I could talk about the FTX collapse for hours on end. But there's no time! Here's the whole awful glorious mess crammed into 99 seconds. #FTX #FTXCRASH #MelonHead pic.twitter.com/2lqq4rASu1
— Nobody Special (@JG_Nuke) November 11, 2022
The shit show has just begun pic.twitter.com/mcKvhrnK0i
— ??????? (@AlessioUrban) November 11, 2022
THE NEW OF FTX CEO WAS THE CHAIRMAN OF ENRON DURING ITS LIQUIDATION.
— GURGAVIN (@gurgavin) November 11, 2022
JUST IN: FTX & Alameda Research liabilities range from $10 billion to $50 billion, bankruptcy filing reveals.
— Watcher.Guru (@WatcherGuru) November 11, 2022
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When this crypto thing first came out, my BS detector sounded off immediately. What it was obviously about was investing purchasing power in some static pulses in someone else's computer. Hell, there was no way to really know where the computer was or whom it belonged to. Your investment could be gone with a keystroke, the flip of a switch, a nasty accident, or maybe some other ways that I never thought of.
The way things are now, even the Federal Reserve Notes that you deposited in a bank are not your money. They have become the bank's money, and you are one of their creditors. If the bank runs out of money, you are not even at the highest priority to be paid if the bank ever acquires more.
Now, back to those Federal Reserve Notes. What are they? They are just promises printed on pieces of paper. What do they promise? Nothing. Their value is an illusion except that other people have the same illusion that they have value and will accept them for ever decreasing quantities of beans, rice, hamburger, toilet paper, shotgun shells, or whatever else you want to spend them on. Do you want to really preserve your wealth? You need to physically acquire it and keep it in your phyiscal possession. Stock up on beans, rice, hamburger, toilet paper, shotgun shells, and everything else that you are going to need or want in the future. If you are really well endowed with long green, then you might do well to invest in physical gold and silver, especially silver. Buy it whilst it is cheap and hide it deep.
One other thing. During a liquidity crisis, a lot of nice things come on the market for pennies on the dollar. That will be an excellent time to be out of debt and positioned to buy la boat, a late-model car, a motor home or a trailer, and some kinds of real estate.