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Solana Cryptocurrency Outlook Post-FTX Bankruptcy

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Posted By: Hazymac, 12/29/2022 12:22:32 PM

It doesn’t feel like it was so long ago when we saw Sam Bankman-Fried on the cover of so many magazines touting his plan to donate the majority of his wealth. Many folks considered SBF to be the ultimate “Crypto Robin Hood.” SBF was also pushing many other projects in the cryptocurrency space. One of those secondary ventures he promoted was the Solana blockchain. The Solana blockchain is known for offering a platform with quick transaction times and inexpensive fees. Solana was supposed to be an “Ethereum killer” but that hasn’t happened, and it won’t. Solana saw its native token SOL drop by at least 30% at times

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Reply 1 - Posted by: DVC 12/29/2022 12:42:32 PM (No. 1366945)
Crypto is a scam. They'll never get any of my money.
8 people like this.

Reply 2 - Posted by: Dodge Boy 12/29/2022 12:50:39 PM (No. 1366950)
I have never been a fan of crypto currency and have never "invested" in crypto. Cryptos are not an investment. Cryptos are a giant roulette wheel. For those who think cryptos are an investment, how many times must you be beaten on the head with substantial losses. Let's be honest. Crypto isn't backed by anything. It is just as worthless as the US dollar which is very close to losing its place as the world's reserve currency. To whom, you might ask? President Xi and Putie can explain it best. Their gold-backed currency is nearly forthwith that will replace the so-called petro-dollar. Get ready. However, just always remember who hold the high cards when it comes to ownership and control of the world's financial system and sovereign currencies. I don't want to name names but their initials are the House of Rothschild.
3 people like this.

Reply 3 - Posted by: davew 12/29/2022 12:54:13 PM (No. 1366954)
There is a much simpler way to understand why Bitcoin and Solara currencies sold off so quickly as a result of the FTX scandal. FTX was set up to act as a "custody" service to people who held Bitcoin and Sol. Clients would turn over their coins to FTX while still owning them and would be able to get loans for USD based on their value. FTX was illegally taking these custody coins and using them as collateral (hypothecation) with certain large banks for billion-dollar loans of their own. These funds were co-mingled with SBF's personal accounts allowing him to buy Bahamian real estate, yachts, planes, and all the party goods a young con-artist could consume. When people asked FTX for their coins back, SBF had to deny them since they were pledged to the big banks who now held them. When FTX filed bankruptcy, the big banks liquidated the loans and sold the Bitcoin and Sol collateral they held, no doubt for far more than the value of the loans. This multi-billion-dollar fire sale drove BTC and SOL down quickly. Some of the BTC and SOL have also been locked up by the courts but eventually will be forced to be liquidated driving down their value even further. Bottom line, the big banks will actually reap more than the amount of the loans they made to SBF assuming that they aren't forced by the court to split the proceeds with the original coin owners that FTX scammed. This is why the banks pay for the best lawyers. None of this has anything to do with the underlying technology or utility of BTC or SOL. It is simply a case of people giving their assets to an untrustworthy custodian who was outside the reach of legitimate government regulators and untouchable to any of the reputable big four auditors.
5 people like this.

Reply 4 - Posted by: bigfatslob 12/29/2022 1:01:27 PM (No. 1366956)
The peanut shell game on a super, mega unbelievable large scale that boggles the mind. Duped by a fuzzy haired, pseudo vegan lazy/smartass twerp. Enjoy the suck you suckers.
10 people like this.

Reply 5 - Posted by: bad-hair 12/29/2022 2:33:11 PM (No. 1367003)
My XO's to those who made lot of crypoibux. REAL dollars are USA since that's what the crypto sell outs are trying to buy
1 person likes this.

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It doesn’t feel like it was so long ago when we saw Sam Bankman-Fried on the cover of so many magazines touting his plan to donate the majority of his wealth. Many folks considered SBF to be the ultimate “Crypto Robin Hood.” SBF was also pushing many other projects in the cryptocurrency space. One of those secondary ventures he promoted was the Solana blockchain. The Solana blockchain is known for offering a platform with quick transaction times and inexpensive fees. Solana was supposed to be an “Ethereum killer” but that hasn’t happened, and it won’t. Solana saw its native token SOL drop by at least 30% at times
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