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Crypto Currencies

Coolkorat · 26 · 2546

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Online Roger

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Ken. Go back over this thread and you'll see many K-F's had foresight about Bitcoin and Cryptocurrency  ;)
''If you can't explain it simply, you don't understand it well enough'' - Albert Einstein


Online Roger

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Whoops  ::)  Another reason NOT to dabble in this ?

''A Canadian cryptocurrency exchange said it could not repay at least $250 million to clients after its chief executive died suddenly while visiting India. The company, Quadriga CX, said in court filings that the C.E.O., Gerald W. Cotten, was the only person who knew the security keys and passwords needed to access the funds.''

https://www.nytimes.com/2019/02/05/business/quadriga-cx-gerald-cotten.html
''If you can't explain it simply, you don't understand it well enough'' - Albert Einstein


Online Coolkorat

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''A Canadian cryptocurrency exchange said it could not repay at least $250 million to clients after its chief executive died suddenly while visiting India. The company, Quadriga CX, said in court filings that the C.E.O., Gerald W. Cotten, was the only person who knew the security keys and passwords needed to access the funds.''

Which means this company, with $250m of real money, had no auditors or internal control mechanisms. You've run some large companies Roger: what would your meeting the auditors look like if you'd run the company this way!


Online Roger

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CK there's no doubt that many 'caught the wave' and made a lotta money. But in the end, that'll be matched 1:1 by those who lose money.

That the Regulatory frameworks didn't control the cryptocurrency phenomenum is shocking. IME Company Auditors were always very thorough BUT the businesses involved were less complex than the crypto's  ;)

I guess there'll be more bad stories to come - people losing retirement savings and so on. I know how it feels - I invested in SCLP  >:(  (still expecting that to do OK, one day).
''If you can't explain it simply, you don't understand it well enough'' - Albert Einstein


Online Roger

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Bitcoin still feels like a scam to me  ::)  but what do I know ?  Not much it seems . . .   ;)

:o  The price of the cryptocurrency has jumped by almost 300pc since October   :o 

Billionaire tech mogul Elon Musk could face the wrath of regulators after ramping up the price of bitcoin just days before Tesla revealed a $1.5bn (£1.1bn) bet on the cryptocurrency. Mr Musk is likely to be quizzed by the US Securities and Exchange Commission (SEC) over whether Tesla already owned bitcoin when his intervention on social media sent prices surging, experts said. The world's richest man, who is chief executive of Tesla and owns around a fifth of the electric car company, propelled the online currency as much as 20pc higher on January 29 after he changed his Twitter profile to include '#Bitcoin'.

Tesla then revealed in a filing earlier this week that it had bought $1.5bn of bitcoin at some point this year. It is not known if this was before or after Mr Musk's Twitter activity. He has previously been reprimanded by the watchdog for tweeting about Tesla itself, sending shares higher.

Doug Davison, a partner at Linklaters and a former branch chief of the SEC's division of enforcement, said: “It would not be surprising - given the focus on the chief executive's tweets, Bitcoin pricing and recent dramatic market moves - for the SEC to ask questions about the facts and circumstances here.”  Vitor Constâncio, who served as vice president of the European Central Bank until May 2018, wrote on Twitter that the SEC is likely to be looking into what happened. He added: "It was not disclosed when Tesla had made this investment. In December, Musk said that Tesla could buy Bitcoin, and this was followed by many statements that he supported Bitcoin. Bitcoin kept going up and the Tesla investment has appreciated."

Mr Musk followed up his market-moving Twitter profile change with the message "In retrospect, it was inevitable" - seen by some as a reference to the spike in the currency's price. He removed the bitcoin reference from his profile several days later.
It came amid a wider rally in the value of Bitcoin, with the cryptocurrency up almost 300pc in the past five months as speculators bet on higher prices. Experts said  the SEC is likely to focus its attention on exactly when Tesla bought bitcoin. In its filing, the firm said its investment policy changed in January and added: "Thereafter, we invested an aggregate $1.5bn in bitcoin."

https://www.telegraph.co.uk/technology/2021/02/09/elon-musk-faces-sec-probe-teslas-15bn-bitcoin-bet/
''If you can't explain it simply, you don't understand it well enough'' - Albert Einstein


Online Coolkorat

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I think the SEC is justified in looking closely at this. There seems to be a lot of manipulation going on at the moment regarding stocks and pricing:

Bitcoin spike:

BTC-USD-Yahoo-Finance-Chart" border="0

GameStop spike:

GME-Yahoo-Finance-Chart" border="0