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The Collapse of Crypto & Platform(s)

Crypto was never safe and if you didn't know the value of (worthless) digital 1's & 0's not backed up by any real legitimacy could lose all its value over night... then you where fooled like a lot of people where over that horrid "fad".

At least today's currency is based off real world markets and valued by how a nation is doing economically. You know something real. 🤣🤦‍♂️
 
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DarkNoon said:
Crypto was never safe and if you didn't know the value of (worthless) digital 1's & 0's not backed up by any real legitimacy could lose all its value over night... then you where fooled like a lot of people where over that horrid "fad".

At least today's currency is based off real world markets and valued by how a nation is doing economically. You know something real. 🤣🤦‍♂️
Click to expand...
If you were dumb enough to hand over all you money to these 2, you deserve to lose every thing.
https://twitter.com/x/status/1593289528621547530
 
https://twitter.com/x/status/1593144488255713280
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Irag8er said:
https://twitter.com/x/status/1592926201366347776
Earlier this month, Sam Bankman-Fried toiled through the night on a Sunday, calling some of the world's biggest investors, including Sequoia Capital, Apollo Global Management and TPG, in a futile bid to raise $7 billion in emergency funds reut.rs/3AjdUW4 @specialreports
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I’m curious about all this my understanding was that any electronic currency via the block chain system was supposed to be protected by vanishing units or newly created ones.

It is all billed as a secure currency where everyone’s holdings are privately in their wallet. So what exactly does this nerd thief need funding for?
 
Seriously said:
I’m curious about all this my understanding was that any electronic currency via the block chain system was supposed to be protected by vanishing units or newly created ones.

It is all billed as a secure currency where everyone’s holdings are privately in their wallet. So what exactly does this nerd thief need funding for?
Click to expand...
As best as I can decipher, he was double dipping to fund massive losses in his other company.

"FTX, backed by elite investors like BlackRock and Sequoia Capital, rapidly became one of the biggest crypto exchanges in the world. Its collapse was preceded by the decision to lend billions of dollars’ worth of customer assets to fund risky bets by Alameda, Bankman-Fried’s crypto hedge fund, The Wall Street Journal reported on Thursday."
 
So it’s all been a complete Ponzi scheme. Invested into buy pension and financial institutions. And protected by political cover to keep investigators off their back.
Seems like some of these individuals not just the nerdy duo need held accountable for professional stupidity and political corruption
 
Crypto is worth what people are willing to pay for it, almost the same as everything else.

The difference with fiat currency is that governments demand taxes in their own 'tokens' so you have to buy some, and the difference with say gold is that gold has a use, albeit most of it's value is pretty similar to crypto; speculation and consensus.

What's happening with these exchanges is in some ways nothing to do with crypto; they are basically unregulated banks who've been gambling with customer deposits, and now been found out. Classic 1800s style bank runs. Crypto definitely lends itself to this kind of fraud, not least because you can just make up your own tokens, but it's not inherently fraudulent necessarily.
 
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So does this mean all the people who invested in any crypto currency lost everything.?
I know people who had bit coin investment. Did they lose their money? Sorry only ask as I don't know how that shit works. And told my friends they are gambling with such scheme as crypto currency, but they said i know nothing when it comes to that, and they would be better off than me for not getting any. 🤣😂🤷🏻‍♂️ just like internet shopping if I can't hold it and see it to evaluate whether i want to buy it. Than a picture isn't good enough.
 
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Here’s a question
Would this have ever happened if non-custodial wallets had not been introduced.
Part of bitcoins supposed benefit was everyone kept their own “wallets” physically on their own drive.
 
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