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The fallout induced by the collapse of FTX is now starting to make some ripples on many places and platforms. Right now, am sure many countries are looking into how they gonna act with this development and then maybe thinking on how they can regulate the crypto industry, its players and to protect the investors from people like Sam Bankman Fried. Eyes of the government are certainly getting wider and wider and gone can be the days when of the Wild, Wild West for crypto...regulations are coming in and there is nothing that can stop it. What we are seeing in India can just be the start of many more things to come.
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Speculating which platform will also fall just like what happened with FTX and its SBF can be a very risky business. While I agree that we should be exposing frauds and those practicing mismanagements to the detriment of the people who believe on them, speculations can also be hurting those which are doing the right way. In the past, brands and businesses were wiped out due to uncontrolled speculations and rumor around them...with many became victims of circumstances rather than the making of their own.
But since we can never stop rumor and the short sellers, all platforms involved with cryptocurrency should now start to be transparent and to provide the market with Proof-of-Reserve which Binance is now championing - which has a little irony on it but can be a big signature of CZ - so as to stop unfounded speculations that they can be the next in line to the chopping board. Right now, we don't know what can happen with the crypto industry after the smoke is gone but we are all hoping that this latest big debacle will only serve to make it much resilient and stronger into the future.
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Well, as for me, I am wishing that BTC can go back to the time when it was just $1 so I can buy a thousand and then sell them at $20K at the very least...that could made me so rich since I am just residing in a poor country (though a very beautiful one). But at the back of my mind...when that can come true maybe BTC is already worthless just like what we are seeing with FTT right now due to the debacles orchestrated by SBF. Anyway, no one can really predict where Bitcoin is going...so maybe this can be the best time to buy some hoping that dipping will not further dip.
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Funny that a post like this is coming up at the time when the cryptocurrency industry is facing another challenging time. But come to think of it...the only time unproven lies can be getting some limited attention is when people are panicking and this is so true not just in crypto but in many areas of people's lives. True, anybody can claim anything but nobody is forced to believe on them...as we are still rational people who are looking for evidence before concluding on anything. I am hoping OP can cite references for these big claims so we can also discuss it here. But good luck to OP, anyway.
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I understand the big point that you are driving at. The huge problem is that we are living in an open space and the whole cryptocurrency industry is open to anyone...nobody will be investigating anyone to be able to enter here. And so we can see bad and good actors doing business in crypto...and I think this is going to be true into the future. What transpired in FTX and its Sam Bankman Friedman - what a name sporting the word bank but we later realized he just FRIED us - is big wake-up call to all to never, ever fully trust any platform doing business in crypto even including Binance so they can feel that they should be working to earn that elusive trust everyday. There should be a way to make these bad actors accountable and a good way to protect their investors.
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In an industry that has become synonymous with scams and hacking, this latest FTX hacking incident is not anymore a big surprise to me and can even be just its natural progression as everybody on the FTX ship have been jumping from the platform. They decided that why not take some assets that they can salvaged but because the platform is now closed so nobody can be making any withdrawal the best option is to hack it from the inside out. I am looking forward for a more dramatic legal battle ahead to recover some of the hacked funds and to make those people responsible with this big mess accountable with the law. We don't need special laws to cover what SBF and his minions did...laws on stealing can easily take them.
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I’ve heard over 300 million dollars has already been taken. Possibly up to a billion dollars. Early speculation is that it’s an inside job by FTX employees or possibly even Sam trying to make a getaway. I’ll wait until we find out what really happened but it sounds like this is quickly on its way to becoming a Hollywood movie. Be careful out there!
Yes, this disaster is certainly a very good Hollywood movie material and they already have the lead in name: Jonah Hill which got a lot of facial similarities with SBF. Now, no matter how we take things here lightly, this is a very sad week for the whole cryptocurrency as this unfolding situation is a big blow to its core. Of course, am not worried of its survival because it will but this can surely set us many years backward. I would agree that there is a strong possibility that this is just an inside job...maybe even with the approval of SBF himself so he can get some of the money he needs while hiding somewhere in a remote island. |
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As a big name and a leader in cryptospace, it is now easy to conclude that SBF is now a gone thing. Nobody will ever trust a man who mismanaged the assets handed to him by many people and investors. Now, this will be an open space to dig many dirt that we can find on Sam...sadly he just wasted a big opportunity and a big platform handed down to him by the industry. Right now, just like the Tera debacle, FTX will go down in crypto history as one of the saddest moments and one that is enormously undermining the trust and confidence of the mainstream population on cryptocurrency. On another note, just looking at Sam pictures, I now realized that he is really looking like a big joke with a 75% resemblance to comedian Jonah Hill.
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This big lesson resonates well right now with the collapse of FTX where we are seeing how SBF and his gang mismanaged the assets entrusted to him from unsuspecting and trusting customers, investors and token holders. However, one big reason why many people still are holding their digital assets in centralized exchanges is that of convenience as there is no need to transfer the assert into another platform just in case one will decide to let go of them. This is quite true with me but assets I left in exchanges are not that enormous though I will still cry in case I can lost them. And people are still giving their confidence to big names in the industry notably Binance, Kucoin, Coinbase and some other players.
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Proof of Authentication PostBitcointalk Username: DapanasFruit Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2878632Telegram Username: @CamoteLamian Campaign Category Participated: Twitter, Facebook, Instagram BSC Wallet Address: 0x90269f0989C0e0C3E71ee4D0F3201A81620cbC47
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In the eyes of ordinary guys like me, investing in any cryptocurrency is surely laden with a lot of risks involving the very platform that you are throwing your trust and confidence with. Now, am really praying that what recently happened with FTX will not be spreading to other big names in the crypto space...including even Binance. We are surely still in the early stage of the industry where players are being wiped out due to incompetence, greed and sometimes overexpansion. Let's hope when the smoke clears out, we would have stronger, more resilient and definitely ethical players whom people can look up to. What we saw with FTX is certainly a disaster and the thing is that only a very few people took notice and warn of this possibility. While Tom Brady and Giselle Bündchen certainly feeling the lost of big amount of money, I am more concerned with small investors and FTT holders am sure they are the ones experiencing more loss than ever.
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One thing for sure with this recent debacle involving the founders of FTX and Binance, CZ is emerging not just a big winner but also becoming a very recognized powerful monolith in the crypto industry. I am sure that there will be some people who can be cringing to the idea where only a very few are controlling the market and this is is where CZ is thrown right now...whether intentionally or otherwise. Certainly, there are many things leaders of the crypto industry can learn from this development and I am hoping they really do...so they don't have to come to CZ for some relief package.
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I am just wondering if there is no specific law on the federal and state level that demands where the proceeds of scams and frauds can be going to...am just hoping the money can be spend for the benefits of the people and not eventually on the pockets of the few in the halls of power. Now, for sure, this story is a big reminder that at the end it will be the government that can be the declared winner against people who are committing crime financial or otherwise.
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