At least $1 billion of client funds missing at failed crypto firm FTX, sources say
$1 Billion in missing crypto funds: FTX
- Thread starter poker
- Start date
Only stupid people invest in or trade cryptos.
Alas, our very own financial crypto-genius of the millennium, "The Butler' hasn't uttered nary a peep let alone sing the praises thereof from the rooftops like he did before about crypto-coin and that character man of ours has vanished into vapor just like his former financial paramour, crypto-coin.
The technology behind it is awesome.
But it still remains an unregulated ponzi scheme.
When the money started to dry up on the ponzi scheme, they invented NFT's to keep it going.
I work in IT mostly database. The tech behind the blockchain database is different and really well designed.
The system is designed to be completely distributed and open to all, thus does not require the need of a trusted party (like a bank, regulators…).
Thus in theory a beautiful system that if there would be no cheater in life would function superbly.
But life is full of piece of chit human at every fucking level who will always cheat the system.
Crypto has absolutely no future until insurance and regulations are brought in.
The system is designed to be completely distributed and open to all, thus does not require the need of a trusted party (like a bank, regulators…).
Thus in theory a beautiful system that if there would be no cheater in life would function superbly.
But life is full of piece of chit human at every fucking level who will always cheat the system.
Crypto has absolutely no future until insurance and regulations are brought in.
Which is why they created the absolutely ludicrous Proof of Work system to be "trustless".
It was a cute solution requiring way too much power and has no really useful applications at ascale.
Code is law is an incredibly stupid idea and a system that is guaranteed to lead to disaster in any human society.
A public ledger existed before block chain.
Append only ledgers existed before block chain.
"Trustless" is not actually helpful in any meaningful way and not something the people behind crypto believe in anyway.
Proof of Work is mostly terrible as a solution and Proof of Stake isn't much better.
Exactly - the one thing crypto pretends to do better is not require third parties to act as trust brokers or require regulation but even people who think blockchain is cool admit (as you are pointing out here) that the only way to make it work is to have third parties in there to offer trust and regulation.
So after FTX it's now the Winklevoss twins and their platform Gemini to be in hot water...
Mazar accounting firm has pulled out every crypto client they had, and they had some of the biggest. The pyramidal scheme is falling out and they saw if coming of course.
Currently the big guns like the Winklevoss are trying to save their money. Your money they do not give a shit.
Mazar accounting firm has pulled out every crypto client they had, and they had some of the biggest. The pyramidal scheme is falling out and they saw if coming of course.
Currently the big guns like the Winklevoss are trying to save their money. Your money they do not give a shit.
