Is FTX A Bubble, A Ponzi Or What?

Seeing that people here were so much into Bitcoin, I had warned that it is either a bubble or a ponzi scheme! Here I will attempt to illustrate it using FTX minus the needlessly obfuscating language of the so called 'experts'. Then its nature as a mere bubble should have been crystal clear to anyone.

One not familiar with the procedures for buying bitcoin etc could simply dish some money to FTX, and then you have your bitcoin. Of course they will deduce some money for this help. So far so good! There would be no scenario for any 'collapse' whatsoever, unless bitcoin itself and all the other cryptocurrencies were to collapse! But like bitcoin etc, they decided to create something that can and would overvalue their service, and this should have obvious to anybody just at a glance! This overvaluation was another currency termed FTT. So if you had FTT, it had initial 'value' of making the transaction cheaper!

But then as you should see, this is just an artificial trick! They sell you the cryptocurrencies at large prices and then offer to help you out of the very problem they created it for you, at the exchange of you buying another cryptocurrency of theirs!. So this 'intrinsic value' of FTT is purely made up by the company and would varnish with the company, of course!

As I said, you can always create a bubble by using anything, provided it has some intrinsic value.

The detail explanation is here:

https://www.ashtarcommandcrew.net/forum/topics/bitcoin-bubble-ponzi-or-what

BUBBLEAt one moment, you are told that the price of a stone is $1. The next moment, you are told that it is $10,000!! Of course nothing about the sto…

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Replies

Roaring Lovely November 20, 2022 at 9:59am

Also, it is ridiculous that even 'experts' cannot discern why Satoshi Nakamoto opted to be anonymous. But perhaps Sam Bankman case should help you get a clue. You see that immediately FTX collapsed, it got Sam into problems!! The same will not be the case for Satoshi! The latter is a realy, realy smart guy!!😆 First, he understands something that many don't: a bubble is just a ponzi scheme seen from deeper level!
Roaring Lovely November 20, 2022 at 9:45am

From this link, you can discern that probably Binance company is the one playing the role of the 'seller of the stones' that I illustrated here!😆

https://www.ashtarcommandcrew.net/forum/topics/bitcoin-bubble-ponzi...

Bitcoin = Bubble, Ponzi Or What?

BUBBLEAt one moment, you are told that the price of a stone is $1. The next moment, you are told that it is $10,000!! Of course nothing about the sto…