Crypto Coin or Crypto Con?

[newnamethanks]

I watched a documentary on BBC yesterday about Sam Bankman Fried, once a 'crypto king richest man in the world' now awaiting trial on a raft of fraud charges with investors having lost billions. I don't get it. I don't understand crypto at all, it looks to me like a massive con in which investors are offered eg 10 million dollars worth of Unicorns for only 1 million investment, please pay in dollars, cash. Similar to Fyre Festival without the mud, a massive scam with no substance to it. Yet crypto still has credence in the financial world, so I must be wrong. Right?

Got it. Nobody else knows either. Which explains a lot.

I watched it too OP. By the time it got to the end of the documentary it sounded exactly like a Bernie Madoff situation. I couldn't really tell if Sam knew exactly what he was doing or had no clue what he was doing.

isn't it that something that could be a con becomes so popular that it becomes real?

@TheDogsMother I got the impression he didn't really know how deep in it he was. Casts a shadow over the whole lot I think, I'm going to make sure me and mine stay far away.

Bewildering. There's a long article in the Guardian today by someone who apparently understands it so I'll try that later and see if anything seems more understandable.

I invested in bitcoin before, when it was on the rise. But at the moment there is no growth in any of these markets and there are clearly illegal company's like FTX that are screwing customers its hard to say where to would be safe, so I'm staying clear right now.

@newnamethanks Ha he got over 100 years, serves him right I say.

Crypto is an unregulated plaything for gamblers & speculators. And you should never gamble with money you can’t afford to lose. Anyone who doesn’t understand the technology and the ways in which it can be exploited is at serious risk of being eaten alive by con artists who do.

For that reason, I‘m out.

The Missing Cryptoqueen is a fascinating podcast on bbc sounds, too. True story about a MASSIVE con artist in the crypto world... The story is not yet concluded...

I don't get it either. I know someone vaguely who has given up their job and makes money doing this, supports family, has plenty of money ... just fear for them that it'll all crash down around them as it's their only income

I doubled a house deposit a few years back. It is a gamble though and you can’t sleep when you do it unless your seasoned. It really is nerve wracking.

That said a halving is coming and a while back it looked like it was starting the slow climb. I have been saying for months now we should have reinvested but still not got round to it.

It's interesting to watch but fortunately I'm not a gambler so it's not something that tempts me. Looks to me as if it was built for scammers but fingers crossed for anyone who's put cash into it. SBF hasn't been sentenced, or found guilty, as yet @JellyJenny007 . You must be thinking of someone else.