Crypto exchange FTX collapses

terra

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Greed. It all comes down to that. If something looks to good to be true it almost always is false, but so many are sucked in.
This is just the latest in the great cons and scams that have happened over time.
It will be very interesting to see the coverup of those in government and Hollywood who are part of this and end up being protected.
 

dsturgeon

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Greed. It all comes down to that. If something looks to good to be true it almost always is false, but so many are sucked in.
This is just the latest in the great cons and scams that have happened over time.
It will be very interesting to see the coverup of those in government and Hollywood who are part of this and end up being protected.

copied this out of an article. i agree on coverups

While the FTX-Alameda crisis unfolds, there is a new revelation about connection between FTX new CEO, Caroline Ellison and SEC chair Gary Gensler. It’s a known fact that Gensler was a professor at MIT where he offered a course on Blockchain and Money which stresses on use of blockchain technology. During his MIT career, Gensler was in close connection with Glenn Ellison and FTX CEO Caroline Ellison is the daughter of Glenn Ellison.
 

NorthoftheRedRiver

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It's the fear of missing out, I think. Some people are very susceptible to that stuff. I rode in a car with a young-ish man recently and listened to him recite his investments/purchases one after another. Every one of them were speculative and he was so proud of that. Sort of bragging and sort of not. I think he got more out of talking about his whiz bang high-risk investments than with any actual returns they might have brought him. I expect that some did very well (for a while) and others lost him a lot. He couldn't even really explain them--he just had to have a piece of all this stuff.

I just kind of sat there nodding without offering any comment. I think he typifies a lot of people out there. If it sounds like a trending, sexy money-maker, get you a piece. Heck, he probably was invested in FTX too.
 

kskboys

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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.
Any monetary exchange system should be run by the govt, period. All these cute little cryptos were ripe for shenanigans. There was no way they could be trusted.
 

kskboys

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I feel smart now. Not long ago I felt like kicking myself for not investing. My, how the turntables.
Not me. I had a buddy of mine just begging me to throw some funds at it. NO WAY.

Oh, and this was the same guy trying to get me to buy into game stop!!!!! I don't know if that's ironic or just dumb stuff!!!!
 

Runwildboys

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Any monetary exchange system should be run by the govt, period. All these cute little cryptos were ripe for shenanigans. There was no way they could be trusted.
Well, many would argue that it would be less trustworthy if it was the government in control. I don't feel that way, personally.
 

rags747

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Put me in the camp of not trusting the Gov to run it. 100% digital currency and we will be in for a world of …T!
 

dsturgeon

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No government has the option of running a digital currency. They do not even run their own currencies.

Imagine starting a new country. You need money for infrastructure and money to get the country started. The central banks comes and offers to loan you money. You borrow 10 billion dollars with interest. You print 10 billion dollars. 10 years later, the interest is 10 billion dollars on the 10 billion dollars you borrowed. The total money owed to the banks is 20 billion dollars. The country only has the 10 billion dollars that they printed, and there is no way to pay the debt of 20 billion dollars. This is a debt based currency. Gold backed currency would be, I have 10 billion printed dollars based on 10 billion dollars worth of gold in reserve.

If we liquidated every business, all the personal wealth and possessions, and all the land in the United States, we could not pay of the debt owed to the central bank. All the money being spent by the government is made up. They have no money, they produce nothing..

Crypto is made up. It is worth what the seller sells it for and what the buyer buys it for.

All debt based currencies fail. Governments don't have anything to lose, they do not produce anything. The people will lose. The talk of a great reset, is to reset the control to another system from the current one that is failing. There is also a quote by the group talking of the great reset that says "you will own nothing and be happy". Everyones debt will be wiped out and people will be happy about it, but they will own nothing, and a new system will be put into place. Or something along those lines. If you take the debt in the U.S., and divide it by everyone man, woman, and child, that is the debt each person owes.

This is my understanding
 
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