Crypto exchange FTX collapses


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That sucks for everyone losing money.
I don't follow cyrpto much, but I heard this opinion from someone else and I liked it.

There was a crypto called Libra that changed to Diem. It is owned by a group named Concordia. There was a 20 million dollar buy in by all founding members, companies, etc. They created a digital transaction fee with it that works like the penny stealing scheme in the movie office space. It will take a percentage of a penny on every transaction, and will create the biggest wealth generator of all time paid out to the founding members.

In Europe this month there was something called the big bang turnover in a program called target 2. It is the central banks switching from a legacy system to a digital system on all their banking transactions. They delayed a few months it for smaller banks to finish updating their systems. I think the big bang terminology was used because it is starting there, and will spread to all central banks very soon.

It looks like the banks are changing, and as crypto and fiat currencies are collapsing, maybe "a great reset" will happen with a world wide digital currency, and Diem looks like a good candidate

This is a lot of speculation, but it is something to watch out for.


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The Ontario Teacher Plan lost 95 million in that investment…and their pension plan is already underfunded by a lot…and that’s a problem because they have the most generous pension in the world…


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There have been too many of these exchanges failing for the wrong reasons. I got burned a little bit when Cryptsy went under, after its owners basically stole all the bitcoins for themselves and bolted. It wasn't a lot but it still pissed me off. The worst part was trying to prove my deposits to get some form of reimbursement from the legal settlement. The layers took the system down so account owners could not print off their statements.

Since then I am careful how much I leave and any exchange.

No one should invest in crypto unless they are willing to accept losing all their money. Of course crypto needs more regulation.