Bitcoin is a Ponzi
- Thread starter lib123
- Start date
ogc163
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Solid thread
I enjoyed watching this. Honestly I’ve lived long enough to see so many things that were backed by promises and hype that eventually crashed and burned. Some things have real world utility like real estate before the ‘08 crash. There was this frenzy that you could buy this thing with nothing down and not worry because it would be worth more in a few months. Plus you could take money out of it. Then you had credit default swaps behind the scenes. That is until it crashed and burned. Also forex and meme stocks. Hell even tesla. The fundamental thing is there is this type that this will be the thing that will bring you untold riches. You don’t understand all the inner workings other than it seems to keep going up. That is until it crashes.
ogc163
Superstar
Crypto is the future though
ogc163
Superstar
ogc163
Superstar
Crypto off to a great 2023. That bull run is right around the corner.
Crypto is the future though
Fuuuuck
ogc163
Superstar
FTX Convinced Poor People Their Money Was Safe in Crypto. It Wasn’t.
Many low-income people invested in the now-disgraced crypto exchange FTX. That’s because the exchange allegedly targeted poor and underbanked people and convinced them that FTX was just as safe as a regular bank.
jacobin.com
"FTX did everything in its power to convince low-income adults to use its platform in the place of a bank. The company even allegedly lied about being insured by the Federal Deposit Insurance Corporation (FDIC), an independent branch of government that guarantees money in US bank accounts.
As FTX CEO Bankman-Fried, who is now facing multiple charges of wire fraud and conspiracy, put it in a May 2022 testimony to the US House Committee on Agriculture, FTX was working on “banking the un- and underbanked” by offering them accounts with “no fees and no minimum balances.” FTX sought to target the seventy million Americans he believed fit that category — and give them a banking alternative linked with a “crypto wallet.”
This state of affairs illustrates how lax regulations and the cultural and political lionization of the crypto market allowed hucksters like Bankman-Fried to hoodwink numerous consumers, many of whom had limited means, into putting their savings into incredibly risky crypto markets."
ogc163
Superstar
The Only People Having Any Fun in Crypto Right Now
The fallout of the FTX collapse has demoralized an industry. For crypto journalists, it’s game time.
ogc163
Superstar
That rebound is going to be glorious.
BushidoBrown
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ogc163
Superstar