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Crypto currency (IF banned from CA)


Sorry, its just jibberish bullcrap to me. Bitcoin is 14 years old and thus far has failed to benefit wider society in any meaningful way - what services and goods exist today that would not existing without Bitcoin?
Bitcoin is old crap technology, said it here loads of times. Blockchain's are just slow expensive databases, but they have two very important properties. They are censorship resitant and trustless.

That speech really wasn't giberish. There is a lot of value in removing inefficient middlemen.
 



FTX prints tons of FTT and inflates the price.

Gives majority of FTT supply to Alameda, the trading/hedge fund arm of FTX

Alameda takes on billions of dollars of loans using FTT as collateral.

They valued their FTT tokens at 8 billion even though the market cap of FTT was about 3 billion, that 3 billion is extremely illiquid as they own nearly all of it.

If they try to sell their FTT position they will get murdered by slippage.

CZ of binance noticed this massive hole and declared they will begin process of liquidating their position over a few months.

Panic and bank run begins at FTX and now they have paused withdrawals lol. Rekt.

I feel terrible for anyone with funds on there but will not be sad to see another scummy centralized exchange go belly up. Not your keys not your coins.
 

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