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  1. #41
    The Gunsmithing Moderator blacksmithden's Avatar
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    Anybody who thinks their bank is less leveraged needs to give their head a shake. Here's a graph that shows Royal Bank of Canada's situation over the past years.

    RBC.jpg
    GOC moderator
    Dealer/co-founder/co-owner of Tundra Supply Ltd.
    www.tundrasupply.ca
    June 2013 - The High River Gun Grab - NEVER FORGET !!!!
    Feb 26 2014 - Swiss Arms prohibition and ordered confiscation by the RCMP - NEVER FORGET !!!!!
    May 1 2020 - Liberal un-democratic mass prohibition order in council. - NEVER FORGET !!!!!
    October 21 2022 - Liberals ban all handgun sales and transfers in Canada via order in council - NEVER FORGET !!!

  2. #42
    Senior Member stevebc's Avatar
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    Kevin O'Leary's (paid) take: (mildly edited for clarity)

    https://www.coindesk.com/business/20...help-save-ftx/

    Kevin O’Leary Says Comments From Gensler Killed His Attempts to Help Save FTX

    The "Shark Tank" star said he was receiving requests from funds about the crypto exchange, but remarks from the SEC's chairman threw a wrench in the plans.
    By Fran Velasquez

    Nov 14, 2022 at 10:26 a.m. PST

    Venture capitalist Kevin O’Leary said he was looking to throw FTX a lifeline hours before the crypto exchange filed for bankruptcy, only to be thwarted by comments from U.S. Securities and Exchange Commission Chairman Gary Gensler.
    The exchange, which was strapped for cash, was trying to patch the hole on its balance sheet, according to O’Leary, who is a paid spokesman for the beleaguered exchange, a corporate account holder and also a shareholder.
    The “Shark Tank” star told CoinDesk TV’s “First Mover” on Monday that he spoke with the now former CEO of FTX, Sam Bankman-Fried, Thursday, a day before the Bahamas-based exchange filed for Chapter 11 bankruptcy protection.

    Days before, O’Leary said, he was looking to make sense of the liquidity issue on FTX's balance sheet. At the time, O’Leary said that he was receiving an influx of “inbound requests” from sovereign wealth and pension funds interested in helping fix FTX’s cash crunch. Bankman-Fried told O’Leary that FTX was looking for $8 billion.
    “That’s the kind of money that an institution or a sovereign wealth fund can put to work if they thought there was an interesting opportunity,” O’Leary said. “In financial services, liquidity events like this can be interesting investment opportunities if you think it's a legitimate investment and it's not an issue with the regulator.”
    But by then, Gensler said the crypto industry was “significantly non-compliant” and in need of more regulation.
    “The minute that occurred, that was the end of any sovereign wealth fund’s interest,” O’Leary said. “There was no way to get that $8 billion onto the balance sheet of FTX with the regulators hovering overhead.”

    O’Leary speculated that for FTX to remain solvent, the exchange would have needed between $3.5 billion to $4 billion.
    Still sees life for crypto

    The collapse of crypto exchange FTX doesn't mean it will be the end for crypto, O’Leary said. He told CoinDesk TV the fall of FTX is a “defining” moment that will “stabilize” the industry.
    “This does not kill crypto,” O’Leary said. “There’s going to be a silver lining to this disaster. There’s no question about it. It’ll be called regulation.”


    O’Leary, also a shareholder of FTX International and FTX.US, said the exchange’s collapse is “going to accelerate regulation,” but added that before that can happen, lingering “collateral damage” will need to be weeded out.
    “This is a bottoming process and an event like this is very important because it’s going to finally have several impacts that we need,” O’Leary said. “What we don’t know is how many other dominoes are going to fall yet. We need that to finish out.”
    FTX didn't immediately respond to a request for comment.


    Fran Velasquez

    Fran is a writer and reporter at CoinDesk. He owns no crypto holdings.

    Follow @_franvela on Twitter
    I wonder how much O'Leary lost.
    "We know they are lying. They know they are lying. They know that we know they are lying. We know that they know that we know they are lying.

    And still they continue to lie." - Alexander Solzhenitsyn

  3. #43
    Senior Member spider69's Avatar
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    Losses are expected to hit $16B....that's "B" as in billion. I wonder where all that money went?

  4. #44
    Member awndray's Avatar
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    Some cashed out and are laughing. The rest of it...gone. Into the ether.

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    M1917 Enfield (11-14-2022)

  6. #45
    Senior Member stevebc's Avatar
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    Into the Democrat party, more like.
    "We know they are lying. They know they are lying. They know that we know they are lying. We know that they know that we know they are lying.

    And still they continue to lie." - Alexander Solzhenitsyn

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    Scotlas (11-25-2022)

  8. #46
    Member awndray's Avatar
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    Quote Originally Posted by awndray View Post
    Canada Aims to Become World Leader in Cryptocurrency Innovation

    A Canadian MP has introduced a bill that could make Canada a world leader in cryptocurrency growth and innovation.

    Canadian Conservative MP, Michelle Rempel Garner, has submitted Bill C-249. If passed, the bill would require Canada’s Minister of Finance, Chrystia Freeland, a member of the Liberal party, to consult with crypto experts.

    Consultation with crypto experts would be the first step to creating a regulatory framework to boost innovation in the crypto space. The bill would also require legislation to be passed within three-years.

    The bill states: “cryptoassets have significant economic and innovative potential for Canada. The framework must, among other things, focus on lowering barriers to entry into the crypto asset sector while protecting those working in the sector and minimizing the administrative burden.”

    Regarding the bill, MP Garner said: “This bill creates a mechanism to formally engage the expertise of crypto-asset innovators and investors in policy development and create a framework for growth.”
    https://www.gunownersofcanada.ca/sho...set-Sector-Act
    Conservative MP's bill to encourage growth in cryptocurrency sector defeated

    By a vote of 199 to 119, the legislation was voted down at second reading, meaning it won't move ahead for further study or debate. Conservative Leader Pierre Poilievre and his caucus voted in favour of seeing the bill advance, as did a few Liberal and Independent MPs.

    Bill C-249—"An Act respecting the encouragement of the growth of the cryptoasset sector," as it was titled—called for Finance Minister Chrystia Freeland to "develop a national framework to encourage the growth of the cryptoasset sector."

    The five-page piece of legislation also called for the government, in developing this framework, to consult those working in the sector.

    Citing how "cryptoassets have significant economic and innovative potential for Canada," Rempel Garner was seeking to have a federal crypto-sector policy that focused on lowering barriers to entry and protecting those working in the sector.

    Amid heightened attention over Poilievre's contentious crypto comments during the party's leadership race, the legislation became a bit of a lightning rod in the House of Commons.

    [...]

    Seeking to defend her proposal, Rempel Garner rounded out the debate expressing frustration over how the topic had become politicized. Pointing to her degree in economics, she made the case for why her efforts with this bill were to pursue safeguards for the sector.

    "When Bernie Madoff ran his Ponzi scheme, we did not seek to ban email or ban phones because he used those to lure victims, and we did not try to vilify the entire investment services industry because of one bad actor. What we did was seek to strengthen safeguards to ensure that bad governance and 'too good to be true' schemes were not taking place anymore. We sought to educate people so they would not be lured into schemes, and most importantly, we said we need to do these things so this sector that is important to our economy can continue to grow," she said. "I do not want to look back in 10 years on this debate and say we missed an opportunity."

    In the 2023 federal budget the federal government committed to launching consultations on cryptocurrency, acknowledging the growing interest in the potential future of the sector, diving into the stability and security of the digitalization of money.

    In the fall economic update, Freeland announced that those consultations were beginning, with the first phase of the review directed at digital currencies, including cryptocurrencies, stablecoins, and central bank digital currencies.
    https://www.ctvnews.ca/politics/cons...ated-1.6165880

  9. #47
    Senior Member harbl_the_cat's Avatar
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    I think crypto's are going to go through an adjustment period akin to what happened to the web after the DOTCOM bubble...

    Ignorant and greedy boomers (and their clueless Millennial children in this case) rushed in chasing the momentum in thinking they could make a quick buck, got burned, and will NEVER touch the stuff again...

    Then in 10 years or so, blockchain technology will go through a renaissance that will transform the web.
    Mentally ill is the new normal.

  10. #48
    Senior Member Camo tung's Avatar
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    After their debacle with legalizing and regulating marijuana, and at the rate that the Federal government continues to create money out of thin air I do not want them anywhere near, involved in or having an opinion on crypto.
    "It is an absolute truism that law-abiding, armed citizens pose no threat to other law-abiding citizens."

    Ammo, camo and things that go "blammo".

    “That rifle on the wall of the labourer's cottage or working class flat is the symbol of democracy. It is our job to see that it stays there.” ― George Orwell

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    awndray (11-24-2022)

  12. #49
    Senior Member Stealthfall's Avatar
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    Blockchain will not transform the web, Its always tech idealists who see that sort of thing as transformative, but what it ends up being used as is marketing wank and what its only good for which is a currency of some sort.
    Last edited by Stealthfall; 11-24-2022 at 12:28 PM. Reason: forgot a word

  13. #50
    Senior Member harbl_the_cat's Avatar
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    Quote Originally Posted by Stealthfall View Post
    Blockchain will not transform the web, Its always tech idealists who see that sort thing as transformative, but what it ends up being used as is marketing wank and what its only good for which is a currency of some sort.
    Decentralized, peer to peer cloud computing solves a LOT of problems with the current client-server architecture of the web... you'll notice that there's practically no garage startups anymore because no one has the capital to compete against the Alphabet, Meta, Amazon, Apple, etc. monopoly - and even if someone tries, they just end up getting bought out, taken over, and gutted.

    Blockchain would solve that problem, and make it possible for someone to create a platform capable of competing against, say, Twitter, without having the financial resources of Donald Trump...

    The problem is that blockchain has to distance itself from being a speculative financial investment full of scammers, con-artists, and sociopaths and move towards being adopted as a technical protocol for web development.
    Mentally ill is the new normal.

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