CNBC posted the following:

Emoji for expenses, penthouses and slipshod accounting … FTX …
Updated November 18, 2022
Thursday, FTX CEO John Ray III filed a declaration with the United States Bankruptcy Court for Delaware, the latest in the implosion of one of the world’s largest cryptocurrency exchanges.
Ray, who helped shepherd Enron through its own bankruptcy, minced no words about the state of the company or the behavior of the former executive team, describing it as one of the worst examples of corporate controls he’d ever encountered. It was a damning remark from someone who has 40 years of legal and restructuring experience. …
Ray’s filing indicated that corporate funds were used to purchase homes for employees and advisors, sometimes in their name. Loans were not recorded from FTX to those individuals — as is typical with similar arrangements at other companies. Instead, individuals were given the deeds to these properties, according to Ray, free and clear, in their own names.
Notably, Bankman-Fried’s $40 million penthouse briefly hit the market in the aftermath of the bankruptcy …
“The Debtors did not have the type of disbursement controls that I believe are appropriate for a business enterprise. For example, employees of the FTX Group submitted payment requests through an online ‘chat’ platform where a disparate group of supervisors approved disbursements by responding with personalized emojis.” …
The losses for investors may reach as high as $8 billion. But with nonexistent or deficient accounting, auditing and disbursement systems, it will take Ray and his forensic investigators “some time” to uncover the truth. …
FTX’s new chief said he had “substantial” concerns about the financial positions he was presenting to the court. FTX’s implosion revealed a massive hole in the company balance sheets, but until blockchain analysis and forensic accounting are completed, Ray said it was not “appropriate for stakeholders or the Court to rely” on the numbers presented. https://www.cnbc.com/2022/11/17/ftx-filing-reveals-slipshod-accounting-freewheeling-expenses-perks.html

Despite various governmental regulations, sin and greed still cause problems.

As far as cryptocurrencies, FTX, and coins go, ZeroHedge posted the following:

The Bitcoin is ‘as-good-as-gold’ myth is over
November 17, 2022
When you invest in gold or buy silver coins … you are choosing to invest in an asset that has no counterparty risk.
Sadly those who have been holding their bitcoin on the crypto exchange FTX, have not experienced the same level of reassurance and service from the exchange’s management.
This time last year, cryptocurrency enthusiasts were still touting “Crypto as the new gold”– crypto touted as having the same ‘safe’ attributes as gold.
The main attribute is that it is a currency that government doesn’t control. Also, it is without counterparty risk. The latest debacle has once more proved this is not always the case for cryptocurrencies.
The news that the crypto exchange FTX was filing for bankruptcy on November 5 sent Bitcoin plunging down a further 25%.
This is on top of the more than 60% Bitcoin has already declined since its November 2021 peak. …
The FTX collapse has brought to light that the CEO, Sam Bankman-Fried, had authorized billions of dollars worth of customer assets to be lent to its affiliated trading firm Alameda Research to fund risky bets.
According to news reports Alameda Research owes FTX upwards of US$10 billion. This is more than half of its US$16 billion in customer assets!
The bankruptcy case is likely to take years to unravel. There could be more than one million creditors, and more than 100 other related corporate entities involved.
Everyone who thought they owned Bitcoin held by FTX became an unsecured bankruptcy creditor. These are the ones who must now rely upon some Court to confirm just how much, or any Bitcoin they will receive. …
Only time will tell if the timing of the test (on the heels of the FTX collapse) is simply ‘bad timing’ or an omen of a system building in even more risk. Investing in physical gold and silver are still the tried-and-true alternative! https://www.zerohedge.com/news/2022-11-17/bitcoin-good-gold-myth-over

Yes, gold and silver have been safer than being with FTX.

Cryptocurrencies, like Bitcoin, has never been backed by anything other than the desire of many to use it to trade or speculate with. (Note: that although currencies like the USA dollar were once backed by gold, currenly it, and nearly all currencies of the world, are backed by nothing either–so in that respect are not much different than cryptocurrencies.)

As long time reader of this COGwriter Church of God News page are aware, I never bought into the myth that Bitcoin was “as good as gold” and have long warned about it–here is a link to something posted here over 8 years ago: Bitcoin seller ‘goes dark’–Bitcoins are not the answer.

Furthermore, here is something from another, that I posted here nearly five years ago:

Crypto has made its own place in the world by making an amazing leap forward as a medium of exchange, with thus far unrivaled capabilities. But crypto is not gold, and can never be gold. I suggest that BTC and Crypto are better as a medium of exchange, while gold is a better medium for storing value.
This is not because of some dogma I have for the metal. Some will trot out “you are just talking your book” when I mention this.
The simple fact is, out of the near 185,000 tons of estimated above ground gold, someone owns, all of it. Every fine gram of gold above ground belongs to someone already, whether that be in the form of bars, coins, jewelry, the thin layer on astronauts helmets that protect them from solar radiation, or the gold plated contacts in the mining rigs used to mine crypto. New gold mined from the ground is usually spoken for before it ever hits a refinery. My job as a physical gold fund manager is not to convince people to buy gold, that job has already been done.
The reason crypto can never replace gold lies in physics: Gold cannot be destroyed
Everything else can. Computers. Exchanges. Mining Pools. Wallets. Powergrids. Internets. Nations. You name it. If you blew up the planet earth, the gold atoms would still be there.
Unlike anything else you can invest or store money in, gold doesn’t rely on any external force for this to continue to be true over time. It is sort of like a battery with no expiration date.
Gold exists as atomic number 79 on the periodic table. It is chemically inert and does not interact with oxygen. It is the only element with properties that make it completely immune to the forces of entropy. The only way to destroy it would be to fire it into the sun, or somehow put it in the middle of an equivalent fusion reaction that took the atoms apart at a subatomic level. (Stanczyk A. A Gold Guys View of Crypto, Bitcoin, and Blockchain. Medium.com, December 10, 2017 https://medium.com/@alex.stanczyk/a-gold-guys-view-of-crypto-bitcoin-and-blockchain-26e42eeab6b7)

That said, Bitcoin is still around.

But it remains my view that once governments get involved enough with their own digital currencies, that steps to eliminate Bitcoin will take place.

The Bible teaches that the coming Beast power will control buying and selling (Revelation 13:16-18)–hence the Bible makes no provision for something like Bitcoin being able to operate like it has.

As far as gold goes, it mentioned 453 times in the NKJV Protestant translation of the Bible and 464 times in the Roman Catholic Douay-Rheims Bible–hence it is something that the Bible refers to. Furthermore, gold is prophesied to have worth into the time of the Great Tribulation (cf. Revelation 18:12,16), but that will not last either. For more on gold and prophecy go, check out the article: The Plain Truth About Gold in Prophecy. How Should a Christian View Gold?

As far Bitcoin itself goes, unless adopted and controlled by the Beast, it will become worthless.

The time is also coming when the USA dollar will be worthless. And yes, the Bible tells that for a time gold will be worthless, but that does not happen to gold until years after the demise of the US dollar. But placing too much confidence in gold, currencies, or alternatives like Bitcoin will not truly save anyone (cf. 1 Peter 1:7). Yet, true repentance and turning to the Jesus of the Bible can.

Although the USA is not likely to repent to nationally to prevent its prophesied demise (c. Habakkuk 2:6-8; Daniel 11:39; Isaiah 10:5-11), nor can Bitcoin prevent it, personally you can repent as well as physically take steps before the dollar-based economic system collapses.

Do NOT place your confidence in Bitcoin, FTX, the US dollar, or gold, but “seek first the Kingdom of God” (Matthew 6:33).

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