Remember the Barings Bank Movie? - The Rogue Trader? | Now It is Time for the FTX Movie - The Scum Trader :p
Disclaimer: This is absolutely what you think. It is indeed financial advice, and if you follow it, take responsibility for your decision to follow it. You are a grown-up now. Don't come wailing back to me if it did not work.
I was kidding. This is not financial advice.
The Rogue Trader | Has Made It To The Blockchain World
Now, all you Hive people would know about Justin's forced takeover of the Steem blockchain a few years back. We hated him, didn't we? After all, stealing a few of the witnesses' money and then shunting all the Steem lovers were just a few things he did. And we thought that is how low things could get in the blockchain world. Boy, were we wrong!
The real inhumans inhabit the exchanges. In that sense, Sun also happens to be one of them, right? Anyway, in these days of exchanges falling almost every month, FTX is the latest casualty. But how things turned out, Sam Bankman-Fried elevated himself as the most hated person in the world.
Years ago, or was it decades ago, I saw the movie Rogue Trader based on the true story of one of the traders working with Barings bank. He was why the Bank shut down and was eventually sold to the ING Group for GBP 1. Can you imagine? And all this is now happening with crypto.
Sam Bankman-Fried (SBF) frying FTX Users
The way things are here comes SBF with hopes of raising one of the biggest crypto exchanges. So far, so good. But when investments go sour, and details fall out, a painful picture comes to the fore. Not only have millions of people been played. That reminds us of the old (not that old. Crypto itself is just a decade old) adage:
"not your keys, not your cryptos"
Anyway, let's make it a fun way of looking at things. Imagine if we could make the Barings movie today, putting the spotlight on FTX and the villain being SBF. How would it look? Let's see.
Here is the plot unfolding, and we can even put these same characters as cast.
- FTX is always the high-flying exchange in the crypto space.
- SBF is a man with a mission - to ensure all customers become homeless.
- He keeps a pretty face and pleasant character with all, including competing exchanges.
- He shakes hands with CZ many times.
- Backstabs CZ using his useless power in DC to build a wall against CZ.
- Crypto winter, with all its prowling wolves, enter the domain. (It could be a horror movie as well)
- Slowly, the wolves gnaw at the FTX empire, revealing its financial irregularities.
- SBF claims funds are SAFU.
- Then it comes to light that things are DARNU.
- SBF removes his tweet claiming SAFU to save face.
- Things go down like no tomorrow.
- But wait, CZ, the white knight, arrives.
- CZ claims he can help revive FTX, only to kick SBF hard between the legs.
- SBF goes sobbing to Mumma.
- Too late for anyone to do anything.
- Withdrawals have to stop to arrest the slide.
- They plant cronies who help people remove their money through the Bahamas.
- But nothing seems to work.
- SBF, through his useless employees, leaks a mail on Twitter claiming to be caring for his customers and wanting to get things right. (Yeahhh, right.)
- Slide continues.
- Second White Knight in SCUM armor arrives. Justin STUN.
- Unknown to all, he was here to reclaim his miserable life.
- Too late. Reclaiming sit only leaves you with sit. And so, STUN stuns SBF and makes a quick exit.
- SBF applies for bankruptcy. All the while claiming he cares for the customers.
- Customers are vying for his blood and are sure he will be behind bars. After all, Barings Bank ensured that someone paid for the mistakes.
- And when things looked bleak for SBF, his Mumma, the real lady knight, saves him by using her network of politicians.
- On your face, investors, traders, and small-time cryptoers.
- The world moves on as SBF succeeds in his mission - everyone is homeless!! Oh, how novel of our hero!!
Ahhhh... Man, this saga. We can even think of releasing it in the Marvel Cinematic Universe. We can call it The SCUM game!
That Was to Lighten Things Up
Anyway, while I am sorry for all the people who would have lost their monies in FTX, it is apparent that we learn from the mistakes. Keep only as much as you wish to trade; the rest goes into your wallet. There are many apparent good people out there with not-so-apparent wrong intentions. You need to be careful.
I hope you enjoyed the lighter take on the FTX issue. I hope we have no more crypto movies to make in the near future (or ever) – not this kind, for sure. 😊
Image Courtesy: OpenClipart-Vectors at Pixabay.com
Article Source: Own. Part of it was first published on Reddit.
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