255 sats \ 1 reply \ @TomK 12 Nov 2022 freebie \ on: Thoughts on FTX Collapse: fiat incentives, shitcoin games, and counterparty risk bitcoin
I feel sorry for those who lost their savings. But what I really cant understand is, how its possible that after all that happened with Celsius et. al. earlier this year people still chasing some interest. Its literally picking up pennies in front of a steam roller, driven by lunatics and crypto-banksters running a great advertisement for cold storage of BTC. Its like the ancient chorus of Ayschylos was repeatedly singing: "acting - suffering - learning!"
It's nuts. I saw quite a few experienced Bitcoiners using Celsius too. They were no doubt aware of the risks, but presumably thought that should red flags arise they'd be quick and clever enough to withdraw before the ship sank.
Celsius was visibly struggling for weeks before finally tanking, so people at least had a chance to escape. But as we saw with FTX, this shit can happen extremely quickly too. How much time even passed between CZ's first tweet and FTX pausing withdrawls? 48 hours? Astonishing.
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