{"id":510404,"date":"2022-11-15T23:49:45","date_gmt":"2022-11-15T20:49:45","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/charle-munger-blasts-crypto-after-ftx-meltdown-good-for-kidnappers\/"},"modified":"2022-11-15T23:49:45","modified_gmt":"2022-11-15T20:49:45","slug":"charle-munger-blasts-crypto-after-ftx-meltdown-good-for-kidnappers","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/charle-munger-blasts-crypto-after-ftx-meltdown-good-for-kidnappers\/","title":{"rendered":"#Charle Munger blasts crypto after FTX meltdown: &#8216;Good for kidnappers&#8217;"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2b0ee74ab14\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2b0ee74ab14\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/charle-munger-blasts-crypto-after-ftx-meltdown-good-for-kidnappers\/#%E2%80%9CCharle_Munger_blasts_crypto_after_FTX_meltdown_%E2%80%98Good_for_kidnappers%E2%80%9D\" >&#8220;Charle Munger blasts crypto after FTX meltdown: &#8216;Good for kidnappers&#8217;&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1>&#8220;Charle Munger blasts crypto after FTX meltdown: &#8216;Good for kidnappers'&#8221;<\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>Billionaire and noted bitcoin critic Charlie Munger took a victory lap Tuesday after FTX\u2019s recent meltdown \u2013 blasting cryptocurrencies as a \u201cdemented\u201d enterprise rife with \u201cfraud\u201d and delusion.\u201d<\/p>\n<p>When asked about FTX\u2019s collapse into bankruptcy, the 98-year-old Berkshire Hathaway vice chairman referred to digital currencies as a \u201cvery, very bad thing\u201d ripe for exploitation by bad actors.<\/p>\n<p>\u201cThe country did not need a currency that\u2019s good for kidn<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ers and so on,\u201d Munger said during a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2022\/11\/15\/charlie-munger-says-crypto-is-a-bad-combo-of-fraud-and-delusion-good-for-kidnappers.html\">Tuesday appearance on CNBC<\/a>.\u00a0\u201cThere are people who think they\u2019ve got to be on every deal that\u2019s hot. They don\u2019t care whether it\u2019s child prostitution or bitcoin. If it\u2019s hot, they want to be in on it. I think that it\u2019s totally crazy.\u201d<\/p>\n<p>\u201cReputation is very helpful in financial life,\u201d Munger added. \u201cTo destroy your reputation by associating with scumballs and scumball promotions is a huge mistake.\u201d<\/p>\n<p>FTX and more than 100 of its affiliates \u2013 including cryptocurrency trading firm Alameda Research \u2013 filed for bankruptcy last week after facing a sudden liquidity crunch. In filings released Tuesday, the company disclosed it could have more than one million creditors in its case.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/munger-ftx-01.jpg?w=1024\" alt=\"Charlie Munger\" class=\"wp-image-24662966\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/munger-ftx-01.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/munger-ftx-01.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/munger-ftx-01.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Charlie Munger is vice chair at Berkshire Hathaway.<\/figcaption><figcaption><span class=\"credit\">Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n<p>FTX CEO Sam Bankman-Fried and Alameda Research CEO Caroline Ellison are under intense scrutiny to explain what went wrong during the downfall. Reuters reported that Bankman-Fried had \u201csecretly transferred $10 billion of customer funds\u201d from FTX to Alameda to prop up its shaky operations.<\/p>\n<p>Munger expanded on his point about the industry, noting that he was seeing \u201ca lot of delusion\u201d among investors in the cryptocurrency sector.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/FTX-37.jpg?w=1024\" alt=\"FTX is under federal investigation after it allegedly used customer funds to bankroll risky bets using a sister research company.\" class=\"wp-image-24646061\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/FTX-37.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/FTX-37.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/FTX-37.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>FTX is under federal investigation after it allegedly used customer funds to bankroll risky bets using a sister research company.<\/figcaption><figcaption><span class=\"credit\">AFP via Getty Images<\/span><\/figcaption><\/figure>\n<p>\u201cIt\u2019s partly fraud and partly delusion. That\u2019s a bad combination,\u201d Munger said. \u201cI don\u2019t like either fraud or delusion and the delusion may be more extreme than the fraud.\u201d<\/p>\n<p>\u201cIf you\u2019ve got a good idea, it\u2019s much easier to push that to wretched access,\u201d Munger added. \u201cGood ideas, carried to wretched excess, become bad ideas. Nobody\u2019s gonna say, \u2018I got some s\u2014t that I want to sell you.\u2019 They say \u2013 it\u2019s blockchain!\u2019\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Sam-Bankman-Fried-63-1.jpg?w=1024\" alt=\"The founder of FTX, Sam Bankman-Fried, has seen his net worth go from $16 billion to zero.\" class=\"wp-image-24646063\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Sam-Bankman-Fried-63-1.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Sam-Bankman-Fried-63-1.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Sam-Bankman-Fried-63-1.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The founder of FTX, Sam Bankman-Fried, has seen his net worth go from $16 billion to zero.<\/figcaption><figcaption><span class=\"credit\">Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n<p>Munger, the longtime right-hand man to Warren Buffett, has garnered a reputation for his colorful remarks about cryptocurrencies in recent years.<\/p>\n<p>In July, Munger called the \u201ccrypto craze\u201d a \u201cmass folly,\u201d adding that he avoids it \u201cas if it were an open sewer, full of malicious organisms.\u201d<\/p>\n<p>A few months earlier in February, Munger said digital tokens were like a \u201cvenereal disease\u201d that he was happy to avoid.<\/p>\n<p>\u201cI just regard it as beneath contempt,\u201d Munger said. \u201cSome people think it\u2019s modernity and they welcome a currency that\u2019s useful in extortions and kidnappings and so on and so on, tax evasions.\u201d\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/11\/15\/charle-munger-blasts-crypto-after-ftx-meltdown-good-for-kidnappers\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Charle Munger blasts crypto after FTX meltdown: &#8216;Good for kidnappers&#8217;&#8221; Billionaire and noted bitcoin critic Charlie Munger took a victory lap Tuesday after FTX\u2019s recent meltdown \u2013 blasting cryptocurrencies as a \u201cdemented\u201d enterprise rife with \u201cfraud\u201d and delusion.\u201d When asked about FTX\u2019s collapse into bankruptcy, the 98-year-old Berkshire Hathaway vice chairman referred to digital currencies&#8230;<\/p>\n","protected":false},"author":1,"featured_media":510405,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/munger-ftx-02.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[135234,89897,135574,70758,95135,76127],"class_list":["post-510404","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ftx","tag-sam-bankman-fried","tag-11-15-22","tag-berkshire-hathaway","tag-charlie-munger","tag-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/510404","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=510404"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/510404\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/510405"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=510404"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=510404"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=510404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}