FTX MARKET MANIPULATION
One of the clearest cases of the need to regulate cryptocurrencies. The manipulation of markets described in the article is reminiscent of the stock market before regulations were put in place to prohibit these practices.
https://www.nytimes.com/2023/02/15/technology/ftx-modulo-capital.html?login=smartlock&auth=login-smartlock
#cryptocurrencies #digitigalassets #FTX #ezrazask #investments #financialfraud #marketmanipution
https://www.ft.com/content/6e912f25-f1b7-4b19-b370-007fbc867246
This close-up look at the breakup of FTX shows so many red flags that we have to ask how Sam Bankman-Fried was able to hoodwink the investment world for so long, especially since many of the red flags were also present in the Madoff Ponzi scheme. It does seem like investors have to re-learn the lessons of previous fiascos every generation.
The U.K.'s intent to introduce a digital pound in the coming years is notable for its commitment to giving access to banks, credit cards, and payment systems such as PayPal access to the digital payment system, thus allowing them to compete with the digital pound. The U.K.'s move is a defensive attempt to forestall competition by cryptocurrencies and similar techniques. All major countries face the same threats and are examining the introduction of digital currencies. Paradoxically, cryptocurrencies may yet have a significant impact on the world's payment system, not as a substitute for existing payment systems, but as a spur to the development of national digital currencies.
https://www.ft.com/content/1247a045-6750-45ee-b3a9-f5144d4efb4d
