[Newsbot]

Title: Crypto trading platform FTX collapses into bankruptcy, dragging bitcoin price down with it | CBC News
Category: Business
Posted By: Scape
Date: 2022-11-11 13:53:49
Canadian

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FBI Working To Extradite SBF To The US

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[DrCaleb]

The best part was hearing the bankruptcy trustee call what they were doing at FTX a total scam perpetrated by people who didn't know fuck all about business or banking, and realizing all the institutional investors who didn't see it happening were therefore just in it for the greed.

Imagine if Canadian Tire financed Sports Chek totally by lending it CT money, then borrowing against the inflated value of Sports Chek to fund ongoing CT operations.

That was FTX.

[Scape]

Ikr? It's a blatant shell game and only regulation and MASSIVE collapse will force the reforms required to clean this sector up. Till then you might as well give money strait to terrorists and cut out the middle man if you use any crypto.

[Thanos]

Have to wonder if PeePee Poilievre had FTX on the list of potential government advisors for when, if the Tories ever get elected again, it comes time to shift over a large percentage of the Canadian treasury to crypto. Ah well, here's hoping the good guys with the impressive portfolio over at DogeCoin turn out to be more reliable.

[DrCaleb]

I think Pollievre likes Crypto so much because of the way they value, or rather overvalue, each token.

They take the price the last one sold at, and multiply by the number of tokens out there. Totally overvaluing it, because no one would ever pay that much for all the tokens.

[JaredMilne]

Crypto is revealed to be a giant Ponzi scheme run by glorified pseudo-alpha males who couldn't manage a lemonade stand if their lives depended on it.

In other news, water is wet.

[DrCaleb]

Conservative MP's bill to encourage growth in cryptocurrency sector defeated

[DrCaleb]

Crypto lender BlockFi files for bankruptcy protection, caught in FTX fallout

[raydan]

Like I didn't see that coming. There will probably be some investors filing for bankruptcy too.