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I know better than to be surprised but I am still a little surprised the market isn’t reacting better to likely gridlock. The Dems only have about a 5% chance of keeping both the house and the senate.
Think it’s more the crypto meltdown
Damn, just noticed. I only have a little GBTC (littler today) and my Voyager “free” money which I know I’ll never see.

Never a good sign when the exchange, that was going to save your exchange, blows up a month later.

Honestly, I’ve never been a real big crypto fan. Technology seems solid and some companies will use it well to profit, but investing in coins never made sense to me. I always went back to the Visa method where there’s a fee for transactions but the “coin” is just like middleware between buyer and seller. I get the use of the coin, but investing in it always seemed odd.
 
Didn’t we all kind of know Crypto was a house of cards but we all couldn’t resist dipping our toe in? Not sure if I should just take my $4k loss in ETHE or out what little I have left back in something crypto jic.
 
Not here to defend crypto. because I dont care to......

but........


Everything is down. especially for all of us smart guys in here
Well of course. But the difference between some of the high value stocks we all hold and/or trade and crypto which is having their scammy exchanges go under monthly while the customer can’t get their money or assets back is quite different don’t you think?

I mean if Amazon didn’t actually have any value and I logged into Schwab tomorrow and couldn’t withdraw any shares I sold, I’d agree with you.
 
Not here to defend crypto. because I dont care to......

but........


Everything is down. especially for all of us smart guys in here
Well of course. But the difference between some of the high value stocks we all hold and/or trade and crypto which is having their scammy exchanges go under monthly while the customer can’t get their money or assets back is quite different don’t you think?

I mean if Amazon didn’t actually have any value and I logged into Schwab tomorrow and couldn’t withdraw any shares I sold, I’d agree with you.
Agree. i wasnt really talking about the exchanges going under, but you are right, that was the topic.

Had my son invest in DIS because no brainer. down 50% too.

I guess the difference is the banks can get bailed out.:hot:



IMO, its all a rigged game, I killed in the bull market just like everyone. but. ugg
 
Not here to defend crypto. because I dont care to......

but........


Everything is down. especially for all of us smart guys in here
Well of course. But the difference between some of the high value stocks we all hold and/or trade and crypto which is having their scammy exchanges go under monthly while the customer can’t get their money or assets back is quite different don’t you think?

I mean if Amazon didn’t actually have any value and I logged into Schwab tomorrow and couldn’t withdraw any shares I sold, I’d agree with you.
I guess ill add 1 more thing.

in crypto, "not your wallet, not your money" The newbies that just buy on FTX, robinhood, etc. they dont actually own their crypto. but its easy. Once you do your research, you get your own wallet. your own wallet is YOUR money. it cant go under like an exchange.
 
Not here to defend crypto. because I dont care to......

but........


Everything is down. especially for all of us smart guys in here
Well of course. But the difference between some of the high value stocks we all hold and/or trade and crypto which is having their scammy exchanges go under monthly while the customer can’t get their money or assets back is quite different don’t you think?

I mean if Amazon didn’t actually have any value and I logged into Schwab tomorrow and couldn’t withdraw any shares I sold, I’d agree with you.
I guess ill add 1 more thing.

in crypto, "not your wallet, not your money" The newbies that just buy on FTX, robinhood, etc. they dont actually own their crypto. but its easy. Once you do your research, you get your own wallet. your own wallet is YOUR money. it cant go under like an exchange.
Sure you can, plenty of people have lost their keys or had their crypto stolen from them.

And blaming the newbies for buying on the exchanges instead of blaming the exchanges for scamming them isn’t the right take here.
 
Not here to defend crypto. because I dont care to......

but........


Everything is down. especially for all of us smart guys in here
Well of course. But the difference between some of the high value stocks we all hold and/or trade and crypto which is having their scammy exchanges go under monthly while the customer can’t get their money or assets back is quite different don’t you think?

I mean if Amazon didn’t actually have any value and I logged into Schwab tomorrow and couldn’t withdraw any shares I sold, I’d agree with you.

The only difference is that the government spends our tax money to insure the banks.

Government spends our money to insure the companies that hold our money and tell us when and how much and how fast we can have our money while making money off our money that they're allowed to restrict our access to,

And @GreenNGold apparently thinks that's an efficient system.
 
Not here to defend crypto. because I dont care to......

but........


Everything is down. especially for all of us smart guys in here
Well of course. But the difference between some of the high value stocks we all hold and/or trade and crypto which is having their scammy exchanges go under monthly while the customer can’t get their money or assets back is quite different don’t you think?

I mean if Amazon didn’t actually have any value and I logged into Schwab tomorrow and couldn’t withdraw any shares I sold, I’d agree with you.
I guess ill add 1 more thing.

in crypto, "not your wallet, not your money" The newbies that just buy on FTX, robinhood, etc. they dont actually own their crypto. but its easy. Once you do your research, you get your own wallet. your own wallet is YOUR money. it cant go under like an exchange.
Sure you can, plenty of people have lost their keys or had their crypto stolen from them.

And blaming the newbies for buying on the exchanges instead of blaming the exchanges for scamming them isn’t the right take here.
There is a big difference between losing your keys TO YOUR MONEY!!!! and an exchange screwing you. 1 is your own fault, the other you got screwed and people should go to jail.

Big difference between dropping your wallet on the ground and your bank just saying, sorry, you cant have your money
 
My favorite part of this is that people decide which exchanges are the scammy ones by singling out the ones that use a business model that is an exact replica of actual banks.
 
My favorite part of this is that people decide which exchanges are the scammy ones by singling out the ones that use a business model that is an exact replica of actual banks.

It doesn't sound like you understand how banking works at all.
He may be talking about how they are using fractional banking or whatever its called. except, banks are allowed to do that and exchanges are just stealing/betting.

I just hope coinbase is legit. although I only use it to move money. not keep it.
 
90+% of my money is in stocks and bonds, I dont have a dog in this fight. But if you dont explore crypto, you are doing yourself a disservice. You should at least research it. it would be dumb not to research.

I'll put ETH (safe) ish up against a safe stock. over the next 5 years. Lets say DIS, who has been a favorite of this thread/todem.

Current prices....

11/9/22
DIS $86.75
ETH $1177

My money is on ETH. No need to bet me, im already invested and will be adding to ETH.
 
Maybe I'm just extra salty today because I'm trying to switch banks for one of my businesses and my big bank set my transfer limits such that it's going to take 5 months to move all the money with the 30-day withdrawal limits they set. To get access to "MY" money. After we all spent a bajillion of our tax dollars kept them from going under in Celsius style in 2008, no less.

Like I said, I don't even care if it's any actual crypto currency in the end. It can be digital USD for all I care. But once you dive in to the blockchain it just makes too much sense to not be how currency is handled, and makes it glaringly obvious how insanely stupid and inefficient our current system is. Just band-aid on top of band-aid for a system that's designed to fail without government intervention, all so every couple decades we can perform open heart surgery on the whole industry when too many of those expensive band-aids have piled up.
 
Maybe I'm just extra salty today because I'm trying to switch banks for one of my businesses and my big bank set my transfer limits such that it's going to take 5 months to move all the money with the 30-day withdrawal limits they set. To get access to "MY" money. After we all spent a bajillion of our tax dollars kept them from going under in Celsius style in 2008, no less.

Like I said, I don't even care if it's any actual crypto currency in the end. It can be digital USD for all I care. But once you dive in to the blockchain it just makes too much sense to not be how currency is handled, and makes it glaringly obvious how insanely stupid and inefficient our current system is. Just band-aid on top of band-aid for a system that's designed to fail without government intervention, all so every couple decades we can perform open heart surgery on the whole industry when too many of those expensive band-aids have piled up.
If local banks, not cashiers check? I dont know, just asking. wire xfer?

mind sharing what bank is screwing you? I have a biz also.
 
Maybe I'm just extra salty today because I'm trying to switch banks for one of my businesses and my big bank set my transfer limits such that it's going to take 5 months to move all the money with the 30-day withdrawal limits they set. To get access to "MY" money. After we all spent a bajillion of our tax dollars kept them from going under in Celsius style in 2008, no less.

Like I said, I don't even care if it's any actual crypto currency in the end. It can be digital USD for all I care. But once you dive in to the blockchain it just makes too much sense to not be how currency is handled, and makes it glaringly obvious how insanely stupid and inefficient our current system is. Just band-aid on top of band-aid for a system that's designed to fail without government intervention, all so every couple decades we can perform open heart surgery on the whole industry when too many of those expensive band-aids have piled up.
If local banks, not cashiers check? I dont know, just asking. wire xfer?

mind sharing what bank is screwing you? I have a biz also.

Wells Fargo.
 
Maybe I'm just extra salty today because I'm trying to switch banks for one of my businesses and my big bank set my transfer limits such that it's going to take 5 months to move all the money with the 30-day withdrawal limits they set. To get access to "MY" money. After we all spent a bajillion of our tax dollars kept them from going under in Celsius style in 2008, no less.

Like I said, I don't even care if it's any actual crypto currency in the end. It can be digital USD for all I care. But once you dive in to the blockchain it just makes too much sense to not be how currency is handled, and makes it glaringly obvious how insanely stupid and inefficient our current system is. Just band-aid on top of band-aid for a system that's designed to fail without government intervention, all so every couple decades we can perform open heart surgery on the whole industry when too many of those expensive band-aids have piled up.
If local banks, not cashiers check? I dont know, just asking. wire xfer?

mind sharing what bank is screwing you? I have a biz also.

Wells Fargo.
if the new bank is also a local bank, there must be a way to get a cashiers check or something if you "close" the account. just thinking outloud
 
are you trying to slowly withdrawal from an ATM or something? If you close the account you get your entire balance on the spot.
A bank cant just hand you 1MM. but I dont see why they cant cut a check

True, I was thinking check or wire transfer, although if someone really wanted a large balance in cash that can be arranged within a few business days normally. Anyways, sorry if I derailed this thread at all, sticking to stock posts from now on.
 
It's not even THAT large of an amount. It's not really an issue as I don't need the money moved over urgently or anything. More of a bookkeeping headache to do it in chunks than anything. I would guess/hope that if I found the time to make a round-trip to an in-person branch (not particularly close to me) during business hours they could get it squared away with a wire (it won't let me submit a wire via the website since I haven't done one in person yet), which I would do if it were actually urgent.

It just had me annoyed like literally an hour before this conversation popped up on here, so interesting timing, lol.
 
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I havnt been in here awhile and dont know where "we" purchased.

did the MOASS come though?

Are you up or down on GME and AMC?
 
90+% of my money is in stocks and bonds, I dont have a dog in this fight. But if you dont explore crypto, you are doing yourself a disservice. You should at least research it. it would be dumb not to research.

I'll put ETH (safe) ish up against a safe stock. over the next 5 years. Lets say DIS, who has been a favorite of this thread/todem.

Current prices....

11/9/22
DIS $86.75
ETH $1177

My money is on ETH. No need to bet me, im already invested and will be adding to ETH.
I have done a ton of research in it. Simply not something I am going to play with. Could it eventually be a small 1-2% hedge? Sure. I would not put in serious money into this asset class.

I am simply not comfortable with an unregulated market. There are way too many other things I invest in and sleep at night. Just my opinion. It’s not for everyone.
 
Pretty much just making back the losses from yesterday so far, right?
Indexs yeah and then some. But mega Tech roaring today…..hard. Those widely held stocks like:

Apple
Google
Amazon
Microsoft

When they roar it is felt for all investors because of their heavy weighting in ETF’s, mutual funds etc.

So it is a feel great day. The key is sustaining this momentum into the end of the year like we have been expecting so folks can re-asses, rebalance and feel a lot better.

Got ton’s of covered calls expiring next week and then again in December and no doubt about it we will continue to write them (10-20% out of the money) to continue enhancing yield, lower cost basis and grind thru what will be another challenging 2023.

Again use big rallys to take profits, take lighter losses on stocks you want out of so you can redeploy your capital and diversify yourself better.

Don’t fall asleep on fixed income year end. I am absolutely repositioning back into that part of the portfolio after our virtual exit November 2021 from that space.

It will perform well in 2023 and 2024 no doubt in my mind. Rates have not been this good for Fixed Income in 14 years.

The massacre in that space was real as well. Again a brutal 2022. But by year end I think the numbers on the indexes will be better than right now.

So again reallocate to what you can stomach….or stay the course in your current allocation if you were able to stomach what took place in 2022.
 
He may be talking about how they are using fractional banking or whatever its called. except, banks are allowed to do that and exchanges are just stealing/betting.
I view this as an implicit tradeoff in the system. Banks have to comply with an entire bevy of regulations that can be very costly. These range from protecting customers to making the banks themselves less risky. It even involves delivering on other government policies around housing, community reinvestment, or anti-money laundering. And it is true that banks have special privileges like being able to create money, taking a margin on government programs like the PPP, or even outright bailouts. Particularly since the GFC, you can view banks a lot as a utility in this way.

I recall going through orientation at my first employer out of college. The CEO, Brian Moynihan, was asked a question about the Dodd Frank regulation being fiercely debated in the Senate. I was surprised about how supportive he was of the bill as he spoke about how engaged they were in it.

If crypto exchanges want more US government protection, they will have to welcome more of this regulatory environment into their businesses. Particularly on the AML/KYC front. Ironically, the head of FTX seems to have realized this and caused quite a stir in the community. This hurts returns and freedom, but it is part of that implicit bargain.

There is a dance of regulatory capture and government overreach into those firms. Crypto firms and most of that community finds that whole thing odious. They are not wrong, but it means these exchanges are very risky when the tide goes out. I am not sure how domestic exchanges are going to attract customer funds without how some of these safeguards. Until the next bubble at least.

:2cents:
 
He may be talking about how they are using fractional banking or whatever its called. except, banks are allowed to do that and exchanges are just stealing/betting.
I view this as an implicit tradeoff in the system. Banks have to comply with an entire bevy of regulations that can be very costly. These range from protecting customers to making the banks themselves less risky. It even involves delivering on other government policies around housing, community reinvestment, or anti-money laundering. And it is true that banks have special privileges like being able to create money, taking a margin on government programs like the PPP, or even outright bailouts. Particularly since the GFC, you can view banks a lot as a utility in this way.

I recall going through orientation at my first employer out of college. The CEO, Brian Moynihan, was asked a question about the Dodd Frank regulation being fiercely debated in the Senate. I was surprised about how supportive he was of the bill as he spoke about how engaged they were in it.

If crypto exchanges want more US government protection, they will have to welcome more of this regulatory environment into their businesses. Particularly on the AML/KYC front. Ironically, the head of FTX seems to have realized this and caused quite a stir in the community. This hurts returns and freedom, but it is part of that implicit bargain.

There is a dance of regulatory capture and government overreach into those firms. Crypto firms and most of that community finds that whole thing odious. They are not wrong, but it means these exchanges are very risky when the tide goes out. I am not sure how domestic exchanges are going to attract customer funds without how some of these safeguards. Until the next bubble at least.

:2cents:
Worked there as a Sr VP in private/wealth management 1998-2009.

Met Brian before he became CEO in Naples at a celebration event in 2006. Sharp guy.
 
He may be talking about how they are using fractional banking or whatever its called. except, banks are allowed to do that and exchanges are just stealing/betting.


If crypto exchanges want more US government protection, they will have to welcome more of this regulatory environment into their businesses. Particularly on the AML/KYC front. Ironically, the head of FTX seems to have realized this and caused quite a stir in the community. This hurts returns and freedom, but it is part of that implicit bargain.

There is a dance of regulatory capture and government overreach into those firms. Crypto firms and most of that community finds that whole thing odious. They are not wrong, but it means these exchanges are very risky when the tide goes out. I am not sure how domestic exchanges are going to attract customer funds without how some of these safeguards. Until the next bubble at least.

:2cents:

The US is already tighter on these things than the rest of the world, and we end up in this odd mix where exchanges spin off US specific sub-corporations that are separate, but the real meat of their revenue comes from the unregulated/less regulated international markets, which can potentially affect their US subsidiaries (or in other cases like FTX, not affect them, at least so far)

For instance, all this FTX stuff going on is primarily FTX.com, the international side of the business. FTX.US remains so far pretty much unaffected. If you've got money/coins in FTX.US you can still withdraw right now with no issues. This latest flub hurts US investors because of what it did to the market and coin prices, but no one here lost their money in it like with Celsius/Voyager. So if anyone here had money on FTX and didn't even bother trying to withdraw because you read the headlines and assumed it was gone, go withdraw it right now. You still can.

Even on Celsius/Voyager, the US regulated those away they were just too slow on it. US customers weren't able to deposit into Celsius Earn (the only reason anyone would use Celsius), but people that put their money in last year before those regulations were able to keep it in. Same with Blockfi right now. US customers cannot deposit into a Blockfi Interest account (again, the only reason to use Blockfi right now).
 
AMZN ripping up 12.5%
AAPL 6.20%
GOOGL 7%
META another 7.5% to add to yesterday's positive day
MSFT 6.36%

It’s a growth rally today.

Defensive stocks like Pharma (MRK), tobacco (MO), cereal, dry goods etc (GIS) red today.

Utilities ripping most stocks just ripping today!!

Gotta love days like this.
 
Worked there as a Sr VP in private/wealth management 1998-2009.

Met Brian before he became CEO in Naples at a celebration event in 2006. Sharp guy.
He used to frequent my favorite happy hour spot in Charlotte. Always got a kick out of how he would be going through email on his three phones crushing oysters and either Bud Light or OMB Copper (a local beer).

I left there in 2017. Was never a super big fan of how he was running the place (very risk-averse), but credit where it is due. He has done a fantastic job and I think they have a great suite of products.
 
He may be talking about how they are using fractional banking or whatever its called. except, banks are allowed to do that and exchanges are just stealing/betting.


If crypto exchanges want more US government protection, they will have to welcome more of this regulatory environment into their businesses. Particularly on the AML/KYC front. Ironically, the head of FTX seems to have realized this and caused quite a stir in the community. This hurts returns and freedom, but it is part of that implicit bargain.

There is a dance of regulatory capture and government overreach into those firms. Crypto firms and most of that community finds that whole thing odious. They are not wrong, but it means these exchanges are very risky when the tide goes out. I am not sure how domestic exchanges are going to attract customer funds without how some of these safeguards. Until the next bubble at least.

:2cents:

The US is already tighter on these things than the rest of the world, and we end up in this odd mix where exchanges spin off US specific sub-corporations that are separate, but the real meat of their revenue comes from the unregulated/less regulated international markets, which can potentially affect their US subsidiaries (or in other cases like FTX, not affect them, at least so far)

For instance, all this FTX stuff going on is primarily FTX.com, the international side of the business. FTX.US remains so far pretty much unaffected. If you've got money/coins in FTX.US you can still withdraw right now with no issues. This latest flub hurts US investors because of what it did to the market and coin prices, but no one here lost their money in it like with Celsius/Voyager. So if anyone here had money on FTX and didn't even bother trying to withdraw because you read the headlines and assumed it was gone, go withdraw it right now. You still can.

Even on Celsius/Voyager, the US regulated those away they were just too slow on it. US customers weren't able to deposit into Celsius Earn (the only reason anyone would use Celsius), but people that put their money in last year before those regulations were able to keep it in. Same with Blockfi right now. US customers cannot deposit into a Blockfi Interest account (again, the only reason to use Blockfi right now).
He may be talking about how they are using fractional banking or whatever its called. except, banks are allowed to do that and exchanges are just stealing/betting.


If crypto exchanges want more US government protection, they will have to welcome more of this regulatory environment into their businesses. Particularly on the AML/KYC front. Ironically, the head of FTX seems to have realized this and caused quite a stir in the community. This hurts returns and freedom, but it is part of that implicit bargain.

There is a dance of regulatory capture and government overreach into those firms. Crypto firms and most of that community finds that whole thing odious. They are not wrong, but it means these exchanges are very risky when the tide goes out. I am not sure how domestic exchanges are going to attract customer funds without how some of these safeguards. Until the next bubble at least.

:2cents:

The US is already tighter on these things than the rest of the world, and we end up in this odd mix where exchanges spin off US specific sub-corporations that are separate, but the real meat of their revenue comes from the unregulated/less regulated international markets, which can potentially affect their US subsidiaries (or in other cases like FTX, not affect them, at least so far)

For instance, all this FTX stuff going on is primarily FTX.com, the international side of the business. FTX.US remains so far pretty much unaffected. If you've got money/coins in FTX.US you can still withdraw right now with no issues. This latest flub hurts US investors because of what it did to the market and coin prices, but no one here lost their money in it like with Celsius/Voyager. So if anyone here had money on FTX and didn't even bother trying to withdraw because you read the headlines and assumed it was gone, go withdraw it right now. You still can.

Even on Celsius/Voyager, the US regulated those away they were just too slow on it. US customers weren't able to deposit into Celsius Earn (the only reason anyone would use Celsius), but people that put their money in last year before those regulations were able to keep it in. Same with Blockfi right now. US customers cannot deposit into a Blockfi Interest account (again, the only reason to use Blockfi right now).
Yeah, that's right. There are a lot of parallels to the Eurodollar system here in this way, particularly for stablecoins. It is a topic I need to find more time to write about.

ETA: That is one thing that always comes up in compliance at banks too. On most issues you have to be compliant under US law OR local law, whichever is stricter.
 
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That is all for banking and crypto chat for me today. Going to enjoy the market rally and hope it sticks while doing my compliance trainings :lol:
 

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