FTX Crypto: Tom Brady was in. Were you?

[Chief Pagan]

Originally Posted by Superturtle

But all of those took literal years of compounding circumstances to happen. As far as I understand, it took one tweet from an investor actually looking into how FTX had virtually no liquidity in it's assets, actually keeping most of it in their own version of crypto, and the whole thing came crashing down on itself as everyone rushed to sell off what they had.

Yes I think crypto is worse and I'm not sure I have the energy to go into it and would veer into DC territory anyway.

I think it is a good thing that SEC regulators resisted pressure to open up the US financial system to the unregulated wild west of crypto.

The US branch of FTX, if I understand correctly, is in better shape?

Going to entirely paperless money where you can't buy food from the grocery store when the internet is down...

Or you can have bank runs in minutes...

Strikes me as less than ideal.

2008 financial crisis didn't really take years from spark to roaring fire.

Sure the bubble was building for a while but the house of cards really only took a couple of months from full crises to first bail out that stabilized things...

And it was only a couple of weeks between Bear Sterns and the first congressional action.