It's actually a hedge against inflation complaining. You'll complain a lot more about your BTC losses than about inflation. Mission Accomplished.
Plenty. The hedge is moreso against monetary debasement/central bank balance sheet expansion, which I view as inevitable at this stage in the debt cycle, than strictly “inflation.”
In 2021, our GDP rose 10.3%, income from tourism rose 52%, employment went up 7%, new businesses up 12%, exports up 17%, energy generation up 19%, energy exports went up 3,291%, and internal revenue went up 37%, all without raising any taxes. And this year, the crime and murder rate have gone down 95%. They’re down a measly $50m on the btc. In 2021, their economy grew by $4b. Lol. Also they'll be perfectly fine on the purchase with a $1T market cap.
None of that negates the fact that he's wasted 300mm on BTC and no one uses it. Also laughing at some of these stats. Did you believe DeSantas' Covid numbers too?
The largest crypto exchange (Binance) spread rumors of liquidity problems at the #2 exchange (FTX), instituting a run on withdrawals from the exchange. Then last night, they started dumping the exchange token (FTT) crashing the price and therefore reducing the value a lot of FTX's collateral. This, of course, led to liquidity problems at the exchange, forcing a sale of the #2 exchange to the #1 exchange. Even more ridiculously, the whole things was started because the owner of the #2 exchange was lobbying for more "regulation" and supposedly against "decentralization." Now the #1 exchange (Binance) has no serious competitor and owns about 70% of the retail market.
For the observers, SBF has been fawned over for the last 2-3 years - tons of ads in the super bowl. Naming rights to the Miami arena. Headshot by the Chinese competitor....wild.
He better have amazing security. Some of these people losing tens of millions because of some hostile takeover that would be illegal in any other space aren’t just going to be cool with it
This happened in the UK gilt market and with hedge funds literally weeks ago. The UK government just stepped in to save the hedge funds' asses. Levered fund managers, shitty illiquid balance sheets. Crypto is just a more public version of the current system. Only difference is central banks don't step in to prop up hedge funds because pensions aren't at risk. Sources: https://www.cnbc.com/2022/09/29/pen...-bank-of-englands-emergency-intervention.html https://www.washingtonpost.com/busi...00f76a-4a38-11ed-8153-96ee97b218d2_story.html https://www.reuters.com/world/uk/br...tend-bond-buys-amid-cash-scramble-2022-10-12/ https://www.ft.com/content/1854d64f-491d-432e-9899-2fd565e7ff06
This tweet seems to be conflating cap raises. The Sequoia raise was for non-US FTX (the one being sold to Binance) while the Paradigm raise was for FTX US (not currently being sold), fwiw Sequoia: https://www.prnewswire.com/news-rel...llion-series-b-1-funding-round-301405473.html Paradigm: https://www.prnewswire.com/news-releases/ftx-us-closes-400m-series-a-round-301468435.html