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Another Case of Hubris Emerges as Bankman-Fried Explains Personal Failings that Contributed to FTX Downfall

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Sam Bankman-Fried, former CEO of the erstwhile global leading cryptocurrency exchange platform, FTX, has been on the news after reports of the bankruptcy of FTX. As at July 2021, FTX was reportedly valued at $18billion with more than one million subscriptions recorded on the platform. This pushed FTX forward as the third largest crypto exchange platform. By January 2022, FTX reported its valuation at $32billion.

However, in November 2022, FTX filed for bankruptcy after a lingered reported liquidity crisis since July. SBF who has been held responsible for FTX’s failure on allegations of “diverting billions of dollars of FTX’s customer funds for his own personal benefit and to help grow his crypto empire” was then “charged for fraud by the Securities and Exchange Commission” following his arrest on Monday.

A document prepared by Bankman-Fried toward his hearing on Tuesday highlighted markers of hubris responsible for Fried’s personal failings and consequently the fall of FTX. Hubris as a concept and how it manifests in corporate leadership and causes organisational failure has been extensively explained in another article here.

According to Business Insider, the 7000-word draft Bankman-Fried wrote explained he was less grounded in operational details in the months leading up to his exchange’s downfall. Some of SBF’s claims in the draft that were quoted by insider include the following:

‘’I had prided myself on staying grounded: staying in the weeds, day to day, of the company.

‘’I also prided myself on having a strong work ethic: I began FTX routinely working 18 hours per day. But for much of 2022, I believe that I was working about 30 percent less than I used to. And even when I was working, I was less focused and disciplined than I used to be.

‘’That’s time that wasn’t spent focusing on the actual core product, including risk management.

‘’I made a number of significant mistakes.

‘’I thought that I could hold FTX together despite the expansion. But I was wrong. I bit more than I could chew, and ended up failing to focus on risk management’’.

Meanwhile the FTX’s new CEO John J. Ray, had described the FTX decline as self-inflicted using the word ‘’catastrophic failure’’. According to a news report on the Corporate Governance Institute’s blog, Mr Ray who has a track record of managing bankruptcies in multiple companies attributed FTX failure to a number of factors which include the following:

  • compromised systems integrity
  • faulty regulatory oversight
  • lack of centralised control of the cash that it handled
  • inaccurate list of bank accounts and account signatories
  • inaccurate bookkeeping
  • luxury purchases made by employees in the Bahamas with cooperate funds
  • inaccurate registering of assets with government authorities.

Ray also stated that despite the vast wealth and the popularity of FTX, control was in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals. ‘’Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here’’  Mr Ray had said.

How Business Managers Can Recognise and Deal with Hubris

Crypto Experts: Drop Loopring (LRC) And Cartesi (CTSI) For Flasko (FLSK)

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Major currencies Cartesi (CTSI) and Loopring (LRC) have had price drops amid the collapse of FTX and BlockFi. Investors seek distinctive coins that will bring them significant earnings to survive this turbulent crypto market. Flasko is a new cryptocurrency that has attracted the attention of investors since its projection differs from the industry’s declining trend.

Keep reading to know why experts predict Flasko will be one of the best investment options in 2023 and may even outperform Cartesi (CTSI) and Loopring (LRC).

Loopring (LRC) Declines In Value

Using the Ethereum Layer-2 scaling protocol Loopring (LRC), developers may build decentralized exchanges with performance comparable to centralized exchanges. With each transaction requiring only a tiny fraction of a penny to be spent, the Loopring (LRC) network can process more transactions per second than Ethereum.

This unique advantage made the Loopring (LRC) token price skyrocket to $3.18 in 2021. Unfortunately, it has all been downhill since then for Loopring (LRC). It is currently down nearly 92% from its all-time high. The current price of $0.2483 makes Loopring (LRC) a lousy investment option at this time.

Cartesi (CTSI) Still Has Not Reached $2

The Cartesi network, which uses technologies like Optimistic Rollups and side-chains to address issues with blockchain performance and excessive fees, is powered by its native token, CTSI. The Cartesi (CTSI) token can be used for staking and costs related to information handling.

No matter these use cases, the Cartesi (CTSI) token still has not reached $2 since its launch in 2020, which is a bad omen. Cartesi (CTSI) reached its all-time high of $1.53 in 2021 but has been on a downward trend in the last few months. It has a price point of $0.1209 currently, and although it may reach its former peak in the future, investing in new projects with more potential is a wiser idea.

Flasko (FLSK) Merges NFTs With Whiskey, Wine And Champagne

Because of its specific and transparent protocol, Flasko is beginning to establish a reputation among its peers in the cryptocurrency industry, even from Loopring (LRC) and Cartesi (CTSI) investors. This project will bring forth the first alternative-investment platform where fractionalized NFTs with luxurious bottles of wine, whiskey, and champagne backing will be minted.

By fractionalizing these NFTs, Flasko allows everyone to purchase or trade the whole or a part of an NFT. With a complete purchase, some investors may bring the asset to their chosen location!

Flasko is just a few months old and has already reached Stage Two; its demand is very high. The next step for Flasko will be launching on Uniswap. When that happens, the current price of just $0.111 will no longer be available. So purchase now and enjoy the predicted 4,000% price soar in 2023!

With a Solid Proof audit under its belt, Flasko will be the safest investment anyone can make! So buy now, and get in early on a future blue-chip coin:

 

Website URL: https://flasko.io

Presale: https://presale.flasko.io

Telegram:https://t.me/flaskoio

Twitter: https://twitter.com/flasko_io

Selling Products Online: 5 Steps To A Successful Internet Business

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It would help if you first knew the ropes before launching a business. You must develop your internet sales skills to launch an online business. And if you want to discover how to sell goods online, you’ve arrived at the proper location.

Fear not. All the complications will be resolved. In this manner, you will receive answers to your inquiries regarding how to sell goods online.

Small businesses have a lot to gain from the e-commerce industry.

When you’re up and running, selling items online may seem simple. And it can be. However, you must first conduct some research:

  • Choose the goods you wish to offer.
  • Identify your potential customers.
  • Plan how to transport those goods smoothly into your clients’ hands.

This planning will serve as the cornerstone of a successful e-commerce strategy. After all, understanding how to sell your product is crucial when considering how to launch a business online.

What Is The Meaning Of Selling Products Online?

Selling products online means businesses can reach a larger audience with their products and services. It allows businesses to connect with customers from all over the world and build relationships with them. It also provides customers with convenience and choices.

Follow These Steps To A Successful Internet Business.

We can now address the query of how to sell online. We’ll talk about how to sell products online because Oberlo is an eCommerce platform. These are a few simple tactics you can use right away.

Name your business and your domain.

Your website and domain names are nearly as important as the products you sell. You want it to be simple for potential customers to find you online and don’t want them to mistype your business name into voice assistants.

Your online business should have the same name as your brick-and-mortar location if you have one. A website’s name should ideally correspond to its domain name.

Decide which payments to accept.

Depending on how much effort you want, accepting payments through your online store can be simple or challenging.

When a client makes an online purchase, a processor is a third party that manages the payment transaction. The payment processor quickly establishes contact with the customer’s bank to confirm sufficient funds to complete the transaction. To prevent the use of a fraudulent payment method, it also uses security measures.

If you already accept credit cards in your physical store, your current payment processor should be able to accommodate your online sales. Furthermore, if you entered into a contract, you might be required by that agreement to use that company as your online processor. Here, you can use online payments how to integrate them into your website, payments that are frequently included when using an e-commerce platform. A third-party payment processor can be used on some platforms, but there may be an additional cost. Your online store should accept as many different payment options as possible. Accepting credit and debit cards is a requirement, but you should also accept electronic payments.

Use existing sales gateways.

Marketplaces allow you to sell products online, but this tactic has advantages and disadvantages. The advantage is that you can access a well-established community of loyal customers. And being able to access a sizable pool of online customers who already trust the platform is essential for someone who is just learning how to sell online.

A significant benefit for those just starting in e-commerce is the chance to gauge customer demand for the goods they sell. You can test ideas for single-product stores where you create a brand around a single item.

It’s time to start creating an online store after you get a good sense of what’s in demand. Connecting well-known sales channels to your store is simple if you build one. Why would you change your approach once it produces a profit?

To put it simply, you won’t be able to collect their email addresses, offer them helpful content, or launch your campaigns to increase sales. Furthermore, marketplaces can permanently close your store at anytime, which is a painful and damaging process.

Sell via social media platforms.

You can expose your products to potential buyers through social media platforms. For instance, you could create a Facebook page to show your products to users. Interested parties can instantly check out on the platform by adding your goods to their shopping carts.

If you’d prefer to build your eCommerce website, Facebook still provides several alternatives to sell online, including using your Facebook Business Page, running ads, and selling goods in Facebook groups. So, get hurry to use social media for your business and drive more customers to gain more profits.

Working with influencers is possible thanks to social media. Influencers who promote your products can receive free samples from you. You can find some influencers in your field by looking up relevant hashtags. Then, team up with them to promote your products through stories, videos, posts, and other channels.

Figure out the shipping.

Calculating shipping costs and their effect on your profits is crucial before you advertise rates. It’s a fine line to walk between not losing a sale because of high shipping costs and not going bankrupt by giving everyone free shipping.

It would be best to discover a way to deliver value and outperform expectations.

Bottom line

If you approach online selling correctly, it’s easier than it may seem. The journey continues after you learn how to sell online; you still need to develop time management skills. If you plan to balance multiple priorities, this is even more crucial. Your online store can be automated, which is one of the greatest ways to achieve this. So, don’t get bothered to start an online business because one day, you will decide that it is the best investment you will ever make.

This allows you to increase your income. You do, however, have more time to enjoy yourself. Save time and start selling online now that you understand how to sell goods online.

At this time, electronic commerce is an essential component of the operation of any size business. Because of this platform, businesses can connect with their customers on an individual level.

The process of purchasing and selling products and components through the internet is an e-commerce business model. Transactions of various kinds, including payments, can also be completed using internet services. The buying and selling of smart devices was the first step in the evolution of the mobile e-commerce model.

Indeed, when it comes to selling products online and building a successful internet business, utilizing an efficient online design maker like Gelato can make all the difference. With their user-friendly design maker, you can easily create eye-catching graphics and designs for your products, helping you attract customers and boost your online sales.

Start Your New Year With An Adorable Meme Coin – Big Eyes Coin – How Will It Compete With Quant And Algorand?

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As the new year is starting soon, traders are looking for the latest cryptocurrencies with unique utilities that would benefit the blockchain network and the world’s environment. For that matter, this article features Big Eyes Coin (BIG) with a never-seen-before theme.

One of the two other significant coins in this article, Quant (QNT), is the first-ever blockchain operating system. In contrast, the other one, Algorand (ALGO), is patching the holes in blockchain technology. Below is a detailed note on these tokens, so stay tuned for the real deal.

Introduction To Quant

Quant (QNT) is a decentralized project on the blockchain network that serves as an operating system for the entire network. It deems itself to be the first-ever Operating system like iOS and Android.

It allows users to develop dApps with ease. The main focus of QNT is to offer Blockchain Interconnectivity, which is one of the most faced issues by this network. Developers can create and deploy their applications over different networks in one go.

These become the multi-chain applications powered by the Quant (QNT) ecosystem. QNT has a maximum supply of 14.61 million tokens with a trading price of around $119 per token.

Introduction To Algorand

Blockchain technology always has a space to grow further, and Algorand (ALGO) aims to become that missing link for this technology. It aims to provide developers with the utility to create unique and new applications for blockchain technology. ALGO uses pure PoS consensus to confirm transactions.

It aims to improve the scalability and transaction speed while keeping the fees as low as possible. It was developed in 2017 to increase the usage of the DeFi protocol and bring attention to this part of the ecosystem.

The current trading price of ALGO is moving between $0.1 to $0.3. Its ATH was recorded in 2019 at $3.28.

What Does Big Eyes Coin Offer?

An adorable cat-themed meme coin with the potential to give a tough time to other dominating meme coins. Meme coins always rely on the hype, but the BIG coin is not taking any chances as it has kept useful utilities for its users.

It has been trying to market its coin, by all means, to make sure BIG is seen as the best meme coin in the crypto space. If you have been to Times Square, you might have seen the 3D ad BIG has displayed to attract people.

It wants to bring traders to the project but also wants to include the general public in its community. BIG has a total of 200 trillion tokens; on launch, 70% of the tokens will be available for trading. 5% of it is kept aside for marketing purposes, which it uses exceptionally. 5% will go to Charity every month in portions. The remaining 20% will be listed on exchanges!

Get voting rights by buying the BIG coin

Anyone buying even a single BIG token becomes an essential part of its community and gets the right to vote on important network updates and proposals. Currently, in the 7th stage of the presale, the team is giving away over 3000 BIG coins for every USDT spent.

As for the fundraising, it has crossed the $11 million mark and is targeting $15 million and above. According to the roadmap, an NFT collection, Swap, and many other things are planned by BIG. Check out its roadmap to check what else it’s offering.

If you want 5% bonus tokens with your purchase, use the ‘SUSHI772’ code at the checkout!

For more information on Big Eyes Coin (BIG), please visit the following links:

Presale: https://buy.bigeyes.space/

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

Revive Your Portfolio Before the New Year! Big Eyes Coin, Litecoin, And More Can Help Your Portfolio

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The bear market made its mark on the crypto market and many investors are still finding it hard to regain their lost assets. Most investors want to find the finest cryptocurrency to invest in in 2023. However, finding these elusive assets with significant upside potential can be very challenging.

In this article, we’ll examine some of the most promising cryptocurrency projects and how they can help to revive your portfolio, including emerging meme coin giant, Big Eyes Coin (BIG). Let’s get going.

Litecoin (LTC): Lite In Name Only

Litecoin (LTC) is a peer-to-peer cryptocurrency that enables rapid, almost cost-free, and secure international transfers. Litecoin (LTC) and Bitcoin are quite similar. However, Litecoin (LTC) processes transactions far more quickly than Bitcoin (BTC). At its peak, Litecoin (LTC) increased by almost 1000% from September 2020 to an ATH of $377.67 in May 2021.

Undoubtedly, a lot of cryptocurrency investors profited greatly from the price increase of Litecoin (LTC) by trading it. Additionally, lending and staking Litecoin (LTC) on cryptocurrency exchanges like Binance Exchanged was advantageous to many holders.

Despite the altcoin’s current price being below $100, Litecoin (LTC) is still a cryptocurrency to watch because of its strong growth potential, cutting-edge features, and lucrative services.

Solana (SOL): Wide Range Of Utilities

As a result of its protocol, Solana (SOL) has emerged as one of the most popular tokens on the cryptocurrency market. Since its 2018 inception, the token has grown in popularity. The hybrid protocol used by Solana is its most distinctive characteristic. A history consensus protocol and a Proof-of-Stake protocol are included in the protocol.

Since the platform has an NFT marketplace where users can generate customized tokens and manage them using their wallets, Solana (SOL) is home to certain web3 solutions and DeFi apps. Prior to the cryptocurrency collapse paralyzing the majority of platform activities, the Solana network’s NFT trade was well-known in the market.

Polkadot (DOT): Offering Interoperability

Polkadot (DOT) offers an interoperability protocol that employs segments, or shards, to extend the network in order to create a truly decentralized web where users are in charge. It has the ability to connect independent blockchains, public networks, and oracles. The connection then enables a new type of web where information can be exchanged without any intermediaries.

The Polkadot network’s native token currency is called DOT, and its tiniest unit is referred to as a Planck. Tokens are locked up as part of connecting new chains to the Polkadot network or playing another role in the ecosystem. DOT’s supply is unrestricted, unlike the majority of other cryptocurrencies. This is intended to stimulate the network and dynamically change in accordance with user staking participation rates, increasing by up to 10% annually.

Big Eyes Coin (BIG): Meme Coin Pushing DeFi Sector

Big Eyes Coin (BIG), also referred to as the “Doge killer” meme coin, is a brand-new cryptocurrency meme coin designed to transfer wealth into the decentralized finance (DeFi) economic sector in order to grow it. Through its transaction mechanisms, a number of lucrative NFT channels, item sales, community events, and a contribution to environmental protection by making charitable donations to ocean-based sanctuaries, Big Eyes Coin (BIG) aims to make money for its users.

With its adorable cat-themed mascot, which is distinctive in a meme coin community that is dominated by canines and apes, Big Eyes Coin (BIG) has plans to stand out in the cryptocurrency market with its several unique innovations. Due to the use of a dynamic taxing system, there are no additional taxes on the platform and no buy-and-sell taxes or transaction fees.

Through BIG token purchases and transactions, users also gain access to the Sushi Crew, a venue for exclusive NFT events and activities. The presale period is still open, and over $10 million has already been raised, making this the ideal opportunity to purchase BIG tokens. This coin’s future is incredibly bright. By following the button below, and using exclusive code SUSHI874 to gain BIG discounts and bonuses!

Final Thoughts

The crypto market is vast and there are lots of tokens to choose from. Choosing Big Eyes Coin as your sole investment is one choice that cannot go wrong. The presale is ending soon. So, hurry and join before the token’s price increases. For more information, follow the links below!

 

Presale: https://buy.bigeyes.space/

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL