[ExI] lotta splainin to do

[Adrian Tymes]

On Tue, Nov 15, 2022 at 5:57 AM spike jones via extropy-chat <
extropy-chat at lists.extropy.org> wrote:

> so the service FTX was providing is converting digital currency into fiat
> currency and back?
>

Yep.  It was one of the largest services doing so, thus the impact of it
going down.

> Ja, so this makes it sound like we are back where we were 20 years ago,
in a sub-group generated here on ExI.  Adrian I don’t recall, were you part
of that?

That was 20 years ago.  I forget.

On Tue, Nov 15, 2022 at 7:35 AM 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, such as lending to or investing in other parties or to
> subsidiaries. As a result their liabilities are now greater than their
> assets, and depositors will not get their money back.
>

In other words, they were acting just like a bank: see the causes of
certain bailouts this side of 2000.
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