FTX Cryptocurrency Exchange files for bankruptcy after collapse

Off topic:
I've had a few posts moved lately because they were in the wrong category forum.
Can a mod please explain to me how this topic has anything to do with "privacy technology"?
It would certainly help me with future placements.
Thanks.

 

"FTX Faces Potential Hack, Sees Mysterious Outflows Totaling More than $600M

More than $600 million in crypto left bankrupt crypto company FTX’s wallets late Friday, with little clear explanation as to why.

Soon afterwards, FTX stated in its official Telegram channel that it had been hacked, instructing users not to install any new upgrades and to delete all FTX apps..."

https://finance.yahoo.com/news/ftx-crypto-wallets-see-mysterious-042044681.html

 

I'm guessing it's this Sam Bankman-Fried kid that's transferring this money too himself after he lost $16 billion. I have always said that bitcoin is crap! All of these companies need to be regulated just like banks. Or even better, ban this bitcoin crap altogether, make it illegal LOL.

 

Another excellent solution would be for those in the crypto environment to put on "his/her big boy pants" and utilize key self custody. Its not the protocol that is weak its dummies allowing secure access keys to held by someone else and trusting them! There is no way on this planet that someone else will ever gain access to personally held wallets unless I give it to them ---- > that is if I were a coin holder, LOL!!

 

What's also funny to me is how FTX invested in so many other BS crypto companies. This whole crypto industry is a freaking joke LOL. I laugh at all of those people who lost money with this FTX fiasco, I hate to say I told you so! I'm guessing that crypto.com is the next to implode.

https://news.crunchbase.com/business/ftx-ventures-sbf-crypto-startups-investment/
https://www.businessinsider.com/ftx...-failure-2022-11?international=true&r=US&IR=T
https://www.cnbc.com/2022/11/14/cry...naysayers-wrong-amid-ftx-contagion-fears.html

 

I think crypto is one of the most dangerous scams of all time. Not to mention that it is the enablement of all ransomware.

 

Yes it's the dumbest thing ever. It's great for criminals like hackers and scammers and this crypto mining stuff is very bad for the environment because of its ridiculous high energy consumption. And on top of that, now governments around the world are planning to develop its own digital dollar and euro currencies which can be dangerous to financial privacy.

 

Financial privacy is only important if you have money.

 

"Supposed $477 million FTX ‘hack’ was actually a Bahamian government asset seizure...

'The Securities Commission of the Bahamas...took the action of directing the transfer of all the digital assets of FTX Digital Markets Ltd. to a digital wallet controlled by the commission, for safekeeping' the agency said in a statement..."

https://www.marketwatch.com/story/s...bahamian-government-asset-seizure-11668782216

 

Well, that's obvious. But to clarify, of course with our current bank accounts we also don't have full financial privacy and I'm cool with that, unless third parties get access to this information. But with this new digital dollar/euro, central banks and governments get too much control. But I also don't believe in decentralized finance like crypto currencies.

 

And besides that, bitcoin doesn't make any sense at all as a payment system, since it's way more volatile. That's why they probably came up with so called stablecoins. Also, when companies and investors need to convert from one valuta to another, they might lose billions because for some reason people decided they needed to trade currencies, which is the dumbest thing ever, see links. Crypto currencies sadly enough don't solve this problem either.

https://www.forbes.com/sites/qai/2022/08/22/how-us-companies-suffer-from-a-strong-dollar/
https://www.investopedia.com/financial-edge/0412/the-basics-of-currency-trading.aspx

 

And in other news, more crypto companies are getting into trouble, which is of course no surprise.

https://www.theverge.com/2022/11/16...s-brokerage-suspends-withdrawals-ftx-collapse

 

I don't care for any system that can be manipulated by investors. Having worked for a publicly traded company in the past the investors seem to be the only thing anyone cares about.

 

I know what you mean, but I think you might have misunderstood me. What I'm saying is that I believe that forex trading is dumb as hell. It would have made more sense if currencies like the dollar, euro and pound would always have the same value. It would be better for companies, investors and consumers. Crypto currencies don't solve this, in fact they are only adding problems to the world.

https://edition.cnn.com/2022/07/12/investing/euro-dollar-parity/index.html

 

In other news, people who were dumb enough to invest all of their money via FTX and have lost everything, are now starting fundraisers. I'm sorry, but I'm having difficulties feeling bad for these people.

https://www.marketwatch.com/story/f...000-completely-gone-11668715451?siteid=yhoof2

 

Maybe, but I understand why they don't. It is probably far too complicated to get into here.

 

Yes it's probably a bit complicated. But one of the reasons is as usual pure greed. If the financial markets can make money of it, they will. It's basically a huge casino, forget about Las Vegas and Macau LOL.

 

You would have to adjust prices and pay scales worldwide. As a starting point. Everything would have to move to the highest price because those that were on the high end would lose money if they adjusted down. You get the idea.

 

BlockFi - Official Announcement - November 28, 2022
https://blockfi.com/November28-OfficialAnnouncement

In Dutch at the NRC newspaper site:
https://www.nrc.nl/nieuws/2022/11/2...faillissement-aan-in-nasleep-val-ftx-a4149748

 

To clarify, each continent would keep its own currency, but they would always have the exact same value, so 1 dollar = 1 euro = 1 pound. It would be better for consumers, companies and investors. If I now buy some stock on Wall Street, I might win or lose money on valuta, depending on the exchange rate.

I recently bought 30 Tesla shares when 1 dollar was 1.02 euro, and now 1 dollar is 0.96 euro, so I'm loosing money on the dollar which will also take a cut of my Tesla shares profit. The reason why forex/valuta trading exists is because financial markets can make money of it, I see no other reason.

 

This stuff is is crazy, this Indian guy lost millions of dollars on FTX, and wonders why Sam Bankman Fried isn't in jail yet, is it perhaps because he donated millions to politicians? And SBF keeps claiming that he comitted no fraud, this guy is guilty as hell! I say lock him up ASAP, perhaps he can share a cell with Elizabeth Holmes from Theranos LOL.

https://www.foxbusiness.com/markets...egal-action-sam-bankman-fried-committed-fraud

https://www.cnbc.com/2022/11/30/for...ed-says-i-didnt-ever-try-to-commit-fraud.html

 

This is why it exists. If there was no risk there would be no potential to profit.