WTFTX?

19 Replies to “WTFTX?”

1. Investing in crypto is like driving a speedboat at night with no lights.

   Ahem. Cough, cough, ahem.

   1. His Wife was driving. Ahem wink wink. Mrs Wonderful. I hope He Lost Millions.

      1. That’s the story the O’Learys came up with.
         They crashed into another boat without lights.
         A metaphor for when useless government securities regulators collide with well-connected financial scam artists.
         In the end nobody wins except the lawyers.

2. “Lets go boating”!

3. One might ask if he’s enjoying an early experience of “Net Zero”?

   Might shake his confidence in some other experts too?

4. Yes, I’m buying that “return(ing) the properties” is beyond the competence of two Stanford professors.

5. From hapless retirees fleeced by Nigerian Princes to millionaire chuckleheads with MBA’s. Chumps can be found everywhere. P.T. Barnum’s “There’s a sucker born every minute” has certainly stood the test of time.
   Just an observation.

   1. “If you’re at a poker table and you don’t see a sucker, it’s you.”

6. A lot of elderly people have been scammed lately with the “nephew in trouble” story. At least they were a little confused and trying to do the right thing. These chumps thought themselves clever and they got taken like rubes.

   1. I had a phone call from a pleading voice who said “Hiii, Grandma!”. I replied with “wrong number” but thinking back am certain this was one of those calls. The elderly could easily be taken in by these scum.

7. They may be running out of suckers after this one.

8. Crypto and greed go together like Canadian bank CEO’s and Canadian Fascism.

9. Thank God I’m too stupid to understand crypto and especially how to invest in it. Saved me money. This time. They will come up with a different way to take my money in the future however.

   1. Bitcoin in particular isn’t that hard.
      Repeat after me “not my keys, not my coin”.
      With Bitcoin, there are public keys which are safe to give out. It’s a wallet address where someone could check your balance or send a payment to you.
      You’re under no obligation to identify your wallet address or balance but, all addresses and balances are public and anonymous .
      Unless you want someone to know your address, they can’t know your address. You have to give out your public address for someone to send coin to it.
      The private key is where people get in trouble. The private key allows you to send (spend) coins from your wallet. Never give out your private keys. Consider the coin gone if you give out a private key.
      For some reason, people will buy coins on an exchange and not take them off the exchange. That means that they don’t control the private key. If I sell you a coin and say, “I’ll hold that for you”, I haven’t actually given you the private key. You own nothing at that point.
      FTX and this latest group of fraudsters would take your money and tell you that you now owned a coin but wouldn’t give you the key.
      Anyone with a basic understanding of Bitcoin saw this as fraud instantly.

      In short, don’t blame the currency for the actions of the crimminal.

   2. That’s two of us. 🙂

      And ditto for the stock market. This old cowboy is kind of glad he’s self-admittedly stupid when it comes to getting rich quick.

10. One has to wonder what category O’Leary fits into. You got scammed because you’re either gullible, unintelligent, or greedy. We know which two O’Leary isn’t.

11. FTX is a scam trading platform selling a scam product…crypto.

    Crypto is nothing but a game of Pac-Man.

    You buy and wait for someone dumper than you to buy from you.

    It is also an environmental travesty.

12. The vast majority of financial talking heads feel that they have to rationalize every market move (driven by sentiment) by correlating to today’s news. People who give or sell advice on investing don’t actually know what is going to happen (some are less wrong than others). If they did, they would be rich and not have to pander to others. I understand the sentiment in speculating in cryptos but at the end of the day their intrinsic value is zero along with every other fiat currency. Shiny precious metals have never been worth zero.

    In the case of the FTX scammers, all one would have to know about the principles is their reptilian Democratic linkages to know to avoid with extreme prejudice. O’leary must be a member of the Laurentian Elite, another reptilian cult.

13. Is crypto an actual form of trade, or an imaginary form of trade? Isn’t crypto “mining” just computers chasing mathematical algorithms? No actual physical backing? Just like cash has no physical backing….but is still the basis for trade.

    Can I also tell the neighbour kid that these seashells are a valid form of trade if he trades his cash for the seashells? Sounds like a lot of people bought seashells…….