BitCoin: "The Most Dangerous Project We've Ever Seen"

Oh. Your. God.

Shit appears to be rapidly imploding at FTX. Lots of money is being moved out of it, and nobody knows why or who is doing it. Numerous folks are saying that their accounts have been hacked and that FTX itself has been hacked. And I hope you really like nuts on your sundae because here they come: One of the execs at FTX was previously an exec at, wait for it, Enron!

https://twitter.com/0xfoobar/status/1591295475038101504?s=20&t=grmuDlPZhBkr8i2RlYG5_w

Wow. If anybody ever deserved to be canceled, it's the fucks who ran Enron.

After the bankruptcy filing, FTX and FTX.US were ‘hacked’ with $380m in client funds stolen.

The founder and former CEO is on his way to Argentina.

https://twitter.com/theinsiderpaper/status/1591364301771902976?s=46&t=ZWc6Io_P8_FIlGRZiN8Nfw

SBF is in custody in the Bahamas, it seems: https://twitter.com/BitcoinMagazine/status/1591586455599603712?s=20&t=o7eIfSZzoyDeGsVU48M3JA

Anyone else think Forbes' credibility is pretty much in the toilet?

I gave up on Forbes when Malcolm died and his gold-bug weirdo son took over.

Yeah, Malcolm had a warmth and a sense of humor that Steve lacked. I'll never forget Malcolm responding to Johnny Carson's question about if he felt any obligation to help the poor by saying, "Well, when you earn your money the hard way like I did. I inherited it..."

And folks are reported to be bailing on crypto.com.

Crypto Platform AAX Halts Withdrawals But Denies It Had Exposure to FTX

Another Crypto Company Is Going Broke Because of FTX

Sounds like it's time to order Dominos.

Vast Majority of People Who Invest in Bitcoin Inevitably Lose Money, Study Shows

Most of those who bet on bitcoin think Warren Buffett and Charlie Munger are over the hill, senile old fuddy-duddies...

This is a good way to get the Mussolini Treatment.

El Salvador Plans to Buy More Bitcoin Every Day Despite Losing Millions Already

https://twitter.com/kadhim/status/1593222595390107649?s=20&t=2iVgX2wfVR326dat7ApgAA

Amazing thread ^

So FTX didn't even have an accounting department

I'll say that again - FTX, the world's third largest crypto exchange, didn't have an accounting department

It gets better.

FTX has no employee records. https://twitter.com/jonwu_/status/1593263001024413697?s=46&t=XPhLOOJajoq0fvzS66txaw

https://www.washingtonpost.com/health/2022/11/16/sam-bankman-fried-ftx-pandemic-prevention/

Bank of America Downgrades Coinbase Amid FTX Train Wreck, Citing 'Contagion Risk'

When even Skank of America doesn't trust you...

And at least one of the folks involved with FTX might be a racist.

A crypto bro racist? No, that couldn't be so. Next thing you will tell me you found a sexist one living in their mom's basement.

The Onion is Giving Away $8.3 Trillion in NFTs.

FTX US Donated $1 Million to a Super-PAC Aligned With Mitch McConnell in October

Bahamas Attorney General Gets Defensive as FTX Users Wonder About Sam Bankman-Fried

Elon Ignores Crypto Bros Who Took $600,000 Sculpture of Him to Tesla HQ

Previously, on Why You Don't Take Financial Advice From Internet Bros:

StarMan (that's me): May 2022, several pages back --


Of course, price is substantially lower than that circle after the FTX blow up.

Good news is, it's on sale at the moment - nearly half-price from when I posted that chart! I mean, if ever there was a time to bet the farm - that time is now*.

*Disclaimer: Time might not be now. Majority of farm betters lose farm.

BlockFi Files for Bankruptcy Months After Accepting Helping Hand From FTX

In Las Vegas, they’re called “bridge jumpers”