FTX Collapsed…Here’s Why

I just found out that Galaxy Digital is also caught in the contagion and may end up going under as well.

Interest times, it's like watching the FIAT banks before the CDIC became a thing to supply insurance...
 
maxinger said:
If FTX is losing billions of dollars,

It means someone in this world is earning billions of dollars.
More...

But that someone could be in the past.

eg. If I bought bitcoin to 50,000 from someone last year, that someone might made huge profit last year by selling to me.
But I would be still be nursing my loss today.
 
Businessman said:
But that someone could be in the past.

eg. If I bought bitcoin to 50,000 from someone last year, that someone might made huge profit last year by selling to me.
But I would be still be nursing my loss today.
More...

Years ago when Bernie Madoff fraud was made public, I quickly bought several pieces of Madoff company products on eBay. Not to profit, but merely to use, although I did give some as gifts, as he was perhaps the greatest example of The Emperor Wears No Clothes.

However, it would appear the fraud by Sam Bankman-Fried & FTX, puts Madoff to shame. I know, calling a small player in the huge Crypto & NFTs fraud is problematic. But 'til all 20,000 cryptos trade around $1.00 per token, the weavers of the Emperor's clothes will continue.
 
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