Cryptocurrency

Opinion | Maybe I don’t understand FTX and cryptocurrency after all

Yikes! I am starting to worry that I don’t actually understand how cryptocurrency works! I sort of thought that if all the money disappeared, that was a sign that your encryption was working?

But I take it from how upset everybody is getting about the collapse of FTX and continuing aftershocks that … it is not supposed to do that? It is occurring to me now that some of the things about FTX that I thought were “totally fine, normal things that are always true” might … not be?

I am a bit embarrassed because I definitely thought I understood how cryptocurrency works, 100 percent. It was explained to me, and I said, “Sure! Of course!” at all the intervals where that was called for, and I have never had it explained to me again — because I thought I understood, of course! Not simply because at that point I had said “Sure! Of course!” so many times that to ask follow-ups would have shamed me.

But now I have some other questions that I might as well get onto the table. Apologies if any of these are silly.

Thanks! I promise I don’t have any other questions, and I completely understand everything else that’s going on with cryptocurrency! The Byzantine generals!

Oh, one more thing, actually: Is this very good, invisible, costly fabric that I was also given to have made into the finest robes to show my commitment to effective altruism … nothing? Is it nothing? Please tell me if it’s nothing.

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