[ad_1] <br><div> <p>Did you hear in regards to the cryptocurrency change, FTX, that crashed and burned just lately? Information studies say FTX was an enormous Ponzi scheme, and traders misplaced billions of {dollars}. I used to be planning to remark right here on what precisely occurred and why FTX declared chapter, however then I found the extra I attempted to know what cryptocurrency is, the extra confused I received.</p> <p>So far as I can determine, individuals make investments actual cash into cryptocurrency, the place it's then became digital cash. This implies an individual’s actual cash has turn into a part of a posh, internet-based online game, and at that time the worth of the cash can both skyrocket or turn into nugatory. All of it is dependent upon, um, apparently nobody actually is aware of.</p> <p>The principle factor I learn about cryptocurrency is what Matt Damon instructed me a 12 months in the past in his now notorious TV commercials: “Fortune favors the courageous.” I suppose whereas Matt was attempting to persuade folks that it’s brave to put money into cryptocurrency, he forgot to say that destitution favors the gullible.</p> <p>Wouldn’t or not it's ironic if it seems Matt insisted on being paid in actual {dollars} from the crypto firm he was shilling for? If that’s how he was compensated for making the commercials, it reveals he was so much smarter than the various silly individuals who took his recommendation. (Bear in mind “Good Will Searching”? See, I knew Matt was a genius.)</p> <p>So, as a substitute of inspecting precisely what occurred to FTX (as a result of prison prosecutors and chapter courts can be sifting by way of that practice wreck for the subsequent three many years), let’s speak about one thing equally as stunning: At the moment, there are nonetheless individuals named Ponzi. No, I’m not kidding! Are you able to imagine it?</p>

<p>Now, let me say up entrance that there's nothing mistaken with the title Ponzi. I’m positive it’s a advantageous, conventional title relationship again centuries. Nevertheless, in our trendy tradition, the title is now synonymous with stealing cash. Are you able to think about being a teen, and your mother and father insist on maintaining the Ponzi household title? Beginning in about second grade, and for the remainder of your life, what do you assume your nickname can be? Lefty? Chuckles? Booger Mind? Nope, your nickname for the remainder of your life can be Scheme. As in, “Very good to satisfy you, Senator. Let me introduce you to my colleague, Dr. David Ponzi, however you may name him ‘Scheme.'”</p> <p>To keep away from a lifetime of ridicule, it might be so significantly better to vary your title to one thing much less larcenous, comparable to Bernie Madoff. Oh wait, that one may not be so good. If it had been me, I’d go along with one thing easy and unassuming, like Camembert McDoodleyboop, Jr.</p>

<p>As we come down the homestretch of this column, I guess you’re questioning how I’m going to tie collectively the matters of FTX, Matt Damon, Ponzi schemes and McDoodleyboop, after which stick the touchdown. Effectively, I’m questioning the identical factor, too.</p> <p>Really, I’m not going to tie these matters collectively in any respect. One of many advantages of adult-onset ADD (attributable to an excessive amount of channel browsing and social media) is that I can change matters in mid-sentence. So, I’d prefer to conclude this essay by stating that our total trendy financial system is digital. I imply, when’s the final time you acquire something with actual money (except you’re a drug vendor or person)? These days, all of our payroll, banking and bank card transactions are digital, nothing greater than a bunch of flickering photos on a pc display screen.</p> <p>Possibly our monetary system is only a bigger model of FTX. Oh boy, I don’t need to take into consideration that. To paraphrase Matt Damon, “Peace of thoughts favors the ignorant.”</p>

<p><i>Invoice Dunn writes “A Matter of Chortle or Dying.” He lives in Farmington and could be reached at MerryCatholic</i>@<i>gmail.com.</i></p> <!-- OutBrain Start --> <!-- OutBrain End --> <div class="code-block code-block-9" style="margin: 8px auto; text-align: center; display: block; clear: both;"> <div align="center"> <a target="_blank" href="https://www.rep-am.com/express-login/" rel="noopener"><img src="https://cdn.rep-am.com/graphics/stay_informed.png"/></a> </div></div> </div> <br>[ad_2] <br><a href="https://news.google.com/__i/rss/rd/articles/CBMieGh0dHBzOi8vd3d3LnJlcC1hbS5jb20vZmVhdHVyZWQvMjAyMi8xMi8wMS9iaWxsLWR1bm4tY3J5cHRvY3VycmVuY3ktaXMtdmVyeS1jcnlwdGljLWJ1dC1kb250LWFzay1tZS13aGF0LWl0LWFjdHVhbGx5LWlzL9IBAA?oc=5">Source link </a>