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To the ones who are saying this is a failure of crypto currencies. FTX was a regulated exchange, so your alternative to crypto currencies is then broken as wel
by malikNF 4y ago
To the ones who are saying this is a failure of crypto currencies.
FTX was a regulated exchange, so your alternative to crypto currencies is then broken as well, the regulators didn't then do their job, this scammer Sam Bankman-Fried was allowed to create fake money out of thin air and the regulators were not able to stop them.
If you can't follow the mantra "not your keys not your crypto currencies" or if you don't have the technical ability to hold your own keys then don't take part in it.
You let someone else hold your crypto currencies, don't take the time to check if the said people holding your money has any validity and then you lose all your money? it unfortunately is your fault for trusting a scammer, you got duped by a scammer, just because someone can run a Superbowl advert, get main stream media to call them an amazing vegan who's such an amazing role models to us all, or hire a few celebrities to say good about their company doesn't make them someone you can trust.
Crypto currencies and block-chains are still a very young and developing industry, its risky, there are thieves like Sam Bankman-Fried and then there are politicians and other special interest groups who will get in to bed with these scammers and try to take your hard earned money from you. Don't be a victim to this kind of scum.
Crypto currencies and blockchains are here to stay.
- boopboopbadoop 4y ago> You let someone else hold your crypto currencies, don't take the time to check if the said people holding your money has any validity and then you lose all your money? it unfortunately is your fault for trusting a scammer Sequoia and their team of analysts, lawyers, etc did not see anything wrong with FTX. You expect individual investors to be able to research and see something wrong?
- malikNF 4y agoWell goes to show Sam Bankman-Fried was a world class con-man, or Sequoia and their team of analysts, lawyers, etc are no better than the folks who fall for scammers and con men then. In a lot of crypto currency circles people were questioning FTX, many warned about leverage. * There can only be 21 million btc. * If someone says you can leverage BTC they are selling you something that probably doesn't exist. * If you don't hold your own BTC you don't own any BTC.
- MrMan 4y agotake away retail and these coins will have much much less demand which deflates the whole bubble. so you keys-coins people need all the clueless civilians, it seems to me. it's their desperate speculating that make you wealthy.
- malikNF 4y agoCrypto currencies != a way to get wealthy fast. It's an alternative system that helps people store value. >>take away retail and these coins will have much much less demand I was talking about people who don't do due diligence and get caught in scams. Are you implying that retails is somehow the only ones that get duped by scammers like Sam Bankman-Fried ? There's plenty of people in retail who have done better than some so called institutions both in the crypto currency markets and the stock market. Plenty of people in the crypto currency space were not so quick to trust that conman Sam Bankman-Fried. Many were even warning about him. p.s Not everyone wants to take part in crypto currency markets to get rich fast. There's plenty of legit reasons for people to be in these markets. Its the get rich quick crowd, the scammers like Sam Bankman-Fried and the folk sitting in the sidelines critiquing it without offering a better valid alternative who are actually the problem.
- MrMan 4y agoinstitutions dont lose at the same rate that even smart retail traders do, its a cold fact. the idea that crypto exists for reasons significantly other than speculation seems hopeful in the extreme given all the overwhelming evidence. maybe someday!