This week in the United States, millions of people from various political and financial backgrounds travel to see family members for the first time in months to celebrate Thanksgiving.
For cryptocurrency-minded people, questions about the market can come up as quickly as “Why did you cut your hair?” or “Why didn’t you become a doctor?” — especially given the public collapse of major exchange FTX and the tarnished reputation of its former CEO, Sam Bankman-Freed. The Cointelegraph team has put together a humorous guide for US readers to refer to when interacting with cryptoskeptics and nosy folks at home, though hodlers in other countries may also find some helpful tips.
“What is SBF?”
Despite all the three-letter acronyms they’ve heard on the news, it can be hard for family members to believe that the former FTX CEO isn’t actually the ticker symbol – even though someone has launched SBF Goes to Prison (SBFP). ) on November 21, which performed slightly better than the exchange and its management, falling in price by more than 66%. “SBF” stands for “Sam Bankman-Freed,” who led the infamous FTX to become one of the most famous companies in the crypto space prior to his bankruptcy.
Bankman-Fried resigned on November 11, the same day that FTX filed for bankruptcy. He currently resides in the Bahamas and there has been no shortage of stories and rumors about the former executive and his relationship with staff. The SBF may be extradited to the United States for questioning by government officials and potential criminal charges.
“Why didn’t you make money off those cartoon monkeys?”
Many in the crypto space and beyond assume that the market for non-fungible tokens, or NFTs, is in a bubble, but the use cases for the technology go far beyond projects like the Bored Ape Yacht Club, which is responsible for many of the images that family members see. when NFT stories go mainstream. Explaining that NFTs can provide authentication for digital and physical products may seem less important than swiping the last sweet potato off the dinner table, but if readers are looking for a good example to use at home, try this:
“I heard Elizabeth Warren say that cryptocurrencies will destroy the economy”
Whatever your political leanings, no one can deny that Democratic Senator Elizabeth Warren is one of the most vocal opponents of cryptocurrencies in Congress. In a November 22 Wall Street Journal article, the Massachusetts senator said the FTX situation should be a “wake-up call” for regulators to enforce crypto laws in addition to linking digital assets to money laundering and ransomware attacks. . Many in this space criticize the senator for taking an all-or-nothing approach to digital assets, often failing to distinguish between cutting-edge centralized exchanges and blockchain-based decentralized projects.
What your older family members see when you try to explain cryptography to them: pic.twitter.com/rP1ooVqFCT
— Cointelegraph (@Cointelegraph) October 1, 2022
Despite the current cryptocurrency bear market, many industry proponents are not forcing their companies to wind down by cashing out all their digital assets and burning any goods bearing the Bitcoin (BTC) logo. In fact, many experts agree that the state of cryptocurrency regulation and legislation in the United States needs to be corrected soon. And if the regulatory oversight of Bankman-Fried and FTX were more stringent, the market implications might be less severe.
Politicians from across the spectrum, including Texas Senator Ted Cruz and former Democratic presidential candidate Andrew Yang, openly support crypto and blockchain, but their parents probably don’t ask them when they’re going to “get a real job” over the holidays. . .
Several members of the Cointelegraph team contributed to this article.