SisterMidnight
2534
38
1
https://www.vox.com/the-goods/23451761/ftx-sam-bankman-fried-arrest-bankrupt-bitcoin-alameda
I don’t understand cryptocurrency and I have never trusted it. It’s easy to forget that human beings have been harmed amid all the drama.
RPhoenix
I can only imagine the glee the prosecution team felt when they found the group chat labeled "wirefraud" .
Icantthinkofaname2
I hate how contemporary English is a soup of alphabetical letters.
TheobromineAddict
I'm wondering how much bonafide government backed currency was invested in FTX, and where did that money go? What's the ratio of "real" ⇶
TheobromineAddict
⇶cash lost vs "virtual" cash lost? ▉
MisterRichard
It's somehow a cross of a Ponzi scheme and an MLM, which is already 85% ponzi scheme, that is worse than both
fformulaa
Yeah, but an MLM preys on the lower tier investors, so it's legal. A Ponzi scheme defrauds rick people, so it's illegal.
MisterRichard
A Ponzi scheme is illegal for that reason, but they'll definitely take a poor person's money.
spaceisnotthathard
All crypto has two functional uses from which it derives value and nothing more. Money laundering and greater fool Ponzi schemes.
Rubblebubble
bingo, there are some legitimate uses for blockchain tech. but no one is doing that lol
spaceisnotthathard
Honestly I don't know that there is. It's an incredibly taxing computational transaction. It doesn't scale.
Rubblebubble
Oh absolutely, but for example smart contracts where an original artist gets a cut of every future transaction for example of a good use
Rubblebubble
As a currency it's dumb and always has been. But as an ongoing digital record that is distributed and builds on prior work has uses
Rubblebubble
Another example, transferable licensing. A library could loan copies of pro software by having each license tied to a token.