Why Regulators Are About to Hammer Crypto
As of this morning, I am in possession of a pitch deck for GTX. Let me start by saying I am desperately hoping this entire thing is an elaborate practical joke. Maybe it is. I haven’t personally confirmed with the founders yet.
However… interesting choice of name, don’t you think?
Well, check this out:
Yes. It’s a deliberate play on the FTX name. In fact, it’s a marketplace for the (inside) trading of claims for things like FTX, Celsius, etc.
So obviously, this is already enough smoke that one would expect there to be a three-alarm fire under the hood.
Some “features” include the (potentially anonymous) trading of bankruptcy claims, using those claims as backing for loans, and having some sort of stablecoin associated with this activity.
It’s almost as if someone took every incredibly, profoundly, wildly bad idea from 2008 and tried to put them together into a single product. I’m not even mad. This thing is a work of art.
Who are the founders, one might then ask, who are capable of such incredible performance art in the face of all sanity and financial…
