Moon of Alabama – Nov 12, 2022
I have been in awe this week about the stupidity of the people who had invested in the crypto-‘exchange’ FTX. I am likewise in awe that anyone would have ‘parked’ their ‘money’ in an account of that unregulated entity. How stupid can one be?
Crypto ‘currencies’ have no real purpose. They ain’t money. Their value solely depends on the trust people have in them. When the trust vanishes their values go to zero. That is what happened to FTX and the FTT ‘currency’ the company had issued:
The 30-year-old had set up Bahamas-based FTX in 2019 and led it to become one of the largest exchanges, accumulating a near $17 billion fortune.
News of the liquidity crunch at FTX – valued in January at $32 billion with investors including SoftBank and BlackRock – sent reverberations through the crypto world.
The price of major coins plummeted, with bitcoin slumping to its lowest in almost two years, heaping further pain on a sector whose value has fallen about two-thirds this year as central banks tightened credit.
When Softbank’s Vision Fund invests into something it is a sure sign that its value will soon sink.
There was a lot of criminality involved here. FTX lent its customers’ ‘money’ to Bankman-Fried’s trading firm, Alameda Research, which had invested it in a number of other loss making crypto schemes. The likewise shady crypto ‘exchange’ Binance had owned a big share of FTX’s ‘currency’. Last Sunday it announced that had sold all of it. That was the squeeze that toppled its main competitor. The whole scheme came down. The trust was gone. People pulled their ‘money’ from the FTX ‘exchange’ accounts. The company no longer had access to enough money to pay out what it owned. Yesterday it went into bankruptcy.
Some of the money that FTX allegedly gave to Alameda Research had vanished on its way:
Cont. reading: Prosecution Futures – The Downfall Of FTX And Everything Crypto
Also see how U.S. financial aid to the Ukraine for its war with Russia ended up in the crypto currency ‘exchange’ that went bankrupt:
Ukraine “Military Aid” From USA — Was Invested in Crypto “FTX” by Ukraine!
“Crypto ‘currencies’ have no real purpose. They ain’t money. Their value solely depends on the trust people have in them.”
Such fun on a Sunday morning. So the writer has been very happy to use coins and paper money?
‘Fiat ‘currencies’ have no real purpose. They ain’t money. Their value solely depends on the trust people have in them.’
The only real forms of money, are gold and silver.
In a sane, and legal system run under tight regulation, there’s nothing wrong with paper money. It makes life much easier, but the corruption directly led to crypto currencies.
All this chat about crypto is just misdirection from the staggering elite and banking system corruption.
Russia, China, India, & many other countries have been hording gold, because they know the banking system pipes are full of shit.
The NWO, headed by the UK terrorist state and war monger US central, will ban the holding of gold by the sheeple. I’m talking physical gold. Of all the gold products traded, only 0.1% is real gold, so that’s 1mm in 1 metre, so you can visualise it, and I’m sorry if you’re blind, but then, you wont be reading my speil.
They pick on crypto, as if its some big deal. This bankruptcy is no different from the bankruptcy in big banks, but wait, the banks are legally allowed to hide their debts, and keep them off their books, but no one bat’s an eyelid.
‘C R Y P T O T I L L O M A N I A’
strikes again!
(I came up with that)
Carl Jones–anything agreed to be money is money, not just gold or silver; you can go to copper and then other metals, or crystals, or promissory notes, or anything else: why be dogmatic?
O: get off, you’re an AI bot… lol, lol.
All the faces involved in engineering this scam were of course ‘jews’ …but that will as usual.. go ‘unnoticed’…
Unsurprisingly..
@ Carl..
crypto currencies could be termed … a store of value.. unlike fiat… due to their face value actually increasing.. but as with PM’s they can go down also…
Of course as you say.. the notion of value is an abstraction anyway.. and economics a pseudo science which like all social science just bolsters regime ideology..
usually opaque overly complex financialised gerrymandering with its own lexicon and the knowledge that perhaps you don’t understand the laws of supply and demand…and the vagary of markets and captured ‘exchanges’…
to end up ripped off by ‘jews’ just like these imbeciles…
As the Bible tells us, “Starvation is if the Jews.”
@Carl Jones
One of the more successful and useful forms of money was wooden Tally Sticks, used in England and some places on the continent.
Believe me, gold and silver can lead to swindles just as easily as “fiat” currencies can.
Read the late David Astle’s “The Babylonian Wow” and also see, “Seven Financial Conspiracies That Have Enslaved The American People,” by Sarah Emery (who is kind enough to use the word, “Shylock” in her work). Both available free online, several places.
Cryptocurrency is just a computer program someone wrote, by copying the original version and tweaking the encryption parameters. It’s just a big scam, like government bonds. Anyone who thinks they’ve been big and clever by “investing” in it will come a cropper in the end, just like all gamblers and alcoholics eventually do. I’ve read numerous alt fanatics who claim they haven’t used money in years and all they ever use is cryptocurrency. LOL. I’d like to see them pay for their food with it, or pay their power bill. Just more lies of course, but it shows the mentality of the people that use it. Anything remotely associated with a computer and they’re all over it like jews on a corpse.
Re Gold and other precious metals..
In the past,,,they “may” have been a fiscal hedge.
Further to this..never ever buy “paper” pledging gold…given it may be leveraged like fiat currency/fractional reserve (ie 10 people may own the same ounce)..thus buy the physical gold.
However..if and when SHTF…gold will be worthless….people will be bartering and trading ie a roll of toilet paper and can of beans will have more value than a gold coin.
Agree with Moon here about cryptocurrencies, I want nothing to do with them. But fiat paper currency isn’t really worth much either. And RAH is correct, when the SHTF, BARTER will be the way to go. One reason folks need to stock up–if they need potatoes, they can trade tomatoes for potatoes, that sort of thing…and next year, grow your own garden!
Tom Brady may be the NFL GOAT, but now he looks like a crypto-GHOST! Too bad his witch wife couldn’t cast a spell om that Fried jacka$$! Bwahahahahahahahahahahahahahahah!
@ Carl Jones
Bot I am not.
‘Trichotillomania, also known as trich, is when someone cannot resist the urge to pull out their hair. They may pull out the hair on their head or in other places, such as their eyebrows or eyelashes.’
Computers competing to solve a puzzle, awarded a bitcoin…
How is this different from awarding participation-trophies in a competition?
Arbitrary value-attribution!
Justifying crypto-value because of Federal Reserve abuses is like arguing gold-valuation as unfair because it favors those who are willing to go out and dig for gold and refine it to an agreed-upon purity.
All you need to know about crypto is in comparing the effort/cost of acquiring it to the effort/cost of selling it!