Smoke and mirrors

 I am too old to figure out cryptocurrancy stuff, but a recent collapse of a major company is making ripples in the financial world but not getting a lot of publicity.

From the Asahi Shinbum:

NEW YORK--It took less than a week for FTX to go from the third-largest cryptocurrency exchange in the world to bankruptcy court. The embattled cryptocurrency exchange, short billions of dollars, sought bankruptcy protection after the exchange experienced the crypto equivalent of a bank run. ... FTX US, which originally was not expected to be included in any financial rescue, was also part of the company's bankruptcy filing.

connect the dots"? 

CEO and founder Sam Bankman-Fried has resigned, the company said. Bankman-Fried was recently estimated to be worth $23 billion and has been a prominent political donor to Democrats.

however, there are a lot of fingers in the pie: not just in the USA. 

Lots of money floating around out there which makes us wonder WTF is going on. 

this right wing blog connects the dots: The guy admitted it was a Ponzi scheme. 

 

,,,,,,,

and last year, there is an article about using crypto currancy as a way to donate to charities.

and some of the shennanigans in India are noted.

Spectator has an article here.

someone pissed off the Chinese crypto types?

Internet magic money (aka crypto) billionaire Sam Bankman-Fried, better known as SBF, is the man behind FTX, a crypto exchange. He seems to have angered fellow magic money billionaire and fremeny, Changpeng Zhao, better known as CZ and CEO of the rival exchange Binance. It might have to do with FTX cozying up to regulators to get the regulations beneficial to the FTX but not its rivals. Last week, the FTX balance sheet was leaked to crypto news site Coindesk, which effectively caused a run on the exchange by exposing the financial ties between FTX and Alameda Research, a crypto trading firm also owned by SBF. The balance sheet showed that FTX’s finances were a paper tiger and ripe for plundering.

That guy is a Chinese ethnic Canadian, who as we know has nothing to do with China. (LOL)

But I thought China made bitcoin illegal last year, because the gov't couldn't regulate the money. 

So is bit coin stuff a way to avoid governement interference, or is this just the latest ponzi scheme to defraud the naive?

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Instapundit has more links here.