This week in the United States, millions of people from various political and financial backgrounds will travel to see their relatives for the first time in months to celebrate Thanksgiving.
For crypto-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 very public collapse of major exchange FTX and the sour reputation of its former CEO, Sam Bankman-Fried. The Cointelegraph team has put together a humorous “how to” guide for US readers to refer to when interacting with crypto skeptics and curious people while at home, though hodlers in other countries may also find some helpful tips.
“What is an SBF?”
Despite all the three-letter acronyms you’ve heard in the news, family members may find it hard to believe that the former FTX CEO isn’t, in fact, a ticker symbol, even though someone launched an SBF. Goes to Prison (SBFP) token on Nov. 21 has fared slightly better than the exchange and its lead, dropping more than 66% in price. “SBF” stands for “Sam Bankman-Fried”, who led the now infamous FTX to become one of the most prominent companies in the crypto space before its 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 the staff. SBF could be extradited to the United States for questioning by government officials and possible criminal charges.
“Why didn’t you make money off those cartoon monkeys?”
Many in the crypto space and beyond have suggested that the non-fungible token, or NFT, market is in a bubble, but the use cases for the technology go well beyond projects like the Bored Ape Yacht Club, which is responsible for many of the images that family members see. when NFT stories become popular. Explaining that NFTs can provide authentication for digital and physical products might seem less important than stealing the last sweet potatoes off the table, but if readers are looking for a relatable example to use at home, try this:
“I heard Elizabeth Warren say that cryptocurrencies will ruin the economy”
Whatever your political leanings, no one can deny that Democratic Senator Elizabeth Warren is among the loudest anti-crypto voices in Congress. In a Wall Street Journal op-ed on Nov. 22, the Massachusetts senator said the situation with FTX should be a “wake-up call” for regulators to enforce laws on the crypto industry in addition to associating digital assets with money laundering and ransomware attacks. . Many in the space have criticized the senator for taking an all-or-nothing approach to digital assets, often failing to distinguish between centralized front-end exchanges and decentralized projects that rely on blockchain.
What your older family members see when you try to explain cryptocurrency to them: pic.twitter.com/rP1ooVqFCT
— Cointelegraph (@Cointelegraph) October 1, 2022
Despite the current cryptocurrency bear market, many industry advocates are not making their companies stand down, cashing out all their digital asset holdings and burning any merchandise bearing the Bitcoin (BTC) logo. In fact, many experts agree that the state of cryptocurrency law and regulation in the United States should be addressed soon. And if there had been more regulatory oversight of Bankman-Fried and FTX, the resulting impact on the market might have been less severe.
Politicians across the spectrum, including Texas Sen. Ted Cruz and former Democratic presidential candidate Andrew Yang, have been vocal supporters of cryptocurrency and blockchain, but their parents probably won’t ask them when they’re going to “get a real job.” ” during the holidays. .
Several members of the Cointelegraph team contributed to this article.