Comments by "" (@TheDavidlloydjones) on "FTX’s Collapse Leaves Staff Angry and Financially Ruined | WSJ Tech News Briefing" video.

  1. FTX is not a crypto story, it's a routine example of theft. Bigger than usual, with more than the usual accoutrements of childish nonsense, but still just plain theft. The other shoe waiting to drop is Binance, the other crypto giant. It's an Enron story, not a crypto problem. Like Enron, Binance has 47% of its notional reserves in the form of funnypaper of its own creation, its own "securities." This is exactly like flying by pulling on your own shoelaces. It works just fine -- until you hit the ground.
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