| Location: | Perth, Western Australia |
FTX's reliance on its own exchange token, FTT, contributed to its collapse. But cryptocurrency companies still routinely mint their own tokens, a practice that is introducing similar risk throughout the industry.
Read my article in the New York Times today: https://www.nytimes.com/2023/11/08/opinion/fraud-crypto-ftx-trial.html
The #crypto bubble relied heavily on this: think of #SpikeLee and others shilling for pump-and-dump scams as a way of "building Black wealth":
More recently, #Intuit and other scammy #TaxPrep services have argued against the #IRS's plan to offer free tax preparation as bad for Black and brown people, because it will deny them the chance to be deceived and ripped off with #TurboTax:
https://pluralistic.net/2023/09/27/predatory-inclusion/#equal-opportunity-scammers
7/
I went on NPR's Weekend Edition this morning to talk about the FTX collapse and what I think it means for the wider cryptocurrency industry.
https://www.npr.org/2023/11/05/1210734163/ftx-is-now-defunct-does-crypto-have-a-future
The above recording by #SustainablePopulationAustralia (SPA) helicopters over topics and goes deep. It talks about the need to support greater #equality, a #circularEconomy, the need for #RightToRepair and to fight #stateCapture and the #MilitaryIndustrialComplex and #weaponsIndustry, especailly out of the #USA.
Rodney does suggest a govt can #printMoney as a way to solve problems, which is fundamentally flawed.
Embracing #bitcoin can *trigger* the change we need!
SBF is front page news, even on Wikipedia. Fun fact: I uploaded that photo!
Perhaps the conviction of #SamBankmanFried for #Fraud will allow more people to see #crypto as the #ponzischeme that it is.
But the lure of free money, as always, will encourage the foolish (and/or greedy) to continue to bet on crypto's financial gyrations.
The lesson that 'if something looks too good to be true, then it isn't' still applies to the idea that somehow you can get rich quick by dabbling in crypto.
There may be legitimate reasons for its use, but these were far from SBF's mind!
Sam Bankman-Fried has been found guilty on all charges.
The prosecution made its closing arguments in Sam Bankman-Fried's fraud trial.
@theverge writes: "Mistakes aren’t illegal, but fraud is — and Bankman-Fried’s lawyers never made his defense land."
Molly White
Cory Doctorow
Dick Smiths Fair Go Supporters
Al Jazeera (unofficial)
Emeritus Prof Christopher May
Flipboard Tech Desk