Balaji Srinivasan Says FTX Is a Preview of State Failure, USD Bank Accounts Could Be Frozen or Inflated to Worthlessness – Economics Bitcoin News
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Angel investor Balaji Srinivasan says the collapse of crypto change FTX ought to be handled as “a preview of state failure.” He warned that someday U.S. greenback financial institution accounts “may be frozen or inflated to worthlessness,” emphasizing that the authorities “will show no interest in prosecuting.” Srinivasan cautioned: “That world is coming and we need alternatives.”
Balaji Srinivasan on FTX, State Failure, and U.S. {Dollars} Becoming Nugatory
Angel investor Balaji Srinivasan commented on the collapse of crypto change FTX in a sequence of tweets Saturday. Previously the CTO of crypto change Coinbase and a basic accomplice at enterprise capital agency Andreessen Horowitz (a16z), Srinivasan can be the writer of The Community State, a WSJ bestseller.
“Treat FTX as a preview of state failure,” he wrote, including:
Sooner or later, your USD checking account stability could also be frozen or inflated to worthlessness. The authorities will present no real interest in prosecuting — they’re those who ordered it within the first place. That world is coming and we want alternate options.
“It’s all just a dress rehearsal for the ultimate rug pull — when the state prints trillions, monetizes the debt, and ends the fiat century,” the angel investor defined in one other tweet. “Our space will be prepared. We know what that looks like. And our trust-minimizing systems will be life rafts for the world.”
Many individuals on Twitter agreed with Srinivasan, stating that bitcoin and decentralization are the reply.
Nonetheless, some disagreed, telling the entrepreneur that FTX is a fraud and a Ponzi scheme. “It’s not a preview of state failure. It has nothing to do with that. It’s simply fraud,” one wrote. “How can you equate a 32-year-old con man who had no controls, structure, systems, or board to the U.S. government?” one other questioned. A 3rd opined: “Comparing regulated banking industry to unregulated crypto exchange is misleading.”
Srinivasan additionally commented on bitcoin as a hedge in opposition to inflation in one other tweet on Saturday. The angel investor detailed:
It’s a hedge in opposition to hyperinflation, financial debasement, financial institution freezes, and wealth seizure. It’s already confirmed itself in that position, in locations like Venezuela, Lebanon, Nigeria. For ‘standard’ inflation it could finally have a gold-like position, however that takes a long time to indicate.
Do you agree with Balaji Srinivasan about FTX and bitcoin? Tell us within the feedback part under.
Kevin Helms
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