Words of Wisdom on Crypto

[BobKamman]

Bloomberg columnist Pat Regnier writes:

The collapse of FTX was so spectacular and era-ending that it’s easy to assume we’re done with this episode. Maybe the crypto boom that died alongside FTX was a freak fad, and everyone’s learned their lesson about what happens when you buy made-up tokens that link to monkey JPEGs. Or when you look to Tom Brady for investment ideas. Nobody buys a pet rock twice.

But it would be a mistake to consider this a one-off. As the past few days in late October have shown, Bitcoin and other big tokens still have runs when prices fly sharply—and enticingly—upward. All the digital coins in the world, once valued by the market at more than $3 trillion, are still priced at more than $1 trillion. That represents either a lot of believers who still see something there, or a lot of wealth stuck in an illiquid, opaque market that’s still waiting to be burned away. More important, the crypto debacle is a warning about faster, bigger and more viral technology-enabled frauds to come.

[qbteachmt]

"Maybe the crypto boom that died alongside FTX was a freak fad"

I read it as people learning the hard way that there is a difference between a processor (exchange) making "bank" in their fees, and a bank. Surprise! Someone handling your asset makes more than you do having the asset.

Other than that, fraud is as fraud does.

[IRonMaN]

I'm still waiting for a sign ----------- or maybe another anvil ------------------- until I liquidate my life's savings and invest it all into crypto.

[PATAX]

Most of those that I see that are involved with this are younger people who are well off and/or think that they are going to be the Warren Buffett of cryptocurrency. Dr John Bridges quote comes to mind.