FTX shows there is NO need to regulate crypto, buy a Hardware Wallet, and trade using FIAT money. The Failure of FTX is a great lesson for young investors, keep the government OUT – November 21, 2022,

 

According to the Reuters website on Monday, November 21, 2022, the Bank of England Deputy Governor Jon Cunliffe said something to the likes of “The implosion of cryptocurrency exchange FTX shows the need to bring the crypto world within the regulatory framework,” which is interesting because the current regulatory framework in England can’t even control consumer price inflation.

 

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If it’s one thing I appreciate about cryptocurrency is that the deflation in price appears consistent with the deflation happening in the global economy. The central planners of the world have gone as far as to REDEFINE recession to give the illusion of the “wealth effect,” Do we want these people regulating cryptocurrency? Can you imagine how many government workers will be necessary to regulate the thousands of different cryptocurrencies all over the planet?

I have a simple solution to avoid being scammed in crypto; purchasing a Crypto hardware wallet will save you from being scammed, now with that said, owning a Crypto hardware wallet won’t stop price fluctuations in cryptocurrencies; there still is the possibility that your favorite cryptocurrency can be worthless the moment after you purchase your Crypto hardware wallet. However, one thing you can avoid being a Crypto hardware wallet owner is FTX scams; just being honest, I didn’t even know FTX was a thing, that fat pudgy, FTX owner person I had never seen him before, and stock buying is what I do for a living.

Actually, I should say I did see the FTX commercials, but I ignored them because instinctively, whenever I see a celebrity endorsing something, I assume it’s trash. I’ve recommended a ton of products that sell well WITHOUT celebrity endorsements because my customers are looking for QUALITY; you won’t find me in Walmart buying lobster, and “Trump Steaks” sounds disgusting.

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So when I say Tom Brady, Shaq, and Steph Curry promoting what I now know as FTX, I shut down; I didn’t even bother to research it; what I did do, however, is say to myself, Shaq, Steph, and Tom Brady must be making a lot of “bank” to prop some crappy crypto exchange. That’s all I knew at the time, I do have a life, and there are so many crypto schemes happening that it’s hard to keep up with them all.

With that said, I do like all of the crypto schemes because that’s how INFRASTRUCTURE is built; I’m certain there are portions of FTX that more solvent companies will want to add to the infrastructure of their company; what FTX did was create, too many DERIVATIVES, which help to prop up its asset value, which got more SUCKERS to invest.

 

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I think a pension in Ontario, Canada, invested in FTX, which I personally think is hilarious; whoever is running that pension should be FIRED immediately because I’m a small-time investor, and I understand the derivatives market, and the moment I can see the economy is DEFLATING, I’m pulling my money out of risky financial derivative instruments.

Actually, I’m lying because I don’t invest in risky derivative instruments, I pay broker fees, and I’m cheap, so if I don’t like the investment, I’m not spending a dime on it. I bought a Crypto hardware wallet because I don’t see crypto as an INVESTMENT; I see it as INSURANCE in case the government doesn’t like me and wants to shut me down.

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In Canada, our low IQ Left Wing government a few months back ILLEGALLY invoked the Emergencies Act(making Canada’s Prime Minister a Dictator) because they didn’t like the skin tones and politics of protestors; these tyrants FROOZE bank accounts and went so far as to come after crypto exchanges that they had control over.

 


 

Now, if you had a Crypto hardware wallet you LAUGHED at this, but if on the flip side if your crypto assets were in FTX or some other “regulated” exchange, you were likely terrified, the same is true if I invest in Gold; if purchase regulated fiat-based gold in the markets, I expect it to be confiscated if the government doesn’t like me.

Democracy has a history of voting for TYRANTS, and you should be well aware of that whenever the central planners seek to regulate any industry for the “greater good.” Even so-called Libertarians might give up their rights and welcome government regulations to get their FTX money back.

Why I like DECENTRALIZATION is because humans COLLECTIVELY under a CENTRAL authority can’t be trusted. Profit-driven Private citizens who can see into the future are more reliable as their FUTURE CASH FLOW relies on building TRUST with their current voters/customers than relying upon politically based central planners who can tell sweet little lies to their voters/customers so they can ascend to power and wealth. Politics is a get-rich-and-powerful-qucik scheme.

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In England, the central bank can’t even tell their broke Federal government that austerity will be necessary to slow inflation, and people want the clearly IMMORAL Bank of England to regulate cryptocurrencies. No, thank you, sorry idiot FTX investors; take your losses and shut up like the rest of us. The school of hard knocks creates rugged societies that know how to MAINTAIN their society and way of life WITHOUT the help of some idiot central planners.
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FTX shows need to regulate crypto before it gets big, says Bank of England | Reuters

Interesting times ahead!