FTX Fraud and Why Bitcoin Will Outlast Every Other Crypto
The biggest fraud in US history is barely being covered by mainstream media and the man who ran the whole thing is finally being arrested and extradited to the US after 10 billion dollars of other people’s money disappeared leaving families everywhere penniless and bankrupt.
FTX, which until recently was a leading platform for investing in Crypto currency just went bottom up, but its downfall is insidious in nature, and when one begins to peel back the very thin layers of who is behind the creation of FTX and the players involved, questions abound to say the least.
Sam Bankman Fried, the founder of FTX, who is less than 30 years old was touted as a finance prodigy by every media company you can think of and even believed to be the next JP Morgan, that is until recently. It turns out, FTX was taking the money people invested through their platform and stealing that money to directly invest into their own crypto currency they created which was then used to donate hundreds of millions of dollars to the Democratic National Convention. That is just the beginning it turns out as FTX was also a hub for investment for the US tax payer’s money being sent to Ukraine to be re-invested by the Ukraine’s elite instead of into the war that will define Ukraine’s destiny. On top of that Sam Bankman Fried’s parents just so happen to be the perfect accomplices. His mother is a far left advocate and leads a far left super pac that funnels millions of dollars to the Democratic Party.
His father is also a major fundraiser for the DNC and writes policy for the DNC on tax litigation and even works on the board of the SEC (Security Exchange Commission). His other family members also happen to be deeply involved in the policy making and infrastructure of the DNC. The cherry on top is that FTX just so happened to be founded right before Joe Biden ran for president and FTX became the second largest donor to the Biden campaign, second only to George Soros.
Sam Bankman Fried was until now granted special privileges due to donating to the right people in government and super pacs, as well as using the once vast resources of FTX to pay for advertising across all streams of media. Those special privileges may suit him well in the trials yet to come, but we shall see. However you see it the rabbit hole goes deep indeed and the outcome of this record breaking fraud will set the precedent for justice in America fro decades to come.
The timing of the collapse of FTX is also impeccable. After using its vast resources to take over and topple other veritable crypto exchanges, the crash of FTX comes right before the Federal Reserve Bank of the United States officially and quietly rolled out its new Federal Reserve Digital Currency on Thanksgiving of all days to make sure no one noticed. They are in the Beta stage which means the complete implementation into society (Alpha Stage) is right around the corner. So on one hand the confidence of cryptocurrencies is sullied due to the historic fraud just committed by FTX and Sam Bankman Fried in collusion with the Democratic Party and current Administration, which now creates the perfect excuse for a centralized Federal digital currency to swoop in based on the new need for more control over what happens in the Crypto space. For more info on the difference between a Federal Digital currency and cryptocurrencies 》 read here . It is the prelude to the mark of the beast.
Now the big question is, how does this effect confidence in crypto currencies and how should we invest in the future? This leads us to need a deeper understanding of the huge difference between Bitcoin and other cryptocurrencies on the market. If you understand this, you will be able to make the right investment decisions without having to worry about the scam artists and fraudulent companies trying to steal your life savings. However, understand that Bitcoin is still a volatile investment meaning there are will continue to be highs and lows which will see your investment surge and drop until markets correct after the major crash that is coming. Meaning this is a mid to long term investment, not a get rich now investment that will pay dividends in the extreme short term.
Bitcoin Vs. Other Crypto
There is a big distinction between Bitcoin and the other 20,000 crypto currencies out there. Bitcoin is a digital commodity, meaning that it is the only crypto currency that has no issuer and is completely decentralized. All of the other cryptocurrencies have a committee or board of directors which decides the trajectory of said cryptocurrency and has a majority stake in those coins which they created. By the definition of the SEC every other cryptocurrency besides Bitcoin is listed as a company or corporation, while Bitcoin is the only crypto with the title of a digital commodity, the same as wheat, oil, etc. So while the collapse of FTX has strained confidence in crypto currencies at large causing stock prices to drop across the board, Bitcoin will not suffer the same fate in the midterm and long run.
When the global economy comes crashing down soon, the majority of the 20,000 plus crypto currencies will fail, but Bitcoin, due to its nature as the one sole digital commodity will become the number one digital investment on the market, and its price will rise far beyond most predictions. For this reason, Bitcoin is the safest bet in this tumultuous market. Due to most people’s lack of understanding of the difference between Bitcoin and other cryptocurrencies, all cryptos are generally put in the same pot, but understanding the stark difference allows one to see past things like the FTX crash and understand that this is an opportunity to invest in the digital commodity that will outlast all others cryptocurrencies even and especially through the coming global economic crash.
While corruption is being highlighted at the highest levels in the United States, fraudsters like Sam Bankman Fried commit historic fraud, and cryptocurrencies take a huge hit in the stock market, it is important to see the light and the opportunity at the end of the tunnel. The FTX conspiracy continues to unfold and the layers of fraud are being unraveled in every sphere of American and global governments and private partnerships. At the same time, Elon Musk, the new owner of Twitter, is revealing to the public the incredible revelation of the cohesive collusion between all major social media platforms with the Democratic National Convention to give a majority of positive social media coverage to democrat candidates while either demonizing or simply not advertising Conservative party candidates in the 2020 presidential election and this year’s midterm elections.
So while the shadowy underworld of corruption plans its moves with impeccable timing, the unveiling of said corruption is happening at an even more opportune time and in a far more unforeseen way than the darkness could have predicted. We must continue to pray for what is being done in the darkness to come to the light, but also to be knowledgeable about what is really going on vs. what the media decides to tell us based off of who pays them the most in advertisements as FTX has done to the tone of 200 million dollars over the past two years that we know of. Understand the real difference between Bitcoin and the new Fed coin, and know that in the digital world the safe bet while the getting is good and the price is low, is Bitcoin, especially when the market tanks as it will soon. Be sure to peel back a couple of layers before investing your hard earned money so that the wolves in sheep’s clothing will not benefit from our ignorance. Adonai bless you and keep you!