{"id":2650,"date":"2022-11-09T16:46:00","date_gmt":"2022-11-09T16:46:00","guid":{"rendered":"https:\/\/checkaco.com\/blog\/?p=2650"},"modified":"2022-11-09T16:46:45","modified_gmt":"2022-11-09T16:46:45","slug":"checkaco-consumer-news-cryptocurrency-is-a-ponzi-scheme-argument-strengthens-as-ftx-almost-collapses","status":"publish","type":"post","link":"https:\/\/checkaco.com\/blog\/checkaco-consumer-news-cryptocurrency-is-a-ponzi-scheme-argument-strengthens-as-ftx-almost-collapses\/","title":{"rendered":"Checkaco Consumer News: cryptocurrency is a \u2018Ponzi scheme\u2019 argument strengthens as FTX almost collapses"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"538\" src=\"https:\/\/checkaco.com\/blog\/wp-content\/uploads\/2022\/11\/KV06IODQ-1024x538.png\" alt=\"\" class=\"wp-image-2648\" srcset=\"https:\/\/checkaco.com\/blog\/wp-content\/uploads\/2022\/11\/KV06IODQ-1024x538.png 1024w, https:\/\/checkaco.com\/blog\/wp-content\/uploads\/2022\/11\/KV06IODQ-300x158.png 300w, https:\/\/checkaco.com\/blog\/wp-content\/uploads\/2022\/11\/KV06IODQ-768x403.png 768w, https:\/\/checkaco.com\/blog\/wp-content\/uploads\/2022\/11\/KV06IODQ.png 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>By Harry Mottram: <\/strong>Checkaco have reacted to the near collapse of the cryptocurrency giant FTX pouring scorn on the notion that it is the future of money.<\/p>\n\n\n\n<p>The credit checking firm said the digital assets market had been stunned by the demise of FTX when a bail out with Binance saw a draining of support. Around \u00a35.2 billion pounds of withdrawals were made after FTX announced the deal with Binance.<\/p>\n\n\n\n<p>The BBC reported that: \u201cBinance says it agreed to buy FTX\u2019s non-US unit, pending due diligence. FTX\u2019s founder Sam Bankman-Fried and Binance\u2019s chief executive Changpeng \u2018CZ\u2019 Zhao are two of the most powerful people in the cryptocurrency market and high-profile rivals.\u201d<\/p>\n\n\n\n<p>They said there were many people who saw the unregulated world of cryptocurrency as being little more than a Ponzi scheme \u2013 a view he could understand. Checkaco said: \u201cWhatever you think about sterling, the US dollar and the Euro, those currencies are regulated and are real hard cash or paper money if you want to withdraw your funds \u2013 all backed by Governments making them sound.\u201d<\/p>\n\n\n\n<p>Checkaco reminded consumers that seeing huge increases in the value of cryptocurrencies as an investment shouldn\u2019t be seen as a guarantee of riches as the values fluctuate by huge margins. All the main cryptocurrency values have fallen dramatically in the last 12 months.<\/p>\n\n\n\n<p><strong>Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds<br>Full peace of mind for \u00a36.50 per company checked when you buy three reports for \u00a319.50.<br>Quickly view a company\u2019s CCJ\u2019s, legal ownership, credit history, credit score and more.<br>Or buy in bulk: 10 reports for \u00a337.50 (\u00a33.75 each); 25 reports for \u00a388.75 (\u00a33.55 each); or 100 reports for \u00a3335 (\u00a33.35 each)<br>&nbsp;<br>Get the low down on any firm at&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/checkaco.com\/\" target=\"_blank\">https:\/\/checkaco.com\/<\/a><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"322\" height=\"104\" src=\"https:\/\/checkaco.com\/blog\/wp-content\/uploads\/2022\/01\/checkaco_logo-2.jpg\" alt=\"\" class=\"wp-image-2386\" srcset=\"https:\/\/checkaco.com\/blog\/wp-content\/uploads\/2022\/01\/checkaco_logo-2.jpg 322w, https:\/\/checkaco.com\/blog\/wp-content\/uploads\/2022\/01\/checkaco_logo-2-300x97.jpg 300w\" sizes=\"auto, (max-width: 322px) 100vw, 322px\" \/><\/figure>\n\n\n\n<p><br><br><strong>For details about Checkaco&nbsp;email info@checkaco.com or visit the website&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/checkaco.com\/\" target=\"_blank\">https:\/\/checkaco.com\/&nbsp;<\/a><\/strong><br><br><strong>Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Harry Mottram: Checkaco have reacted to the near collapse of the cryptocurrency giant FTX pouring scorn on the notion that it is the future of money. The credit checking firm said the digital assets market had been stunned by the demise of FTX when a bail out with Binance saw a draining of support. [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":2652,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorised"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Checkaco Consumer News: cryptocurrency is a \u2018Ponzi scheme\u2019 argument strengthens as FTX almost collapses -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/checkaco.com\/blog\/checkaco-consumer-news-cryptocurrency-is-a-ponzi-scheme-argument-strengthens-as-ftx-almost-collapses\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Checkaco Consumer News: cryptocurrency is a \u2018Ponzi scheme\u2019 argument strengthens as FTX almost collapses -\" \/>\n<meta property=\"og:description\" content=\"By Harry Mottram: Checkaco have reacted to the near collapse of the cryptocurrency giant FTX pouring scorn on the notion that it is the future of money. The credit checking firm said the digital assets market had been stunned by the demise of FTX when a bail out with Binance saw a draining of support. 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