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FTX: Poof!
- Thread starter rbstern
- Start date
Cautionary tale about investing in Crypto: FTT was $59 at the peak of it's value. It's at $1.50, two years later.
That doesn't mean you can't take a chance at making a return on crypto speculation. But you shouldn't ignore the emphasis on speculation. You shouldn't be buying crypto with your lunch money.
In the end, nothing supports these digital currencies but perceived value. There are no underlying assets. There is no insurance. There is no safety net. You are white water rafting without any safety gear, riding a river that has never been fully explored.
That doesn't mean you can't take a chance at making a return on crypto speculation. But you shouldn't ignore the emphasis on speculation. You shouldn't be buying crypto with your lunch money.
In the end, nothing supports these digital currencies but perceived value. There are no underlying assets. There is no insurance. There is no safety net. You are white water rafting without any safety gear, riding a river that has never been fully explored.
Lots of follow up articles coming out, some of which are calling attention to past Bankman-Fried / FTX articles discussing the meteoric rise. It's all interesting, in the depths of its socially acceptable depravity.
The most striking thing about the post-mortem of Bankman-Fried's behavior: In the final 24 hours after the wheels come off, when he realizes he's short billions in deposits owed to customers, Bankman-Fried is trying to get any of the big organizations who backed him, or any of the other big crypto players, to put billions into FTX to save it.
It's like a guy in a lava pit, saying to onlookers: "Come on in! The water is warm." And the onlookers stand there, shaking their heads at the level of delusion.
Dude should get a cell next to Elizabeth Holmes. He'd be her bitch in less than a week.
The most striking thing about the post-mortem of Bankman-Fried's behavior: In the final 24 hours after the wheels come off, when he realizes he's short billions in deposits owed to customers, Bankman-Fried is trying to get any of the big organizations who backed him, or any of the other big crypto players, to put billions into FTX to save it.
It's like a guy in a lava pit, saying to onlookers: "Come on in! The water is warm." And the onlookers stand there, shaking their heads at the level of delusion.
Dude should get a cell next to Elizabeth Holmes. He'd be her bitch in less than a week.
