> Opinion: 💵 The FTX Debacle 💻 Happened Because The Majority Of People Just Could Not Admit That They Don't Get Crypto Either
The Emperors New Clothes 2022 version You want critical political analysis? You want cutting-edge journalism? Why did you come here then? Let me be the first one to say: I do not exactly understand how Crypto works. I know it is a digital currency that can be traded online. And I know that the cryptocurrency Bitcoin for example, is being created by mining which takes an extensive amount of energy/electricity (hello sustainability and saving the planet?) If you are looking for a definition online, you will find this: ' Bitcoin mining is the process of creating new bitcoins by solving extremely complicated math problems that verify transactions in the currency . When a bitcoin is successfully mined, the miner receives a predetermined amount of bitcoin. ' Suggested business model of FTX/Alameda research via this video The only conclusion that one can draw from the FTX debacle caused by its CEO Sam Bankman-Fried is, that the majority of people do not get the concept of crypto ei...