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neffnet t1_iwoyp95 wrote

Reply to comment by Sm00gz in FTX coach says executives were ‘UNDERSEXED’, denies rampant amphetamine use by Science_421

that's Sam Bankman-Fried, founder of the exchange FTX and the trading firm Alameda, and Alameda CEO Caroline Ellison. Sam gave all his customers' money to Alameda, and minted lots of worthless Sam coins to increase his leverage, all while lobbying to increase his regulatory moat and kill DeFi. The fraud got exposed last week and now we're $10bn poorer.

https://milkyeggs.com/?p=175

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CodsWhallop t1_iwoz5vg wrote

Who's "we"? Only the get-rich-quick morons buy crypto.

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neffnet t1_iwp2v1j wrote

We is the global economy since a lot of people, businesses, and charities were using FTX for banking.

FTX was a Bahamian bank failure caused by fraud and ineffective regulations and, allegedly, SEC misconduct. Crypto fixes this, the idea is self-custody and being your own bank.

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MyDudeNak t1_iwtico7 wrote

You'd do a better job "being your own bank" by stuffing your mattress full of USD than you would buying crypto.

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neffnet t1_iwtkbsk wrote

Not talking about dog money... Protocols like Aave for securitized lending and borrowing, collateralized stable coins like sUSD and DAI for dollars, Alchemix for savings, banking the unbanked all over the world with no bankers getting paid.

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kielu t1_iwpy6jm wrote

If you treat "we" sufficiently wide, we're not. Some of us lost our money, some of us gained that money.

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