What happened to Crypto Currency?

[Anonymous]

Why was Sam Bankman—Fried charged with Fraud?

[CrazyGirl2]

Because he just stole people’s money, and just kept it for himself!

If they “invested” $10,000 in FTX, instead of owning 10k worth of FTX crypto currency, and maybe making a profit if/when the value went up, SBF just deposited that money, along with the retirement funds for teacher’s unions, and city workers straight into his own bank account!

[Asker]

I think you are correct

[CrazyGirl2]

Yeah, from everything I have read, it really does seem like he did just that! What a sleazbag! To think, if he put as much energy into his company as he did into defrauding people and financial institutions, he might legitimately be a billionaire by now, and not heading off to jail.

[Curiosity2006]

I believe we could be witnessing a Wall Street Jordan Belfort's do-over.

[abc3643]

CRYPTO = BULLSHIT
Anyone who understands human nature and has a modicum of self-control would have recognized this and not gotten involved.
Those who did were uninformed naïve optimists who suffered either from greed and/or "FOMO" (Fear of missing out.)

[Asker]

Thank you for your comment

[abc3643]

I am going to elaborate. This is what I posted in the comments to a crypto article in a major US newspaper.
==================

Crypto was sham technology and idea from the start. For one reason, Congress has explicit "Coinage Power" per the US Constitution:
- - - - -
Article I, Section 8, Clause 5:

[The Congress shall have Power. . . ] To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures; . . .
- - - - -

So, the very foundation of crypto being free of government control was a sham all-along because, sooner or later, the Federal Government was going to get involved and start regulating.

But, besides Congress's coinage power, anyone who understands human nature and has a modicum of self-control would have recognized crypto was a sham technology along with sham "cryptobro" players and not gotten involved. Those people who did get into crypto were, for the most part, uninformed, naïve optimists who suffered either from greed and/or "FOMO" (Fear of missing out.) or both.

[Asker]

Unfortunately I already gave MHO but I like your reply

[abc3643]

You or the system gave me MHO already, so that is not a problem.

[CubaPirate]

I never trusted it all when it started

[Asker]

@CubaPirate me either sweetheart

[OlderAndWiser]

Among other things, I think it is alleged that he diverted investors' funds into his own investment accounts.

[Astarlessnightsky]

Nothing.

After mainly Bitcoin went through the roof, there were countless others invented/created with hopes of being equally succesfull. Most of them aren't even worth the electricity to keep the pcs running.

And with every succesfull thing there are scammers and "bubbles" bursting.

[Anonymous]

Crypto currency us a giant scam. There's no real substance to it. It's designed to catch the little guys out.

[joeldalton]

FTX was a money laundering company for the Democrat party and collapsed due to Bankman stealing money from the investors.

[coachTanthony]

He should of been in jail a long time ago. Crypto needs to be regulated then we might get somewhere.

[SaraSmith24]

I don't know anything 😭

[Asker]

Me either

[Bklynbadboy12]

That shit was a scam ain't nobody making money off that shit

[exitseven]

It is like any other abstract idea. It was a tool to separate people from their money

[Alex8736]

all the currency disappeared into an offshore crypic account. luckily he got arrested and being held without bail so stay tuned people

[douride2]

Sounds like it was a scam.

[Asker]

I know right?

[Anonymous]

Because all of crypto currency is a Pyramid scheme.

[jimmy2]

That guy going to prison

[Asker]

He should

[12Volt]

Theft.

[call_me_scar]

He was charged because he knowingly scammed people

[call_me_scar]

As for what happened to crypto well, nothing that's problem, they have little to no regulations, and we all see what happens on Wallstreet when they have no one looking over their shoulder

[Con29]

Not sure

[Asker]

I’m not sure either that is why I’m asking

[Asker]

Don’t ask JessicaEarl lol

[Con29]

Can I pm you please?

[Asker]

Not now, sorry

[Anonymous]

He stole people's money.