Game over...
FTX is an exchange I occasionally heard of prior to its recent saga. I used to see it on some coin listings, the face of Sam Bankman "Fried" was familiar, but I didn't give a fuck about any of these... until recently. I feel so damn tired now because of FTX and SBF.
The dump in the crypto market generated by CZ dumping his FTT tokens and pushing FTX into a LUNA situation which ultimately lead to SBF filing for bankruptcy has literally affected my mood, my energy levels, and my overall vibe.
DXY is falling, S&P500 is on a wave up, and inflation has probably peaked, at least in the US, but crypto is not in the position of getting any of that steam to push it up. Why, sir? Cuz of the greed and audacity of some retards playing with billions, not their billions of course.
SBF was supposed to be the new JPM. Well, now he's probably the next Ned Scott. The shithead's wealth has literally gone to zero. ZERO. Justin Sun, the big-hearted Justin Sun tried to help him, but it was all futile. FTX is bankrupt, dead, zero... Can we move on now?
Theoretically yes, but practically we might not be out of the woods yet. Some similar companies might follow suit.
What went wrong? Well, the "compliant one(SBF)" played with customers' money by lending "their funds" to risky counterparts. They say DeFi is unregulated and risky... Well, if that's the case then what do we call FTX then? Compliant and regulated FTX...
BlockFi might be next as they're pausing withdrawals and limiting activity. Is that what we paid for? Not me. I have never ever owned any funds in such shitty projects. The money that I lost with LUNA has been lost due to shitty trading.
What now?
More clarity, right?
Man, how far off we've come from the simple plan Satoshi had with this thing. It's nothing that we have now that was envisioned by this brilliant guy. Nothing. The problem is that when shit hits the fan as it did now, it's not just such companies that are suffering, but legit projects as well. Hive is one such example...
Chainlink is pushing a new system called proof-of-reserve to provide the transparency desperately needed in the crypto industry right now and Crypto․com discloses a balance of 53,024 $BTC, 391,564 $ETH, and other assets for a total of $3 billion.
Great. That's exactly what crypto was about the whole time. Exposing ourselves bare naked and showing the world our holdings. If that's the use case for crypto then we could do just fine with banks and their digital cash, we don't need crypto other than gambling. At least these ones(the banks) have insurance, but I'm not here for that shit.
Hence, I won't mind if BTC goes to $10k or lower, but at least I wanna see all these over-leveraged, greedy bastards and their companies go to hell. Such companies are the type of Titanic I personally won't be chasing any time soon. Gotta do something now and spend my negative energy cuz I sure have plenty of it right now.
If you wanna laugh of the whole shitshow you gotta watch this. I promise you will laugh a lot...
Thanks for your attention,
Adrian
