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How to talk to family members about crypto this Thanksgiving season

by SuperiorInvest

Millions of people from all political and financial backgrounds are traveling across the United States this week to see family members for the first time in months to celebrate Thanksgiving.

For crypto-minded individuals, questions about the market can come as quickly as “Why did you cut your hair?” or “Why didn’t you become a doctor?” — especially given the very public collapse of the main FTX exchange and the tarnished reputation of its former CEO Sam Bankman-Fried. The Cointelegraph team has put together a witty “how to” guide for US readers to refer to when interacting with crypto-skeptics and the curious while at home, though hodlers in other countries may also find some useful tips.

“What is SBF?”

Despite all the three-letter acronyms they’ve heard on the news, family members may have trouble believing that the former FTX CEO isn’t actually a ticker symbol — although someone did launch an SBF Goes to Prison ( SBFP ) token on Nov. 21 that did slightly better than the stock exchange and its management, with the price falling by more than 66%. “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 it went bankrupt.

Bankman-Fried resigned on November 11, the same day FTX filed for bankruptcy. He currently resides in the Bahamas and there is no shortage of stories and rumors about the former manager and his relationship with his employees. SBF may be extradited to the United States to face questioning by government officials and potential criminal charges.

“Why didn’t you make money off those cartoon monkeys?”

Many in the crypto space and beyond have suggested that a market for non-fungible tokens, or NFTs it’s in a bubble, but the use cases for the technology go far beyond projects like the Bored Ape Yacht Club — which is responsible for many of the images family members see when NFT stories go mainstream. Explaining that NFTs can provide authentication for digital and physical products may seem less important than taking the last sweet potato off the dinner table, but if readers are looking for a similar example to use at home, try this:

“I Heard Elizabeth Warren Say Cryptocurrencies Will Destroy 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 Nov. 22 Wall Street Journal op-ed, Massachusetts Sen said the FTX situation should be a “wake-up call” for regulators to enforce laws on the crypto industry in addition to linking digital assets to money laundering and ransomware attacks. Many in the space criticized the senator for taking an “all or nothing” approach to digital assets, often failing to distinguish between centralized exchanges and decentralized blockchain-based projects.

Despite the current crypto-bear market, many industry supporters are not causing their companies to go out of business, cashing in all their digital asset holdings and burning all bitcoin-bearing merch (BTC) logo. In fact, many experts agree that the state of crypto regulation and legislation in the United States needs to 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 openly supported crypto and blockchain, but their parents probably don’t ask them when they’re going to “get a real job” over the holidays. .

Several members of the Cointelegraph team contributed to this article.

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