"His reference in court to people using #crypto to ‘buy muffins’ or ‘pay rent’ – rather than, say, hire hitmen, fund private armies or steal from each other – was another, albeit minor, instance of giving a wholesome veneer to a fundamentally fraudy segment of an already deeply exploitative sector of the economy."
#JoAnnWypijewski on the #SamBankmanFried trial
"#TheNakedEmperor is a 4-part series about the stratospheric rise and spectacular fall of Sam Bankman-Fried. #Tech/crypto journalist and host #JacobSilverman takes listeners on a wild ride in search of an answer to the question ... 'How did #SamBankmanFried happen?' (Familiarity with #crypto very much not required)."
Sam Bankman-Fried was at the top of the game. He was a billionaire by the time he turned 30, and the trusted face of crypto with his trading platform FTX. Its logo was on the Miami Heat’s arena and the uniforms of Major League Baseball umpires. Despite his dorm room lifestyle he charmed celebrities,
"It’s a veritable iron law of investing: When an asset bubble collapses, the ensuing fallout shows that #FinancialMarkets are anything but race neutral. As bubbles seek to absorb the last tributaries of liquid cash, #BlackAmericans become, in vastly disproportionate numbers, the last buyers-in—and the last holders of worthless paper after the market insiders bail out."
How #Crypto Leaves #BlackInvestors in the Red
#FTX #CryptoKrach #KrachFinancier #RacialCapitalism
https://www.thenation.com/article/economy/how-crypto-leaves-black-investors-in-the-red/
"They are ever-greedy, ever-hungry, ever-empty souls that get worse as you learn more. They will never be happy, a burden they outsource to anybody unfortunate enough to stay too close.
"That’s why it feels so incredibly satisfying to see them lose."
"Moving Fast and Breaking Things"
https://ez.substack.com/p/moving-fast-and-breaking-things
#KrachFinancier #CryptoKrach #TechOligarchs #BigTech #Twitter #TwitterTakeover
When someone is suppressed, restrained or otherwise pushed into a corner, the aggressor tends to assume unlimited power. The feeling of isolation and power imbalance gives the oppressor a form of momentum - as long as they can control the rules of the system, they are unstoppable, able to bend and crack someone to their will, even as onlookers attempt to intervene.
"For years, #SiliconValley's stars have been able to drum up positive #media headlines with their visions of a future #tech utopia. In 2022, several of them ran into the hard wall of reality."
#BigTech #TechOligarchs #crypto #CryptoKrach #ElonMusk #SBF #FTX
Turning a more sceptical eye on the #TechTitans
Paria sans portefeuille
