अंग्रेजी में पाठ पढ़ें
फिर अपनी समझ को सत्यापित करने के लिए अपनी भाषा में अनुवाद करें.

FTX क्रिप्टो एक्सचेंज का पतन

नवम्बर 18, 2022

अर्थशास्त्रियों के लिए अंग्रेजी में आपका स्वागत है, पॉडकास्ट अर्थशास्त्र में काम करने वाले लोगों के लिए है जो वास्तविक दुनिया का उपयोग करके अपनी अंग्रेजी सुधारना चाहते हैं, समकालीन उदाहरण. इस अंग्रेजी पाठ में, हम एफटीएक्स के हाल के पतन के आसपास की कुछ शब्दावली को देखेंगे, a large crypto-exchange firm.

Look at this headline, published by the New York Times on November 17th.

Investor Losses From FTX’s Implosion Are Growing

As I mentioned in the introduction, FTX is a crypto exchange. What is a ‘crypto exchange’, you might ask? That question has a complicated answer, but in the simplest form,  a crypto exchange is where you go to buy and trade digital assets. It is also the place you can cash out of your investment into hard currency. This particular exchange –– the FTX exchange –– is a new company. It was founded in 2019, and at its peak in 2021, it had over one million users. It was the third-largest crypto exchange by volume. इसलिए, FTX was a big player, and it has some big investors.

Those good old days are over now.

Listen to the headline again: Investor Losses From FTX’s Implosion Are Growing

So first, what is an ‘implosion’? कुंआ, an implosion is when something collapses inward. There is a kind of contraction.  And as this headline says, FTX has ‘imploded’.

Implosion is the opposite of ‘explosion’.  You could say that this company first had explosive growth as it increased in the size of its customer base and its volume of transactions. Then, they began to have serious problems which led to a collapse, the implosion. Explosion / Implosion.

FTX imploded.  Its value decreased, and fast!

The implosion resulted in the company going bust. FTX declared bankruptcy on November 11th after investors suddenly lost faith leading to a withdrawal of funds and support. There was a ‘run’ on FTX’. Investors began to withdraw their cash from the company after media reports provided evidence that the sister company Alameda Research was using customer funds to make risky investments.  

One of the immediate results of this implosion was that FTX’s own cryptocurrency plummeted. The cryptocurrency, called the FTX token, has fallen from a recent high of nearly $20 to a low of close to $1.50 as of today.

ठीक. I just used the word cryptocurrency. So on that point, I want to digress for one moment, and by ‘digress’ I mean this: let me shift to a different, but related point in the conversation. When you say ‘let me digress’, you signal to your listeners that you are going to talk about something else, but something relevant.

So let me ‘digress for a moment and say this:

In this crypto world, many people refer to crypto assets like bitcoin as ‘currencies’. Experts dispute the use of the word currency used when talking about anything crypto-related. They point out that, the core meaning of currency is a system of money that has three basic features, or in other words, it meets three basic requirements: A currency has to be a unit of account, it has to be a store of value,  and it needs to serve as a medium of exchange.

With the collapse –– or the implosion –– of FTX, investors have been taught once again that cryptocurrencies fail miserably in their role as a store of value.

कुंआ, let’s get back to the story. With the implosion of FTX, it has already been reported that between one to two billion dollars in clientsfunds have disappeared. Not only that, but investors in the company, including pension funds and venture capitalists, are writing down losses in the hundreds of millions of dollars. Even movie stars and sports personalities that worked to promote FTX are already facing lawsuits. There is tremendous confusion, and untangling the mess will take years.

With these large and sudden losses comes the fear of contagion. दूसरे शब्दों में, there is a threat that the FTX bankruptcy could impact traditional markets as well. It could ‘infect other markets. That’s contagion. Another way to express that connection is to say that the implosion of this company, with losses of billions of dollars, has caused a ‘spillover effect’.  When regulators hear words like contagion and spillover, they get worried.

The New York Times article goes on to say:

Lawmakers are also gearing up. Treasury Secretary Janet Yellen said on Wednesday that the crypto market needs more oversight, adding that the sector’s links to the broader financial system could cause wider stability issues.

‘Gearing up’? कुंआ, that means getting ready. And ‘oversight’? That means reviewing and monitoring.

Time will tell what exactly the implications will be. Let’s keep our eyes on this story.

Okay… Listen up! Here is the key vocabulary from this lesson.

Implosion: A collapse.

To digress: You ‘digress’ when as you speak or write, you switch to a different, but related point. To digress. You’d say, ‘Let me digress for a moment’.  

Next, the three traditional features of a currency? Unit of account, store of value, and medium of exchange.

Contagion: Contagion is where a shock spreads out.

Gearing up? As in, “Lawmakers are gearing up?. ‘Gearing up’ is to prepare. To get ready.

And ‘oversight'? ‘Oversight’ is to review and monitor.

Friends, before I finish, I wanted to ask you something: Are you somebody that needs to give formal or informal presentations in English? If you are, and you want to do a better job, I want you to know about my new course. This course is a 70-minute master class that will show you different strategies you can use to improve your presentation skills in English, without having to improve your English at all. You just need to change your approach and change your preparation.  

The course is called How to Give a Great Presentation in English, Even if Your English Isn’t Great. It will be released on December 1st, but you have until November 30th to register for the presale price of $20. If you consider how even making a small improvement to your presentation skills can deliver great benefits, this price is a bargain. You can sign up for the course here: HTTPS के://englishforeconomists.com/english-presentations-for-non-native-speakers/

You can listen to the audio version of this article here

Image credits: Sam Bankman-Fried, Creative Commons 3.0, author: Cointelegraph

आप इस पाठ के बारे में क्या सोचते हैं?
क्या आपके कोई प्रश्न या चिंता हैं?
हमें बताइए.

0 टिप्पणियाँ

एक टिप्पणी सबमिट करें

आपका ईमेल पता प्रकाशित नहीं किया जाएगा. आवश्यक फ़ील्ड चिह्नित हैं *

सदस्यता लेने के

नवीनतम पोस्ट

नवीनतम पॉडकास्ट

CBDC, Stablecoins, DeFi and Web3

CBDC, Stablecoins, DeFi and Web3

Hello, friends from all over the world. Welcome to the English for Economists podcast. This is podcast number 63. I am Alan Robert and I am very happy that you joined me today. Thank you for your support. It’s January 24th, 2023, and today our topic deals with the...

ChatGPT and AI

ChatGPT and AI

इस अंग्रेजी पाठ में, we will look at words related to artificial intelligence and chatbots. A company called OpenAI (and remember, AI stands for ‘artificial intelligence’) released a product called ChatGPT at the end of last November. ChatGPT allows users to ask it...

The ‘Gig’ Economy

The ‘GigEconomy

इस अंग्रेजी पाठ में, you will learn vocabulary related to the so-called ‘gig' economy that is currently growing with leaps and bounds -- words like gig, task, self-employed, and freelancer, among a few others.   Hello friends from all over the world. This is...

What on Earth Is a ‘Fintwit Schemer’?

What on Earth Is a ‘Fintwit Schemer’?

This English lesson looks at the meaning of these words and expressions: FinTwit; To Scheme; To Bilk; To 'Pump and Dump'. Practice your listening and reading. Listen to the lesson and follow along with the script below....

Some Central Banks Are Stockpiling Gold

Some Central Banks Are Stockpiling Gold

इस पाठ में, you’ll hear words related to gold, and gold reserves. And, at the end of the podcast, I’ll share the correct pronunciation of some keywords in English. There will also be a chance for you to win a free English course, so stay tuned to hear this week's...

Breakthrough at Talks Spurs Concessions

Breakthrough at Talks Spurs Concessions

Listen to this headline that was published in a newspaper called The Business Standard. Listen closely because this headline is tricky to understand and it contains a lot of information. Breakthrough in Venezuela Talks Spurs US to Ease Embargo Listen again:...

इसे साझा करें