Crypto, with increased adoption, will lead to a more equitable and inclusive financial system. But not if we continue to expect new users and veteran users left shouldering the risk alone. insurenimble's Adam Hofmann (ahrevival) writes. Opinion.
There is no lack of talk on Twitter about the failure of FTX. Some are saying “I told you so” while others are asking “what the hell happened.” There are Tom Brady memes, tweets about Sam Bankman-Fried’s rise and fall as well as accounts of real financial pain. You’ll read about fear, depression and desperation. You’ll read about hurt. Confusion.
TLDR of the Great Depression: Wall Street investors traded around 16 million shares on the NYSE on Oct. 29, 1929. Billions of dollars were lost, investors were cleaned out, followed by financial panic as the world spiraled into the longest economic downturn in history.Say 1,000 people deposit $1,000 in The National Bank for a total of $1,000,000. As cool as it is to imagine that $1,000,000 sitting in a bank vault just waiting for Jason Statham to break in and steal it.…that is not what happens.
People were still waiting on sound regulation and guidance in these years. We hear those same sentiments echoed now. Others are waiting for crypto to ”crash.” In the past and currently, the financial hurt falls on the people. Make believe? The same U.S. dollar that is touted as the be all end all today – the physical paper in our physical wallets or in our bank accounts – that U.S. dollar? Isn’t “make-believe” the term used to describe cryptocurrency?Depositors lost $550,000,000 – almost $12 billion today. It had to stop. And it did. How?Skipping over the full politics of the situation, there was an obvious sentiment that confidence had to be restored in the financial system.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crypto Savings Account | Best Crypto Savings Platform | BinanceWith Binance Simple Earn, users have the freedom of redeeming their assets from Locked Products at any time 🤝 If you're not sure on how to do it, here's a guide to help you. Get started ➡️
Read more »
Binance CEO says crypto industry needs clarity of regulationsDominant cryptocurrency exchange Binance's chief executive Changpeng Zhao called for new but stable and clear regulations for the industry, in light of recent developments and participants 'cutting corners'.
Read more »
Rory McIlroy says Greg Norman needs to go, 'he needs to exit stage left'Rory McIlroy has been the loudest voice when it's come to the PGA Tour vs. LIV Golf battle. However, his tone has changed over the last few months.
Read more »
Kevin O'Leary: FTX Collapse Is a Turning Point for the Industry — 'Crypto Bottom Is In' – Exchanges Bitcoin NewsKevin O'Leary says the crypto bottom is in. He sees the collapse of FTX, which he invested in, as a turning point for the industry. bitcoin cryptocurrency
Read more »
Biden nominates Gruenberg for full FDIC chairmanshipThe White House has named current Acting Chair Martin Gruenberg as its nominee to lead the banking regulator.
Read more »
US President Biden announces pick for FDIC chairPresident Joe Biden said he intended to nominate Martin Gruenberg as the next FDIC chair, following him serving three separate tenures as acting chair starting in 2005.
Read more »