FTX Saga far from over...More money disappearing daily

The fraud here is monumental. I’ve been saying all along that when you can have a system where money is held being hacked, it will be hacked and if the “digital blackhole bank” is not safe, the whole system is not to be relied upon. We have seen time and time again, pools of capital disappear into thin air and yet the “believers” ignore the facts and keep touting the future operability and use cases. Its all madness. Heres a few headlines I saw today, the FTX sage is not over and I will be shocked if the waterfall doesn’t touch Binance or Coinbase. Where theres 5 rates, theres 30.

JUST IN: At least $1 billion of customer funds have vanished from collapsed crypto exchange FTX, per Reuters.

ALERT: High probability insiders at FTX are currently trying to run off with funds. Both FTX and FTX US wallets have now been affected and commingled. The current amount being laundered is ~$380M.

Oh, and Forbes clearly should raise the bar for being in the tops list!

A track record for FTX that would be worth of Bernie Madoff! Im so amazed people still buy into these things. If it even remotely sounds too good to be true, run, don’t walk but run.

FTX/Binance-Crypto Winter, Takes a Cold Turn for the Worse

Every day we see more evidence of the unwinding of the ZIRP, free-money bubble.

Today, it was FTX Sammie Boy being “saved” by peer Binance. Who knows how this really affects Sam but he certainly has suffered a sizable loss in his already inflated net worth. Honestly, I don’t know why any “smart-money” would risk having exposure to this whole thematic. The headline risk alone could drive your business into peril. It’s unknown to me if this is a opportunity for Coinbase to be one-step closer to being the last man standing or if it’s just not their turn yet to be the one in needing of being saved. Trillions of dollars have evaporated thus far, much of it from huge hedge funds and VC funds. Tiger Global has never had such a horrible year and I’m sure theres more issues coming. Where there’s one rat, there’s dozens. Stay away, this one was easy to spot imo, the mania was like all others, huge price appreciation made tens of millions of believers and as they all exit through a narrow door, we realize the only thing they were believers in was the returns. What will happen to this industry if the assets just crawl along the sea floor and don’t do anything but trade within a range and stay hella volatile? Even the die hard believers will finally move on and try to find a new shiny rock. Crypto: a solution in search of a problem!