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- You are crazy if you do not believe that most if not all of the various crypto exchanges were/are front-running customer orders.
- Similarly, robbing Peter to pay Paul crypto Ponzi schemes make Madoff look like an amateur when one considers total AUM.
- The SEC ought to have stepped in under Trump and regulated the exchanges to a far greater degree. Trump’s SEC was a farce. Read Harry Markopolos’ book (HERE), about Madoff if you believe financial law enforcement is not political and strives to find the truth leaving no stone unturned.
- No, the crypto entrepreneurs were not geniuses, they were something more nefarious.
- The bright side of the carnage is that there is plenty of Distributed Ledger Technology (“DLT” or Blockchain), infrastructure that some of the big banks and/or large FinTech firms could scoop up. Jeff Sprecher at ICE (ticker: ICE) is the sharpest FinTech CEO in terms of understanding advanced Technologies such as DLT, AI, ML. Let’s see what actions Mr. Sprecher takes if any.
- Specifically in the case of FTX, great due diligence job by the VCs that put money in. I’ve seen worse due diligence if you can believe it. My sense is that VCs don’t want to know the truth so long as they can spin a story and get their money out at a higher valuation. Shame on the venture community.