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An important data to know: “These blowups haven’t been crypto blowups, they’ve been banking blow-ups. “

First, who stated that?

Mark Cuban: “These blowups haven’t been crypto blowups, they’ve been banking blow-ups. Lending to the fallacious entity, misvaluations of collateral, smug arbs, adopted by depositor runs. See Lengthy Time period Capital, Financial savings & Mortgage and Sub-Prime blowups. All completely different variations of the identical story” (https://twitter.com/mcuban/standing/1591470047499018241?s=20&t=gtNUVA4yqhb3VntbIkchzg )

Moreover it is very important perceive that FTX was linked to inventory markets by way of tokenized shares, and it appears clear that these have been used for manipulation on high-level.

Sources with extra data (so this isn’t simply “belief me bro”, the knowledge accumulating inside two final days is already form of a giant deal):

[https://www.linkedin.com/posts/canfxguru_you-need-to-understand-the-ftx-debacle-even-activity-6997040821044736000-aJN7?utm_source=share&utm_medium=member_desktop](https://www.linkedin.com/posts/canfxguru_you-need-to-understand-the-ftx-debacle-even-activity-6997040821044736000-aJN7?utm_source=share&utm_medium=member_desktop)

https://twitter.com/BossBlunts1/standing/1592040616212455425?s=20&t=aH3syY2_rcOHyL_bnary6g

42 thoughts on “An important data to know: “These blowups haven’t been crypto blowups, they’ve been banking blow-ups. “”

  1. Here is a [Nitter link](https://nitter.net/mcuban/status/1591470047499018241?s=20&t=gtNUVA4yqhb3VntbIkchzg) for the Twitter thread linked above. Nitter is better for privacy and does not nag you for a login. More information can be found [here](https://nitter.net/about).

    *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*

    Reply
  2. That’s a bit cheap, isn’t it? Sure, it isn’t connected to crypto technology *per se*, but the blowup was due to criminal and corrupt people in the crypto space. “banks bad” won’t do it.

    Reply
  3. SBF massively criticized the banks from 2008 for causing the financial crisis
    but he’s actually doing that very sin of over leveraging and mismanaging funds.
    Also SBF to Forbes in June 2022: “Some Crypto Exchanges Already Secretly Insolvent”. lol

    Reply
  4. Exactly. At this moment, crypto keeps doing its function, purpose.

    Exchanges will always do dirty practices, play with user’s money because they want money.

    Reply
  5. I disagree. This was a crypto blowup. It was the blowup of current wild wild west crypto landscape. MtGox made many people switch to cold storage and never look back.
    It seems that every decade we need this reminder. I hope this fiasco will end up teaching something to the community.

    Reply
  6. It’s kinda fascinating how fast crypto went from money to centralization to banks to lending to batshit crazy lending to crisis. Like financial capitalism on fast forward.

    Reply
  7. True decentralized defi has been rock solid this week, and due to the volatility, the yields have been great.

    You know what’s not been doing great though, solana. I guess it’s just as centralized as everyone has been warning about!

    Reply
  8. This is true, but without the exchanges be prepared to lose most of the “value” that was generated from crypto as a speculative asset. I would actually be interested to see where the tech could go if people stopped using it as a get rich scheme. Unfortunately most of the value in crypto came from that speculative and frankly fraudulent side.

    Reply
  9. Your sources are a dude on linked in who has a CFA and a guy on twitter naked boss blunts? Im not saying you are wrong but this is 100% a trust me bro

    Reply
  10. Another thing. FTX had loans in defi and those defi lenders were all paid back. No issue of insolvency because the collateral was locked in smart contracts and would have been liquidated.

    FTX had to manage those positions carefully unlike their other loans which were cooked.

    Cefi can be reckless but defi is strictly code

    Reply
  11. This….not sure why the news keeps running the same hacks on tv….the im for bigger government and every wrong thing can be fixed by more big government

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  12. This is of course a load of crap.

    The lack of regulation and oversight inherent to crypto are a central aspect of these blowups, and no amount of “believing crypto is the future” will make crypto the future. It’s an MLM scam that’s circling the toilet bowl.

    Reply
  13. I really get a bad feeling about all the politicians and regulators that were bribed/ campaigns that were funded. It’s like they don’t have our best interests at heart.

    Reply
  14. The key factor here is that the collateral are in crypto and not fiat as traditional bank. The worst scenario is a dump of the collateral-crypto to repay a debt

    Reply
  15. YES! So called crypto enthusiasts are blaming and trying to regulate crypto!! It feels like a Psyop almost like a continuation of the purpose of the FTX debacle to get regulated. Some of these people have to be plants to change minds toward regulation. I’ve seen too much lately and too many spewing this stuff. Crypto is being attacked so the REAL crypto people need to stand firm.

    Reply

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