FTX Scandal — In the end, cockroaches will win.
FTX and Almeida were just pure fraud, not even vaporware. I honestly had no suspicions. I genuinely thought SAM was some rainmaker and a friendly modern version of JP-Morgan with a philanthropy twist. Scammer and criminal, what a psychopath.
I have always called that 99% is just vaporware and everything is just like the dot-com bubble. Still, I am baffled at how we ended up here. Yes, everybody was waiting for the capitulating, but this?
This is a reset. This is reset capitulation. F€ck you crypto “I will never invest a penny in this”. Yes, crypto had its winters, but it is a little different this time. People invest only a tiny amount in crypto and lose interest over time. This time the whole industry got a reset kinda. If I looked weird and crazy one year ago talking about crypto but now? How and why would any sane person touch this asset class now?
Healing will take much longer after this. Plenty of Finnish companies poured money, for example, into Russia. Imagine the possibilities it’s a 160mil people market! Invest money, lose money, lose interest. Try again after a few years “this time it is different”. This is what Finnish companies have done for 20+years. After the war started, all investments stopped, and all assets were sold “Never again”. No sane person or company would invest in Russia right now. My banker friends are all crying their eyes out from laughter, what a joke this industry is right now and how stupid it looks from the outside. Naysayers also got plenty of ammunition due to this shitshow.
Digital assets will continue to do their thing. Bitcoin and ETH are still working how they should be. This whole shitshow was from centralized players. Bitcoin did not rug anybody. Remember that. We must flush all the ponzis and the bad actors out of the industry. Trust is the most important commodity, it will take a while to restore it.
Cryptos are not your shortcut to retirement. There is no get-rich instantly button. It’s time to become a cockroach. Work hard. Learn every day something new. Challenge yourself. Become an unkillable cockroach. This asset class keeps you honest and humbles you the moment you think it’s going to be okay. Stronger will get stronger, though, so keep close eyes on the survivors.
It is funny how 30–40k bitcoin felt extremely cheap, but now at 16–19k it feels extremely expensive? Cash remains king, but still I keep investing part of my income in stocks and Bitcoin. This is the stacker’s dream.
Many people lost it all in these scams… All I can say is you did it once; you can do it again. Don’t give up. It is just money. Time heals, forgive yourself and keep moving on. I have lost it all, cried my eyes out, and wandered into darkness. I keep rambling, I keep annoying, I keep learning, I keep working hard, becoming a cockroach little by little.
Bitcoin is our cockroach. It can’t be killed, just churning blocks. Become a cockroach.
Dive in deeper to FTX scandal.
