Posted on 11/14/2022 6:25:51 AM PST by Kaiser8408a
Now that it is official that the US is a failed state (for failing to do anything about election fraud in either the 2020 election or 2022 midterms much like Venezuela), we need to look at asset classes out of the reach of The Federal Reserve and Federal regulation … for the moment.
Major cryptocurrencies erased losses and turned higher after Binance Holdings Ltd.’s Chief Executive Officer Changpeng Zhao said the world’s largest digital-asset exchange plans to set up an industry recovery fund.
Zhao said Monday the goal was to “reduce further cascading negative effects” of the bankruptcy of rival exchange FTX, adding the fund will assist otherwise strong projects that are facing a liquidity squeeze.
So, cryptos are up today with Cronos up 24% overnight. Of course, Cronos is trading near zero, so any upturns in price register as large turns.
But across the board, cryptos are up. Of course, if Zhao changes his mind, look out.
I am waiting for the list of pension funds that invested in Sam Bankman-Fried’s schemes.
Let’s see if Alameda Research’s CEO Caroline Ellison faces any wrath from the DOJ or SEC. I doubt it.
(Excerpt) Read more at confoundedinterest.net ...
Talk about yer dead cat bounce.
Cryptos are down 20% from a week ago.
That’s a rebound?
An “industry recovery plan?”
What benefit is there to throwing good money after other peoples’ bad?
Ponzi schemes will inherently collapse.
And Bernie Madoff rolled over in his grave about 30 times so far.
“Let’s see if Alameda Research’s CEO Caroline Ellison faces any wrath from the DOJ or SEC. I doubt it.”
For SBF and her, Mussolini and his mistress come to mind.
“And Biden wants to investigate Musk, but not Hunter.”
That would be like Al Capone demanding to investigate Al Capone.
Yeah, I understand your point however. But these damn criminals are nothing but scum and most of the cucked government (including the legislative and judicial branch) is covering for them.
I have no TV and keep a low profile, but honestly never ever heard of this FTX company until last week, and this kid who looks like a yard-boy that ran it into a ginormous bankruptcy.
The hot money is insane, latching onto any ponzi that can get it out of the US economic death trap.
And - Why would anyone ever give important sums of money to someone named Changpeng Zhao?
I wouldn’t go near Crypto right now. There is no way to tell how far the contagion will spread.
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