The FTX Calamity Explains Why Crypto Is Irrelevant

The first remarkable thing about this past week’s collapse of FTX, a major cryptocurrency exchange, was its speed: In a little over a week, it went from one of the largest, best regarded exchanges to a bankrupt shell. It took even less time than that to wipe out the entire fortune of FTX founder Sam Bankman-Fried; on Nov. 7, he was worth $16 billion, but by Friday, effectively nothing. Read Full Article »