Crypto Firm FTX Collapses as Mid-Term Elections Conclude
Major Cryptocurrency exchange firm FTX has imploded and lost billions for its users, setting back the crypto industry. The 2022 mid-term elections are concluding, and the focus is now moving toward the 2024 presidential election. After months of chaotic business negotiations, Elon Musk has acquired Twitter for $44 billion. Scientists reverse aging in human skin cells by 30 years. Here are this week’s stories.
The Collapse of FTX
Bankman-Fried, who also goes by SBF, launched Alameda Research, a crypto trading firm, in 2017. Two years later, Bankman-Fried and his team introduced FTX, a cryptocurrency exchange platform with benefits including low trading costs, and off these companies, SBF became a billionaire. By 30, he was worth $26 billion, became a significant political donor, persuaded celebrities like Tom Brady and Gisele Bündchen to endorse FTX, and obtained the naming rights to the Miami Heat’s home arena. FTX was soon known as one of the most stable and respected firms in the crypto industry, but the company’s methods were soon called into question by the CoinDesk report. The report found that even though Alameda Research and FTX are two separate companies, Alameda’s assets were mostly in FTT, a coin created by FTX, which calls into question FTX’s liquidity. Binance, another cryptocurrency exchange platform, and FTX’s rival liquidated $530 million worth of FTT, which led to the value of FTT plunging 32%, and customers raced to pull out. Soon Binance announced that it would buy FTX but then backed out of the deal because of reports of mishandled customer funds and the possibility of a federal investigation. This news caused the FTT token to crash, and soon enough, FTX filed for Chapter 11 bankruptcy, and Bankman-Fried resigned as CEO. Bankman-Fried blamed FTX’s implosion on high customer withdrawals and large amounts of debt. A Reuters report also claimed that Bankman-Fried transferred customer funds from FTX to Alameda in secret after Alameda was hit with a series of losses. Investors and Crypto users have lost billions of dollars, and this collapse is a setback for the crypto industry, which already suffered a $2 trillion crash back in May. This saga is prompting more support for regulation in the crypto industry, but regulation rarely ever helps the average investor. Bankman-Fried was able to get away with all of this by essentially creating money, leveraging it, and donating millions to political campaigns for support.
The Mid-Term Elections
The 2022 mid-term elections are in full swing as 35 Senate seats and all 435 of the House of Representatives seats were up for election. Additionally, there were 39 state and territory elections as well as many other state and municipal elections. It was anticipated that the republicans would take control of congress with high gas prices, inflation, and Joe Biden’s presidency, but they did not. Democrats have managed to maintain control in the Senate with 50 seats and Vice President Kamala Harris’s tie-breaking vote. The Republicans are currently leading the house with 214 seats and inching closer to a 218-seat majority. The Democrats have performed exceptionally well; in fact, it was the best performance for the president’s party in a midterm election since the 1950 US elections, when considering his low approval ratings. Now, all focus is going to move toward the 2024 presidential election. From the democratic party, it seems likely that Joe Biden will run for reelection with Kamala Harris as his running mate, but he is just too old. He will be 82 by the end of his first term and is mentally deteriorating, and therefore should not be in charge of the most powerful country in the world. There are also rumors that Secretary of Transportation Pete Buttigieg will run, and he would be a good fit for the position. He is young and has proven his genius when it comes to policy, political strategy, and foreign affairs. For the Republican Party, it seems likely that Donald Trump will run again, and although he moved the country forward and provided a new perspective in politics, he is also too old and is not as clever as he used to be. It is also likely that Florida’s governor Ron DeSantis will run for office, and like Buttigieg, he is young and a good fit for the position. Andrew Yang also plans to run as a candidate from the Forward Party, and although he is also a good fit for the job, our country unfortunately only focuses on and votes for Democrats and Republicans.
The Future of Twitter
After months of chaotic business negotiations, Elon Musk has acquired Twitter for $44 billion. In late October, Musk entered the Twitter offices with a sink to “let it sink in” that the takeover was official. He also fired multiple execs, including CEO Parag Agrawal. With his takeover, Musk is having fun and also trying to create some change. He has consistently stated that Twitter should be a free speech platform without intervention. The problem with free speech is that it allows for a lot of negativity, which is why Musk has stated that he will use algorithms to promote and demote content, arguing for “freedom of speech” but not “freedom of reach.” Although this is the right approach to the censorship problem in social media, it is nearly impossible to implement. Musk also plans to reinstate Trump’s Twitter account and create a process to allow anyone who was de-platformed for violating Twitter rules back on the platform. After the acquisition, there have been numerous controversies on Twitter regarding a monthly verification fee, huge layoffs, and even talk about bankruptcy. Musk has good intentions with Twitter, and I truly believe that he can have a profound impact on our society, but only time will tell if his ideas come to light.
Scientists Reverse Aging in Human Skin Cells by 30 Years
According to a new study, researchers have discovered a method to reverse aging in human skin cells by 30 years. Scientists in Cambridge made the skin cells of a 53-year-old woman 30 years younger, allowing them to function as if they were 23 years old. In the experiment, scientists simulated a skin wound and discovered that the partially rejuvenated cells behaved more like youthful cells. The research, published in the journal eLife, is still in its early stages, but it could have significant implications. It could lead to treatments for age-related diseases like diabetes, heart disease, and neurological disorders like Alzheimer’s. It could also help people recover faster from cuts and burns. Researchers plan to experiment with this technology on n other tissues such as muscle, liver, and blood cells. The Scientists also believe they can achieve these other tissues in the body while maintaining their function.
Above are my top stories for the week of November 13th, 2022. Thank you, and see you next week!