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World Shocked That Man Running Business Based On Imaginary Money Might Be Fraud Summary

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In the satirical article,“World Shocked That Man Running Business Based On Imaginary Money Might Be Fraud,” published on December 14, 2022, in the New Yorker magazine, satirist Andy Borowitz pokes fun at cryptocurrency investors, prompted by large cryptocurrency exchange company FTX’s filing for bankruptcy after losing $8 billion of investors’ money. Borowitz uses various satirical tools to demonstrate how companies that solely invest in crypto (like FTX) are highly volatile and foolish to invest in. Borowitz begins the article by conveying the shock of many FTX investors while also utilizing comical phrases such as “pretend money” and “flabbergasted” to caricaturize crypto-based investment companies as nonsensical ideas given the risk attached to crypto investments. …show more content…

This suggests that crypto-exclusive investors are also foolish due to their ignorance of the risks attached to their investments. Borowitz builds on his initial criticisms by referencing fictional person Caitlyn, who says,”Of all the firms offering big returns on made-up money, this one seemed the most solid.” Sarcastically proving Borowitz’s claims due to the FTX’s status as a high-risk investment as a result of its exclusive focus on crypto. Lastly, Borowitz uses fictional person Roger's quote,”I just hope that one bad apple doesn’t wreck the entire fake-money industry.” This statement evokes a sense of irony from the reader as there have been several scams in the “fake-money” industry ranging from FTX to the infamous BitConnect Cryptocurrency scam in 2018. Despite the variety of crypto scams in the past, people foolishly continue to pursue risky investments that solely involve

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