Crypto Collapso

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chico bill

Dogs Better than People
May 6, 2016
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Is the BitCoin Crypto center in Cabarete still open ?
After yesterday's crypto meltdown debacle - I imagine many are heading to the Bitcoin exit turnstiles or maybe some are thinking it s a chance to buy now and lining up to buy ?
 
Jan 9, 2004
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They were open yesterday,standing room only,seriously.
In addition to buying/selling, at least according to their web postings, they offer educational assistance/tutoring on crypto currency...........and I imagine they are going to be very busy for some time to come.


Respectfully,
Playacaribe2
 
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beeza

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Nov 2, 2006
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Considering everything is on sale right now I can fully understand why the bitcoin shop will be busy.
 

beeza

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I would sooner take cash to the shop and get them to transfer crypto directly to my ledger, eliminating the need for an exchange. I no longer trust any exchanges and I have all my assets on my hard wallet.

Crypto is here to stay and this latest episode will do more to weed out the bad actors and bring in more regulation which is a good thing.

You will probably see more local crypto shops spring up around. Dominicans love to copy a good idea and will probably open another shop right next door. Just like the strawberry stalls on the road up to Jarabacoa!
 
Jan 9, 2004
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Considering everything is on sale right now I can fully understand why the bitcoin shop will be busy.
The survival of the Bitcoin shop in Cabarete will likely depend on whether they have been helping/tutoring people deciding where/how to buy/sell..........and where those holdings currently reside (if they still exist).

The fallout for Bitcoin and other crypto from the apparent collapse of one of the major exchanges looks set to continue until it reaches an eventual bottom. Will those customers still be holding and willing to support the Bitcoin shop after some have lost 90% of their investment and bitcoin drops another 50%?

Busy days for the Bitcoin shop............but are customers buying or attempting to sell?

Time will tell.

Respectfully,
Playacaribe2
 
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chico bill

Dogs Better than People
May 6, 2016
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The survival of the Bitcoin shop in Cabarete will likely depend on whether they have been helping/tutoring people deciding where/how to buy/sell..........and where those holdings currently reside (if they still exist).

The fallout for Bitcoin and other crypto from the apparent collapse of one of the major exchanges looks set to continue until it reaches an eventual bottom. Will those customers still be holding and willing to support the Bitcoin shop after some have lost 90% of their investment and bitcoin drops another 50%?

Busy days for the Bitcoin shop............but are customers buying or attempting to sell?

Time will tell.

Respectfully,
Playacaribe2
I hope the shop in Cabarete is not tutoring people of DR on crypto - investment advice from a shop that makes its commissions on buys or sells is like getting betting advice from the blackjack dealer in the casino. The House always wins
 
Jan 9, 2004
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I hope the shop in Cabarete is not tutoring people of DR on crypto - investment advice from a shop that makes its commissions on buys or sells is like getting betting advice from the blackjack dealer in the casino. The House always wins

I believe they have also created their own crypto called Nabana. So it is quite likely they also in addition to providing buy/sell recommendations and tutoring also offer their own crypto to investors.

Respectfully,
Playacaribe2
 

chico bill

Dogs Better than People
May 6, 2016
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I believe they have also created their own crypto called Nabana. So it is quite likely they also in addition to providing buy/sell recommendations and tutoring also offer their own crypto to investors.

Respectfully,
Playacaribe2
That's interesting a DR crypto.
Seems a lot of people 'invent' a crypto currency.
 
Jan 9, 2004
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That's interesting a DR crypto.
Seems a lot of people 'invent' a crypto currency.
There are lots of them including the aforementioned Nabana.

Now that FTX, one of the largest crypto exchanges has filed for Chapter 11 Bankruptcy this morning, I expect the Bitcoin shop in Cabarete to remain very busy as nervous investors seek answers. Any holdings that the Bitcoin shop in Cabarete advised upon and/or placed with FTX, no matter what crypto, are essentially worthless. Estimates are 8 Billion in losses to "investors" in that exchange............and lots of small shops that advised/suggested to use FTX are now having their phones light up.........and lots of in person visits.


Respectfully,
Playacaribe2
 
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chico bill

Dogs Better than People
May 6, 2016
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There are lots of them including the aforementioned Nabana.

Now that FTX, one of the largest crypto exchanges has filed for Chapter 11 Bankruptcy this morning, I expect the Bitcoin shop in Cabarete to remain very busy as nervous investors seek answers. Any holdings that the Bitcoin shop in Cabarete advised upon and/or placed with FTX, no matter what crypto, are essentially worthless. Estimates are 8 Billion in losses to "investors" in that exchange............and lots of small shops that advised/suggested to use FTX are now having their phones light up.........and lots of in person visits.


Respectfully,
Playacaribe2
I do not think the shop in Cabarete can do anything for people who bought something via FTX.
I think the losses ere more than $8 Billion
The only people allowed to get any money out were Bahamian residents or companies.
Most of the money has been laundered and stolen and you can be certain Sam Bankman-Fried got his billion stashed away along with the mansion he owns in the Bahamas. Not to mention some famous political campaigns that took his 'contributions' (other people's money).

There was a report this morning in the Financial Times that $260 million of Crypto coins were withdrawal from wallets at FTX in a recent 'hack'.

If your Bitcoin (or other crypto) was held at FTX, nothing in the Cabarete store can be done to restore it (and it is not that store's fault). I feel bad for those who got duped - I think this is the beginning of the end for 'Crypto Wallets'.

If you can't explain it don't invest in it - that's my policy.
As Ron White said: "I didn't used to have a policy, but now I got that one".

PT Barnum has been proved right once again.
I think the Darwin awards this year have some new nominees.
 

JD Jones

Moderator:North Coast,Santo Domingo,SW Coast,Covid
Jan 7, 2016
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I do not think the shop in Cabarete can do anything for people who bought something via FTX.
I think the losses ere more than $8 Billion
The only people allowed to get any money out were Bahamian residents or companies.
Most of the money has been laundered and stolen and you can be certain Sam Bankman-Fried got his billion stashed away along with the mansion he owns in the Bahamas. Not to mention some famous political campaigns that took his 'contributions' (other people's money).

There was a report this morning in the Financial Times that $260 million of Crypto coins were withdrawal from wallets at FTX in a recent 'hack'.

If your Bitcoin (or other crypto) was held at FTX, nothing in the Cabarete store can be done to restore it (and it is not that store's fault). I feel bad for those who got duped - I think this is the beginning of the end for 'Crypto Wallets'.

If you can't explain it don't invest in it - that's my policy.
As Ron White said: "I didn't used to have a policy, but now I got that one".

PT Barnum has been proved right once again.
I think the Darwin awards this year have some new nominees.
Not to talk politics, but he was the second largest political donor after Soros. (What the hell, it's not my money)
 
Jan 9, 2004
11,044
2,387
113
Of course the
I do not think the shop in Cabarete can do anything for people who bought something via FTX.
I think the losses ere more than $8 Billion
The only people allowed to get any money out were Bahamian residents or companies.
Most of the money has been laundered and stolen and you can be certain Sam Bankman-Fried got his billion stashed away along with the mansion he owns in the Bahamas. Not to mention some famous political campaigns that took his 'contributions' (other people's money).

There was a report this morning in the Financial Times that $260 million of Crypto coins were withdrawal from wallets at FTX in a recent 'hack'.

If your Bitcoin (or other crypto) was held at FTX, nothing in the Cabarete store can be done to restore it (and it is not that store's fault). I feel bad for those who got duped - I think this is the beginning of the end for 'Crypto Wallets'.

If you can't explain it don't invest in it - that's my policy.
As Ron White said: "I didn't used to have a policy, but now I got that one".

PT Barnum has been proved right once again.
I think the Darwin awards this year have some new nominees.
Of course they cannot do anything……other than hand holding etc.

My point is that if in their client education on crypto they advised them towards the FTX exchange…….then they will be asked lots of questions.

This is going to be a hot mess for some time to come.

Respectfully,
Playacaribe2
 
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reilleyp

Well-known member
Dec 12, 2006
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It is going to be "bye bye bye" for most of the cryptos. I will save you a trip to Cabarete. Here is the year to date decline for the first 20.
 
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