Bubble is popping…
A more relevant story. The FTX CEO was using client funds to make risky stock market bets.
Wouldn’t post this if it weren’t for the fact that Jim Grant has featured this guy (famed short seller Marc Cahodes) at investment conferences. Gives him some credibility.
Warning: A Few Expletives
The guy we would all want to tell this story, Michael Lewis, embedded himself with SBF for six months before this blowup. I will wait for his book and the film. I also give props to Matt Levine of Bloomberg who is the best suited Wall Street writer on all things crypto for being a cynical skeptic.
Another exchange has shut down withdrawals. If you have any crypto, it needs to be in your private wallet right now.
In the past year, whenever someone would ask me about crypto currencies, I would just send them this link:
Speculation aside, the amount of fraud going on in this space makes Chinese real estate look appealing.
From FTX’s balance sheet last week when they were looking for a bailout. - from Matt Levine’s article today
“Hidden, poorly internally labeled ‘fiat@’ account,” with a balance of negative $8 billion.
"Cryptocurrency is a combination of everything you don’t understand about money with everything you don’t understand about technology.” ~John Oliver
A recent tweet from Citron Research summed up the recent FTX debacle nicely…
“As for the victims, er account holders, you wanted decentralized and unregulated, you got decentralized and unregulated. What did you think when you sent your money to the Bahamas? Does that scenario EVER work?”
I sent my money to the Caymans, with Luckin Coffee. I’m smiling.
Does that count?
ralph is smilin like Bob.
It’s nice to go to the old boards and revisit some btc thoughts from 5 years ago - TMF: Re: Cryptocurrency primer / Bitcoin Discussions and TMF: Re: Next Tue2 PM : We'll Know More About Bit / Blockchain & Crypto Technologies among some others, while they’re still there. I still don’t own any crypto. I missed a wild ride.