FTX’s downfall resulted from the market acting as ‘judge, jury and executioner’ — Pompliano


Prolific podcaster and cryptocurrency investor Anthony Pompliano has not lost faith in people or the crypto industry despite the disappointing conduct of former FTX CEO Sam Bankman-Fried.

Bankman-Fried, once widely regarded as crypto’s “white knight” is now a pariah in the crypto industry due to — by his own admission — the “careless” mishandling of FTX customer funds and his ongoing strange behavior on Twitter.

How To Get Free Crypto  

Appearing on Nov. 17 at the Texas Blockchain Summit, Pompliano was asked about how to ensure high-quality representation “in the halls of power,” responding that market forces eliminate bad people as quickly as bad businesses:

“It might be a little counterintuitive, but the free market is a hell of a fucking referee. If you watch what just happened, this industry is who held the industry accountable. […] CZ is the one who used market forces to take that company [FTX] down,” he said.

“At the end of the day, the judge, jury, and executioner was the free market and the industry itself.”

Pompliano continued, “The good people, they survive, the bad people, they end up getting washed out.”

Speaking on CNBC on Nov. 15, Pompliano said, “I think there are a lot of people saying, ‘I don’t have any information. I don’t know what’s going on.’”

Pompliano added he had businesses with money on FTX’s platforms and an advertising relationship with the crypto exchange.

Related: Crypto will generate more wealth than the internet, says Morgan Creek Capital CEO

Pompliano, an ardent Bitcoin supporter, founded North Carolina-based Morgan Creek Digital Assets with Mark Yusko in 2018. He also runs the Pomp Crypto Jobs website. He has attracted attention for saying pseudonymous Bitcoin creator Satoshi Nakamoto deserves a Nobel Peace Prize, advocated for the inclusion of crypto in pension funds, and dismissed crypto mining’s energy consumption saying, “crucial things in the world use energy.”

Coinbase Banner  

Morgan Creek Digital Assets was reportedly putting together an alternative offer for BlockFi before FTX invested $680 million in the crypto lender in a bailout in July.

Go to Source
Author: Derek Andersen

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.