just to confirm i'm understanding the FTX collapse: over a million people put $1 billion in assets into a crypto company, founded in the bahamas, by a 28 year old. am I understanding this right.
@RobDenBleyker sounds stupid when you put it like that but you have to understand this 28 year old had created his own money and then taken out loans based on the value of the money he created, so we had good reasons to believe the business was legit
@steinkobbe @RobDenBleyker But have you considered that he also lives in a polycule and thinks books are for losers
@steinkobbe @RobDenBleyker Rule #1 Crypto is BS, bad enough to buy Bitcoin or Etherium for personal use, utterly insane to buy into anything new in the market since 99% of it are scams.
@steinkobbe @RobDenBleyker You’ve gotta be joking, right?
@steinkobbe @RobDenBleyker Because baking powder is white it is cocaine Got it!
@steinkobbe @RobDenBleyker Underrated comment of the day
@steinkobbe @RobDenBleyker I still can’t believe it failed
@steinkobbe @RobDenBleyker If you have to take out a loan on the value of the money you created, why not just create more money? Instead of a loan. Oh, because the money 💰 would be worth less, so you get a loan on that. So you pay back the loan with money that you created if it still has value. I get it.
@steinkobbe @RobDenBleyker That's absolutely not a good reason to believe a business is legit. That's just sunk cost fallacy