No Trust, No Currency

Currency is the medium of accountability that is accepted by a community in order to facilitate transactions. If the crypto “currency” world is to survive, it behooves the remaining exchanges to ensure that they are not plagued the lack of accountability that has predictably brought FTX to its unceremonious demise. The demise of cryptocurrency is almost as predictable as the 2008 financial meltdown of the US. Both are schemes to generate apparent economic activity through huge numbers of transactions over nothing, and in both instances, the apparent growth was based entirely on speculation. It is unknown whether the criminal masterminds of the crypto pyramid scheme will get away as the masterminds of the subprime bubble of the 2008 did. It will be a real shame if they do.

The new CEO of the collapsed cryptocurrency trading firm FTX, who oversaw Enron’s bankruptcy, said he has never seen such a “complete failure” of corporate control. John Ray III, in a filing with the U.S.

Source: Exec who cleaned up Enron calls FTX mess “unprecedented”

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