SBF, FTX, FTT… if there have been two many TLAs crashing around this week for your liking, you’re not alone. What began as a novel financial story — multibillionaire crypto genius goes spectacularly bust — quickly ballooned over the last few days, as shady links to Ukraine, the democrats, and the financial regulators emerged.
Potentially tens of thousands of people have had their savings wiped out by Sam Bankman-Fried, who was taking their hard earned cash and investing it in paying the Democrats to make favourable regulation for him. If this all seems eerily familiar, we have of course been here before. FTX seems to have been a straightforward Ponzi scheme.
But stop and think for a moment about what he’s being accused of.
Creating his own currency out of thin air
Using it to grant himself big loans, which he then spent on buying political favour
Over leveraging, using money people though they had safely stored in his exchange to buy yet more political favour
Falsely inflating the value of his crypto using sister company Alameda Research
All of these are standard financial activities, carried out by the Fed and Wall Street banks on a daily basis. If FTX was a Ponzi Scheme, if FTT was an illegitimate currency, then so are Wall Street and the dollar.
Over the next few weeks, more details are sure to be revealed. Could they lead to the ultimate unraveling of our Ponzi Planet? Could this be The Apocalypse?
The FTX Disaster is Deeper Than you Think. ColdFusion. YouTube. 17 November, 2023
The REAL Story Behind the FTX Scandal | Marty Bent. The Glenn Beck Podcast. YouTube. 16 November 2023
Evidence FTX Was a Deep State Plan to Capture Crypto. Mark Moss. YouTube. 16 November 2023.
The Triumph of The Centre. Nicolo Soldo. Fisted by Foucault / Substack. 9 November 2023
No, the USA Is Not Headed Towards Civil War. Nicolo Soldo. Fisted by Foucault / Substack. 7 October 2023.
FTX Is Just the First Domino to Fall