> I have never bought any crypto but admittedly I bought into a lot of the mythology.
Why? As a person who is been this space for over a decade, I don't think you need to have bought any token in your Life to realize this guy was a nobody with media hype, money, and political connections and little else. His MIT degree and his career in finance aren't exactly exemplary or even unique in this space either.
> I had assumed he was making money by being a large exchange and front running trades.
They did, as in all of his business associates at FTX and Alameda had built the core business around that, but that is neither novel nor is it hype worthy, considering the myriad of amazing things that are happening in this ecosystem. His downfall was getting caught running a Ponzi scheme in an economic downmarket after having taken all of his customer's deposits. We've had countless exchanges exit scam over the years and some just fall due to blatant mediocrity and incompetence that this also nothing new.
Do you realize how absurd it is to sit hear and see countless SBF threads on a prominent tech based forum in the back drop of the all the calamity caused by fossil fuels, that spans from Russia's war on Ukraine funded by EU's dependence on it's energy, to all the refugees flooding into the UK and treaty (with tons of money behind it) signed by France and the UK to help with this, and with much Europe being on fire and seeing record temp this summer and ultimately with COP27 ending with everyone feeling left defeated as little to nothing was actually achieved?
While at the same time not realizing that Bitcoin is mainly operating on renewable energy, and that a prototype mining farm to recapture the Methane (the most damaging of GHGs) is being built [0] and tested as we speak? If there was any real utility in people's attention you'd think it would be to focus on those aspects, not another useless click-bait headline about SBF's absurd lifestyle and love life with all of his co-workers or what ever.
Moreover, it should be noted that when this raised funds for it's prototype in a frothy bull market that is to be built in CA (that is constantly on fire due to climate change) it only got $4 million as opposed to the $200+ million SBF got from Sequoia alone, and people still think this crook is worth tanking the entire ecosystem due to bad press.
I'm taking a previous commenters suggestion and reading 'Trust me I'm lying' after having read Hate Inc twice last year and the Rupert Murdoch documentary series as it underscores the mechanics of what it was back then to how it is still used now.
You should too, because gullibility is at the core of all of this just as much as greed is; no one promising something for nothing should be taken serious, and yet we see it item and again ending with an ultimate rug-pull.
Why? As a person who is been this space for over a decade, I don't think you need to have bought any token in your Life to realize this guy was a nobody with media hype, money, and political connections and little else. His MIT degree and his career in finance aren't exactly exemplary or even unique in this space either.
> I had assumed he was making money by being a large exchange and front running trades.
They did, as in all of his business associates at FTX and Alameda had built the core business around that, but that is neither novel nor is it hype worthy, considering the myriad of amazing things that are happening in this ecosystem. His downfall was getting caught running a Ponzi scheme in an economic downmarket after having taken all of his customer's deposits. We've had countless exchanges exit scam over the years and some just fall due to blatant mediocrity and incompetence that this also nothing new.
Do you realize how absurd it is to sit hear and see countless SBF threads on a prominent tech based forum in the back drop of the all the calamity caused by fossil fuels, that spans from Russia's war on Ukraine funded by EU's dependence on it's energy, to all the refugees flooding into the UK and treaty (with tons of money behind it) signed by France and the UK to help with this, and with much Europe being on fire and seeing record temp this summer and ultimately with COP27 ending with everyone feeling left defeated as little to nothing was actually achieved?
While at the same time not realizing that Bitcoin is mainly operating on renewable energy, and that a prototype mining farm to recapture the Methane (the most damaging of GHGs) is being built [0] and tested as we speak? If there was any real utility in people's attention you'd think it would be to focus on those aspects, not another useless click-bait headline about SBF's absurd lifestyle and love life with all of his co-workers or what ever.
Moreover, it should be noted that when this raised funds for it's prototype in a frothy bull market that is to be built in CA (that is constantly on fire due to climate change) it only got $4 million as opposed to the $200+ million SBF got from Sequoia alone, and people still think this crook is worth tanking the entire ecosystem due to bad press.
I'm taking a previous commenters suggestion and reading 'Trust me I'm lying' after having read Hate Inc twice last year and the Rupert Murdoch documentary series as it underscores the mechanics of what it was back then to how it is still used now.
You should too, because gullibility is at the core of all of this just as much as greed is; no one promising something for nothing should be taken serious, and yet we see it item and again ending with an ultimate rug-pull.
0: https://wasteadvantagemag.com/emerging-technologies-capturin...