future FTX
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This is like the movie Back to the future when Biff took over:
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The bitcoin price has crashed toward $90,000 per bitcoin, down from almost $100,000 on Monday. The crypto price correction has wiped around $200 billion from the combined $3.2 trillion market.
Sadly, those tulips will continue springing over and over again in the future.
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Any bets on when the next coin debacle will take place? Next 6 months? Next 12 months?
Probably the day after the Goosecoin is announced (honked). 
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Hereâs the next coin debacle, and it really stinks to high heavenâŚ
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Good thing at least our President would never promote meme coins to enrich himself and his buddies at the expenses of small investorsâŚ
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Dubai exchange gets hacked, $1.5B in crypto stolen, likely by N Korea. This despite them using cold storage wallets and requiring multiple employees to sign off on transfers.
So someone had a $1.5B wallet stored at an exchange? They kinda had it coming regardless of multisig cold storage setup. If I had this much, wouldnât it be worth using a hardware cold wallet like Ledger, Cold Card, Trezor, Seedsigner, or Blockstream Jade instead. Why would you keep this much money online at an exchange?
No, it was the exchange holding nearly everyoneâs money in cold storage and they still got hacked and lost it.
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Was the exchange holding all keys for all customers into a single wallet?
Either way, shows not to trust any exchange with your crypto wallet. Hardware wallets are really not that expensive if you hold even small amounts of crypto.
Not into crypto so an honest question⌠will the actual owners be made whole? Does the exchange have enough assets to return the coins to all its clients?
Owners of the bybit exchange claimed that they hold $20B in assets so they will reimburse those affectedâŚ
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Trump establishes a âstrategic crypto reserveâ, currently by just not selling seized crypto but maybe eventually by buying more paid for by tariffs of course.
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I donât see the point of a âstrategicâ reserve for crypto. How is that strategic reserve making the US more resilient to geopolitics when other global foreign powers can influence the markets anonymously?
Plus isnât it kinda weird to have crypto currencies that were designed to be all about decentralized finance, suddenly being co-opted by big central government?
Beyond this renaming of seized criminal crypto assets, Iâm not looking forward to being forced to invest my tax dollars (be it through tariffs or whatever else) into crypto. But this confirms that we merely traded one swamp that forced me to fund DEI pet projects for another swamp forcing me to reward campaign donors by investing in crypto.
Anyway, doesnât Congress need to approve this first like when the Strategic Petroleum Reserve was established?
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Trump promised a golden age for crypto when he was a candidate. He has to deliver in some form, even if minimal. This is just Trumpâs politics, not good economic theory.
So this is effectively BS language around a crude way to prop the current crypto market? Letâs call it for what it is then: the âhelp prop my crypto bro donorsâ reserve.
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Well they can manipulate our currencyâs value anonymously too in the FX markets, but those are bigger and harder to push around. I guess youâre just not young and forward thinking enough to appreciate this (and me neither):
âWe are going to win bigly with the Hawk Tuah Coin,â President Trump from the Oval Office. âAmerica has the best memecoins in the whole world, and now our big, beautiful economy will be strengthened with this digital gold backing everything up. Digital gold, they call it. Everybody is calling it that.â