https://i.imgur.com/w9kPFM6.png 

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I saw a video yesterday where a YouTuber talked about SBF and the FTX saga and termed it to be the biggest scam ever recorded in a very long time. We've seen so many scams come and go, unintentional and intentional ones. What happened with Do Kwon and Luna for example was an unintentional fail, a protocol without adequate checks or failsafe, and projects like bitconnect that were premeditated attempts to scam investors and rugpull.


 I also heard this story of one project that paid a small group of people to market the coin and they were paid with the premise of the same coin. These guys were able to get a lot of people to buy the coin without letting them know they had thousands of the coin, and immediately the coin went up in price, these small group of influencers, rugpulled the project. In all these scams, FTX stands out. 

*Why?* Because it was a scam that was endorsed by legitimate people, legitimate projects, and real-world moguls, even Binance held FTX's native token. Binance probably got wind of what FTX was doing and cashed out quickly and that was where all hell broke loose. To be very honest SBF was a genius, but I tend to think that since we hadn't seen any scam as big as this in the history of crypto, it was going to be easier. 


However, no one expects a big company to fail and this is how scams are sold. We feel that the bigger they are, the less likely they are to fail, big scams require a big impression. Legitimate outlook, believability beyond doubt, and SBF sold it, so to me, I tend to agree with that YouTuber about SBF and FTX. Because of the impact of these scams, exchanges like Binance have lost some level of credibility. When CZ was being chased around by the SEC a lot of people with money in Binance began to opt for self custody of their coin.


 Why? I mean if it can happen to FTX who is to say CZ will be any better? A lot of people would think these ways because SBF has proven that no matter how big, a scam can be packaged, skillfully marketed, and sold. But it's a good thing that people no longer trust centralized exchanges as they used to. That reduction in Monopoly makes these guys and their CEO want to keep it clean and straightforward, I mean SBF's failure created more awareness for decentralized options and it's only going to get better.


 With the way exchanges fidgeted during the SEC's witch hunt, I know they're aware it can all happen again. One good thing with what happened with FTX and FTT, I mean the only positive is that it spread the right awareness that if *it's not your key, it's probably not your coin* while people will continue to do business with centralized exchanges, I don't think we'll ever see any scam as big as FTX again. Probably because I don't think anyone will like to replicate it unless they think they can do better than what SBF did.


 You know, scams have weak points especially places of fall where they cannot meet up authenticity, so anyone that wants to do better than SBF in the sophisticated level of the scam, then they'll have to do more and to be very honest, I don't think it'll be worth it. So, SBF might likely remain the biggest daredevil in the crypto and tech space because of the influence he wielded and how deep the level of the scam was. It might take many decades for people to forget. 







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> **Interested in some more of my works**



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