ICSM Business News: cryptocurrency is a ‘Ponzi scheme’ argument strengthens as FTX value almost collapses
By Harry Mottram: Ian Carrotte of ICSM has reacted to the near collapse of the cryptocurrency giant FTX pouring scorn on the notion that it is the future of money.
He said the digital assets market had been stunned by the demise of FTX when a bail out with Binance saw a draining of support. Around £5.2 billion pounds of withdrawals were made after FTX announced the deal with Binance.
The BBC reported that: “Binance says it agreed to buy FTX's non-US unit, pending due diligence. FTX's founder Sam Bankman-Fried and Binance's chief executive Changpeng ‘CZ’ Zhao are two of the most powerful people in the cryptocurrency market and high-profile rivals.”
Ian Carrotte said there were many people who saw the unregulated world of cryptocurrency as being little more than a Ponzi scheme – a view he could understand. He said: “Whatever you think about sterling, the US dollar and the Euro, those currencies are regulated and are real hard cash or paper money if you want to withdraw your funds – all backed by Governments making them sound.”
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ICSM CREDIT
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ICSM, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR. Tel: 0844 854 1850. www.icsmcredit.com. Ian.carrotte@icsmcredit.com
About ICSM Credit
ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel - while at the moment there's a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach - ask for details from Paul.
For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.
To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com
For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk