Ego + Hubris = Denial = Arrogance

Ladies and gentlemen, if you were not aware of the cryptocurrency news by now, FTX, the company that handles and invests cryptocurrency using its own crypto token, FTT, has recently filed for bankruptcy around a few weeks ago. This led to FTX's founder, Sam Bankman-Fried, SBF for short, to resign as a result after seeing his net worth drop drastically the moment the FTT stock collapsed, causing the rest of the cryptocurrencies to take a dip along with it.

I personally do not know crypto too well. But what I've found out after watching what caused the company's collapse all started from the beginning of its founding, stemming from a group of people that formed a couple of companies together (FTX & Alameda) who don't have a very deep background in either the STEM fields or in business school.

Quick note:

• FTT (Sam's token) - made up by SBF himself to trade on his own trading company using washed leverage jacking up the price by however SBF wants it, then generate billions of dollars worth of collateral for FTX to take on; SBF ended up taking bitcoin from his customers to take on the collateral that end up imploding in his face
• Bitcoin - made up by Satoshi Nakamoto to counter the fiat currencies that were affected during the 2007-2009 recession; developed through a mining process validating transactions and adding them through the blockchain that requires technically advanced equipment in a well-ventilated room

I will be doing some analysis on the FTT currency very soon.

#ftx #ftxtoken #sbf #sbfftx #ftt #sambankmanfried