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FTX crash shows cryptocurrencies are giving casino capitalism a bad name – they should be regulated like cigarettes

David Chance


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Sam Bankman-Fried’s FTX crypto exchange leveraged and lost billions of dollars of other peoples’ money. Photo: Ting Shen/Bloomberg

Sam Bankman-Fried’s FTX crypto exchange leveraged and lost billions of dollars of other peoples’ money. Photo: Ting Shen/Bloomberg

Sam Bankman-Fried’s FTX crypto exchange leveraged and lost billions of dollars of other peoples’ money. Photo: Ting Shen/Bloomberg

The typical retail buyer of cryptocurrencies is male, under 35-years old-and has likely lost three quarters of the money he invested.

This isn’t a bug in the system, it’s a design feature in a predatory business model that needs to entice new consumers so as to allow crypto ‘whales’ to cash out. The higher the price, the more people joined in and it is estimated by June last year that 220 million people had owned crypto.


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