Theory: FTX was a deliberate scheme orchestrated by the federal government/reserve to not only steal peoples money and use it for swamp reasons like rigging elections etc. But also to intentionally make crypto even less trusted and less popular becuz they need control over our money.
posted ago by BeefJerky2Expensive ago by BeefJerky2Expensive +789 / -1
Yes but why would people put funds there in the first place? You go into cryptos for decentralisation … and then you centralize your assets??? On an insecured platform? Makes nonsense.
yeah, that was the whole problem. the FTX theft wasnt because it was cryptocurrency, but because it was centralized. it was just basic theft of customer money, nothing to do with crypto really.
Ill never understand why people put their funds in funds and then act shocked when the money is stolen.
At least fiat has this advantage: it's insured. Banks run away with your money, you get your money back. Cryptos, no.
decentralized crypto doesnt have that problem. FTX just proved centralized crypto exchanges suffer the same whims as banks. that is all.
using bitcoin the way it was designed: if you have the "keys" and everyone has their own key to their own value, it works as designed, which removes politics and the human factor in the whole system.
Blackrock dumps money into bitcoin, inflates the prices, people invest into bitcoin, they remove 20% of their money, the stock crashes, they buy more at discounted prices, the suckers lose, the players win. Wash, rinse and repeat.
The bad guys are heavily invested in all of these platforms, it's a great way to launder money.
FTX is not an anomoly, it's just the first one to be exposed. It's still a fiat currency because it's initial value was purchased with fiat currency. It's just another financial fiction used to rob the people and get them used to using digital currency, nothing more.
Brutal truth: We are at war with an enemy who has far more money than us because they have been printing it out of thin air to transfer wealth from the people to themselves for decades.
Of course they are going to be able to use that wealth as a tool to attack our attempt to free ourselves from this rigged system.
But that does not mean we should collapse into learned helplessness and consent to having our children and grandchildren being slaves of the central banking syndicate.
Instead, we should patiently and persistently strengthen our alternative currency by winning the hearts and minds of the people to free themselves from this tyranny.
A day will come when these bankers will hang.
Is gold fiat currency because it can be purchased with fiat currency??
Do you even realize how idiotic your logic is?
Insurance can default too.
True. But in the us/can gov can always print more money if needed.
Pretty soon the paper will be worth more than the dollar amount on there.
I would assume the bulk of money that goes into crypto is pure speculation. Not driven by decentralization.
People fell for the advertising blitz and get rich quick aspect. However, those billions didn't come from regular people. This whole thing was a scam from start to finish to launder money from tax payers to our political goblins.
Correct as well.
my exact sentiment about the whole thing. there is an interview with SBF and Erik Voorhees where SBF is pushing for banking laws to be imposed on crypto, and SBF expresses his ignorance about the whole thing, he doesnt know what he is talking about and cant defend his given talking points, uses a lot of fluff word salad.
This is typical. First movers get there first, and get big. Coinbase, FTX, etc. Then they lobby congress to pass laws to make their business more expensive - in a way that inversely scales with customers.
So now they need to hire 20 people to make sure they comply with regulators. They're a billion dollar company, no problem. But their competitors who aren't a billion dollar company yet, they can't even afford to hire regulators, and they can't do all that work by themselves.... so they give up or sell out to the big guy.
Car companies did this exceptionally well, uber and airbnb are both trying, now it's crypto's turn to try to do it.
its even worse than that. New York regulations makes crypto traders have to obtain a license to trade, intending what I dont know, "to protect customers" or something. But the result is now NY is devoid of basically all traders, because the upfront cost and maintenance/regulatory costs are not worth it.
Yep. Seeing many good exchanges such as Nexo pulling out because of this.
This is why regulations are a problem. It fosters corruption and detriments the laws of free markets.
It was all money laundering.
Only dumbfucks got their money stolen. They bear some responsibility in this.
The theory behind crypto is still valid if you bought your own Bitcoin and kept it in cold storage. What crashed was the Exchange. If you bought into that, then someone else was buying the Bitcoin and telling you that you were a "partner" when it was actually a Bernie Madoff scam or worse, an intel op. BTC is at 17k now and predicted to bottom out below 10k. It could still be a good buy, but you gotta do it on your own.
They’re going to use FTX to justify regulating decentralized currency, in order to push people into Central Bank Digital Currencies
Tbh crypto haze always been shady and many people believed the decentralized lie that’s still being perpetuated by crypto bros
Bitcoin is the only one that matters.
Stock market is rigged and has been for decades. Another good is example is what is going on with MMTLP. FINRA pulled it this morning. Unless you're Nancy Pelosi's gay (allegedly) husband, you're going to lose at some point.
Theory is a weird way of saying, actually.
Talk to me in 6 months.
And for money laundering.
Yup! that's why invest in more mining rigs. mine the shit out of it and dump before the next election cycle. Get your tax dollars back
This was always my beef with crypto. The inherent design is secure, but public perception is ultimately the driving factor. And since the CBDC was always inevitable, and the globalists don't like competition, it was only a matter of time until something like this happened. And it's only a matter of time until they do it again.
The problem is the swamp speculating on every asset there is. Look up "futures markets", biggest fuckery in history in terms of speculation and theft of whatever little people have left in assets.
The solution is to hold assets, if they try to tell you that your assets have low value, therefore you should sell them. Don't believe them. They're lying. Your assets will always have about the same value, no matter what it's valued in fake fiat currency.
Your car is valuable because you use it to get from A to B, there's never more or less value in transportation, it's a need you have to fulfill in order to survive or to have a decent life. Same with your house, it keeps you warm and safe. That value never goes away.
All crypto does is to offer digital assets, with this important property of value you don't get from centralized services, but with better redundancy than you get from a fully self hosted environment.
^THIS. This a million times.
How exactly is that a problem for an asset designed to preserve your freedom in the digital world?
Your car won't do you any good without gasoline. That doesn't mean it isn't a very useful tool you use every day.
Banks make interest on other people money. They have servers and have all the data centralized. If the cryptocurrency is decentralized mining, then each miner gets that interest payment. Cryptocurrency mining is decentralized banking where the holders get the profits/fees. Now you see why banks are scared.
And that you unironically post in a online forum, so you can argue with people on the other side of the world. Something tells me you're more dependent on the system than you want to admit. Except you live in denial, which means your entire digital presence is fully dependent on centralized services.
Which is incorrect, and you can easily look that up. Or you can attempt to prove me wrong by doing one of the following:
None of that is possible with fiat banking.
The fallacy you have is you are banking on a SHTF, Mad Max scenario where there's no electricity or anything. That's likely not going to happen.
Doesn't defeat the usefulness of crypto. I own physical gold too, but in any semblance of a society that still has internet and electricity, there's no denying that cryptocurrency is a much better vehicle for storing and transferring funds when compared to physical gold.
This psyop was designed precisely to prey on your fear of what you don't fully understand.
Look at this poor kid! Crypto is so complicated that he got his dick caught in a blender just trying to be a good guy! And he's an MIT physicist!
Obviously, crypto is too complicated and dangerous for you, and you need the government to regulate it...
What a load of bullshit designed to convince you, once again, that your aren't smart enough to have actual independence from globalist controlled systems...
Crypto is a terrible idea, but I agree that they used it to launder money.
You’re almost there. All of crypto was a deliberate scheme by the bankers.
Crypto should never be trusted IMHO. It is backed by nothing, has no intrinsic value, and can be copied endlessly.
There is no legal penalty for cheating - because no regulations exist however thin. Crypto is basically a license to have a ponzi scheme if you are unscrupulous.
Not that I trust the CBDC's either - those are clearly going to be used for social engineering and ensuring tyranny continues in the US.
I suggest learning more about the technology crypto and its intended purpose. Obviously there's lots of "shitcoins" out there that are indeed ponzi schemes and worthless. But simply dismissing it for CBDCs or the Federal Reserve fiat dollar is not a viable solution.
Crypto was already unpopular. What you just believe they can't track it because "muh company said blockchainz"?
I got a bridge to sell people who still believe crypto is anything more than a more controlled, on the government rails stock market for zoomers.
Okay Boomer. Keep shilling for the Federal Reserve and big banks instead.
True any type of investing is about risk management. Those that were silly enough to put in life savings into Crypto I don't have much sympathy for.
Yeah, when globalist bankers crash crypto to weaken its credibility because it is the biggest threat to their biggest power, centralized control of the money supply, we should mock the people making the greatest strides forward in shattering that centralized control of the money supply.
No sympathy for people who actually put their financial assets on the line to weaken the primary control mechanism of the globalists, and then were predictably harmed when the globalists played dirty.
Let's paint those people as fools instead of courageous visionaries willing to put their nuts on the line in the most effective attack against globalist power in roughly 500 years.
That's probably the right attitude.
Those people aren't courageous visionaries, they are greedy rubes who got left holding the bag when the scheme fell apart. If you fall for promises of ridiculous returns unlike any other investment vehicle and you get burnt I have no sympathy for you.
Are you describing the US dollar?
Its disheartening to see many so-called "patriots" trashing the people that made significant strides in trying to decouple from the globalist, centralized banker and politician control of the money supply.
Especially with a vampire demon running the show.
The Banks are Fried, man!
... i pay my contractors and do business with bitcoin all the time. Very practical to pay someone in another country. At least im sure Trudeau will not freeze my account for donating $100 to a peaceful protest movement lol