Strange Times
Since I have been covering the FTX story quite a bit, here are some important updates for you to consider which speak to the broader issues at hand with the financial and legal systems in America and worldwide for that matter.
First, they all agreed (not you and I but those who have nominated themselves in charge) to base valuations of your digital assets on petition date aka not giving you 1-1 on your bitcoin etc, but USD value from petition date which I figured they were gonna do because it means you don’t get sht.
The plan all along for something like FTX was to steal your money and make sure everyone else got paid, while SBF was the fall guy.
Here is another fun fact, you know the cost of all the lawyer fees etc? Its over $1Billion so far, which means that you essentially took a solvent company and with your scumbag lawyers managed to drain it so its insolvent and the customers still lose…?
Customer shortfall: $1.422 Billion
Bankruptcy fees: $1.45 Billion
Now I want to note that some are claiming these numbers are inflated but still admit the fees will be over $1 Billion.
In the end the winners are the politicians who kept all the donations and the lawyers who will walk away a ton of cash.
So in case you still think the SEC is here to protect you and that justice prevails in the end, in this current timeline- it doesn’t! Collectively we are in this weird alternate reality right now where people are just raping and pillaging and no one is doing anything about it. From blatant scams from bitboy, bitlord ben.eth in crypto to insider trading in congress to huge companies like Wework collapsing but the CEO still rich. Its all so strange.
All this confiscated money now, never quite seems to make its way back to the victims, it just disappears and you never hear about it again.
The more I look around too I see that the common thought process is quickly becoming I am going to try to get rich off gambling (crypto, sports, options etc) because there is just no other way for me to get ahead and/or everyone else is cheating so I will too. You won’t be able to outrun this, even if you do get rich its just delaying the inevitable which is that we will all have to fight for what we believe in at some point.
Lastly lets talk L1s….
Pulse chain is absolutely dead, utter dogsht like Solana, Cosmos, Poly all popping off, which further proves my points above, people are trying to speed run this, they don’t actually care about decentralization or sovereignty, but vanity, escapism etc.
Solana has been absolutely ripping this quarter, I mean over $70 for 1 solana-hahaha when the sister company FTX is collapsed and no one getting any money. Remember that whole chain can be shut off at anytime, they have already done it before. I have seen people go from $500-$500k on memecoins, people sleuthing now all day long pumping up sol bags.
Again this all proves most people don’t actually care about sovereignty, they care about money. In the same way democrats win you over with UBI and other freebies, the fake crypto pump & dumps win you over with the allure of cheap money as well. Its all a big distraction against the bigger issues that we should be focused on and that matter.
Oh well, 2024 is gonna be wild!
I assume its meme bullrun in Q1 if not longer, Bitcoin ETF approved and that continues to go sideways maybe breaks up to over $50k, then everything probably starts to fall apart as the globalists play their hand to steal another election in the US. I guess if enough people tune out of that and pretend its not happening (which very well could happen), crypto just keeps going like everything is fine.
Buckle up!
Ok bye