FTX Bankruptcy Explained
The Blockchain Sector @ 2022-11-15
The Blockchain Sector provides information relating to emerging financial technologies. It should not be considered financial advice. Disclaimer below.
Here is a video I put together discussing what I think happened at FTX. It’s a story worthy of a movie, which might actually be happening as “The Big Short” author was already writing about Sam apparently. Until that comes out you are stuck with my low budget content, enjoy.
I really do believe we have an opportunity to build something better. The Bitcoin genesis block included a quote from a British newspaper about the turmoil after the Lehman Bros collapse “Chancellor on Brink of Second Bailout for Banks”. Nearly 14 years later and we are still making the same mistakes in trusting 3rd parties to manage our finances.
If regulators can’t solve these issues in traditional markets then we shouldn’t expect them to in crypto. Decentralized networks and permissionless smart contracts with trustless interactions will ultimately this problem #DeFi
Full article that the script was taken from is here: https://jamesbachini.com/ftx-collapse/
🥂 Ethereum Goes Deflationary
While news of the fallout from FTX has dominated crypto Twitter there was some good news in Ethereum going deflationary.
📈 Markets ETH/USD
Ethereum is at an important level @ $1250 USD. I think how it reacts to this will be telling for how the market performs in the short term. Longer term I believe the bottom must be close because… how much worse can it get from a fundamental perspective?
Something that I’ve found invaluable to refer back to over the years is the Wall St. Cheat Sheet. It’s a gross oversimplification of the market cycle patterns and it’s effects on our psychology.
I believe we are getting close to the point of maximum financial opportunity which is why I’m still excited to be exploring new and emerging blockchain technologies.
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Disclaimer: Not a financial advisor, not financial advice. The content I create is to document my journey and for educational and entertainment purposes only. It is not under any circumstances investment advice. I am not an investment or trading professional and am learning myself while still making plenty of mistakes along the way. Any code published is experimental and not production ready to be used for financial transactions. Do your own research and do not play with funds you do not want to lose.