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The meltdown of all cryptos has begun, page-27

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enoggera

6,350 Posts.

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11/11/22

16:14

Post #: 64723785
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Originally posted by LeeKing: ↑

Maybe FTX counter-parties will be in trouble and people will sell cryptos and withdraw funds just in case = contagion. Much of the crypto scene is a network of ponzi schemes, con artists, and thieves, and it's based on the greater fool theory. I see BlockFi is now pausing withdrawals due to the FTX situation. One problem is no regulation, so people conjure up coins out of nothing and lend customer funds to other companies.

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Nearly right , the problem being people leaving their coins on an exchange. Cannot understand the idiocy of this
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