* See UPDATES below...
If market players ( e.g., SoftBank, BlackRock, and many others) were addicted to insane risk, they would have invested in crypto currencies and exchanges...which are in absolute freefall today.
It's just a matter of time before these klepto ponzi schemes hit rock bottom...what a hot mess!
* UPDATE Nov. 9...
Things could get very ugly for FTX's Sam Bankman-Fried...what about facing an investigation for fraud, for one thing...
* UPDATE Nov. 10...
And...the investigations begin...
* UPDATE Nov. 11...
So, now a tsunami of information is spewing forth on the crypto industry...not just on FTX...and it's not pretty!
In fact, the contagion to other markets could be devastating, as more fraud is uncovered.
I suspect that volatility is going to pick up, substantially, in all-things crypto, and their affiliates...in the coming days/weeks.
* UPDATE Nov. 12...
And the FTX saga continues.
This whole thing (including the entire crypto industry) stinks to high heaven and people need to be held legally liable for any fraudulent activities.
So, what's really going on??? Follow the money!!!
N.B. High trading volume is meaningless, if its holdings are a BIG FAT ZERO! Capital One's slogan: "What's in YOUR wallet?" is a good one to remember pertaining to crypto.
If you're already (or not) invested in crypto, beware the last sentence above!
"Hope" does NOT equal a sound investment strategy. 😕
* UPDATE Nov. 13...
The big question seems to be, how seriously will all of this be investigated by ANYONE!
So, all you need are the "right parents" and, you too, can start a ponzi scheme and go fishing for whales! 🤔
* UPDATE Nov. 14...
Exactly how serious will an "investigation" be, in this case?
It looks like crypto creators krept into all corners of the global political landscape...and were embraced enthusiastically...
* UPDATE Nov. 15...
More crypto tidbits...
* UPDATE Nov. 16...
The contagion spreads, as over one million FTX customers have been scammed...
So...money talks...ALWAYS! 💰
It's no wonder the media and politicians/governments have such a low public approval rating, world-wide! 😑
But, with money in their pockets (or a reasonable facsimile thereof), I doubt they care what the proletariat think. 😕
With that in mind, there will always be guys like Bernie Madoff and SBF, who will avail themselves of those media and political leaders' "who-cares" attitude, to worm their way into their world and sphere of influence with some kind of new and exciting ponzi scheme to "pump and dump"...with promises of being first, on the ground floor, to reap the riches!
what's the next ponzi scheme???
And, this...as the contagion spreads...
* UPDATE Nov. 17...
WOW...this information is shocking!...
* UPDATE Nov. 28...
Another one bites the dust!
Crypto is simply a lot of hot air...built on lies to investors!
* UPDATE Nov. 30...
The crypto carnage is spreading...
The following monthly chart of Silvergate Bank's holding company, Silvergate Capital Corp. (SI), doesn't exactly look stable or investment-worthy. It's a bank for hot air! 😒
* UPDATE Dec. 2...
US "investigators" are, supposedly, "investigating" the FTX collapse, but how hard/seriously and to what end?
Don't hold your breath for any indictments of its CEO and others...especially following the MSM media's (NYT, et al) pathetic fawning coverage of, and interviews with, SBF this week. Simply, click-bait carnival hucksters!
What a joke! 😂
Unlikely, if Maxine's past prostrating performance is a predictor...😍
* UPDATE Dec. 3...
Is someone investigating this? 🤔
* UPDATE Dec. 6...
So, at least one member of the Senate is demanding answers from Silvergate crypto bank CEO, as it's stock (SI) continues to plummet...
* UPDATE Dec. 7...
Wake me up when Sam goes to prison...otherwise, the insinuations and accusations we hear until then are just a bunch of words, without meaningful actions from the DOJ and the courts, resulting in actual repercussions and consequences for his wrongdoings...
* UPDATE Dec. 13...
Finally...8 serious criminal charges have been laid against SBF...we'll see what happens...he's under arrest in the Bahamas, awaiting an extradition request from the US...
BUT, the timing of today's charges and his arrest yesterday in the Bahamas has raised some serious questions in the legal community and elsewhere...
Here's a look at today's Congressional hearing (on "old-fashioned embezzlement," as dubbed by new FTX CEO John Ray III), from which SBF was prevented attending, because of the actions of Joe Biden's DOJ and his arrest in the Bahamas...
The U.S. SEC also issued a press release today, stating they've filed a parallel civil complaint, charging SBF with the following...
The U.S. CFTC also issued a press release today, stating they've filed a parallel civil complaint, charging SBF with the following...
* UPDATE Dec. 22...
WOW...from 110 years in prison to 0 is pretty impressive...
* UPDATE Dec. 27...
The Federal judge assigned to SBF's criminal case...this eventual trial should be "interesting"...
* UPDATE Dec. 30...
Why?...😲
Will those White House officials be subpoenaed to testify in his trial?
* UPDATE Feb. 24, 2023...
So, it appears that SBF had the wherewithall to circumvent political donation laws...what other laws did he circumvent when it came to handling/mishandling FTX customers' investment funds?
