industry is going to stay fucked because it’s a scam.
Mr.Pickles
Arsonist
0
Sr. Customer Success Manager
Word. thank you for this insight.
WhoDey
Opinionated
2
VP of Sales
Hopefully it will bury all of the scam/super speculative crypto coins, but the legit ones will survive The blockchain is for real and cryptocurrency definitely has its place in the future.
braintank
Politicker
8
Enterprise Account Executive
Forgive me but I love arguing about crypto.

All coins are speculative assets. Their “value” is derived from someone (hopefully) being willing to pay a higher price. In economics we call this the great fool theory and it’s not good. Compare this to stocks or bonds that derive value based on income, profit, and losses.

As for blockchain, people have been saying “it’s the future” for over a decade. Mind you, blockchain is roughly the same age as the iPhone.

As someone who has worked in tech for 15+ years, I’ve yet to interact with the blockchain or find any business (outside of crypto) who uses it. Compare that to things like AWS, AR/VR, and mobile apps (all of which are younger than blockchain). If there was a legit use for blockchain don’t you think we’d have found it already?

Everyone is free to invest where they want, and I know plenty of people who got rich quick via BTC. However, I think it’s disingenuous to call crypto anything but an online casino full of pretend internet money.

For further reading I suggest: https://www.stephendiehl.com/blog/complete.html
CuriousFox
WR Officer
4
🦊
🤣
Mr.Pickles
Arsonist
3
Sr. Customer Success Manager
Love this - let me get all my notifications up to date and let's keep on talking here.
DPRM
Politicker
2
Ms Sales :)
These markets work on speculation and trust, when they stop trusting everything falls
TennisandSales
Politicker
2
Head Of Sales
i mean......howmany ppl said this shit was going to happen haha
activity
Politicker
1
VP, Business Development
Crypto is in for a bumpy ride the next 12 to 24 months.
SiliconBBQ
Politicker
1
The Metal Rooster
Crypto is digital fiat.

Gold is heavy fiat.

This is not new.
Mr.Pickles
Arsonist
0
Sr. Customer Success Manager
emotional rollercoaster for me
NoSuperhero
Politicker
1
BDR LEAD
From what I hear is that the smart thing to do is continue to back bitcoin, as that is the long game in the end. Who knows, I felt most of those crypto coins and exchanges were a bubble that was going to burst, we all saw it coming, yet most of the people trusted the "new thing." Its as if 2008 didnt happen.
Mendizo
Opinionated
1
Sr. Director
Lots of people confuse cryptocurrencies (especially the prevalence of shitcoins) with the underlying technology. The underlying tech (much of which is still being invented) is already changing many industries.

Will there be contagion with the crypto markets? Absolutely, especially when the macro markets are in a horrible state.

Will this kill off blockchain, immutable platforms, etc.? No, we're yet to see the adoption on most of that tech.

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