So far for 2022, two trillion (US) dollars in global market capitalization of all cryptocurrencies have been lost.
As of Monday, November 28th 2022 all cryptocurrencies in circulation was valued at $814.55 billion.
FTX and Blockfi Bankrupt
FTX filed for Chapter 11 bankruptcy protection earlier this month after it was learned that the CEO, Sam Bankman-Fried was using customer funds to place risky bets through sister firm Alameda Research.
BlockFi, another crypto firm that was in talks to be acquired by FTX, filed for Chapter 11 in federal bankruptcy court in New Jersey on Monday, November 28th 2022.
No more $50,000 table service in Miami
Apparently, night clubs in Miami Florida are mourning the loss of crypto nerds after FTX collapsed. No more $50,000 table service, trapeze dancers and burlesque shows. Its easy to spend money you didn’t earn, and odds are it was stolen from Crypto entrepreneurs, and technology investment companies.
On top of all of this failed speculated bets that are still going on, FTX Token comes to mind, please stop trading these failed tokens now!
Crypto mining Firm Core Scientific Posts $400 Million Quarterly Loss, it will file bankruptcy soon, so Crypto mining is now at a loss too.
It truly is amazing to see all these Cypto Exchanges shutdown, go bankrupt, and most of their customer funds will NEVER be recovered.
94% of Crypto Buyers are 18-40 Years Old
This is massive, and the economic pain caused by this fraud will be felt by many, especially in the Millennial generation, and especially in the Gen Z generation.
Crypto buyers in the Gen Z and Millennials buckets make up nearly 94% of all crypto buyers compared to just 6.14% across all other buyers over the age of 40.
Most Millennials and Gen Z borrowed to invest in Crypto, which these large loans must be paid back in cash not crypto. Since most will not be able to pay back these loans, it is forecasted that personal bankruptcies will skyrocket in these generations.
The data showed that 40-and-under crypto buyers have more debt than the average U.S. household when it comes to credit cards and auto loans. Millennials who make up about three-quarters of all crypto buyers all have more debt than the national average when it comes to student loans and personal loans.
It is obvious that these crypto debts will never be paid back.
Tough Financial Lesson
This is a tough financial lesson for anyone that lost everything in crypto, but the fraud is still going on. Throw in the social media BS that is constantly giving the wrong data to these crypto investment sheep, some of these people will never recover from this.
Thoughts about Crypto in Technology
Crypto Technology was never intended to be Evil, like it is now in BlockChain crypto currencies. Crypto currencies are evil fraudulent Ponzi schemes.
The Vile, Nefarious People that invented, and exploited this mess must be held accountable, prosecuted, and sent to jail, then to hell.
For the generations of young people that lost everything, learn from your mistakes, and Don’t Quit on life.
Here is a poem given to me that I have on my wall in my office that was given to me at UCLA from my grandmother, Jessie Cordua (Bender) over 30 years ago, and I live by it, every massive software project to just issues in every day life.
Don’t Quit
Success is failure turned inside out. The silver tint of the clouds of doubt, and you never can tell how close you are, it may be nearing when it seems afar: So stick to the fight when your hardest hit. It’s when things seem worst that you mustn’t quit.
– Stay Far Away from crypto currencies.
References:
Reference 1:
nypost.com – miami nightclub owners mourn loss of crypto nerds
Reference 2:
reuters.com – crypto exchange bitfront shuts down
Reference 3:
coindesk.com – FTX files for bankruptcy
Reference 4:
coindesk.com – Sam Bankman fried addresses withdrawals FTX collapse
Reference 5:
coindesk.com – blockfi declares bankruptcy
Reference 6:
coinmarketcap.com – FTX token
Reference 7:
cryptonews.com – bitcoin miner firm core scientific posts 400 million quarterly loss
Reference 8:
bankingdive.com – bankprov braces $275million bad crypto mining loans
Reference 9:
stilt.com – vast majority crypto buyers are millennials and gen-z
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