On Thursday last week, cryptocurrency lender Genesis Global Holdco filed for bankruptcy, becoming yet another crypto firm to collapse in the aftermath of the FTX fiasco. South African crypto investors are affected by this because SA’s leading crypto exchange, Luno, was bought by the Genesis group in 2020. What exactly is going on here?
The root of the problem is simply this: if you invest in crypto, that is your money and good luck to you. The value of your investment rises and falls with the market. The question for crypto intermediaries is: how do they make money? In normal investment finance, the answer would be simple: intermediaries make money because you agree to pay them a fee for the pleasure of investing your money. If they invest it well, they get paid.
I can hear you asking, how is it humanly possible that anyone could get away with a scam so transparent? Well, like with so many scams out there, pretty easily, it turns out. The whole infrastructure rested on two things: first, when you talk about crypto, people’s eyes glaze over. It’s too complicated. And second — and this will really shock you — greed. When there is money to be made, people look the other way. Or pretend to understand. Or something.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Some very confused reporting in there: * Genesis & Gemini are not related entitities. * Luno had an earn account too which presumably also used Genesis product. Genesis and Luno are both owned by DCG. * And more...
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
LIVE | Eskom briefs SA on latest load shedding challenges | BusinessAll the latest news and analysis on load shedding, power and the national grid. Stage 2-3 permanent load shedding for the next few years…. Forget that mate … I decided to save my battery because I know that there's nothing that will come out of this useless briefing These 3 are useless piece of Stage 6
Source: News24 - 🏆 4. / 80 Read more »
LIVE | Permanent load shedding of between Stages 2 and 3 planned for next two years | BusinessLIVE | Permanent load shedding of between Stages 2 and 3 planned for next two years The fuck Ok. Bye Thanks to ANC thieves
Source: News24 - 🏆 4. / 80 Read more »
'A time bomb': How load shedding is wrecking SA's substations | BusinessThe country's more than 3 000 ageing municipal substations are increasingly blowing up, adding to South Africans' electricity woes. Load shedding and vandalism have piled pressure on substations. | News24_Business _Business Maintain and repair them... They want increases in income, yet they are not utilising the funds correctly. _Business We had an unscheduled power outage because they needed to charge the batteries 🔋 _Business Man made so that IPPs benefit infact its corruption from the President of the country
Source: News24 - 🏆 4. / 80 Read more »
I asked ChatGPT how to start a business and it gave me 8 steps that weren't that helpful | Business InsiderChatGPT isn't a great source of answers for how to start a business, but it could be a helpful starting point for gathering ideas. BISouthAfrica You guys are abusing it now. Let the poor bot rest. A million articles on said topic.
Source: BISouthAfrica - 🏆 34. / 51 Read more »
Solly Moeng | The ANC's biggest ally is its fragmented opposition | BusinessOPINION | For as long as civil society movements and opposition parties fail to work together, the governing party will go unchecked, writes Solitoliquido. Solitoliquido Do we have “that person” who can unite the opposition?
Source: News24 - 🏆 4. / 80 Read more »
How to run a small business in the dark during load shedding | The CitizenLoadshedding is not just an irritation. It can very easily leave your business with a drastic drop in monthly income, foot traffic and overall performance.
Source: TheCitizen_News - 🏆 6. / 75 Read more »