Seeing this: > The wild moves came after a trader on FTX had built an unusually large position in the little-known token. Two people familiar with the matter s

Seeing this: > The wild moves came after a trader on FTX had built an unusually large position in the little-known token. Two people familiar with the matter said that when the price rose, the trader used the position to borrow against it on FTX, potentially a scheme to extract dollars from the exchange. Makes calling regular currency "fiat" super ironic: > offshore fiat accounts It looks like at the end of the day, cryptocurrency is something people "fiat" out of thin air, "fair" algorithms and computers and systems be damned.