The FTX bankruptcy. Looks like the Chapter 11 will in fact make a profit. That is, there will be something for shareholders as well as creditors.
No, this doesn’t mean Sam did nothing wrong. It does mean that crypto is well up since the bankruptcy. So they’ve been able to sell the rubble and collect cash to pay people back at the crypto prices of Nov 22.
As, in fact, happened at Mt Gox as well.
Company holding virtual money goes bust. Virtual money disappears. Remaining virtual money becomes more valuable as supply is limited. Price goes up.
Is this how it works? Is this how it’s supposed to work? By design?
QE / QT / QED.
First time I heard of bitcoin it was about $4. First time I thought of buying bitcoin it was 400. First time wanted to buy $2000.
If I had bought it would have gone into Mt.Gox and been lost. If not a crashed computer and been lost, broken usb, lost, a mislaid QR code, lost. Or just scammed and lost.
No matter how much I grind my teeth at today’s prices I am also well aware my anger would be a magnitude higher. As woud be my blood pressure.
Good.luck to those less useless than I.
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