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Another exchange just collapsed today. BlockFi to go along with FTX. I get that things can go wrong in any industry. It just seems like way more of that happens with Crypto than anything else. Yes its the wild west. Wild west movies are entertaining but I certainly would never want to live in such a time and place.
Amazing to read that this young man was worth 17 billion just last Monday, and his worth was zero yesterday.
Some people think that a person can become 'too rich' to every be reduced to poverty, but history has many examples.
Even Elon Musk is not exempted from this rule. He may still be wealthy, at least on paper, but paper wealth can disappear quickly.
Somehow I have a feeling he's got a few hundred million squirreled away somewhere, and will live a life of luxury away from the prying eyes of those that lost there life savings.
His bought and paid for politician friends will see to that.
And it takes that lack of faith in the USD to go whole hog crypto.
We have not come to that stage yet,but keep printing money erode the purchasing power of USD,this is one reason Bitcoin is created.and one good reason some country is going with Special Drawing Rights.
NEED we disclose which country?
If we keep borrowing and more borrowing,we will see less countries buying our debt if there is a safer and better alternative .
Remember the MEXICAN CRISIS,later bailed out by Brady Bonds-it is the Mexican citizens themselves who kept converting pesos into dollars and the central bank defended its currency by selling dollars to buy pesos,it was down to US$1 billion reserve.
Somehow I have a feeling he's got a few hundred million squirreled away somewhere, and will live a life of luxury away from the prying eyes of those that lost there life savings.
His bought and paid for politician friends will see to that.
yes,most businesses men and politicians usually have put away some spending money ,do you remember the movie American Gangster,the crooked cops came to his house while he was about to be arrested,looking for hideaway money,found it in the backyard guarded by his dog?
But he is only 30 years old and single,he may not think like others.
Is he filing for bankruptcy?can the court seize his personal properties?
We have not come to that stage yet,but keep printing money erode the purchasing power of USD,this is one reason Bitcoin is created.and one good reason some country is going with Special Drawing Rights.
NEED we disclose which country?
If we keep borrowing and more borrowing,we will see less countries buying our debt if there is a safer and better alternative .
So in business if yourun a shady business of any kind you risk losing it all.
Imagine that.'
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