Saturday 19 November 2022

Ten Things I Think About The FTX Crypto Scandal

 1.  When the smoke clears on 'who' lost money.....a fair sum will people who don't want to admit they had money made beyond the US shores, and were hiding a fair sum from tax revenue.  

2.  This guy (Sam Bankman-Fried) who was the CEO....appears to me to be fairly non-clever, and lacking the skills to be a CEO of a company.  So it begs the question.....how did he rise in such a short period of time?

3.  Money-laundering currency via Ukraine?  I believe at some point....some of the funds we shipped to the Ukraine....ended up coming back to the US....re-converted from FTX to dollars.  How and why?  Might be interesting to know.

4.  This guy (SBF) was a simple honest swinger, and the crew around him (the core of the enterprise) were also that type.  

5.  Bankman-Fried doesn't have the ability to take on stress....so I would imagine he's drugging-up presently, and probably will end up in a suicide situation before the end of November.

6.  Any pension fund that invested money into FTX.....was royally screwing their people.

7.  There's a massive amount of 'propping-up' that occurred, from NFL football types, to Hollywood types.  They all seemed to flock to some 'Jesus-like' personality.

8.  I think when the White House handlers finally approached Joe Biden on the situation....he asked what the hell is crypto-currency, and they spent two hours laying out the gimmick.  Then Joe probably said....that's malarkey....what idiot would invest into 'nothing'?

9.  When you look at interviews of the past year or two of Bankman-Fried....he gives dismal performances, and just makes you wonder how anyone would be convinced to buy into his 'product'.  If I pulled into a Jiffy-Lube for a $29 oil change, and this was the kid at the counter....I might buy the service.  But if this was a $10,000 situation?  No.

10.  So I gaze around at the Wall Street Journal, CNN, Fox Business....just wondering....how did you guys miss the fake nature of this?  

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