I am not really a crypto fan. I am more of a crypto lurker or crypto skeptic. I am fascinated with the concept of blockchain technology, but since I could not fully grasp its value and effect on the things that I do, I try to stay clear of investments and "assets" that are related to such technology. Sometimes I feel that I am missing out on the excitement and potential income of cryptos and NFTs, but diving headfirst into something that I do not fully understand is not really my thing.
When SBF and/or FTX (at this point, for me they are one and the same) started buying out failed cryptos like Voyager and Blockfi, I already smelled a stinky bulad. Everyone seemed to be sold on the messianic or humanitarian reason for such buyouts (read: to help crypto firms and their investors). I knew there was a catch. Other than perhaps increasing FTX's client base, the buyouts were not supported by any logical or financially sound explanation. The failed cryptos have depleted client assets or reserves and have tarnished, unredeemable reputations. Why is SBF going after these crumbs? Turns out, he is feeding a flywheel, a glamorized digital Ponzi. What a sick joke!
I am blogging this crazy day in crypto history to remind myself to stick to what I know and to always remain curious.
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