Bitcoin Jesus is getting Crucified...

[pintail2222]

Imagine a retail investor getting a $47 million dollar margin call when they have negative equity... You hope that they have some assets hidden...

Crypto exchange CoinFlex claims ‘Bitcoin Jesus’ is the investor behind $47 million debt​

Crypto exchange CoinFlex claims 'Bitcoin Jesus' is the investor behind $47 million debt

CoinFlex is locked in a battle with major cryptocurrency investor Roger Ver over a $47 million debt marking the latest saga to unfold amid the market crash.

www.cnbc.com

 

[BigSkyDuk]

I believe this fits the definition of the old saw that “If you owe the bank $100 the bank owns you. If you owe the bank $47 million, you own the bank.” Really, what’s their recourse here? This guy doesn’t have $47 million to give unless and until Bitcoin comes back. Until then they are stuck trying to get blood from a stone.

 

[pintail2222]

He needs Bitcoin to go back up so that he can pay them back...

 

[BigSkyDuk]

Yep, CoinFlex is now an equity investor in Bitcoin in partnership with this dude. Play stupid games…

 

[Steelshot Scott]

Not that anyone could have predicted this. He would have been derisively treated by the smarter tech savvy crowd.

No, wait. I predicted all this.

I pointed out that crypto is not a new phenomenon, the same kind of speculative fads have ALWAYS ended badly. But, those who know history are doomed to watch those that don't repeat it.

No one ever got rich and stayed rich off a pyramid scheme.

 

[letmwurk]

Didn’t read the article but how did he not get a margin call prior to this point? If the company let it get to this point I don’t know if they have any recourse.

 

[Bclick]

This will keep Schiff going for another decade at least

 

[Bear]

I thought some conservative guru on here recommended investing in Bitcoin?

 

[Steelshot Scott]

I can't remember all the crypto gurus, but Lippy was very condescending over my dismissal of bitcoin

Of course, if you got in early and managed to figure a way to actually get something real for your pretend money before the bottom fell out, you might have made some money.

Otherwise, bitcoin will go the way of every other get rich quick scheme.

 

[pintail2222]

Didn’t read the article but how did he not get a margin call prior to this point? If the company let it get to this point I don’t know if they have any recourse.

You’d have to imagine that there would have to of been a maintenance amount that they had to maintain in the account.