There are still many unanswered questions. But two big ones loom: How far will the damage spread? And can the beaten-down crypto industry bounce back? Industry insiders are debating whether to call the implosion of FTX, which filed for bankruptcy on Friday, a “Lehman moment,” referring to the 2008 collapse of the investment bank that sent shockwaves around the world. Many think it’s an apt comparison.
The price of the Solana digital coin has also been battered thanks to reports that Bankman-Fried’s trading firm, Alameda Research, had sizable holdings. The Tether stablecoin, which is supposed to be a safe place to park cash, recently broke its one-to-one peg to the US dollar. And crypto lending platform BlockFi said Thursday that it was pausing customer withdrawals. Traditional investors have also been burned, though they’re reassuring clients they can handle the fallout.
Always trying to screw someone who’s trying to make a living can’t help being naturally smart
Which religion adopted crypto (tokens) to enter the Pearly Gates? Ponzi schemes: the art and magic of getting others to make “any” mystic belief real and true. Your tokens (treasure) become their tokens. Religion is Crypto. Keep belief and knowledge separated.
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