[ExI] lotta splainin to do

[spike at rainier66.com]

We have a lot of digital currency followers here, so perhaps some
kindhearted hipster can offer me an explanation simple enough a rocket
scientist can understand (one who never owned a bitcoin or was convinced the
notion of digital currency could work.)

 

I keep hearing of this FTX digital money exchange, but I don't understand
it.  Some news agencies are reporting that it was looted by someone,
possibly an insider, but that makes no sense because the main selling point
of bitcoin was that ownership is maintained by blockchain, which is said to
be inherently secure.  So. this looter, what did she steal?  Digital
currency?  Or did FTX have a huge pile of paper currency, and if so, why did
FXT have a huge pile of cash when inflation is at 8%?  

 

But if they did, was that cash in a safe, then some sneaky scoundrel with
the combination hauled away the loot in the back of a very sturdy
heavily-loaded delivery truck?  A USA bill has about 1g mass, so a million
bills is a ton, so even if all that moola was in the largest American bill,
the 100, we are still talking 4 tons of currency said to be missing and that
just doesn't sound like something that would be easily carted away.  It
would be a heeellll of a job just loading the truck.  But if it is digital
currency which was stolen, how can they suppose the looter somehow got away
with 400 megabucks?  

 

This story makes no sense to me.  A puzzled rocket scientist I am.

 

Adrian or some of you other hep cats, do explain please.

 

spike

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