Dec 2, 2022Liked by Joe Golton

There was nothing Crypto in what SBF did.

He used a centralized exchange as an unregulated fractional bank, misused clients funds in order to pay for risky investments and when a bank run happened, it collapsed.

Fraud à la Madoff and collapse à la Leman.

FTX clients preferred to deposit on a centralized exchange, trusting "banksters" to hold on to it, instead of investing on decentralized exchanges using self custodial, cold wallets.

If there is anything crypto about the FTX saga is that the reason everyone knows about this (as opposed to HSBC, Deutsche Bank, Credit Suisse) is because everyone CAN see on-chain activity, and the crypto twitter can report what's happening in REAL TIME.

As for crypto "value", in general non-sovereign currency is most useful for the un and under banked, who have no access to financial services and are extracted for remittance fees in countries suffering from double digit inflation (Lebanon, Turkey, CAR, Ukraine, Venezuela, El Salvador).

For example, community inclusion coins and DAO tokens have been vital in increasing purchasing power in impoverished villages in East Africa.

Finally, a day after FTX collapsed the Federal Reserve started their CBDC trial with 5 commercial banks! (coincidence or impeccable timing?)

This leads me to think that the same regulators trashing blockchain are quietly planning to launch a Fedcoin (in the UK Britcoin) to track every transaction and permit or limit "accepted" transactions.

At the end of the day technology does nothing.

It is what people decide to do with it that matters.

I hope you found my reply helpful.

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You're lack of understanding about bitcoin vs. "crypto" makes me uninterested in the rest of your opinions.

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