Ha, I read about this earlier. I was not surprised he was already deep in crypto as it seems a perfect next volume to the big short, but amazed at how well targeted he was with this guy.
Which makes me thinkā¦if I was a CEO of a company and Michael Lewis called me and said heād like to shadow me for his next book, if I didnt already know I was a massive crook Iād pay a lot of money for someone to independently look at what i was doing to tell me why it was crooked.
Find it strange some find this amusing re: FTX/Alameda Research. Simply this will have destroyed many peoples lives. Circa $9bn has been lost. Client funds were not segregated and thatās the least of it. The whole thing is clearly illegal. SBF and others need to be in jail.
As for regulation, well there should be regulation around centralised exchanges. The on/off ramp for decentralised crypto for the most part. No different to brokers and other financial firms. Regulation doesnāt necessarily prevent bad actors however.
FTX/Alameda Research isnāt the only collapse in crypto this year. That said collapses like this arenāt all exclusive to crypto.
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what could possibly go wrong, trying to monetize a currency based onā¦nothing? Thin air.
At least when the dollar was traded against gold, it had some intrinsic value. Now, currency trading it just a shell game.
Thank fuck I stayed clear of this scam. reminds me of the GameStop fiasco (which is still trading at $25/share)
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Crypto never really met the definition of currency. Founders of various crypto related products have a vested interest in positioning it as currency, but it has always operated closer to the definition of a security per Howey Test - a transaction is considered to be a security if it meets the following four criteria:
- Money is invested.
- There is an expectation the investor will earn a profit.
- The investment is in a common enterprise.
- Profits are generated via the efforts of others.
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giant ponzi scheme of which we are seeing the effects of it nowā¦
whereās the money gone?
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This seems big
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Thread
The ultimate Curb season arc
āthere was no endorse. There was no endorseā
