What is "funny" is many pro-crypto's "don't trust institutions" or the government, but gave money to SBF and his pixie girlfriend. They lack the trust in their own gov't and banks, but trust hucksters on tik-tok?
I'll admit I've made some bad investment choices based on emotion and speculating on individual stocks. They tanked. My money was made on index funds and dollar-cost averaging. This crypto thing, though it is always denied, is based on speculation and get-rich-quicker than later mentality.
It seems like an extension of the 60's don't trust anyone over thirty mentality. It built on that by adding "anyone with a brain doesn't trust the government", and "banks fail, remember the depression" It strikes the same cord and was designed to. It is not new. As an earlier poster wrote, in the long run governments are not going to let outsiders control the money supply. They are not going to allow completely un-trackable stuff floating around forever.
From what I've heard, this 3rd largest FTX brokerage, or whatever it was, lumped most of the money it took in and provided BS tokens to suckers, I mean customers. The heads then used the money as their personal bank account and using the fund to buy access, companies to provide the illusion of solid growth, and to attract more investors.
Prior to the collapse, everyone lauded them. In reality no one had a clue, or were on their payroll. Let that sink in. There is nothing new under the sun. I saw an interview months before the collapse with SBF where he described his business model. Gee, it sounds like a ponzi. The think he thought himself too smart to have any insight. He thought (as many criminals do) that since he was brilliant enough to call a color that everyone knows is "blue" ,"red", that changed everything.
I didn't mean to insult those who put their money into FTX by calling them suckers. I will take a leap and say that most fraudsters consider those that give them money "suckers". I too was a sucker when I went off track and stock picked on my emotional and very poorly informed choices. Thankfully it was money I could afford to lose. It was lost.
If you invest in crypto, I hope you are successful. However, there are lessons in all of this is if we choose to see.