“Rather than trying to pick up a whole new set of managerial skills, he should take the easier, more sensible route: Hire someone with real social media experience and strong relationships with advertisers to run Twitter.”
As an avid Twitter user (yes, you should follow me), I hope he finds things out. Or hand over the keys.
I’ll be sure to follow up on this story over the next week or two.
What is Bitcoin and FTX all about?
Making sense of the markets this week columnist Kyle Prevost has reported on the FTX debacle that has taken a toll on the entire cryptocurrency industry.
This other article suggests that Sam Bankman-Fried ran a personal fiefdom. Money is lacking and creditors are unlikely to be paid in full or at all. Investors are likely getting pennies on the dollar for the assets they have on the FTX exchange. It’s a terrible mess and very unfortunate for many investors.
You have to separate Bitcoin from that shit coins and exchange. FTX has little or nothing to do with Bitcoin and its long-term prospects in my opinion. It would be like mining gold due to the actions of a mining company. Consider the Bre-X scandal. Of course, the industry needs more regulation. The FTX scandal is probably a much-needed wake-up call.
Bitcoin lives on the blockchain. Watch how I answered the question “What is Bitcoin?” I wrote, “Not your keys, not your bitcoin.” Here’s more of this crypto explainer.
“It is bitcoin’s scarcity and limited supply that offers the greatest appeal to those who reject or question the value of fiat currencies such as the US dollar, euro or Canadian dollar. Certainly both bitcoin and fiat currencies are created “out of thin air”. But while central banks can create as much new currency as they see fit, there is a hard limit on the amount of Bitcoin. That’s why Bitcoin supporters often call it ‘the hardest currency in the world’.”
Contrary to Kyle Prevost’s column, I think there are arguments for Bitcoin getting stronger – not necessarily weaker. Bitcoin was created after the financial crisis as a hedge for failing fiat currencies and financial assets.
Here’s the background for the world’s reserve currency, the US dollar. At an optimistic rate of 3.8% in 2027 (Congressional Budget Office (CBO) estimates and the debt service rate), the interest expense on the debt eats away at all healthcare spending. By 2047, interest expense will eat away at all discretionary spending. By 2049 it will eat up all of Social Security. This could be your world currency. Can the US “fix” the situation en route? It is possible. But it could be more than one challenge.