Bitcoin, the original cryptocurrency, the gold standard for all things crypto, crashed last week. Bitcoin prices fell a whopping 75% in the last year, or down to a fourth of its value. This, for something touted to be a better store of value than gold, US dollars or any other fiat currency or precious metal.
Other cryptocurrencies have done worse. Many are down 80-90% in a year, some completely wiped out. Most investors in crypto are now sitting on losses. FTX, one of the big crypto exchanges, where people come to trade and store their cryptocurrencies, also collapsed last week. This was due to massive alleged irregularities, including customer deposits being inappropriately used to buy and prop up the company’s own issued cryptocurrency, the FTT token.
Sam Bankman-Fried, the 30-year-old CEO of FTX, who works out of an island in the Bahamas apologised on Twitter. FTX filed for bankruptcy, wiping out $32bn of value which FTX had in the last funding round. Sam himself lost most of his $17bn fortune in days. Customers, lenders and employees of FTX all have money stuck in the company, all probably gone. Other crypto entities like Celsius Network, Three Arrows and Voyager also went belly up last year, making investors lose billions.
Crypto is done. This toxic nonsense now stands exposed. However, it is interesting to go through what happened that made crypto into the world’s greatest con. In this are lessons for all of humanity, on how easily we can be fooled as people.
● The warnings were there.
● One of the world’s greatest investors, Warren Buffet had said he wouldn’t buy all the Bitcoin in the world for $25.
هذه القصة مأخوذة من طبعة November 15, 2022 من The Times of India.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة November 15, 2022 من The Times of India.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Song and dance there, but where is Brazil's soul?
From swooning over the twirling foot of Richarlison the other day, to fretting over the ankle of Neymar, it is back to business for Brazil. Gone is the exultation to dance and express themselves.
Marriott to reach 200-hotel mark in India by 2025 from current 134
American hospitality major Marriott International — the group with the largest number of branded hotel rooms in India at about 26,000 — has drawn up very ambitious growth plans for the country.
India's visually-impaired players dribble, debate on and off field
Take 20-year-old Shivam Negi for instance. A member of the national blind football team, Negi along with three other NIEVPD students is ardently following the matches by listening to live commentary.
SIPS eating into luxe car sales: Merc
‘MF Investments Reducing Disposable Incomes Of Indians’
Fury's Ground Xiro
Xi's zero-Covid policy has angered ordinary Chinese as never before. A dangerous moment for the state
Trump faulted for dinner with white nationalist, rapper Ye
The sportswear manufacturer has also launched a probe into his conduct.
Blank sheets of paper become symbol of defiance
Chinese protesters have turned to blank sheets of paper to express their anger over Covid-19 restrictions.
Can't deny mediclaim to a vegetarian, insurer told
Dietary Habit Not Patient’s Fault: Consumer Body
Thakur: Will host 'grand Olympics' in Gujarat in future
Union sports minister Anurag Thakur on Sunday said Gujarat will host a “grand Olympics” sporting event in the future.
Will restore old pension scheme in Guj: Kejriwal
He also urged government employees in the state to back AAP while promising implementation of the old pension scheme for them by January 31, 2022.
