Apologies for the radio silence. Although I spend at least 4 hours per day working on this website including on weekends, I still need to do other stuff which brings in the bacon at home such as writing for Protos, selling my books, or gambling markets. As of Sunday, the online newsroom of Protos hasn’t stopped buzzing and most of us haven’t slept. The world of crypto is going through a major historical moment and we are glued to our screens receiving information by the second and it’s all very overwhelming. The Protos team, composed of highly intelligent investigators and analysts is amazing and we are working hard to keep up with events that are changing by the minute.
Some of you who are not into crypto may remember this criminal and fraudster in Nas Daily’s video. I’m not going to bother to link the cringe-worthy clip full of lies and rubbish. This is Sam Bankman-Fried, who used to pose as a billionaire as he controlled a fledgling crypto empire. During the past few days, we have learned that his empire was built on fraud, lies, and deceit and the man may very well spend time in prison.
It is incredible how we’ve got to this stage. At Protos we have been investigating the crypto industry and markets in great detail and my assessment which can be read here is that the crypto markets evolved into a casino for rich people. The article is about Bitcoin but my assessment of crypto, in general, is the same. Bitcoin and crypto have gone very different roads from the original principles on which they were founded upon. Satoshi, in his white paper envisioned a financial and monetary system that is independent of institutions and middlemen. Bitcoin and crypto didn’t remain assets of a financial revolution but morphed into tools for a mega-leveraged casino run by fraudsters like Sam Bankman-Fried. There is still a lot of excess leverage in the crypto space: Grayscale Bitcoin Trust, MicroStrategy, Riot Blockchain, and much more and you can read about these in Protos.
I will get back to you writing about Maltese politics, tomorrow, and thank you for your patience.
Remember, that I don’t condone or encourage anyone to get into crypto or to buy anything. But if you are getting into crypto get a ledger where you can store your keys. The whole point of cryptocurrency was to avoid middlemen not to replicate the traditional financial system. Having said that, once new EU regulations will put in place (MICA), Europeans will be strongly protected from predatory exchanges. It is ironic that despite crypto’s founding principles, it is the regulator that will be saving it from the hands of predatory financiers.