Bitcoin Forum

Hello

Just an Observation looking at the current scenario ,

how true is this as people are actually facing issues while withdrawing funds

and is there an issue of liquidity of FTT (FTX Tokens)

So the story goes like this - FTX claimed its assest to be 14.6 Billion, but they dont hold it in bitcoins or Ethereum, rather they hold it in FTT Tokens, and how can they say that 8 Billion Liability which FTX is stating is against their tokens , and it got triggered after CZ (Binance) tweeted

All the Tweets Mentioned Here as Reference ...

https://twitter.com/cz_binance/status/1589283421704290306

https://twitter.com/cz_binance/status/1589374530413215744

Ran Neuner - https://twitter.com/cryptomanran/status/1589393818155364352

Share your opinion...

I haven't heard any rumours about people not being able to withdraw their money from FTX. Care to share the source of that claim?


Gotta agree with this though, due recent happenings I would advise the same: get your money out of FTX. After all, people are not supposed to hold their crypto for longer period of time anyway.

While FTT is expected to have... difficulties, especially after CZ announcement that they'll (slowly) sell some huge amounts, I don't know of actual withdrawal issues from FTX.
However, it's always well known that keeping funds at centralized exchanges is risky, so at least those keeping their money there for no good reason should really consider withdrawing to their own wallets, especially as I've read that FTX has not withdrawal fees (I don't know though whether this is for Bitcoin only or other crypto too).

Though i don't know by myself, but people are actually saying that they have been charged almost $100 as a withdrawal fees, cannot be sure , but yes there must be something cooking behind the walls..

OK, I've looked myself for their help pages. Bitcoin (> 0.01BTC) and most altcoins' withdrawals are officially for free. ETH, tokens are not free.
Even more, of qualifying for free withdrawals, one has to actually trade, it seems:


So I don't know where the 100$ fee comes from and if it's for real (there are plenty of users complaining on the internet about this or that without understanding what they're doing and how this or that service is charging money from them, so without proof I tend to ignore most of those).

However, I see FTX policy somehow related to Binance's no trading fees for this or that pair (and also an attempt to increase FTX user base) and I think that it is only a temporary policy.

Your funds are not safe on FTX not because of the recent problems they are having, but because funds are never safe in all centralized exchanges, even in Binance, hacks can happen, and funds can be confiscated for any flimsy reason, if you use centralized exchanges, you have to move your funds out after trading, move them to non-custodial wallets so they are safe in your custody.
I have checked the web, but i have not seen anything like this, or maybe you do not understand what you read, because the minimum fiat withdrawal value (not fees) has always been $100 according to what i saw online, as *i do not use this exachange.

To begin with, my opinion is that this topic does not belong in this board, because what do the tokens of a crypto exchange have to do with Bitcoin? Furthermore, all those who see CZ&Bankman as leaders and support them in everything they do should be ready to bear the consequences of the stupidity they support.

It has been shown once again why the tokens they print out of nothing are the biggest fraud in the crypto world, of course including stablecoins - all of it is backed with false promises and is worth no more than ordinary dust.

I am not a very keen supporter of Binance personally, as looking at its trajectory, i feel most exchanges which he has tie ups or he is somehow involved in , has gone through tough times in terms of liquidity or fund management, This is 2nd this year which we have seen after WazirX and Binance Spat.. 2ndly The post has nothing to do with comparison or Bitcoin or Tokens, but rather its about what FTX has claimed and whats going on twitter and other social media platforms... 

I agree it should be moved, but not to altcoins, but to service discussions.
Imho those (shit)tokens only show that a service may have issues. The emphasis is imho on "Are your funds safe at FTX", not "FTT is falling".

The problem is that comments may turn the topic in altcoins shitshow.

Cryptocurrency companies should diversify their treasuries into other currencies especially strong stable coins or fiat currencies. It is terrible if they self-believe too much about their own cryptocurrencies or tokens and put their treasuries at risk if their tokens have terrible collapse in value.

I don't follow this case too much but FTT is different than LUNA and UST. The token is not a stable coin and does not function like the pair of LUNA and UST in May collapse. If FTT token loses its value a lot, what will happen? No automatically technical algorithm to mint more tokens and put the FTT token down in price on market like LUNA or UST.

The risk is whether FTX used their FTT for loan and whether they are facing with forced liquidations. With what I knew about Sam and FTX, they don't have that risk.

They say it'll be the same as the Luna mania. But, it's different, this isn't the exchange that's going to dump it, not the developers but it is Binance that has said they'll be the ones to dump it.

The FTX team is willing to mend and buy back those that will be sold in the market so I think, there's the sign of their willingness to cooperate with CZ.

But, all of it lies with just some negotiations and talks with FTX and Binance.

For such discussions we have a board called Exchanges, and the question is why do you think such a discussion is appropriate in this board? Learn to put things in the right place - although you are a little late because we already have at least two topics discussing the same thing.

https://bitcointalk.org/index.php?topic=5419386.0
https://bitcointalk.org/index.php?topic=5419710.0

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This is now the decision of the mods, although considering that there are already discussions on this topic, it would be best to lock this topic.

Thats ok , if the topic is there and if you feel its not required, u can lock the topic ... .

I am not clear about FTX till now and I haven't researched it much because I haven't used FTX that much before only used it occasionally for ETH.  When ethereum withdrawal free was high on all exchanges FTX allowed ethereum withdrawals for very low fees so I used FTX I didn't use it for any other purpose so I don't have any funds holding in FTX now so I'm not fussing about it but since  As we've seen a project like LUNA fail before, nothing can be fully trusted now so it's best to be cautious.

If you make a withdrawal in USDC there will be congestion and may not be able to withdraw during this time, it is because FTX's USDC reserve has been exhausted but if you withdraw USDT everything is still normal. It is known that Alameda is receiving a lot of USDC from Circle and then pushing it to the exchange for people to withdraw.

Yes, I also think that to be safe, to avoid unexpected incidents like Luna, everyone should withdraw all assets. Anything can happen, it's best for us to stay out and do nothing not even catch a falling knife FTT.

I firmly hate this new ecosystem of crypto exchanges not holding at least 100% in reserves, and all as deposited. Though 90% would not be too bad either.

This trend causes me to question why people moved off trad-fi in the first place. You don't have your full reserves at Chase and you don't with FTX. I do understand why some people keep it all on just to trade regularly/hold long/short

No one should leave their coins on centralized exchange, no matter what the popularity and the security they offer.

Even though CZ want to attack by dump FTT token, as long as FTX is still has a lot traffic and anyone still use FTX due to it's cheap fees, FTX will not collapse. Anyway what's the point to buy exchange coins? it doesn't have any value and any use case, similar like BNB aka another shitcoin.