So What's Up With Crypto?

I could run an entire blog about the insanity of cryptocurrency. But others are doing that so...

Web3 is Going Just Great has a story about more lies coming from the Crypto community. New York regulator investigates Gemini over FDIC claims

The embattled Gemini crypto exchange, which is has $900 million of customer funds locked up in the Genesis bankruptcy and has been charged by the SEC for offering unregistered securities, now has another problem to add to its list. The New York State Department of Financial Services, which is responsible for regulating the exchange portion of Gemini's business, is reportedly looking into whether Gemini misled customers that their funds were protected by FDIC insurance — that is, the insurance typically known for protecting funds placed into accounts with actual banks.

I guess I'm not shocked that the typical "person in the street" has no idea about what the FDIC is, what it covers, and in particular what it doesn't. I do find it somewhat surprising that the folks at Gemini, and at FTX, would offer such a blatant lie.

And before you start feeling all righteous about your disdain for crypto, and the knowledge that you have never invested in such idiocy, you might consider if you have a pension. From Meep at Stump: Public Pension Concept: Plan Long-Term for Long-Term Promises, and Don't Give Contribution Holidays

Equable found 15 public pension funds/management systems for public pensions back in December 2022 that had FTX investments

Some of those funds were in need of bailouts before FTX collapsed.

I'm willing to bet that some mutual funds were also investing in FTX, and Gemini, all the rest. How do you spell "401-K?"

What was that saying? Something about a Fool and his money.