The REAL FTX Scandal

[Rogue AI]

NFTs are an even bigger scandal.

Crypto “backed” by a picture….

Hilarious.

I know they guy who designed most of the NFTs for the NFL and MLB.

He was paid in NFTs and immediately converted to cash because… ya know… scam

A miracle! You actually said something I agree with. I shall go prep for the impending apocalypse that is likely to follow such an event.

 

[Tom Paine 1949]

Most “crypto currencies” — by their very nature, and in fact — have proven far less stable even as a “store of value” than the U.S. backed dollar. To call the U.S Dollar a “fiat currency” to disdain it or dismiss it as no better than so-called crypto currencies — or mere digital tokens — is ridiculous.

The purchasing power of the the U.S. “Greenback” of course has gone down (and at times up) over the last 110 years. Since 1913 (when the Federal Reserve was set up) in dollar terms our economy has experienced a real average rate of inflation of a little over 3% annually, while the U.S. economy has expanded immensely. Our population, our technology and our standard of living have also grown dramatically in this period. Of course “dollars” are now used primarily as a digital currency. How much paper currency do you carry in your wallet every day?

Unlike let us say Bitcoin, the humble U.S. Dollar is backed by the power and productivity of the U.S. economy, by the U.S. government, our armed forces, our police and courts, and by its acknowledged pre-eminence in world finance and trade. Crypto currencies are backed … by nothing but the speculative psychology of those fools screaming to buy — or sell — it. The U.S. government recognizes the U.S. dollar as “legal tender” for payment of debts, including taxes, and most governments, businesses and individuals in the world see it, and also U.S.-issued treasuries, as among the world’s safest securities.

The U.S. today certainly has many political, social and economic problems, but the worldwide move away from the old so-called “Gold Standard” was absolutely necessary, and the “fiat dollar” has served us very well indeed over the years.

Indeed, isn’t our society — and most all of us — still pretty much obsessed with getting our hands on more of them?

 

[g5000]

Most modern fiat currency is only backed by the faith of people in the economy it is tied to. There are of course calculations and benchmarks that are followed, but the whole concept of fiat currency is that it isn't tied to any item of actual value.

And the whole concept of crypto was that it was supposed to be more stable than fiat currency. That was its whole selling point. A hedge against inflation.

Man, that could not have turned out more wrong!

 

[g5000]

NFTs are an even bigger scandal.

Crypto “backed” by a picture….

Hilarious.

I know they guy who designed most of the NFTs for the NFL and MLB.

He was paid in NFTs and immediately converted to cash because… ya know… scam

Yeah, I was going to mention NFTs. Insanity at a whole new level.

 

[martybegan]

And the whole concept of crypto was that it was supposed to be more stable than fiat currency. That was its whole selling point. A hedge against inflation.

Man, that could not have turned out more wrong!

Stable based on what?

At least fiat currency has the backing of public nation states.

 

[g5000]

You know the US dollar has lost 99% of its value since the creation of the safe and effective Federal Reserve, right?

As I just said, crypto was supposed to be more stable than fiat money. That was the whole point of crypto. It was also supposed to be a hedge against inflation.

How'd that turn out?

It's more volatile than the price of natural gas.

It's a scam. It's a bunch of fools desperately searching for bigger fools.

 

[g5000]

Stable based on what?

The original crypto, Bitcoin, was supposed to be stable based on limited supply. Kind of like a currency backed by gold.

You even have to "mine" Bitcoin like gold.

But what use is it? You can't buy groceries with it. It's a toy. A beanie baby. A Dutch tulip.

At least fiat currency has the backing of public nation states.

Exactly. The "full faith and credit" of a country.

The dollar is actually strengthening right now while crypto is tanking.

 

[martybegan]

The original crypto, Bitcoin, was supposed to be stable based on limited supply. Kind of like a currency backed by gold.

You even have to "mine" Bitcoin like gold.

But what use is it? You can't buy groceries with it. It's a toy. A beanie baby. A Dutch tulip.


Exactly. The "full faith and credit" of a country.

The dollar is actually strengthening right now while crypto is tanking.

Isn't the inherent value of a thing like Bitcoin the ability to have wealth and track wealth outside government monetary systems?

 

[g5000]

You know the US dollar has lost 99% of its value since the creation of the safe and effective Federal Reserve, right?

And yet the US economy is the largest in the world, and the dollar is the world's reserve currency.

You have to have some inflation to allow for economic growth.

It is beyond stupid to have your economy dependent on how much metal you dug out of the ground.

The countries which ejected the gold standard recovered the quickest from the Great Depression. Those countries which never had a gold standard did not suffer nearly as much in the Great Depression.

 

[g5000]

Now it makes sense why the democrats refused to have the "aid" to Ukraine audited per Rand Paul's request

An "audit" is a smokescreen for doing Putin's bidding and ending all aid to Ukraine.

The useful idiots want us to surrender because we are winning.

Just like Rand Paul's call for an "audit" of the Fed is a smokescreen for ending the Fed. His dad even wrote a book called End The Fed.

I never saw a single Republican demanding an audit of the wars in Iraq or Afghanistan they supported.

That tells you the real motives of these traitors.

 

[g5000]

Also, Blockchain is far safer and trustworthy than government. I doubt FTX used blockchain

Blockchains have been hacked numerous times. You are unaware of all the multi-billion dollar thefts?

And FTX's crypto was hosted by Ethereum's blockchain.

You are way over your head.

 

[g5000]

CrusaderFrank​

​

Hackers have stolen record $3 billion in cryptocurrency this year​

Bank robbers can only wish they could steal $3 billion.

 

[g5000]

Isn't the inherent value of a thing like Bitcoin the ability to have wealth and track wealth outside government monetary systems?

Beanie babies are outside government monetary systems, too. Remember the wild beanie baby speculation?

This is no different.

It's all about finding the next bigger sucker.

 

[CrusaderFrank]

Blockchains have been hacked numerous times. You are unaware of all the multi-billion dollar thefts?

And FTX's crypto was hosted by Ethereum's blockchain.

You are way over your head.

Yeah unlike you and Tom Paine 1949 I don't have people feeding me information to post here I'm surprised that an Ethereum based coin can go so far south overnight. That likely means that more than 51% of the coin were held by a small group that planned its destruction

 

[CrusaderFrank]

An "audit" is a smokescreen for doing Putin's bidding and ending all aid to Ukraine.

The useful idiots want us to surrender because we are winning.

Just like Rand Paul's call for an "audit" of the Fed is a smokescreen for ending the Fed. His dad even wrote a book called End The Fed.

I never saw a single Republican demanding an audit of the wars in Iraq or Afghanistan they supported.

That tells you the real motives of these traitors.

You know you're fucking insane. Why does Zelen$ky require billions of US aid to fight a war when NATO is supplying him with weapons?

 

[CrusaderFrank]

And yet the US economy is the largest in the world, and the dollar is the world's reserve currency.

You have to have some inflation to allow for economic growth.

It is beyond stupid to have your economy dependent on how much metal you dug out of the ground.

The countries which ejected the gold standard recovered the quickest from the Great Depression. Those countries which never had a gold standard did not suffer nearly as much in the Great Depression.

You blame the FDR Depression on the gold standard?

 

[CrusaderFrank]

As I just said, crypto was supposed to be more stable than fiat money. That was the whole point of crypto. It was also supposed to be a hedge against inflation.

How'd that turn out?

It's more volatile than the price of natural gas.

It's a scam. It's a bunch of fools desperately searching for bigger fools.

It's an existential threat to the fractional reserve banking system. So, of course, the the WEF will make every effort to destroy it.

 

[g5000]

Yeah unlike you and Tom Paine 1949 I don't have people feeding me information to post here I'm surprised that an Ethereum based coin can go so far south overnight. That likely means that more than 51% of the coin were held by a small group that planned its destruction

No one feeds me a thing. Unlike you rubes, I learn things for myself and don't rely on propagandists to tell me what to bleev and parrot.

The problem with FTX's coin (FTT) is that it was not a stablecoin. It had no assets backing it. It was as fiat as fiat gets, with no full faith and credit of anything behind it.

It was a toy. A beanie baby. A Dutch tulip.

Once investors were informed by CoinDesk how much of FTX was floating on thin air, they bailed.

But it sure was pretty to look at for the brief moments it lasted.

 

[CrusaderFrank]

No one feeds me a thing. Unlike you rubes, I learn things for myself and don't rely on propagandists to tell me what to bleev and parrot.

The problem with FTX's coin (FTT) is that it was not a stablecoin. It had no assets backing it. It was as fiat as fiat gets, with no full faith and credit of anything behind it.

It was a toy. A beanie baby. A Dutch tulip.

Once investors were informed by CoinDesk how much of FTX was floating on thin air, they bailed.

But it sure was pretty to look at for the brief moments it lasted.

Yeah but it just magically attracted a massive multi billion valuation just like ever other coin ever created, right?

It's the Liz Truss Jihad coin, strapped with explosives by the Globalists to blow itself up

 

[g5000]

You know you're fucking insane. Why does Zelen$ky require billions of US aid to fight a war when NATO is supplying him with weapons?

We are also supplying weapons to Ukraine. See my avatar?

We are also supplying HIMARS. Good stuff!

Most of our aid is funneled to Ukraine through contractors and humanitarian agencies. For the most part, it does not go directly to Ukrainian officials.