[ExI] lotta splainin to do

spike at rainier66.com spike at rainier66.com
Tue Nov 15 19:01:51 UTC 2022



-----Original Message-----
From: extropy-chat <extropy-chat-bounces at lists.extropy.org> On Behalf Of BillK via extropy-chat
Sent: Tuesday, 15 November, 2022 8:08 AM
To: ExI chat list <extropy-chat at lists.extropy.org>
Cc: BillK <pharos at gmail.com>
Subject: Re: [ExI] lotta splainin to do

On Tue, 15 Nov 2022 at 15:36, Stathis Papaioannou via extropy-chat <extropy-chat at lists.extropy.org> wrote:
> They weren’t just doing that. They were using depositors’ funds for risky activities...
> --
> Stathis Papaioannou
> _______________________________________________


>...They are now saying that FTX was a years-long billion dollar fraud scheme and a federal investigation has started.
<https://cryptobriefing.com/ftx-fraud-who-are-sam-bankman-frieds-biggest-victims/>
...

>...FTX’s collapse has significantly damaged both the crypto and broader financial ecosystems... BillK




Adrian, Stathis, BillK, anyone else who answered, thanks for these explanations.

So as I understand it, FTX is a company which (perhaps among other services) changes money from fiat currency to digital currency and back?  That makes sense that such a service must exist if digital currency exists, for (as far as I know) the local merchants will not accept BitCoin.  Do I have that about right?  The parallel coexistence of digital currency and fiat currency establishes the need for companies that allow swapping them?  Then these companies introduce inherent risk of fraud?  If so, are we not back where we were 20 years ago when that weak link was identified on an ExI sub-group?

spike




More information about the extropy-chat mailing list