Andy Flattery is the Owner of Simple Wealth Planning, a Registered Investment Advisor. All opinions expressed by Andy and guests are solely their own opinions and do not reflect the opinions of Simple Wealth Planning. This podcast is for informational and entertainment purposes only and should not be relied upon as investment, tax, or legal advice. Clients of Simple Wealth Planning may maintain positions in bitcoin and the securities discussed in this podcast.
Yeah. You may have seen this incredible story of The Bahamas trading exchange FTX and its founder, Sam Bankman fried. If you're like me and only know of FTX through. You know, Tom Brady and the Superbowl ads in the past year. I thought I would just take a quick minute to bring you up to speed. Um, this relates to my recommendation of Bitcoin. In that it has been a cause of the price sell off in recent weeks. So w the story, um, you know, as far as I can tell, it includes everything from outright fraud. Ultra high-risk trading DNC party donations. Um, even the Ukrainian war is involved in this story. A lot of it also is just sort of general crypto not, or maybe I should say general defined. Nonsense. Um, but I have not yet seen the sort of, um, definitive long form article. That unpacks it all. In fact, um, I've thought about doing a sort of definitive long form audio documentary that sort of impacts it from the very start. But, um, maybe somebody will beat me to it if you have any interest in, um, in hearing that, let me know. shoot me an email. Andy at symbol wealth, kc.com. Thankfully Michael Lewis, the author of the big short. Has been, has promised a book on this. So that is sure to be an instant classic. Uh, when the book comes out. So here's the thing to remember about Bitcoin specifically. Number one, Bitcoin is not a company. Number two, it is emerging money with the economic incentives to maintain the integrity of the ledger and the monetary policy of the 21 million cap. Uh, number three, despite the fundamentals. The short-term vitality is of course, immense and lastly, Bitcoin and defy web three NFTs, even crypto. Are not the same thing. So in short, Uh, the story began is a bank run liquidity crisis. It's. Now it's now looking more like, you know, honestly it just an outright Ponzi scheme. I'm not going to expand any more on that right now. Like I said, maybe I will at a later podcast, but there are reasons to believe that this is actually good for Bitcoin as more of the mal investments of this bull market get flushed out. So. Here is what to do. You know, luckily. Any of the Bitcoins services I've ever mentioned on this podcast have remained unaffected. however, if you have personally bought Bitcoin at any, um, Effected. Exchanges or exchanges that are sort of ancillary to FTX or are involved in any of these yield schemes. So like Robin hood and block fi have been. Um, potentially affected. And as a matter of best practice in general, as we've talked about on this podcast, you, you need to withdraw your coins to self custody as soon as possible. Only use us services that are credible and Bitcoin only. And lastly, I would say, be an investor. Uh, don't be a leverage. Short-term. Gambler and as always stay humble. And those are my 2 cents on the FDX scam. The spf debacle