****** discussion
- Thread starter Ray272
- Start date
A Turkish cryptocurrency boss and his two siblings have been jailed for 11,196 years each for defrauding investors of millions of dollars.
The Turks are not messing around:
www.bbc.co.uk
The Turks are not messing around:
Thodex cryptocurrency boss jailed for 11,196 years in Turkey for fraud
Faruk Fatih Ozer was found guilty of defrauding millions of dollars from investors in his collapsed Thodex platform.
www.bbc.co.uk
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Oh blimey and then there was more:
Another former FTX executive has pleaded guilty in the US in a case stemming from the dramatic collapse and bankruptcy of the once popular cryptocurrency exchange.
Another former FTX executive has pleaded guilty in the US in a case stemming from the dramatic collapse and bankruptcy of the once popular cryptocurrency exchange.
Another FTX executive Ryan Salame pleads guilty
The pleading comes ahead of the October trial of FTX founder Sam Bankman-Fried.
www.bbc.co.uk
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They'll be pretty old by the time they get outA Turkish cryptocurrency boss and his two siblings have been jailed for 11,196 years each for defrauding investors of millions of dollars.
The Turks are not messing around:
Thodex cryptocurrency boss jailed for 11,196 years in Turkey for fraud
Faruk Fatih Ozer was found guilty of defrauding millions of dollars from investors in his collapsed Thodex platform.
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D
Deleted member 339964
My son is really into this stuff and is very knowledgeable.. from what I gather requires a lot of time looking at 'graphs' and stats.
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D
Deleted member 339964
Yes, he did quite well when he dabbled, but withdrew when the market went on a downslide. I don't understand it at all. He did spend a decent amount of time, showing me graphs and trying to explain it, but I just glazed over!
He's into NFTs and things too (something else I don't understand). He's mainly 'learning' as much as he can now before he invests.
I love hearing him waffling about it all though even though I have no clue what he's on about. I love the passion and the expression of knowledge. He's only 19 so it's good to be passionate about something at this age.
I might try and get him to join this conversation.
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See if you can get him to turn that energy and research to something less wildly volatile. Currency trading has almost the same penchant for separating Joe Bloggs from his hard-earned, but with some research and a logical approach there is some money to be made maybe. Then there's the stock market....
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Deleted member 339964
Yes he's into stocks too, He needs an apprenticeship then to do this stuff as a sideline.
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I think gold, minerals, cigarettes, cash businesses etc. are all used to launder money. Not to exclude the international transfer of funds (hawala networks) and fake paperwork. Cryptocurrencies are traceable to a large extent, as long as the law enforcement in the various regions are willing to take the necessary action. It's very difficult as in most cases politicians and highly influential and dangerous people are involved.
Look up the Al Jazeera Gold Mafia 4-part documentary and Google the Kenyan Goldenberg Scandal if you are interested in this subject.
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I'm for one very bullish on ******, since 2017 I have made alot of money and learnt alot along the way.
I personally still think your very early in term of gains if you got in today, although before you do, study the cycles and have a plan / date your looking to get out. Buying and holding is the best in terms of result, but trading the volatility is somthing I do for some pocket money.
Research the coins and look for ones with adoption and real world use cases. I have found coins with no purpose will pump so show you gaina but very quickly dump so your in a loss.
Finally, ignore people that say it's pointless getting in and say your a fool for even putting your money into it. They will be the ones in 10 years wish they could of bought the likes of bitcoin for 30k not millions.
Don't invest more that you can aford to loose.
I personally still think your very early in term of gains if you got in today, although before you do, study the cycles and have a plan / date your looking to get out. Buying and holding is the best in terms of result, but trading the volatility is somthing I do for some pocket money.
Research the coins and look for ones with adoption and real world use cases. I have found coins with no purpose will pump so show you gaina but very quickly dump so your in a loss.
Finally, ignore people that say it's pointless getting in and say your a fool for even putting your money into it. They will be the ones in 10 years wish they could of bought the likes of bitcoin for 30k not millions.
Don't invest more that you can aford to loose.
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I know a little about investment. In fact I know just enough to know that I know very little.
The problem with ****** is that it's a hotbed of Dunning Kruger 'experts'. People who got lucky on a punt and now consider themselves to be experts.
Some broad stats - of the people shouting their ****** knowledge on social media, 70% fall into the Dunning Kruger zone, 28% are trying (with varying levels of skill) to make the market and 2% are legit.
That 2% is skewed because most experts aren't shouting on social media.
Here are some signals to watch out for:
Do they see Crpto advice as universal, or do they understand that all Cryptos are different?
Do they acknowledge that different people enjoy different investment strategies?
And, the biggie - do they understand exit? (If the answer to that involves 'sell at the top of the market' or 'never sell' I can guarantee you're dealing in the 98% zone)
The problem with ****** is that it's a hotbed of Dunning Kruger 'experts'. People who got lucky on a punt and now consider themselves to be experts.
Some broad stats - of the people shouting their ****** knowledge on social media, 70% fall into the Dunning Kruger zone, 28% are trying (with varying levels of skill) to make the market and 2% are legit.
That 2% is skewed because most experts aren't shouting on social media.
Here are some signals to watch out for:
Do they see Crpto advice as universal, or do they understand that all Cryptos are different?
Do they acknowledge that different people enjoy different investment strategies?
And, the biggie - do they understand exit? (If the answer to that involves 'sell at the top of the market' or 'never sell' I can guarantee you're dealing in the 98% zone)
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Its like everything else "pays your money and make your choices" I would add there's also a big difference between those who wish to make a bit of pocket money on the side and those who trade for a living and I can think i can confidently say those of us in the latter are not relying on the ****** market.
And @Mark T Jones is on target the current guide is around over 70% of "retail" traders loose money
And @Mark T Jones is on target the current guide is around over 70% of "retail" traders loose money
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How has this money improved your life and those around you? I’ve never understood how having money sat in the bank makes people happier.
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It’s worth nothing at all until you convert it into cash you can spend. That’s what people seem to forget about stocks and shares, and ******…and ****** is amongst the most volatile of stocks.
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Same mate has told me this week could be big for Bitcoin as the SEC ‘should’ approve the ETF which would open the floodgates for money to pour in thus rising the price and same mate said late March it’s the Bitcoin halving so this historically has also shot up the price of bitcoin- I haven’t a clue what all the above means but going to lay another £10k on this week hoping to turn my investment into £100k by the end of the year which seems to be the forecast. So my mate says. Will keep you informed. For me it’s the fun and the buzz.
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I can press a button and do this Ozzy. Very easy. All tried and tested. The exchange I use is called Uphold if you fancy a punt. Go on shove £5k in this week before the ETF approval, live a little.
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Everybody “can” do that but the issue is many people do not, they get drawn into the “excitement” of it all…until it is too late.
Basically it’s gambling and some people win and some people lose, but on average the house always wins.
The bottom line is that it’s all worthless until you do click that button and you do have the cash available to spend. Until that time it’s paper money, spreadsheet millionaire.
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Or I can use that £5k and spend it on something I want. You can get a lot of beer for that sort of money.
Appreciate that some people like to feel rich buts it’s not for me.
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Thank you Graham another sensible wise comment with no sarky undertones whatsoever. Tbh honest spending £5k on a addictive substance is probably a better message to send out than investing. Like I say I will keep you informed purely for interest and fun to see if I sink or swim on this particular ‘investment’.
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They definitely won't include me.
Age & wisdom has taught me that FOMO s the patron saint of bad decision-making - supported by its close cousin, judging value on what the other person is making.
FOMO is also a very useful prop for snake-oil salesmen & dodgy commodity dealers.
In my circle of friends & connections are a few very accomplished investors. One makes a good living by day trading between 6-8 AM each day (he also dabbles in ****** for fun). Another turned a cool £25 million in 3 months by buying & selling the output of a coal mine in Africa.
I like them as friends. I respect their skills & experience, but have no desire whatsoever to do what they do.
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To add to the above, I’d reo
People only lapped them up because their favourite ‘influencer’ was peddling them and have ended up losing hundreds or even thousands.
Even now, people are still standing up for Logan Paul despite him taking their money and (although promising to do so) is very unlikely to ever repay them for the money they sunk into his laughable NFT project.
Anyone even thinking about investing into ****** or NFT should do a lot of research into how much money people have lost, not just due to volatile markets but due to ‘pump and dump’ schemes that drive up the price early and then the creators bail out and take the money with them.
There are hundreds of these scam ‘currencies’ from SafeMoon to Save the Kids tokens that were set up to do nothing more than make the creators a quick buck, usually from their social media followers.
Don’t do it kids!
Exactly.
People only lapped them up because their favourite ‘influencer’ was peddling them and have ended up losing hundreds or even thousands.
Even now, people are still standing up for Logan Paul despite him taking their money and (although promising to do so) is very unlikely to ever repay them for the money they sunk into his laughable NFT project.
Anyone even thinking about investing into ****** or NFT should do a lot of research into how much money people have lost, not just due to volatile markets but due to ‘pump and dump’ schemes that drive up the price early and then the creators bail out and take the money with them.
There are hundreds of these scam ‘currencies’ from SafeMoon to Save the Kids tokens that were set up to do nothing more than make the creators a quick buck, usually from their social media followers.
Don’t do it kids!
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Ill start this by saying (as I always warn) ****** is a very volatile market, however make no mistake its no more susceptible to pump and dump than any other commodity it happens all the time. People can get caught up in any 'runaway' rise the big mistake is they believe or totally blinkered to the fact what goes up will undoubtably come down (the faster it goes up general the bigger the pull back) That folks is the world of trading.
The big squeeze on the ****** front was so many we call them "retail traders" fell for the schemes as mentioned above, promoted by many a social media guru or celeb to 'trade" ****** through various platforms offering easy access to the ****** market, many in fact running like Ponzi schemes people were trading on the platforms own tokens and not the actual cryptos they thought they had in their collective wallets. The rest is history and well documented in the press.
Of course many a retail trader found to there horror when the market did slide from its high especially Bitcoin they could not sell their positions out as the platform would only allow buy orders. Of course the clever ones would have placed (guaranteed) stop orders on their positions taken a slightly reduced profit but lived to fight another day.
The professional traders, traded up with trailing stops and when it hit hit the skids, shorted the arse out of it on the way down. And the point here is don't be fooled this happens all the time, daily pumping and dumping across the markets, the biggest difference a professional trader will always cover their positions.
I would add here this is getting worse as more trading floors are running new AI trading systems and suddenly you will see a massive drop on your screen as the 'bots" have suddenly all gone into free fall as the algorithms take it upon themselves to scare the crap out of everyone.
All said and done you are either an investor or trader, you only loose when you sell a bad trade, never invest what you can't afford to loose and always / always Do Your Own Research
The big squeeze on the ****** front was so many we call them "retail traders" fell for the schemes as mentioned above, promoted by many a social media guru or celeb to 'trade" ****** through various platforms offering easy access to the ****** market, many in fact running like Ponzi schemes people were trading on the platforms own tokens and not the actual cryptos they thought they had in their collective wallets. The rest is history and well documented in the press.
Of course many a retail trader found to there horror when the market did slide from its high especially Bitcoin they could not sell their positions out as the platform would only allow buy orders. Of course the clever ones would have placed (guaranteed) stop orders on their positions taken a slightly reduced profit but lived to fight another day.
The professional traders, traded up with trailing stops and when it hit hit the skids, shorted the arse out of it on the way down. And the point here is don't be fooled this happens all the time, daily pumping and dumping across the markets, the biggest difference a professional trader will always cover their positions.
I would add here this is getting worse as more trading floors are running new AI trading systems and suddenly you will see a massive drop on your screen as the 'bots" have suddenly all gone into free fall as the algorithms take it upon themselves to scare the crap out of everyone.
All said and done you are either an investor or trader, you only loose when you sell a bad trade, never invest what you can't afford to loose and always / always Do Your Own Research
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You have to smile
Bitcoin ETF: Cryptocurrency swings as watchdog X account 'compromised'
US regulators are expected to make an announcement on new Bitcoin investment instruments this week.
www.bbc.co.uk
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