My dear impertinents, dear impertinents,
Like every Monday, I was the guest of Ecorama live from my Norman attic.
FTX, the second cryptocurrency platform collapsed in a few days. An unprecedented shock for the world of cryptos.
Here, there is no “technical” subject. Just an ethical subject and a scam as old as the world.
Use deposit money for the patron’s own needs. In the beginning it is to develop the company. And little by little, we end up stealing from the fund, we do anything, and when the “savers” want to withdraw their money, they discover that the king is naked.
Every 10/15 years a new generation of idiots is invariably pigeonholed. No matter how much you warn them, they explain to you that you don’t understand anything and that you’re an old fart from the old world who doesn’t understand the technical beauty of the new.
FTX is a bit like a bitcoin bank, and cryptocurrency in general.
You have several crypto banks that keep your precious tokens, tokens, and other various and “damaged” coins for you lately.
You have Binance the market leader, you had FTX the second which has now fallen into disgrace.
You have Kraken too… and a few other platforms.
The problem for example is that FTX was in the Bahamas. It’s not that I don’t like the Bahamas, it’s very good for diving according to Tom Cruise in the film The Firm of the 80s which ends very badly for the young lawyer since the Bahamas is not frankly a place for holy nitouches.
Binance the market leader is registered in the Cayman Islands.
The Cayman Islands.
So to take things as they are, when you leave your bitcoins (or the other thingies) at FTX you write a check to some guy not even 30 years old who is the only obese “vegan” I know and who has his company headquarters in the Bahamas. You may find it awesome. But today you’re broke because the young geek ran off with the grisbi. Yours.
You can tell me that you are not a naïve young cryptophile who loves the web, and that you will not be caught, because you are at the “bigger” one, directly at Binance. I would tell you that you just gave your money to a certainly charming (or not) gus whose company is in the Cayman Islands.
Hey guys, maybe blockchain is wonderful, it’s going to revolutionize the world and change the currency, the earth and the universe, but in the meantime you’re doing anything prudential.
These companies do not publish balance sheets.
No income statement.
No consistent accounting analysis.
People give their money only out of blissful confidence.
So when as my grandpa said.
When it’s blurry, there’s a wolf.
And when there is a doubt… there is no doubt.
Go your way.
Do not store on exchange platforms, they deserve our utmost defiance and distrust.
The best is a Ledger key.
But this will not protect against the purge on valuations caused by the purge on the big players in the sector.
A sector of crooks and crooks.
So why not cryptos, but don’t be naive, and don’t subscribe to all the elementary reflexes of caution on the pretext that it’s new, that it’s beautiful, that it’s going up and that the promises of earnings are wonderful.
It is already too late, but all is not lost.
Prepare yourselves !
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