Even if they’re not a house of cards (like all the other ones), and have reserves not based on burning ecoins (like all the other ones), they’re about to be stress-tested by a major run of withdrawals.
Even more succinct summation would be “There’s No Use for NFTs.”
Well, some people have definitely found NFTs useful for separating rubes from their money.
(like all the other ones)
Unsurprising. Cryptocurrency “investors” are a self-selected group of gullible people with money: an obvious target for any enterprising scammer!
What? No. Genius-level independent thinkers! Some of them told me so themselves, so it must be true.
I don’t know if I would use the word “money,” but they got something all right.
True. Let me amend that - they’re gullible people who, at least at one point in the past, had money!
I find this framing problematic – not because I don’t think SBF conned people, but because it wrongly suggests that there’s some foundational core of crypto that’s not a con.
To be sure, there are a lot of honest, earnest, and sadly credulous investors who have gotten bitten in the FTX shitshow. But there’s really only two (not necessarily mutually-exclusive) categories of investors in the “crypto world”: people trying to pull a con, and marks.
I could see myself going for a Crono or maybe even a Spire, but neither would fit into my garage.
This is the “one-star Yankee Candle reviews on Amazon” of the crypto world.