This is the full story of SBF and the failed crypto exchange FTX, it includes lots of interviews with people who worked with SBF, it’s a good watch if you like finance documentaries.
Wow, he was delusional. Bitcoin is an unchangable ledger, it’s a value transfer network, and it is a method of remaining private while doing a transaction. If he had analysed these facts carefully he would have understood that crypto can only go so far because the average person alive in 2023 doesn’t really need the features bitcoin/crypto has to offer, only a good handful of people do (Cypherpunks and Privacy Enthusiasts)
The Unchangable ledger is definitely useful to businesses, a business could request crypto from their customers if the business is owned by lots of people, the unchangable ledger is 100% useful for the business in this scenario but again this doesn’t require the average person to spend their life savings on crypto, they only need enough crypto for the transactions they are to carry out subsequently with the business that accepts crypto.
SBF’s actions were criminal but I think he suffers from some kind of mania and had delusions of grandeur, He lacked the understanding that crypto is linked to the economy and when the value of bitcoin lowered due to people cashing out he paniced.
Personally, I think the average person should only use crypto when they come into contact with a business that requests it. This is the only way to get crypto moving, lots of people buying it and holding it to sell at a later date will never generate much profit and if it does it will always come at the expense of someone else.
I don’t think it serves anyone to attribute him some sort of mental deficiencies without mental health professionals to evaluate him and give an analysis.
If he really suffers from anything, in my humble opinion, it’s an acute case of Greed and Arrogance.
But he didn’t lack the material and mental means to run his little billion-dollar scheme though, did he. He only paniced when he realized he was in big doodoo.
I don’t see why a legitimate business would demand crypto instead of FIAT money. That crypto currency scheme enables too much shenanigans to be viewed as anything but suspect, especially when it’s been shown to be used by all sorts of shady, criminal individuals, states sponsors of terrorism and terrorist groups.
If there’s one thing Mr. Bankman-Fried showed me is that crypto is a total swindle.
Will all those people who got conned and lost their arse with FTX regain their money?
I rest my case.
Bitcoin/Crypto feature a ledger that can’t be changed under any circumstance and there are no exceptions. So, say if 3 people on different sides of the world partner up and sell products online and request Bitcoin from their customers then all 3 partners can trust that the ledger for the sales is accurate and could never be tampered with or falsified.
The problem with Crypto is that the hype is focused on how quickly the value can raise and not on it’s core functions which include Value Transfer Network, Unchangeable ledger, Privacy During Transactions, Transactions without 3rd Party Approval.
Any type of business can have a director who dips into customer funds/holdings in times of need, Another problem with crypto is that everyone was lead to believe it is something you buy a lot of and hold in order for the value to go up, This is where the swindle is, we were tricked into buying and holding believing that the value will magically go higher.
Realisticly, crypto is just used by a person who wants privacy. they will buy £50 or £100 worth of crypto where it’s just enough to cover the private transaction they wish to do, and that’s it.
The problem isn’t crypto losing value, it is the fact that crypto that belonged to customers was stolen. If he hadn’t stolen the crypto and returned all customer crypto after the value dropped badly he would not have been found guilty of anything. The problem is the crypto is missing, it was illegally removed from customer holdings.
This pretty much sums everything up tbh.
So it isn’t more private or safer than dealing with any other currency scheme. It’s redundant to FIAT money and only serves to bypass regulations and maybe even taxes that a regular bank account cannot.
I don’t know much about it and I know that I can’t speak about it intelligently, I’m not interested, but I do know that I don’t need it and am glad I wasn’t one of the suckers who fell for FTX’s fancy words.
Along with those darn celebrity endorsements.
Fanatics don’t use their brain much, they just follow the crowd and hang on their idol’s every word.
Hopefully a judge will order them to return the money since it’s very clear they were paid with ill gotten gains.
Changpang Zhao… yet another rip-off artist amongst the cons drunk on Greed. Although when I see how most businesses and banks are run it’s hard not to conclude that Mr. Swindle runs this world’s market.
If you actually look into that you will almost always find that already completely debunked numbers are pushed to create that narrative and that fiat money streams outdo crypto by certain numbers of magnitude in that regard. It’s not even close really.
That is like saying a bank collapsing showed you that fiat is a swindle. Not really a conclusion that makes any sense