https://www.forbes.com/sites/javier...-all-bitcoin-trades-are-fake/?sh=c48b4a96681f

More Than Half Of All Bitcoin Trades Are Fake

I don't know how to apply the word "fake" to crypto currency transactions, whether or legitimate or otherwise..
Is there a reasonable argument that ALL bitcoin trades are "fake?"
This stuff is so abstract (to me) that I can't really tell.
What worries me is that if my words above are more than drivel, they apply to the US Dollar too.

 

I don't know how to apply the word "fake" to crypto currency transactions, whether or legitimate or otherwise..
Is there a reasonable argument that ALL bitcoin trades are "fake?"
This stuff is so abstract (to me) that I can't really tell.
What worries me is that if my words above are more than drivel, they apply to the US Dollar too.

Trades that involve actual US Dollars at risk are not 'fake' but as the article says a huge amount of 'trades' are just churn with no actual valuation risk on any side. That could apply to Dollar valued trades too.

The U.S. Commodity Futures Trading Commission defines wash trading as “entering into, or purporting to enter into, transactions to give the appearance that purchases and sales have been made, without incurring market risk or changing the trader's market position.”

 

https://cointelegraph.com/news/core...stress-in-sec-filing-says-its-end-may-be-near

The Bitcoin miner says low BTC prices, high electricity rates and Celsius’ refusal to pay its bills could be its undoing.

https://www.sec.gov/Archives/edgar/data/1839341/000119312522270236/d395956d8k.htm

It is very difficult to estimate our future liquidity requirements. The Company anticipates that existing cash resources will be depleted by the end of 2022 or sooner. Depending on the Company’s assumptions regarding the timing and ability to achieve more normalized levels of operating revenue, the estimates of amounts of required liquidity vary significantly. Similarly, it is very difficult to predict when or if bitcoin prices will recover or energy costs will abate.

Given the uncertainty regarding the Company’s financial condition, substantial doubt exists about the Company’s ability to continue as a going concern for a reasonable period of time.

 

https://cointelegraph.com/news/core...stress-in-sec-filing-says-its-end-may-be-near

The Bitcoin miner says low BTC prices, high electricity rates and Celsius’ refusal to pay its bills could be its undoing.

https://www.sec.gov/Archives/edgar/data/1839341/000119312522270236/d395956d8k.htm

Whoda thunk that the creation of value through the wanton destruction of resources was sustainable?

 

I don’t know about others, but since it’s inception the whole bitcoin phenomenon felt “fake” to me. When the topic came up from friends and family, I urged them to run the other way.

 

https://finance.yahoo.com/news/hostaged-ftx-funds-sold-pennies-195751906.html
Hostaged FTX Funds Sold for Pennies on the Dollar in OTC Trades Among Customers

https://www.cnbc.com/2022/11/09/bin...crypto-exchange-on-the-brink-of-collapse.html
Binance backs out of FTX rescue, leaving the crypto exchange on the brink of collapse

https://www.coindesk.com/business/2...-a-billionaire-after-146b-overnight-wipe-out/

Sam Bankman-Fried No Longer a Billionaire After $14.6B Wipeout: Bloomberg
The FTX CEO lost an estimated $14.6 billion dollars – nearly 94% of his total wealth – according to the Bloomberg Billionaire Index.

 

Sam Bankman-Fried, the FTX CEO, lost an estimate 14.6 billion dollars – nearly 94% of his total wealth…

Damn, how’s he going to live on 0.93 billion?

 

I just burned the energy equivalent of that used by a small third-world country in the course of a year.

I've got receipts and photos for proof.

Give me a billion dollars, please.

 

Damn, how’s he going to live on 0.93 billion?

I heard that 0.93 billion was invested in something safe like Beanie Babies.

 

Tom Brady, FTX spokesman, lost big, guess he has to keep playing a while longer.


https://www.coindesk.com/business/2...t-risks-losing-complete-strategic-investment/
NFL Legend Tom Brady Caught in FTX Fallout, Risks Losing Complete Strategic Investment
A tarnished record after coming out of retirement, a divorce and now a wipeout of the strategic investment in FTX. It has been a rough year for the seven-time Super Bowl champion.

 

 

Damn, how’s he going to live on 0.93 billion?

I hope his taxes are paid up.

 

I hope his taxes are paid up.

I'd stay away from Russian windows too.

 

I heard that 0.93 billion was invested in something safe like Beanie Babies.

 

I watched that NOVA on crypto last night, and I still don't understand or trust it.

 

I watched that NOVA on crypto last night, and I still don't understand or trust it.

I just explained it in post #268.

There is nothing to trust. You just need faith, my friend.

 

I watched that NOVA on crypto last night, and I still don't understand or trust it.

It's on my DVR but haven't taken time to watch yet.

 

I just explained it in post #268.

There is nothing to trust. You just need faith, my friend.

So, has someone changed the definition of Trust or Faith? I thought they were synonyms.

 

So, has someone changed the definition of Trust or Faith? I thought they were synonyms.

Hmmmm...if the definitions are identical, why are there two separate words? Shouldn't one suffice?

 

So, has someone changed the definition of Trust or Faith? I thought they were synonyms.

"Trust" sort of implies some level of demonstrable competence. "Faith" on the other hand is bit more like "blind acceptance".