https://www.bbc.com/news/business-63601213

FTX: Crypto giant collapses into bankruptcy

Embattled cryptocurrency exchange FTX has filed for
bankruptcy in the US, seeking court protection as it
looks for a way to return money to users.

Former boss Sam Bankman-Fried has also stepped down as
chief executive, the company said.

It is a massive turn of fortunes for the 30-year-old,
who had headed the world's second largest crypto exchange.

In just over a week, his FTX empire has collapsed, shaking
confidence in the already troubled crypto market.

.. . .

"Money" is, in the end, worth what people THINK it is
worth. This was never more true than with crypto - not
even backed by governments or gold and sure as hell
nothing you could cook up and eat in a crisis.

Crypto did well because people BELIEVED it was valuable
and would become more valuable. In that respect it is
much like buying stock in a company except that it's
more fluid ... you can't exactly hand over Amazon
stock certificates to pay yer 7-11 tab. (I did once
suggest "gold tape" dispensers which modern tech for
validating quality would make work much easier)

Well, a lot fewer people now BELIEVE in crypto. That's
a disaster. Crypto providers are often kinda interlinked
so if FTX goes down it'll drag all the others down as
well as WELL as put a big hurt on "belief".

Of odd note, it's been said that the main money-making
product of Kazakhstan is BitCoin - it's a massive
industry there, uses up a large proportion of its
energy budget. You can buy a cargo container packed
with computers, or a warehouse full. A big drop in
crypto would destroy it's economy. El Salvador recently
decided to base its currency on crypto as well ...

"Real" money ... um ... consider goats. You can milk
'em, eat 'em, turn the fur and skins into clothes,
trade 'em (the small size = convenience) and they can
live on almost any kind of crap. :-)