1ºI mean cmon man...it's a unregulated, made-up currency and it sounds like at least for low and mid-level investors, it's basically worked out like a pyramid scheme where only the people at the tippy top really made anything.
I mean, AND the system was pretty transparent. I never could understand why with regard to people I know who actually cared about money they were investing, and especially if they cared about ever seeing a dime of it again, well...I just couldn't understand why anyone like that would invest in this to begin with. These kinds of investments are for people who have some money to literally burn.
2ºPatricia Riley Also from the article:
"Plugging crypto has different implications than, say, endorsing a sports drink or athletic wear, Charles Whitehead, professor at Cornell Law School, told CNN after the November FTX suit.
“Selling an asset that is a financial instrument … is not the same thing as selling sneakers,” Whitehead said. “All these celebrities who are running around and doing these sorts of sponsorships should stop and ask a securities lawyer.”
In its heyday, FTX received endorsements from several athletes and celebrities. Brady and Bundchen, notably, took an undisclosed equity stake in the exchange in 2021.
Now, it faces bankruptcy and its former-CEO is in jail, accused for carrying out what one prosecutor called “one of the biggest financial frauds” in US history.
Celebrity-endorsed crypto bets and NFTs may be enticing for some investors, as famous people make the case that people can join their digital fan club or invest in their brands. It gives fans a sense of insider access."
Probably for the same reasons stated above, when's the last time you saw a celebrity promoting an investment firm? The last one I remember was 1986.
3ºLmao so many older people are out of touch with reality. All money is about faith. The younger generations do not have faith in govt money. Most govts are all in huge debt. A few crypto for example bitcoin, 1 bitcoin is worth about 18k right now. A ton of crypto will die but a few will survive. Crypto will eventually soar and you will be left in the dust with worthless govt money. A ton of countries have money laying in the streets because it is worthless now. They will eventually regulate it and it will soar. Corporations and govts are secretly buying when it is cheap asf rn fyi. US oil and gas is even buying lmao.