Who among you thought this young 20-something was a "crypto genius" at the time? But now you say he's just a piece of s*it. Well, let me ask you then: who among you think Michael Saylor or Cathy Wood is a "crypto genius"? But how can you be so sure? u.today The FTX saga, despite Sam Bankman-Fried’s appeal, has concluded with the former FTX CEO receiving a 25-year sentence. The ramifications of this landmark trial will endure. Crypto dream turned into nightmare FTX, once valued at $32 billion, collapsed in late 2022, filing for bankruptcy amid a broader cryptocurrency crash. The company's downfall was attributed to the misuse of customer funds for risky investments through a closely associated hedge fund, Alameda Research. No one cared until crash arrived During significant market surges, investors often overlook risks. Bankman-Fried rose to prominence in the wake of the crypto market influx after 2020, attracting new investors from traditional finance. Michael Saylor’s $250 million investment in Bitcoin marked a turning point in this new era. The Sequoia FTX eulogy underscores how VCs sometimes neglect due diligence when entering the crypto money-making machine. Alameda Research was heavily backed by FTT tokens, operating under the assumption that FTT prices would remain stable and clients would not withdraw from FTX. The problem was not that FTX customers and investors trusted SBF and his partners without verification — they simply did not care at the time.
Don't know why Michael Saylor and Cathie Woods are mentioned in the article? ARK held/holds ? COIN and maybe a few others that were taken down, that mostly have come back some better than others. She is a HODL of OPM. Meanwhile seems Saylor keeps doubling down. Unlike Tom Brady and a few other paid spokespeople, they pay "their" money where the mouth is.
%% I'M not a mind reader; but the market is selling s crypto-cr*p hard again\ BITO\IBIT sector taking huge bites down by %. Is that related to con-clown Bankman Fried ?? LOL \ dont know Good rebuke on lack of due diligence. [Edit in slammer -prison, may not get to have chocolate or some good sweets/ except in commie Cuba, cut cane [sugar cane] or go to jail + NO bail]
Trust and verification are two very different things. Getting them mixed up often leads to trouble. You can trust without verification. In some contexts, this may be a very bad idea. In other contexts, it may be a rational thing to do. And you can verify without trust. This is something that happens quite a bit, and it's not a bad thing. Sometimes the two are linked together in a certain way. But they are two completely independent concepts. Those who fail to recognize this often get burned.
EXactly. Like the song says \ Blame it on your lyin' cheatin' \cold dead beating \ 2timing , mean mistreating loving heart\ now that dream has filed the test\ laid to rest\ Patty Love Less Song Blame It on your Cheatin'................. Some never grasped when you have a crook; verify all you want/ pretty Persian rugs\ still lies like Persian rug. Yes i Know ,some roll Up a Perisan rug LOL/ Fine