A quick look at the popular currency circles in 3 hours (from CoinsRadar.net): Big news! The former currency circle boss will be sentenced! Is virtual currency just a dream after all? Sam Bankman-Fried (SBF) (Bankman-Fried), the founder of the cryptocurrency exchange FTX, a former currency tycoon and a global billionaire, may face 110 years in prison. Live the rest of your life. According to media reports, on the evening of November 2, local time, the jury found FTX guilty of seven charges including wire transfer fraud, conspiracy to commit fraud, and conspiracy to commit money laundering. SBF was ultimately convicted on all charges. Bankman Fried is a 30-year-old young man with an amiable appearance, often called SBF in the circle. In March 2022, his net worth reached nearly 190 billion yuan, and he was called the "genius richest man" in the industry. However, in November last year, FTX, the once leading cryptocurrency exchange, went bankrupt and declared bankruptcy. The book wealth of this legendary tycoon in the currency circle also dropped to zero. Later, Bankman Fried was extradited to the United States to face criminal charges filed against him by the U.S. judicial department and stand trial. But following his collapse, there were countless virtual currency players who liquidated their positions! Virtual currency has become a street rat! 1. The mainstream virtual currencies currently on the market are all in the hands of Western wild capitalists and are not endorsed or protected by any official bank! It rose and fell sharply within 24 hours. . If you don’t believe me, take a look at the picture below: None of these mainstream virtual currencies are issued by the state. They are all published by individual programmers themselves. Skyrocketing prices! There is no pattern at all! For example, Musk said, "Dogecoin is the people's currency." In an instant, Dogecoin skyrocketed. Obviously, those Western capitalists who have mastered a large number of virtual currencies. You can control the "trading volume" at will! To control the rise or fall of "price"! What they want to make is naturally to cut leeks from retail investors around the world. Fundamentally speaking, virtual currency is a Ponzi scheme, which is essentially just a sharp knife for "cutting leeks". So far, no central bank is willing to endorse virtual currencies! In the final analysis, for any country, its own monetary sovereignty is the top priority! No ordinary person can challenge the monetary sovereignty of his or her country!Not to mention the United States, which is the country least likely to support and endorse virtual currencies! If the United States gives a platform to Bitcoin, it will be equivalent to giving up the transcendent status of the US dollar. In the future, other countries will engage in global trade and business. They all switched to using virtual currency for settlement, bypassing the U.S. dollar. In the final analysis, virtual currency has no national credit endorsement and no legal protection. It can only be an anarchic carnival and wealth illusion. In other words, sooner or later it will be completely shattered and become worthless.