FTX is at the heart of corruption in the USA, yet the news media is trying to ignore it so it does not become the scandal it should be.
https://en-volve.com/2022/11/27/major-republican-rinos-caught-in-ftx-donation-scandal/
What is striking about this is a the lack of accountability. This seems to be because money was going where some people wanted it to. Then there is the Ukraine connection. The corruption here is unreal.
https://rumble.com/v1wkinx-ftxs-strange-ties-to-ukrainian-military-funding-site-uncovered-and-explaine.html
Everyone on this planet knew crypto was a scam.
Some people got rich and a lot of people lost money.
You can't buy crypto knowing it's fake money and then complain when it collapses.
Buyer beware.
Oh and by the way...I have some limited issue monopoly money if you're interested in investing?
@Metal-Brain
Yes a bubble made out of fake money.
Crypto is fake money.
Gold, Silver and Platinum are real.
Government cash is kind of real.
Crypto was made out of thin air.
At least during tulip mania the tulips were real 😄
@Dork
Most money is not real. Most money is not cash. Besides, you will probably get a CBDC in the near future anyway. That isn't real either. You can exchange it for cash I guess, but you can do that with cryptocurrencies as well.
Cash is not backed by gold anymore. Supply and demand and faith in it's value is the only thing that makes it valuable. Same thing with cryptocurrencies. Cryptocurrencies are just more volatile and it was never a secret. The only obstacle in the way of cryptocurrencies is acceptance. Most businesses will not accept any of them as payment. They are too volatile with the exception of stablecoins.
https://www.federalreserve.gov/central-bank-digital-currency.htm
@metal-brain saidCash has value because it is legally required to be accepted for good and services, unlike crypto.
@Dork
Most money is not real. Most money is not cash. Besides, you will probably get a CBDC in the near future anyway. That isn't real either. You can exchange it for cash I guess, but you can do that with cryptocurrencies as well.
Cash is not backed by gold anymore. Supply and demand and faith in it's value is the only thing that makes it valuable. Same thing with c ...[text shortened]... h the exception of stablecoins.
https://www.federalreserve.gov/central-bank-digital-currency.htm
@athousandyoung saidYes, that is why most cash is relatively stable. CBDCs are just a method of competing with bitcoin though. Bitcoin has long term stability though. There is an inflation cap on bitcoin.
Cash has value because it is legally required to be accepted for good and services, unlike crypto.
The FTX scandal has nothing to do with a flaw in cryptocurrencies. The flaw is managing cryptocurrencies like a bank does with other people's money, with fractional reserve banking. FTX was gambling with other people's cryptocurrencies just like investment banks do with money. Why do you think some cryptocurrency exchanges boast that they are FDIC insured?
The FTX scandal is about what the turd did with the money. The scam was not cryptocurrencies. It was how the crypto exchange FTX scammed people. Apparently people did not know FTX was not FDIC insured so people lost it for trusting FTX. Nobody has to use a cryptocurrency exchange. Anybody with a computer can create a digital wallet and do transactions without a middle man.
The scam is fractional reserve banking. It was always a bit of a ponzi scheme, but it helps grow the economy so a compromise was reached. The scammers were required to be FDIC insured. Apparently there is no requirement for crypto exchanges to be FDIC insured so the consumer must beware of those that don't.
Politicians got a lot of the money from FTX and they are not required by law to return it. Some said they would give it to charity and such, but you know most do not want to give back the scam money. That is the real scandal.
It didn't take @Nostradamus to see this coming, and I have ZERO sympathy for those who lost money.
tut finis and bon voyage
Bankman-Fried laundered Ukrainian aid to fund Democrat and establishment Republican politicians. That is why the news media is not reporting much about it. They have people convinced it is only about cryptocurrency. The truth is, it doesn’t matter one iota whether FTX was in the business of selling discount mattresses, widgets or Bitcoin. The fact is it misappropriated billions of dollars of customer deposits, then added insult to injury by donating millions more to political campaigns in order to curry favor with the regulators it was running afoul of.
This is corporate fraud, plain and simple, and there are already plenty of laws on the books against this activity, for which FTX and its ownership should rightly be investigated.
Senator Rand Paul reacted Monday to news that the Biden administration is struggling to account for some $20 billion in aid that was sent to Ukraine, noting that both political parties ignored his call for an inspector general to overlook it.
https://summit.news/2022/11/29/rand-paul-calls-out-complete-lack-of-oversight-on-ukraine-aid/
@Earl-of-Trumps
It is more than that. There seems to be a Ukraine connection.
This scandal is mired in politics, foreign and domestic.
https://thegrayzone.com/2022/11/15/ftx-ukraine-western-aid/
@metal-brain saidhey, that's where the money is, Ukraine aid. Not at all surprised to see this scheister involved in it.
@Earl-of-Trumps
It is more than that. There seems to be a Ukraine connection.
This scandal is mired in politics, foreign and domestic.
https://thegrayzone.com/2022/11/15/ftx-ukraine-western-aid/
@Earl-of-Trumps
Yes, and Sam Bankman-Fried gave money to both major political parties here at home. That is because both parties are corrupt. Life is easier when you accept that fact and stop defending any of them past or present.
@Metal-Brain
As the wise saying goes, - there isn't a dime's worth of difference between them.
But as an aside, he was more of monster dem contributor than repub
@Earl-of-Trumps
Still buying into the lesser of two evils reasoning? You are still left with evil. Only defend them if they happen to be right about something. Never defend them when they are wrong.
The elites have no party loyalty. Why should we? They are just dividing and conquering us by stoking up partisan bias. Do you know why James Baker switched parties? So he could get a job working for his buddy GHW Bush. They have no party loyalty.
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@metal-brain saidHe gave money to Republican candidates?
@Earl-of-Trumps
Yes, and Sam Bankman-Fried gave money to both major political parties here at home. That is because both parties are corrupt. Life is easier when you accept that fact and stop defending any of them past or present.
That doesn't sound right.
He did give billions to Democrats, though, that's why he isn't in jail right now.