Sunday, January 22, 2023

Reputation Laundering

There are a lot of victims of FTX and other crypto scams, I have not seen a single individual or entity who participated in it express regret in any other terms other than mild lament over a failure of their big brains.  

Oh no, I got something wrong! My pedigreed big brain should not have failed me (me!!!) like that! Oh well, on to the next thing.

The PR value of being on stage with these guys is immense, and this is what it bought.

Compared with crypto users in the U.S. or Europe, African traders usually invest much smaller amounts and are more likely to use their tokens to preserve savings, pay for day-to-day purchases and send money across borders, according to Kim Grauer, head of research at Chainalysis, a New York-based blockchain analysis firm. In sub-Saharan Africa, 80% of all crypto transfers are for amounts under $1,000, compared with 71% in North America, according to Chainalysis.

“Most of the people we meet with in Africa are not using extra funds, they’re putting their livelihoods on the line to put food on the table,” said Ray Youssef, chief executive of Paxful, a Delaware-based peer-to-peer bitcoin marketplace popular in Africa. “And now [those who invested with FTX] will most likely never see their funds again.”