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Another great day for crypto!link
The bursting of the cryptocurrency bubble will end the way other speculative crazes have concluded: in a trail of wreckage across companies, continents — and unlucky investors. Crypto has had a horrible year. We saw the terra “stablecoin” wipeout in May, the unraveling of the FTX trading exchange this week and the shriveling of trading in non-fungible tokens all year long.Small-time investors already have fled, their grubstakes or life savings decimated. Well-heeled venture capitalists, badly burned by each successive bust-up, will wash their hands and move on to the next shiny object. The side-hustling crypto-ambassadors (insert any big name from professional sports here, please) will slip back backstage. And regulators, as is their wont, will finally issue their overdue rules, long after the damage is done.There’s a critical difference with crypto, though, compared with past bubbles: It had virtually no intrinsic merit.
People can make their own investment decisions. I’ve simply said they should be free to decide whether or not they want to use bitcoin
About a year ago, one FTT token was worth about $80 US. On Monday morning, each one was worth about $22. By Friday morning, they were changing hands for less than $3.That's a major red flag, said Charley Cooper, a former chief operating officer with the U.S. Commodity Futures Trading Commission, because it means the company is "valuing itself based on something that they invented."
Ontario Teachers’ Pension Plan said it will write down its stake in FTX to zero, taking a US$95 million loss barely a year after making its first investment in Sam Bankman-Fried’s now-bankrupt cryptocurrency exchange. Sign up to get breaking news email alerts sent directly to your inboxTeachers said the writedown will have only a “limited impact” because it’s less than 0.05 per cent of the $242.5 billion (US$182 billion) pension fund. “However, we are disappointed with the outcome of this investment, take all losses seriously and will use this experience to further strengthen our approach,” the fund said in a statement Thursday.
Remember when these clowns owned the Leafs? https://www.bnnbloomberg.ca/ontario-teachers-writes-off-ftx-stake-citing-potential-fraud-1.1848170
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