In Money: The True Story of a Made-Up Thing, Jacob Goldstein writes about the introduction of bitcoin during the financial crisis: “At a moment when trust was at a low point, bitcoin seemed to solve the problem of trusting other people to make money work. All you had to do was trust the code. But in the end, bitcoin would prove as dependent on the messiness of humans as every other kind of money.”
The spectacular collapse of cryptocurrency exchange FTX was due to the messiness of one individual who helped make billions of dollars’ worth of cryptocurrency go poof.
A quick review: FTX was the world’s second-largest crypto exchange, where people bought, sold and stored cryptocurrency. It was founded and led by 30-year-old Sam BankmanFried. Bankman-Fried courted venture capitalists, politicians, regulators, athletes and celebrities. He paid $135 million to rename the stadium where the NBA’s Miami Heat play and paid for a Super Bowl spot featuring comedian Larry David.
Denne historien er fra February 2023-utgaven av Kiplinger's Personal Finance.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra February 2023-utgaven av Kiplinger's Personal Finance.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
My Top 30 Index: An Update
A year ago, I put together what I called \"my own reinvention\" of the Dow Jones industrial average, the popular 142-year-old large-cap index.
Balance Your Risk and Reward
These new ETFs let you cut stock market losses. But you'll sacrifice some gains.
IS A HYBRID CAR RIGHT FOR YOU?
Hybrids offer a fuel-saving option for drivers who have reservations about all-electric vehicles. But there are trade-offs.
HOW TO REACH YOUR INVESTING GOALS
Patience helped these four investors make their portfolios work for them.
WHERE TO INVEST NOW
Expect a lot of midyear churn, with a rally toward the end of 2024.
TIPS FOR FINANCING A HOME PROJECT
I recently had a call with a client who was looking to fund the construction of a swimming pool at his house.
MORE WOMEN THAN EVER ARE STARTING BUSINESSES
Retail and travel businesses, along with health, beauty and fitness, are popular with women entrepreneurs.
Finding Home Health Care
It’s important to hire a caregiver you trust.
UNDERSTANDING BOND FUND YIELDS
What's a 30-day SEC yield? A trailing 12-month yield? A yield to maturity? We explain what each measure says about an income fund.
ANSWERS TO YOUR QUESTIONS ON STUDENT LOANS
If you have federal student loans, you may benefit from new government policies. Here's what you need to know.
