The Multibillion Lesson That Will Make Bitcoin Business.
Fall of the crypto king
Go to this article collecting all the crispy details of the FTX scandal: Who is Sam Bankman-Fried really?
The lesson to be learned is this: it’s only a matter of time before all the pre-mined shitcoins disappear and finally disappear into the crYpto graveyard.
The shockwaves of the explosion of the “pre-mined” shitcoin LUNA did not finish spreading. The trust placed in numerous shitcoins created ex nihilo continues to erode.
The alarm bell is hard for those who find out that none of the scams promoted by imposters/influencers have water against bitcoin and its 10 Gigawatts of encrypted energy.
XRP is a banker scam you like. Doge (bitcoin fork) is a scam. Cardano is a scam created by one of the founders of the mother of all scams, ethereum (70% pre-mined). As well as Solana and all the pastiches of bitcoin that profiteers put on with big smiles.
Enjoy the humiliation of Vitalik, the prince of shitcoins, during the just concluded Labitconf in Argentina:
Sam Bankman-Fried is a Bitcoin hater who was quick to famously declare that he does not see bitcoin as a means of payment.
Not content with pretending to ignore the Lightning Network, he even went so far as to pretend that the speed of BTC transactions was proportional to the amount of energy used by miners.
California then knowingly endorsed World Economic Forum propaganda. The WEF is just after theexchange FTX from its site. The rats leave the ship.
But in the end, we have to thank Sam FTX bankruptcy is a high cost advertisement for bitcoin. Thanks to him, millions of souls led by impostures (influencers) return to the hole.
We can see this through the huge number of bitcoins that are escaping right now purse private. The following chart shows that 72,000 BTC left the exchanges in one week. Such withdrawals have occurred only three times in the past: April-2020, November-2020 and July-2022.
Revenge is called Bitcoin
With the crYpto dirt going down, even Elon Musk, who shamelessly wrote his followers with the dogecoin scam, went there with his little confession: “BTC will get there, but the winter could be long.”
Even funnier, JP Morgan remember to “All recent collapses of the crypto ecosystem have been caused by centralized players and not decentralized protocols” (like Bitcoin).
Edward Snowden for his suggested that we have finally hit the bottom :
You have to say things as they are. Basically the crYpto is an imitation of the fiat system with a lack of regulation.
The prudent elite knows that not much should be expected from regulation. The latter is usually tailored to those who put enough money in the pockets of politicians.
In this capacity, Sam Bankman-Fried has distributed more than $40 million to numerous political organizations associated with the Democrats. This scammer wanted to pass regulation in favor of his livelihood: shitcoins.
There is no doubt that the US Congress will take advantage of the FTX scandal to tighten the screws. We will know soon enough if FTX is a Trojan horse whose sacrifice was aimed at deploying murderous regulations vis-à-vis Bitcoin.
Probably not. The embarrassing Sam Bankman-Fried is good news. It’s a safe bet that it’s more the shitcoins to worry about.
As SEC Chairman Garry Gensler said, the vast majority of tokens in circulation are unregistered securities traded on unregulated exchanges. FTX is what the SEC wanted to signal the end of the carnival.
We can no longer allow criminals to create counterfeit money. Especially when it serves to loot people and waste their money lobbying against the virtues of the Bitcoin and Proof of Work industry.
These painful events will finally allow Bitcoin to establish its dominance in the coming weeks. Hodl!
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Journalist reporting on the Bitcoin revolution. My papers deal with bitcoin through geopolitical, economic and libertarian prisms.