The dust is settling on the FTX debacle and we finally have a clear picture of what is surely one of the all time dumbest episodes in financial history. So fasten your seatbelts and return your tray table to its full upright and locked position, because just telling you this sordid tale this is going to be one bumpy ride:
Given the volatile state of affairs in the crypto market many readers suggested that I should go back to my roots and focus more on traditional stock and the options markets. It’s been my focus for over 14 years now but over the past year or so my posts have mainly focused on crypto.
The RCC defines purgatory as a temporary place of “purification”, necessary to enter the joy of heaven. That is exactly where the crypto market finds itself right now. Top contender for the most punchable face of 2022, SBF (or someone on the inside with him) allegedly hacked the remaining half a billion worth of client funds over at FTX.
This whole thing with FTX disgusts me. If only there was some sort of government body that regulated Securities and Exchanges. You know, some kind of commission than could find these problems before us regular folk got billions of dollars pilfered.
Long term I’m red hot on the future of cryptocurrencies…. Yes, despite yesterday’s crash. Which was truly awful and I expect the DOJ and SEC will go medieval on SBF and anyone else responsible. That said, I think that in the next few years we will see some cryptos trading 10x higher than now, and others at 100x what we do now.