neffnet
neffnet t1_iwp2v1j wrote
Reply to comment by CodsWhallop in FTX coach says executives were ‘UNDERSEXED’, denies rampant amphetamine use by Science_421
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.
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.
neffnet t1_iwtkbsk wrote
Reply to comment by MyDudeNak in FTX coach says executives were ‘UNDERSEXED’, denies rampant amphetamine use by Science_421
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.