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Title: Crypto exchange wars going on... FTX vs Binance Post by: adaseb on November 06, 2022, 10:28:09 PM No idea if you were following the news this past week but a report on Coindesk about a leaked FTX / Alameda balance sheet showing solvecy risks. Basically something how most assets held by FTX are in FTT which is their native token and its considered highly illiquid.
There was a sell off this weekend and the sell-off got worst when Binance CEO tweeted that they are liquidating all their FTT holdings. Then some FTX staff tried to provide some confidence by tweeting that they have tons of other assets and are willing to buy all the Binance's holding of FTT at a fixed price of $22. Now there is massive panic and seems there is a bank run on all the assets held at FTX. If you look at their wallets, you can see people are withdrawing everything. Their USDC wallet keeps getting depleted and they need to keep topping it up. Don't like the way this is going. Crypto exchange wars are not going to be good for crypto. Just like those hashrate wars back in 2018 when the $6K support broke when BSV was against BCH. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: Vaskiy on November 06, 2022, 11:20:38 PM According to coinmarketcap data, FTX Exchange have reached the second position next to Binance in trading volume. Though the difference is high, Binance wants to keep the market under their control. Maybe for that reason such an issue is being arose by Binance. This shows that the competence among the Exchanges is at the peak. Maybe similar incidents will bring to limelight more fake volume and other tactics followed by the Exchanges to keep their markets stable amidst different Market situation.
Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: adaseb on November 07, 2022, 12:45:05 AM Massive amounts of withdraws today.
Look at their USDC wallet https://etherscan.io/token/0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48?a=0x2faf487a4414fe77e2327f0bf4ae2a264a776ad2 Look at their USDT wallet https://etherscan.io/token/0xdac17f958d2ee523a2206206994597c13d831ec7?a=0x2faf487a4414fe77e2327f0bf4ae2a264a776ad2 Massive amounts of funds being withdrawn. They I think request USDC from Circle and a few minutes later its depleted and they need to issue more USDC. Rumor has it that they upped the withdraw fee to $100 per ERC20 withdraw. This is giving me November 2018 vibes with Craig Wright and Roger Ver conflict which caused that nasty crash of $6K. That day was Nov 14th. Basically almost 4 years ago today. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: mk4 on November 07, 2022, 08:30:08 AM For those interested with this 'drama', some Twitter accounts to watch:
https://twitter.com/carolinecapital/status/1589287457975304193 https://twitter.com/cz_binance/status/1589374530413215744 https://twitter.com/SBF_FTX/status/1589399420487208960 Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: Pierre 2 on November 07, 2022, 02:58:19 PM I feel like pointing out LUNA and talking in dramatic way about things don't work. I understand CZ wanna stay as main player in crypto but yet he could just come up and say he wants Binance to stay #1 in exchange list and he will do anything necessary to protect its position. I feel like this will definitely influence Bitcoin badly. Pretty sure decrease in price was sort of caused by this indirectly. They should make up their minds.
Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: DudeAtWork420 on November 07, 2022, 04:54:33 PM When a market has lots of strong competitors it stays health. If one exchange rules them all it will not be good for the industry. After seeing what CZ done to FTX i can not imagine what more he could do to other exchanges. He is very cleaver and destroying his rival one by one. People is in panic mode so its obvious they will withdraw all of their funds but it seems FTX failed to show enough response to cool down everything.
Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: adaseb on November 07, 2022, 04:58:02 PM Been watching those hot wallets for the past 24 hours and it seems they are processing probably over $1B worth of withdraws so far and they still haven't ran out of funds. Their hot wallet is almost 50% empty however they moved alot of funds around to refill their other wallets for USDC, USDT, so I am guessing that maybe >75% of all their client assets have been withdrawn.
Wondering if they will recover from this. This was the top #2 or #3 exchange in terms of volume and I predict it will be closer to #10 spot after this. I think people don't want another Celcius issue. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: OgNasty on November 07, 2022, 07:58:40 PM CZ has gone out of his way to take the time to specifically tweet that this is not a war between exchanges. He’s learned his lesson with the Alina debacle and is seeing cracks in FTX that make him not want to have half a billion dollars invested in FTT. Totally reasonable and in no may malicious in my opinion to not want this liability. If you dig deeper there are lots of other explanations, but I think the simplest explanation is that this was a no brainer move to shore up your Binance’s balance sheet and remove potential sources of future problems.
Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: adaseb on November 07, 2022, 08:18:38 PM From what I understand. Apparently they use FTT as collateral on many different exchanges and Defi. The reason they don't sell FTT but use as collateral is so they don't pay capital gains tax on the tokens.
So they borrow it from FTX, use a collateral to market make and such. Hence it seems that they might have $5B in liabilities for Alameda but $5B in assets for FTX, so it cancels each other out. Another issue is that it seems that FTT is owned 98% by Alameda pretty much. Many only own 25 FTT just to get the free maker fees on FTX but majority is owned by them. So far they are still processing withdraws. Maybe $50M per hour or so. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: bbc.reporter on November 08, 2022, 12:37:53 AM For those interested with this 'drama', some Twitter accounts to watch: https://twitter.com/carolinecapital/status/1589287457975304193 https://twitter.com/cz_binance/status/1589374530413215744 https://twitter.com/SBF_FTX/status/1589399420487208960 The drama might have begun when Giselle Bundchen divorced Tom Brady hehehehe. If speculations that FTX is insolvent are true then this divorce will start to make much more sense hehehe. It might be the husband who convinced the wife to invest much of their savings in FTX hehehehe. Tom and Giselle have taken equity stake in FTX during 2021. This investment might be very big because they have entered the investment after FTX has received a funding round for venture capitalists and valued in more than $1 billion already. Celebrity couple Tom Brady and Gisele Bündchen have taken an equity stake in crypto firm FTX as part of a long-term partnership, marking the duo’s newest foray into the world of digital assets. Source https://www.bloomberg.com/news/articles/2021-06-29/tom-brady-gisele-b-ndchen-take-equity-stake-in-crypto-firm-ftx Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: GonnaGrinditout on November 08, 2022, 01:39:36 AM My understanding of the situation:
FTX lobbied for a DEFI kyc requirement > looks like those crypto players in power in return want to shut them down and seem successful so far. FTX/Almeda inflated their balance sheet with their own tokens, going to be interesting weeks. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: adaseb on November 08, 2022, 02:02:02 AM My understanding of the situation: FTX lobbied for a DEFI kyc requirement > looks like those crypto players in power in return want to shut them down and seem successful so far. FTX/Almeda inflated their balance sheet with their own tokens, going to be interesting weeks. Yes this is the reason. Nobody in the crypto space was happy about what SBF did. However CZ looks like he is looking for blood. Instead of just taking the $22 offer for the FTT, he promised to TWAP it over a 6 month period. However if you look at the FTTBNB chart, there is massive amount of dumping since in the last few hours. Seems like he wants to break the peg and cause pain. There is speculation already that they are selling their holdings of SOL just to keep the $22 peg safe. Right now there is even a 10 cent premium between Binance and FTX for FTT-Token. Looks like it might get ugly. Reminds me of CSW vs Ver from 4 years ago. And poof the $6000 bitcoin support broke. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: Fundamentals Of on November 08, 2022, 02:59:58 AM This is just the dirty side of Sam Bankman-Fried and Changpeng Zhao's competition. It is clear the competition of the two is rather close. It's just not interesting for them to treat each other to the level of an enemy when in fact they're sharing the same industry space. Their competition now is not healthy anymore. Rather than becoming better than the other, it seems they are already trying to kill the other. Of course I'm only referring to their businesses.
But the bigger problem here is that rather than one turning out the winner and the other loser, what will possibly happen is that the market will be affected and we will all losers. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: adaseb on November 08, 2022, 03:04:14 AM The FTT $22 peg just broke and all hell's gone lose.
They are sucking the liquidity out of BTCUSD and ETHUSD also. Site is lagging like crazy and can't navigate it. This peg breaking is similar to the $6000 peg that broke back on November 14 2018. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: philipma1957 on November 08, 2022, 03:35:08 AM For those interested with this 'drama', some Twitter accounts to watch: https://twitter.com/carolinecapital/status/1589287457975304193 https://twitter.com/cz_binance/status/1589374530413215744 https://twitter.com/SBF_FTX/status/1589399420487208960 The drama might have begun when Giselle Bundchen divorced Tom Brady hehehehe. If speculations that FTX is insolvent are true then this divorce will start to make much more sense hehehe. It might be the husband who convinced the wife to invest much of their savings in FTX hehehehe. Tom and Giselle have taken equity stake in FTX during 2021. This investment might be very big because they have entered the investment after FTX has received a funding round for venture capitalists and valued in more than $1 billion already. Celebrity couple Tom Brady and Gisele Bündchen have taken an equity stake in crypto firm FTX as part of a long-term partnership, marking the duo’s newest foray into the world of digital assets. Source https://www.bloomberg.com/news/articles/2021-06-29/tom-brady-gisele-b-ndchen-take-equity-stake-in-crypto-firm-ftx nice I would love to see them drop 100 million or more fuck them. I am sitting with a pile of cash on coinbase but do not see many bargains on the major coins . LTC Dog BTC all are solid enough . Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: mk4 on November 08, 2022, 05:18:06 AM nice I would love to see them drop 100 million or more fuck them. I am sitting with a pile of cash on coinbase but do not see many bargains on the major coins . LTC Dog BTC all are solid enough . Lol markets are still continuing to giga-nuke as we speak, like this is some 3 Arrows Capital cascading liquidations type of event. Personally looking at SOL as it's pretty much collateral damage from the FTT fiasco. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: tabas on November 08, 2022, 12:58:23 PM The FTT $22 peg just broke and all hell's gone lose. And it's down to $15 a few hours ago but $17 now.nice I would love to see them drop 100 million or more fuck them. I've got a few stable coins prepared to buy some and I already did purchased the first batch of it just like a random purchase. Just like you, I don't see many bargain yet and this could still go on further. Most traders are active now and tuning in for this opportunity as of the moment. I might not catch the lowest for other coins as a collateral of this incident but hopefully to pick a lot during its shown dip.I am sitting with a pile of cash on coinbase but do not see many bargains on the major coins . LTC Dog BTC all are solid enough . Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: stompix on November 08, 2022, 01:13:08 PM Oh, the two "saviours" fo the crypto economy, the ones that have done sooooo much for adoption, that have helped millions earnign a few cents with their exchanges are now damaging the whole system more than ever.
For years I've been telling that those two are one of the most toxic persons in this, both full of lies and manipulating everything, but the masses are in just for the money, Binance and FTX throwing a few free $ in some shitty token and everyone is kneeling and praying to them, and now we get the bill for these, allowing some to grow and become more powerful than it should have never been normal in a decentralized economy. Little by little, month after month this is morphinginto the traditional stock /banking system we're so used to, with the same forex attacks with the same insolvency with the same fractional reserves, everyone blames Soros for his fx manipulation and crash of the pound, will CZ get the same treatment if he bankrupts a competitor? No way! He just has to print some BNB, make a giveaway and all your funds are SAFU with him safekeeping them, but only him, not somebody else.. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: adaseb on November 08, 2022, 02:01:24 PM As of 3 hours... withdraws have stopped.
Only deposits are going to their hot wallet and nothing coming out. No idea how their bitcoin hot wallet is doing but their hot wallet for ETH and ERC20 is not sending any withdraws. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: GreatArkansas on November 08, 2022, 02:58:06 PM As of 3 hours... withdraws have stopped. A few hours ago I was able to withdraw USDT using the TRON network from FTX to my Binance account and it is very good, I withdraw because I need it, just like my normal transactions without any reason about the current issue on FTX exchange.Only deposits are going to their hot wallet and nothing coming out. No idea how their bitcoin hot wallet is doing but their hot wallet for ETH and ERC20 is not sending any withdraws. I believe that Sam Bankman-Fried is right, this is because of competitors, they are being targetted by their competitors. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: philipma1957 on November 08, 2022, 03:18:50 PM Oh, the two "saviours" of the crypto economy, the ones that have done sooooo much for adoption, that have helped millions earnign a few cents with their exchanges are now damaging the whole system more than ever. For years I've been telling that those two are one of the most toxic persons in this, both full of lies and manipulating eveything bu, the masses are in just for the money, Binnance and FTX throwing a few free $ in some shitty token and eveyone is kneeling and praying to them, and now we get the bill for these, allowing some to grow and become more powerful than it should have never been normal in a decentralized economy. Little by little, month after month this is morphing into the traditional stock /banking system we're so used to, with the same forex attacks with the same insolvency with the same fractional reserves, everyone blames Soros for his fx manipulation and crash of the pound, will CZ get the same treatment if he bankrupts a competitor? No way! He just has to print some BNB,make a giveaway and all your funds and are SAFU with him safe keeping them, but only him not somebody else.. yeah pretty much I look at it like I look at Dow Jones or Nasdaq and that Pow coins are blue chip tech stocks of crypto. Oh I corrected a few typos in the quote. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: coolcoinz on November 08, 2022, 04:19:09 PM I feel like pointing out LUNA and talking in dramatic way about things don't work. I understand CZ wanna stay as main player in crypto but yet he could just come up and say he wants Binance to stay #1 in exchange list and he will do anything necessary to protect its position. I feel like this will definitely influence Bitcoin badly. Pretty sure decrease in price was sort of caused by this indirectly. They should make up their minds. I wouldn't blame CZ for this. Whether he's right about them being insolvent or not, an exchange is being stress tested and it's failing. CZ quoted an existing report (by Coinbase if I'm not wrong) about the FTX token being used to finance Fried's other business and that made a bunch of traders withdraw or sell their coins. These people did not believe in FTX but held their money there probably taking advantage of their high trading volumes and bailed at first sign of trouble. How is FTX failing? It should have all their clients money available, but they don't which means they're investing money that don't belong to them. We all know that Fried had offered Musk big money to invest in Twitter. Maybe some of that money that he's handing out to various rich people is the money that was supposed to sit there on his business accounts? Maybe withdrawal limits imposed by FTX are a sign of insolvency? Karpeles used to delay things for some time before he admitted that there's no more money left. If greedy traders have to lose some money, so be it. Bitcoin will prevail. I'd buy now if I had any fiat left :D Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: OgNasty on November 08, 2022, 04:19:24 PM As of 3 hours... withdraws have stopped. A few hours ago I was able to withdraw USDT using the TRON network from FTX to my Binance account and it is very good, I withdraw because I need it, just like my normal transactions without any reason about the current issue on FTX exchange.Only deposits are going to their hot wallet and nothing coming out. No idea how their bitcoin hot wallet is doing but their hot wallet for ETH and ERC20 is not sending any withdraws. I believe that Sam Bankman-Fried is right, this is because of competitors, they are being targetted by their competitors. Competitors can't cause you to go bankrupt. Sam was overleveraged and trying to do too much. He got a taste of liquidating companies and thought nothing could go wrong. This may be a case of, "there's always a bigger fish." FTX clearly is having major issues right now and is losing a great deal of public trust. This may be the biggest player in the leverage game (I assume Binance has plenty of capital) so seeing them fall is a good sign we're close to the bottom of this bear market. This happening while the largest public Bitcoin miner is also entering bankruptcy is a great sign that the leverage games are coming to an end and it's almost time to start building a new wave of real growth. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: philipma1957 on November 08, 2022, 04:33:36 PM looks like binance is taking over ftx.
so much for the drama. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: OgNasty on November 08, 2022, 05:09:14 PM looks like binance is taking over ftx. so much for the drama. I just read this news and I'm shocked! Here's a link to the article where I learned this was true... Hard to believe. The mighty fell quickly this time around... https://www.marketwatch.com/story/crypto-exchange-binance-says-it-will-acquire-rival-ftx-2022-11-08 FTX went from the market's savior to it's demon seemingly overnight with a tweet from CZ. Don't underestimate how much power that guy has in the crypto space. Unreal how quickly this all came to be. Binance is a case study for business classes that will likely be envied for generations. What CZ has managed to do with an idea to promote his coin by integrating lower fees for his exchange was brilliance that was executed at the right time and now he gets to be one of the most powerful people in crypto as a result. Amazing. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: mk4 on November 08, 2022, 05:44:18 PM Update: CZ/Binance is fully acquiring FTX. What the actual f*ck. Freaking insane turn out of events. I always thought SBF was better than this.
Tweet link: https://twitter.com/cz_binance/status/1590013613586411520 https://i.imgur.com/xAlUG2T.png Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: thecodebear on November 08, 2022, 08:15:36 PM wth?!
Wasn't FTX supposed to be like the fastest growing exchange in crypto since Binance and was supposedly one of the largest and most powerful exchanges in the world...now all of a sudden they are at major risk of going under and Binance might buy them? I don't know much about what is going on but from what I'm reading it seems like FTX stupidly holds all their money in their own token during a bear market and it caught up with them and then Binance dumped all of their FTT tokens so as to really put the hurt on FTX and now Binance can take out their biggest competitor by buying them up on the cheap. Is that basically the deal? And seems today the market crashed based on this news as Bitcoin dropped like $2k over the past few days, pumped $1k today only to immediately dump $3k in 3 hours (since going back up $1k) but it looks like it actually broke its June low briefly there by like $50. Freakin crypto companies not knowing how to handle their s**t keeps hurting Bitcoin as a consequence in this bear market. ugh. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: batang_bitcoin on November 08, 2022, 09:12:14 PM As of 3 hours... withdraws have stopped. I've seen a picture that they only got 0.9 bitcoin left on their balance. I don't know if that's an accurate thing but after looking back at it, they've got now 36.14 bitcoin as per coinglass[1].Only deposits are going to their hot wallet and nothing coming out. No idea how their bitcoin hot wallet is doing but their hot wallet for ETH and ERC20 is not sending any withdraws. [1] https://www.coinglass.com/Balance And Binance/FTX had an agreement, it's also posted on SBFs Twitter account. Well, I thought that this will not end so fast and would go into a long negotiation but they did obliged too quickly. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: Captain Corporate on November 08, 2022, 09:27:43 PM Did anyone understood why it went up that much and then it went down that much? I mean I get that there is a problem going on right now, there is a war and all that, but why go up and then down that quickly? If this ftx vs binance thing is a bad thing then let it go down, if it is a good thing then let it go up, is it a bad thing or a good thing? I have no idea which one it is, and to be fair I don't care either. However, the sudden changes of going super high and then low didn't make any sense at all. That's like being indecisive about the goodness or badness of the situation so the market couldn't decide either lol.
Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: adaseb on November 08, 2022, 11:36:07 PM Yeah I didn't get a chance to withdraw everything. I had a small account and had the $2000 limit. Nothing I can do now.
Perhaps degen trade 100x on two different exchanges and try to lose everything on FTX and gain the same amount on the other exchange. For the last 12 hours. No outgoing transactions. What is strange is that the exchange is still functional, why? Why trade on the exchange or market make when you can't withdraw anything. Also FTT is $5-6, it should be $0. So 50/50 whether I will ever see those funds again. Oh well. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: Renampun on November 09, 2022, 01:30:56 AM https://i.imgur.com/pJcmart.png
FTX really went down badly (same price as FTT at the end of 2020) because of the drama that happened between CZ and sam. currently, the price of FTX is in the range of $6, of course, those who have FTT tokens are nervous because of this. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: Fundamentals Of on November 09, 2022, 01:37:08 AM https://i.imgur.com/pJcmart.png FTX really went down badly (same price as FTT at the end of 2020) because of the drama that happened between CZ and sam. currently, the price of FTX is in the range of $6, of course, those who have FTT tokens are nervous because of this. A little less than $6 as of this posting but it still has a lot of room to fall. That $3 could come back any minute from now. I know there are still many others who were not able to sell their FTT when withdrawals were blocked on FTX. It also seems that the announcement that Binance is probably buying FTX is also giving a little hope for those who won't sell their tokens at this very low price. But if I were an FTT holder and I can sell now, I probably would. It isn't worth risking anymore. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: rdluffy on November 09, 2022, 02:46:21 AM Yeah I didn't get a chance to withdraw everything. I had a small account and had the $2000 limit. Nothing I can do now. Perhaps degen trade 100x on two different exchanges and try to lose everything on FTX and gain the same amount on the other exchange. For the last 12 hours. No outgoing transactions. What is strange is that the exchange is still functional, why? Why trade on the exchange or market make when you can't withdraw anything. Also FTT is $5-6, it should be $0. So 50/50 whether I will ever see those funds again. Oh well. I was at the same position, I sent my documents to get verified, it was approved, but my withdraws are stuck right now I tried BTC, BUSD in BSC, fiat withdraw and SOL, all are stuck I have mixed feelings They probably have tons of withdraws to process, and even with data showing 0 BTC, it's probably their hot wallet, and cold wallets are supposed to have more money / cryptos to being solvent But I'm nervous right now, I can't take this hit It looks like this is a wallet from FTX: https://bscscan.com/address/0x41772edd47d9ddf9ef848cdb34fe76143908c7ad There's some movement, but I don't know if it's only internal or some withdraws for clients. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: bbc.reporter on November 09, 2022, 02:46:36 AM Yeah I didn't get a chance to withdraw everything. I had a small account and had the $2000 limit. Nothing I can do now. Perhaps degen trade 100x on two different exchanges and try to lose everything on FTX and gain the same amount on the other exchange. For the last 12 hours. No outgoing transactions. What is strange is that the exchange is still functional, why? Why trade on the exchange or market make when you can't withdraw anything. Also FTT is $5-6, it should be $0. So 50/50 whether I will ever see those funds again. Oh well. I speculate that we might witness another scheme similar to what Bitfinex has done before. FTX's losses will be shared among all user balances and you might only get 50% to 70% of your money and the rest will be in issued tokens with a promise to pay 1 token for $1. Did anyone understood why it went up that much and then it went down that much? Leverage backed by loans collaterized by illiquid tokens. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: mk4 on November 09, 2022, 05:01:35 AM I was at the same position, I sent my documents to get verified, it was approved, but my withdraws are stuck right now I tried BTC, BUSD in BSC, fiat withdraw and SOL, all are stuck I have mixed feelings They probably have tons of withdraws to process, and even with data showing 0 BTC, it's probably their hot wallet, and cold wallets are supposed to have more money / cryptos to being solvent But I'm nervous right now, I can't take this hit It looks like this is a wallet from FTX: https://bscscan.com/address/0x41772edd47d9ddf9ef848cdb34fe76143908c7ad There's some movement, but I don't know if it's only internal or some withdraws for clients. Any updates? I've seen mixed reviews on Twitter — with some saying that their withdrawals are still pending(bigger amounts of money), and with some saying that it took 3-ish hours but the withdrawal ended up going through. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: dezoel on November 09, 2022, 09:05:22 AM This is just the dirty side of Sam Bankman-Fried and Changpeng Zhao's competition. It is clear the competition of the two is rather close. It's just not interesting for them to treat each other to the level of an enemy when in fact they're sharing the same industry space. Their competition now is not healthy anymore. Rather than becoming better than the other, it seems they are already trying to kill the other. Of course I'm only referring to their businesses. Not a close competition but I think binance was bigger than compared to ftx. There are even other exchanges that are bigger than ftx. Kuckoin, houbi for example. It's great if they don't treat each other as an enemy. It gives them a good impression from the public and they will be encouraged to support each of them especially ftx because it was smaller than binance.But the bigger problem here is that rather than one turning out the winner and the other loser, what will possibly happen is that the market will be affected and we will all losers. Healthy or not, competition's definition is about overtaking the other player. The market can be affected by their war but as usual, it can always recover sooner or later. This is not the first issue we experienced here but we faced a lot of them. Will you give up this time? Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: darkangel11 on November 09, 2022, 10:09:29 AM https://i.imgur.com/pJcmart.png FTX really went down badly (same price as FTT at the end of 2020) because of the drama that happened between CZ and sam. currently, the price of FTX is in the range of $6, of course, those who have FTT tokens are nervous because of this. They chose to buy a centralized exchange token instead of bitcoin so they should be scared now because this is what sooner or later happens to centralized tokens. The only sad thing in all of this is that bitcoin was recovering and people who got scared and sold earlier this year were slowly gaining confidence in it. Now this is another Luna shit that's going to prolong the bear market for another 6 months. When will people learn not to touch these leveraged tokens? By buying them you're lending money to other people and getting an IOU token that can become worthless when these people say "we lost the money you gave us, sorry". Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: TravelMug on November 09, 2022, 10:36:03 AM https://talkimg.com/images/2023/10/19/R8hSD.png FTX really went down badly (same price as FTT at the end of 2020) because of the drama that happened between CZ and sam. currently, the price of FTX is in the range of $6, of course, those who have FTT tokens are nervous because of this. They chose to buy a centralized exchange token instead of bitcoin so they should be scared now because this is what sooner or later happens to centralized tokens. The only sad thing in all of this is that bitcoin was recovering and people who got scared and sold earlier this year were slowly gaining confidence in it. Now this is another Luna shit that's going to prolong the bear market for another 6 months. When will people learn not to touch these leveraged tokens? By buying them you're lending money to other people and getting an IOU token that can become worthless when these people say "we lost the money you gave us, sorry". But like the Terra Luna that bring the market down, the FTX drama did the same and we again touch lowest low for this year when we thought that we already past it. Nevertheless, we have seen bitcoin bouncing back, and we just had, from $17,100 to $18,xxx. Might be touch again to hit that $20k, but I still have my hopes that this month we will go back to where we used to be, around $21k and marching towards $25k before the end on the year. And so I guess there is no war, Binance owning FTX now was a bold move by CZ. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: rdluffy on November 09, 2022, 11:19:38 AM Any updates? I've seen mixed reviews on Twitter — with some saying that their withdrawals are still pending(bigger amounts of money), and with some saying that it took 3-ish hours but the withdrawal ended up going through. I just woke up and checked my account: 09/11/2022, 00:01:35 USDC on TRON network 08/11/2022, 21:15:35 Bank transfer 08/11/2022, 17:53:05 BNB - bsc 08/11/2022, 17:52:23 BUSD - bsc 08/11/2022, 17:51:37 SOL 08/11/2022, 17:50:41 BTC All above are stuck, different chains Do you have any link of anyone saying about withdraw being processed? Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: dimonstration on November 09, 2022, 11:24:47 AM Any updates? I've seen mixed reviews on Twitter — with some saying that their withdrawals are still pending(bigger amounts of money), and with some saying that it took 3-ish hours but the withdrawal ended up going through. I just woke up and checked my account: 09/11/2022, 00:01:35 USDC on TRON network 08/11/2022, 21:15:35 Bank transfer 08/11/2022, 17:53:05 BNB - bsc 08/11/2022, 17:52:23 BUSD - bsc 08/11/2022, 17:51:37 SOL 08/11/2022, 17:50:41 BTC All above are stuck, different chains Do you have any link of anyone saying about withdraw being processed? What FTX exchange you are using. I believe the only FTX that is not affected is the .us one while the global FTX is still with withdrawal problem but there really some report on twitter that withdrawal is already resumed after the problem occur yesterday when the FTT sell off happened. I’m not a user of FTX but I’m sure they have a live support that can help you to process your withdrawal just like Binance do that typically requires you to fill up the form for your pending transaction. You should notify the support since pending withdrawal usually overlooked since there is a queue of withdrawal already from user that fleeing the exchange. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: rdluffy on November 09, 2022, 11:35:49 AM What FTX exchange you are using. I believe the only FTX that is not affected is the .us one while the global FTX is still with withdrawal problem but there really some report on twitter that withdrawal is already resumed after the problem occur yesterday when the FTT sell off happened. I’m not a user of FTX but I’m sure they have a live support that can help you to process your withdrawal just like Binance do that typically requires you to fill up the form for your pending transaction. You should notify the support since pending withdrawal usually overlooked since there is a queue of withdrawal already from user that fleeing the exchange. I use FTX.com, I live outside US Already sent message to support, but there's no live chat, only tickets, but anyway it's not a simple case to submit a ticket, all withdraws are paused Can you show me where did you see about withdraws being resumed? Thanks Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: fillippone on November 09, 2022, 02:04:55 PM Dropping in late on this thread.
Guys, something I missed on the great scheme of things. Having the following diagram in mind: https://i.ibb.co/f0KhKBH/61264271.jpg (https://twitter.com/du09btc/status/1589283736188690432?s=46&t=hIXs4z8Nr_ebynXe70YRvA) Who lent the stablecoins to Alameda with FTT as collateral (Step 3)? Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: dimonstration on November 09, 2022, 02:05:49 PM What FTX exchange you are using. I believe the only FTX that is not affected is the .us one while the global FTX is still with withdrawal problem but there really some report on twitter that withdrawal is already resumed after the problem occur yesterday when the FTT sell off happened. I’m not a user of FTX but I’m sure they have a live support that can help you to process your withdrawal just like Binance do that typically requires you to fill up the form for your pending transaction. You should notify the support since pending withdrawal usually overlooked since there is a queue of withdrawal already from user that fleeing the exchange. I use FTX.com, I live outside US Already sent message to support, but there's no live chat, only tickets, but anyway it's not a simple case to submit a ticket, all withdraws are paused Can you show me where did you see about withdraws being resumed? Thanks On on-chain trnsaction of FTX exchange. I subscribed on a telegram news channel that gives me update on what’s going on in crypto space. You can check there post about this here: https://t.me/alphacryptoproject/6705 But you can simply search for FTX wallet of different blockchain explorer since there wallet address is tagged by there name. You can see withdrawal transaction on there wallet. Dropping in late on this thread. Guys, something I missed on the great scheme of things. Having the following diagram in mind: https://i.imgur.com/2jURqCH.jpg (https://twitter.com/du09btc/status/1589283736188690432?s=46&t=hIXs4z8Nr_ebynXe70YRvA) Who lent the stablecoins to Alameda with FTT as collateral (Step 3)? Yeah, This is the power of unli print out of thin air in crypto. They can have infinite source of funds for there liquidity. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: fillippone on November 09, 2022, 02:33:49 PM Crypto Compare just published this blog entry.
Market Spotlight: Diving Into FTX’s Insolvency, FTT & Binance (https://blog.cryptocompare.com/market-spotlight-diving-into-ftxs-insolvency-ftt-binance-7f0b4da11795) Good recap. Still my question about Alameda funding is yet to be answered. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: pixie85 on November 09, 2022, 02:39:37 PM Looks like quantative easing in the crypto world.
When all the dust settles most fake tokens with no real value that were made for this scheme will die and bitcoin will be left standing. It looks to me like a buying opportunity for bitcoin because there's some panic selling going on that makes no sense at the current situation. I understand that you want to move out of an exchange but if they aren't processing your bitcoin withdrawal they aren't going to do it in fiat. If they have no money they have no money. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: fillippone on November 09, 2022, 02:59:48 PM Looks like quantative easing in the crypto world. Quantitative tightening then. Liquidity in crypto world would disappear, failed project will fail, while sound money would gain value. Eventually, good for Bitcoin in the long term. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: adaseb on November 09, 2022, 03:58:10 PM Right now as far as I know there is no withdraws going thru on FTX.COM. If you have FTX.US withdraws are going fine, probably because they don't want to get sued by the government.
Looking at these addresses for USDC/USDT https://etherscan.io/token/0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48?a=0x2faf487a4414fe77e2327f0bf4ae2a264a776ad2 https://etherscan.io/token/0xdac17f958d2ee523a2206206994597c13d831ec7?a=0x2faf487a4414fe77e2327f0bf4ae2a264a776ad2 Only deposits are going in. Nothing coming out for over 24 hours. People are desperate and doing the 100x degen trade hedging like I meantioned before. However it might not work if it goes the other way and you got more funds stuck on FTX that you can't withdraw. You can see this happening now because the premium for BTC-PERP on FTX is like $100 higher then other exchanges. It was I think $400 premium at one point. People are doing what they can to get out of this mess. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: uneng on November 09, 2022, 04:23:23 PM Can this recent chain of events, which lead cryptocurrencies to crash, cause collateral damage to another crypto services and exchanges? Can another platforms go bankrupt as well because of FTX's insolvency, loss of confidence from investors in crypto in general and crash in prices? Or is it an isolated situation which won't have further consequences for another companies?
Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: fillippone on November 09, 2022, 04:27:10 PM Can this recent chain of events, which lead cryptocurrencies to crash, cause collateral damage to another crypto services and exchanges? Can another platforms go bankrupt as well because of FTX's insolvency, loss of confidence from investors in crypto in general and crash in prices? Or is it an isolated situation which won't have further consequences for another companies? I guess in case of FTX collapse, the contagion is almost inevitable. Also because there is an ongoing “bank run” to exchanges that is of course worsening the situation. This is the primary reason because BTC is dumping. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: stompix on November 09, 2022, 04:41:55 PM I guess in case of FTX collapse, the contagion is almost inevitable. It's not just contagion anymore, seems like everyone is actively trying to spread it. Binance Is Strongly Leaning Toward Scrapping FTX Rescue Takeover After First Glance at Books: Source https://www.coindesk.com/business/2022/11/09/binance-is-strongly-leaning-toward-scrapping-ftx-rescue-takeover-after-first-glance-at-books-source/ FML, $15k incoming if this is not denied by either of them. As for CZ, he has 1 billion in SAFU funds and has started reassuring people he actually has their money, just please, please be it like that as I really don't want a black Friday this week! Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: rdluffy on November 09, 2022, 04:47:02 PM On on-chain trnsaction of FTX exchange. I subscribed on a telegram news channel that gives me update on what’s going on in crypto space. You can check there post about this here: https://t.me/alphacryptoproject/6705 But you can simply search for FTX wallet of different blockchain explorer since there wallet address is tagged by there name. You can see withdrawal transaction on there wallet. Thanks, but my withdraws are still stuck, no answer from them, and I didn't see anyone having luck with their withdraws Let's hope they at least pay the withdraws, but at this point I think it's done SBF deleted some twitters about "funds are all fine", all clients wil be paid etc. I doubt about Binance buying FTX, it was only part of CZs move to destroy FTX Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: buwaytress on November 09, 2022, 06:40:29 PM FML, $15k incoming if this is not denied by either of them. As for CZ, he has 1 billion in SAFU funds and has started reassuring people he actually has their money, just please, please be it like that as I really don't want a black Friday this week! Binance already declined comment to that article and another I'm reading, which is pretty much as close as it comes to a non-denial in this industry. Already broke $17k floor, it's probably not as bad as a disaster would require, but if it's worse than CZ thought, then yeah, I think 15k is on the horizon (temporarily anyway). Meanwhile, you've got guys like Novogratz saying their stocks are "unbelievably cheap" now, when clearly, it's believable heh. I sense scalping season ahead, so it might get bloody, but it won't last long... hang in there. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: suzanne5223 on November 09, 2022, 07:19:59 PM As of 3 hours... withdraws have stopped. A few hours ago I was able to withdraw USDT using the TRON network from FTX to my Binance account and it is very good, I withdraw because I need it, just like my normal transactions without any reason about the current issue on FTX exchange.Only deposits are going to their hot wallet and nothing coming out. No idea how their bitcoin hot wallet is doing but their hot wallet for ETH and ERC20 is not sending any withdraws. I believe that Sam Bankman-Fried is right, this is because of competitors, they are being targetted by their competitors. Why would he choose to use the exchange-created token as a backup when we both know the crypto industry trust BTC more than any cryptocurrencies in the market? Why is he funding projects like Aptos, and Sui and also bailed out BlockFi for $240m? I honestly hope everything will be fine after the storm is over. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: stompix on November 09, 2022, 07:24:46 PM Meanwhile, you've got guys like Novogratz saying their stocks are "unbelievably cheap" now, when clearly, it's believable heh. I sense scalping season ahead, so it might get bloody, but it won't last long... hang in there. Novogratz? https://talkimg.com/images/2023/05/20/blob6226f52d6d873a8e.jpeg The guy has just lost another $70m and still has the nerve to come and say something, anything? This is the shut up moment for every single of these ***, seriously, after Terra, after Celsius, Voyager when every single of these morons came to say wasn't like them it's about high time for every single of them to shut the fuck up and do so till the community asks for their opinion. Quote “It reminds me that this is a very young and new industry and part of the growing pains is weeding out the bad actors, the excesses, and pivoting towards something that’s more trusting,” he added. Yeah, weeding out bad actors while millions lose money it's definitely a great step forward. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: adaseb on November 09, 2022, 07:38:24 PM People are shorting SOL on many futures exchanges like Bybit and there is a CRAZY 25% price different. We got $11 on Bybit futures and $14 is the real spot price.
People are basically longing on FTX and if SOL goes bust, they make money on the other exchange and hedge their way out. Looking at the crazy 5% daily funding rates. Everyone is getting very desperate not to leave any funds on FTX. Sad! Stay safe. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: rdluffy on November 09, 2022, 10:41:11 PM Finally they updated on their website:
https://i.ibb.co/y0BJY59/Captura-de-tela-2022-11-09-194012.png (https://ibb.co/cJXdCtB) Now it's official and we probably never see our money again :-[ Sad but true Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: Fundamentals Of on November 10, 2022, 01:03:24 AM -snip- Not a close competition but I think binance was bigger than compared to ftx. There are even other exchanges that are bigger than ftx. Kuckoin, houbi for example. It's great if they don't treat each other as an enemy. It gives them a good impression from the public and they will be encouraged to support each of them especially ftx because it was smaller than binance.Healthy or not, competition's definition is about overtaking the other player. The market can be affected by their war but as usual, it can always recover sooner or later. This is not the first issue we experienced here but we faced a lot of them. Will you give up this time? We will all recover from this in due time of course. But for now we are all suffering from the greedy competition of these two crypto billionaires. The charts are all in pure red now because of their quarrel. Of course some would be happy to see the price fall to $15,000 so that they could buy more of this cheaper bargain but it was so sad that it happened just as the price of Bitcoin has slowly conquered grounds beyond $20,000. Recovery will now take a longer time. But it seems one has already won over the other. I hope things would get better now. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: mk4 on November 10, 2022, 01:31:25 AM Do you have any link of anyone saying about withdraw being processed? It was just a couple of Twitter posts I've seen yesterday, sorry. Looking grim for FTX users with funds inside though, hope you guys make it out fine in the end. 🫡 Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: bbc.reporter on November 10, 2022, 02:38:40 AM Dropping in late on this thread. Guys, something I missed on the great scheme of things. Having the following diagram in mind: https://i.imgur.com/2jURqCH.jpg (https://twitter.com/du09btc/status/1589283736188690432?s=46&t=hIXs4z8Nr_ebynXe70YRvA) Who lent the stablecoins to Alameda with FTT as collateral (Step 3)? The cryptolending companies. Voyager, Celsius, Blockfi? Was this not why Sam Bankrupt Fried gave liquidity to Voyager and Blockfi during Luna's failure, for them to not dump FTT? Also, Tether? Justin Sun and Alameda Research were known borrowers of USDT from Tether to pump the market on 2021. However, FTT as collateral was not mentioned. In any case, this is FTX and Alameda's balance sheet. I am not quite certain if this is real, however. https://docs.google.com/spreadsheets/u/0/d/1dSG6ER9N_YABnmUKzKaeUikZ2-isBQpL/htmlview#gid=2071322894 Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: uneng on November 10, 2022, 02:41:27 AM Finally they updated on their website: Sorry for your loss. I've also lost money to the scammers from Celsius recently. This year is being a tough one for crypto adopters. Too many greedy scammers ruling top businesses on this universe. Let's hope and do the possible at our range so it doesn't take too long until action is taken against the responsible ones, then customers can receive at least part of their funds back. It's a shame it took so long for MT. Gox's customers, but now there is much more attention, focus and people involved on crypto (from every sectors of society) that I think things must happen faster.https://i.ibb.co/y0BJY59/Captura-de-tela-2022-11-09-194012.png (https://ibb.co/cJXdCtB) Now it's official and we probably never see our money again :-[ Sad but true Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: kro55 on November 10, 2022, 04:12:45 AM Finally they updated on their website: Sorry for your loss. I've also lost money to the scammers from Celsius recently. This year is being a tough one for crypto adopters. Too many greedy scammers ruling top businesses on this universe. Let's hope and do the possible at our range so it doesn't take too long until action is taken against the responsible ones, then customers can receive at least part of their funds back. It's a shame it took so long for MT. Gox's customers, but now there is much more attention, focus and people involved on crypto (from every sectors of society) that I think things must happen faster.https://i.ibb.co/y0BJY59/Captura-de-tela-2022-11-09-194012.png (https://ibb.co/cJXdCtB) Now it's official and we probably never see our money again :-[ Sad but true A recent information said that FTX is losing about 8 billion and they are doing everything to find sponsors for this loss to support users to withdraw money. Although all the news is very negative, there is no official announcement yet, so I think we need to calm down at this point. A lot of news on twitter, causing extreme chaos and panic for everyone, we need to calm down. Another lesson for us about storing assets as well as choosing coins to invest. "Not our keys, not our money, bitcoin is always king". Never forget these 2 golden mantras if you want to invest in cryptocurrency. https://i.imgur.com/fLkJ6q9.jpg https://www.bloomberg.com/news/articles/2022-11-09/ftx-investors-told-that-without-more-capital-bankruptcy-likely?srnd=premium-asia Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: wxa7115 on November 10, 2022, 04:23:22 AM Finally they updated on their website: Sorry for your loss. I've also lost money to the scammers from Celsius recently. This year is being a tough one for crypto adopters. Too many greedy scammers ruling top businesses on this universe. Let's hope and do the possible at our range so it doesn't take too long until action is taken against the responsible ones, then customers can receive at least part of their funds back. It's a shame it took so long for MT. Gox's customers, but now there is much more attention, focus and people involved on crypto (from every sectors of society) that I think things must happen faster.https://i.ibb.co/y0BJY59/Captura-de-tela-2022-11-09-194012.png (https://ibb.co/cJXdCtB) Now it's official and we probably never see our money again :-[ Sad but true So not only their customers will lose a great deal of their money but they could also miss out the next halving, something which will cost them even more money since they will lose the biggest opportunity they could have to recover some of the money they have lost due to this disaster. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: adaseb on November 10, 2022, 05:39:15 AM They really need to disable trading on the exchange. Many of the pairs don't match prices with other exchanges. The ETH and BTC Perps pair are trading a huge premiums. No idea why people are wasting their time trading on there right now. Its like with monopoly money or trading demo pretty much.
And people are still sending deposits. They need to send out an email explaining this situation. Not everybody goes on Bitcointalk or Reddit or Twitter. Some guy sent $250,000 and another $160,000 in the last 4-5 hours or so. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: Pejoh Asu on November 10, 2022, 07:44:12 AM The temptation to get big profits instantly will make people do everything, price manipulation with the hope that they are freezed, this is what makes the Cryptocurrencies crime more interesting, 3 years ago I was always active in using FTX but after the withdrawal fee was more expensive than Mexc, Binance, or the other, I have left in early 2021.
Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: Davian144 on November 10, 2022, 11:03:06 AM The temptation to get big profits instantly will make people do everything, price manipulation with the hope that they are freezed, this is what makes the Cryptocurrencies crime more interesting, 3 years ago I was always active in using FTX but after the withdrawal fee was more expensive than Mexc, Binance, or the other, I have left in early 2021. The withdrawal fee on the FTX exchange depends on what network or blockchain you are using, because each blockchain the amount of the withdrawal fee is different and also not always the same every year. So the problem of costs can actually be tricked by using cheaper blockchains like Tron and others, but for other problems like you said, I don't think it can be tricked because it is related to profit issues.Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: rdluffy on November 10, 2022, 11:18:21 AM I just saw this:
https://i.ibb.co/ZHPPchp/Captura-de-tela-2022-11-10-081345.png (https://imgbb.com/) https://twitter.com/justinsuntron/status/1590585495649923073 Now TRX is at a premium price on FTX These guys (cz, sbf, now justin sun) should be quiet and only work in a solution, when they write these posts, they make a mess and people lose money. I'm becoming tired of this. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: Maidak on November 10, 2022, 01:43:19 PM I just saw this: It seems that SBF accepted this offer and in the end it was all investors who suffered the most and justin sun was the dirtiest person in the market. Investors have to convert assets to Trx and the current price of Trx on FTX is $0.50 but the price of Trx on Binance is only $0.05. This is a more blatant scam than Luna did and no one else came up with this plan but justin sun, the dirtiest plan I've ever seen.https://twitter.com/justinsuntron/status/1590585495649923073 Now TRX is at a premium price on FTX These guys (cz, sbf, now justin sun) should be quiet and only work in a solution, when they write these posts, they make a mess and people lose money. I'm becoming tired of this. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: adaseb on November 10, 2022, 02:56:08 PM The CEO finally replied,
https://twitter.com/SBF_FTX Basically appologizing and saying he screwed up. Saying he made many mistakes and one was with the under-assumption of the max daily withdraws which led to this liquidity crunch. FTT reached $4 during his tweet. And todays CPI was good, if it wasn't for him, btc would be most likely at $25K right now. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: crunck on November 10, 2022, 03:12:01 PM The CEO finally replied, https://twitter.com/SBF_FTX Basically appologizing and saying he screwed up. Saying he made many mistakes and one was with the under-assumption of the max daily withdraws which led to this liquidity crunch. FTT reached $4 during his tweet. And todays CPI was good, if it wasn't for him, btc would be most likely at $25K right now. It's funny when someone makes a mistake that causes thousands of people to lose money, then just apologize and act like nothing happened. DOkwon also said the same words and disappeared without a trace until now. The debt is said to be up to 8 billion dong and I think no one will want to put their trust in him anymore. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: coolcoinz on November 10, 2022, 03:57:33 PM The CEO finally replied, https://twitter.com/SBF_FTX Basically appologizing and saying he screwed up. Saying he made many mistakes and one was with the under-assumption of the max daily withdraws which led to this liquidity crunch. FTT reached $4 during his tweet. And todays CPI was good, if it wasn't for him, btc would be most likely at $25K right now. Makes me wonder how many suicides this will lead to, like when Koreans were killing themselves over LUNA. Sam promised to keep their money safe and now it's all gone, not because someone hacked the exchange, not because of their mistakes, but due to deliberate actions sanctioned by the FTX board. Let's be clear, this wasn't a mistake like in case of the Bitfinex hack. This was more similar to what Mark Karpeles was doing when he was spending company funds on hookers and his Tokyo apartment, while lying to people that the exchange was in good shape. Ross got life for running a marketplace and Sam is going to get a fine for losing a few billion. Worst case scenario he'll get 12 months or a house arrest. "Law and order" I bet that people won't learn anything from this. When I see someone claiming that it's better to hold coins on exchange because it allows for easy access I'm going to practice hate speech :D Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: G_Besar on November 10, 2022, 04:11:09 PM When everything is done to be able to win the competition so when there is a slight gap then this is a mainstay to kill opponents, this is normal because Binance does not want to be disturbed as the biggest exchange, they certainly have a team that always oversees competitors, and in my country now the Binance Group Also beating local exchanges that have existed for more than 10 years. This is not only about beating competitors or opponents from other exchanges, but also about increasing everyone's confidence in the exchange so that it can give birth to more new users every year. Now FTX has suffered such a huge disaster with an $8 billion shortfall that According to reports, FTX CEO Sam Bankman-Fried asked investors for emergency funding to cover the $8 billion shortfall during the November 9 investor call. Source: https://cointelegraph.com/news/sbf-tells-investors-ftx-needs-8b-in-emergency-funding-wsjTitle: Re: Crypto exchange wars going on... FTX vs Binance Post by: adaseb on November 10, 2022, 06:22:21 PM Now there is some agreement with Justin Sun to swap the TRX,BTT,HT tokens. And FTX confirmed this, however...
You are taking a 80% loss because the price to buy TRX on FTX is $0.30 and its value on another exchanges is $0.05. Its peak was like $0.15. So you either risk the rest of your funds and wait or take a 80% loss now. Rediculous Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: uneng on November 11, 2022, 01:26:33 AM A recent information said that FTX is losing about 8 billion and they are doing everything to find sponsors for this loss to support users to withdraw money. Although all the news is very negative, there is no official announcement yet, so I think we need to calm down at this point. A lot of news on twitter, causing extreme chaos and panic for everyone, we need to calm down. I've already seen this movie before with Celsius. These guys are scammers and just want to buy time. They should have never printed native tokens from thin air, because it leads these greedy guys to execute pump and dump schemes with customers' funds to make their tokens shine towards their competitors and the market in general. If they worked responsively, respecting users' funds and dealing mainly with consolidated cryptocurrencies we wouldn't see such a mess.Another lesson for us about storing assets as well as choosing coins to invest. "Not our keys, not our money, bitcoin is always king". Never forget these 2 golden mantras if you want to invest in cryptocurrency. Bitcoin is king, but it's hard for some people like myself to not invest btc for extra interest, because I need money for daily expenses and it's also not a good idea to sacrifice/dilapidate holdings which took years to acquire in a monthly basis until I have nothing else held for the next bull run... It's a hard decision and I feel between a rock and a hard place.I hope this is the case but I am not so sure this will happen, and this is because it takes a lot of time for the justice system to perform its function, so assuming a total collapse of the FTX exchange happens then it could take years before whatever assets they hold are sold and distributed to their customers. Pretty sad, but true. :(So not only their customers will lose a great deal of their money but they could also miss out the next halving, something which will cost them even more money since they will lose the biggest opportunity they could have to recover some of the money they have lost due to this disaster. I hope an agreement can be reached faster than expected. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: sukmo on November 11, 2022, 03:27:53 AM Even though the difference is high, Binance wants to keep the market under their control. Maybe it's for that reason that such a problem has arisen by Binance. This shows that competence between Exchanges is at its peak. Perhaps a similar incident will highlight more fake volumes and other tactics followed by Exchanges to keep their markets stable amidst different Market situations.
Binance and FTX threw in some free $ in some shitty tokens and everyone got down on their knees and prayed to them, and now we get the bill for this, allowing some to grow and become more powerful than they should never be in a decentralized economy. After seeing what CZ did to FTX, I can't imagine what else he could do for other exchanges. He is very clever and destroys his rivals one by one. People are in panic mode so obviously they are going to withdraw all their funds but it seems FTX failed to show enough response to cool things down. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: bbc.reporter on November 11, 2022, 04:36:14 AM The CEO finally replied, https://twitter.com/SBF_FTX Basically appologizing and saying he screwed up. Saying he made many mistakes and one was with the under-assumption of the max daily withdraws which led to this liquidity crunch. FTT reached $4 during his tweet. And todays CPI was good, if it wasn't for him, btc would be most likely at $25K right now. Also, from this apology is another speculation that has started in social media. It appears that his writing style is very much similar to Chef Nomi. He is Sushi's founder who rugpulled his own users and community. The Defi swapping protocol was later saved by Sam Bankrupt-Fried. This made Sam the hero of Defi on 2020. Sam's apology https://mobile.twitter.com/sbf_ftx/status/1590709166515310593 Chef Nomi's apology https://mobile.twitter.com/nomichef/status/1304442495342796800 There are similarities, however, I am not sure if the people speculating if Sam and Nomi are the same person are only skeptical or paranoid hehehehe. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: woez on November 11, 2022, 05:08:21 AM The only thing that will help FTX right now is to get their bank license approved and business up and running, as soon as possible. But will the panic stop until everyone feels more secure with their tokens? I do not know.
Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: 19Nov16 on November 11, 2022, 07:15:04 AM The only thing that will help FTX right now is to get their bank license approved and business up and running, as soon as possible. But will the panic stop until everyone feels more secure with their tokens? I do not know. To get a license of course it will take longer, and I think the best thing is to do what the FTX team said they would buy back FTX for $22, but I hope the FTX team can commit and keep the FTX price so that investors panic soon end and be optimistic. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: Maidak on November 11, 2022, 02:06:02 PM Now there is some agreement with Justin Sun to swap the TRX,BTT,HT tokens. And FTX confirmed this, however... You are taking a 80% loss because the price to buy TRX on FTX is $0.30 and its value on another exchanges is $0.05. Its peak was like $0.15. So you either risk the rest of your funds and wait or take a 80% loss now. Rediculous Like I said yesterday, when they came up with this idea, I have to say SBF and Justin Sun are worse than what Dokwon did. They are forcing investors to accept losses and disclaim all responsibility once investors withdraw all assets from FTX. Currently, according to some sources, FTX users in the US and Bahamas can still withdraw money because FTX has registered business in these two countries. FTX Global has no further information yet, the possibility of getting back the investor's money is almost zero. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: tokeweed on November 11, 2022, 03:07:52 PM Now there is some agreement with Justin Sun to swap the TRX,BTT,HT tokens. And FTX confirmed this, however... You are taking a 80% loss because the price to buy TRX on FTX is $0.30 and its value on another exchanges is $0.05. Its peak was like $0.15. So you either risk the rest of your funds and wait or take a 80% loss now. Rediculous Like I said yesterday, when they came up with this idea, I have to say SBF and Justin Sun are worse than what Dokwon did. They are forcing investors to accept losses and disclaim all responsibility once investors withdraw all assets from FTX. Currently, according to some sources, FTX users in the US and Bahamas can still withdraw money because FTX has registered business in these two countries. FTX Global has no further information yet, the possibility of getting back the investor's money is almost zero. ^ I think that's illegal, it's almost like fraud. And if they're really going for it they should at least get some advice from a lawyer. And I'm just dropping by to ask for those people who experienced Mt Gox, which event has had the bigger impact for you, Mt Gox's insolvency or FTX? I feel like after seeing a lot happen in crypto my reaction was like 'haha another one'. But with Mt Gox it felt like it was going to be the end of BTC, the market and the whole space. But I was noob then. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: Tony116 on November 11, 2022, 03:11:08 PM FTX filed for bankruptcy and SBF resigned, but I believe this drama will not stop anytime soon, there will be many companies that lend FTX mortgages will suffer the same. We are standing in front of a big wave, hope everyone has the same faith to overcome this storm. The market is reacting negatively to this news, bitcoin has once again dropped below $17k. I would like to extend my condolences to all who have stored assets on FTX.
https://twitter.com/FTX_Official/status/1591071832823959552 https://i.imgur.com/kASNb2W.jpg Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: fillippone on November 11, 2022, 06:35:33 PM I draw inspiration from a The Pomp newsletter gave me inspiration, trying to find a silver lining on this events.
FTX drama and it’s long term consequences: Bitcoin is a confidence Game (https://bitcointalk.org/index.php?topic=5420524.msg61275828#msg61275828) Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: OgNasty on November 12, 2022, 12:28:22 AM And I'm just dropping by to ask for those people who experienced Mt Gox, which event has had the bigger impact for you, Mt Gox's insolvency or FTX? I feel like after seeing a lot happen in crypto my reaction was like 'haha another one'. But with Mt Gox it felt like it was going to be the end of BTC, the market and the whole space. But I was noob then. Well, I should start off by saying that I had no exposure to FTX and did not lose any coins as a result. However, when mtgox went down Bitcoin was still a pretty low value asset. Even though I have still not received those coins back, at the time it felt like a loss of a couple thousand dollars. It hurt, but was not the end of the world. Now though, Bitcoin is of much higher value so even though I had no exposure to FTX, the widen market chaos it inflicted has cost me a great deal more in losses on my portfolio. So I would say that this FTX event is far larger than mtgox, which has likely cost a lot more people to lose a lot more money, if only because the crypto market has grown so much since then. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: Maidak on November 12, 2022, 01:15:59 PM Now there is some agreement with Justin Sun to swap the TRX,BTT,HT tokens. And FTX confirmed this, however... You are taking a 80% loss because the price to buy TRX on FTX is $0.30 and its value on another exchanges is $0.05. Its peak was like $0.15. So you either risk the rest of your funds and wait or take a 80% loss now. Rediculous Like I said yesterday, when they came up with this idea, I have to say SBF and Justin Sun are worse than what Dokwon did. They are forcing investors to accept losses and disclaim all responsibility once investors withdraw all assets from FTX. Currently, according to some sources, FTX users in the US and Bahamas can still withdraw money because FTX has registered business in these two countries. FTX Global has no further information yet, the possibility of getting back the investor's money is almost zero. ^ I think that's illegal, it's almost like fraud. And if they're really going for it they should at least get some advice from a lawyer. And I'm just dropping by to ask for those people who experienced Mt Gox, which event has had the bigger impact for you, Mt Gox's insolvency or FTX? I feel like after seeing a lot happen in crypto my reaction was like 'haha another one'. But with Mt Gox it felt like it was going to be the end of BTC, the market and the whole space. But I was noob then. Many people think that the collapse of Mt.gox is bigger but in my opinion, the problem of FTX is more serious because the current market is much larger than in 2014 as well as the number of investors participating in the market. Like you in 2014, I'm still inexperienced so I didn't invest too much so there wasn't much to lose in the crash that year and this time I'm luckier, I almost don't use FTX and don't register any account on it, I just use binance for all my trades. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: bitcasino on November 12, 2022, 01:32:51 PM FTX filed for bankruptcy and SBF resigned, but I believe this drama will not stop anytime soon, there will be many companies that lend FTX mortgages will suffer the same. We are standing in front of a big wave, hope everyone has the same faith to overcome this storm. The market is reacting negatively to this news, bitcoin has once again dropped below $17k. I would like to extend my condolences to all who have stored assets on FTX. Probably other exchanges are in big trouble. Binance in particular. https://twitter.com/FTX_Official/status/1591071832823959552 https://i.imgur.com/kASNb2W.jpg CZ doesn't want to publish the Proof-of-Liabilities, why? Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: decodx on November 12, 2022, 06:15:12 PM I just read something interesting about the relationship between Binance and FTX. I didn't know that the feud began way back in 2019.
https://i.imgur.com/2N3D46x.png https://twitter.com/cz_binance/status/1173418810918916096 Apparently, that crash was caused by Alameda Research triggering stops on Binance's brand-new futures exchange. Quote Bitcoin Manipulation Abatement LLC has filed a $150 million lawsuit against crypto derivatives exchanges FTX and trading firm Alameda Research LLC—which shares its CEO with FTX. The lawsuit, filed Sunday and amended Monday, alleges that the CEO and multiple employees twice unsuccessfully tried to manipulate Bitcoin prices on cryptocurrency exchange Binance. https://decrypt.co/11103/binance-bitcoin-futures-attacker-hit-with-150-million-lawsuit?amp=1This was the lawsuit: https://twitter.com/0xevmer/status/1591459783085027329 It appears that SBF has been a bad player in the crypto industry from the very beginning. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: rhomelmabini on November 12, 2022, 08:07:10 PM This is the inner circle of SBF:
https://twitter.com/davedoestrading/status/1591139389182464000?t=urhZvyESBDQGzz5RotlEJQ&s=19 What a shitshow if I'm to be asked, all this time these people are hiding in plain sight, good thing I haven't interacted with this exchange ever. Binance did the right things to expose FTX. Just think what if FTX was as big as binance and exposed like it did recently. It would have affected whole industry in such a way that many people leave crypto forever. Investors should understand that as long as your funds security is in someone elses hands it's not secure. Other will not taken care your assets as good as you do. Well, it's a competition and as what others have said it wouldn't have been good if Binance had monopolize it by acquiring FTX too, they did a good thing over that. That is why there are a lot of articles saying to get out your funds on an exchange, it's best to keep it on your personal wallet/cold storage.Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: fillippone on November 15, 2022, 04:02:49 PM Wow, I have been forwarded by a friend of mine this interview, dated back in August 2021 to the Bloomberg Podcast “The Odd Lot”, its a very cynical yet realistic view on how DeFi works, and also gives you a good perspective to interpreter all teh following events:
Bankman-Fried Described Yield Farming, Left Matt Levine Stunned (https://www.bloomberg.com/news/articles/2022-04-25/sam-bankman-fried-described-yield-farming-and-left-matt-levine-stunned) Quote SBF: (28:06) Right. So let me, okay, cool. I'll stay on the cynical route, think about like cynically, what could happen here? Well, okay. So you've got this boxes and it’s kind of dumb, but like what's the end game, right? This box is worth zero obviously. And like that, you know, you can't like keep this smart cap or something. But on the other hand, if everyone kind of now thinks that this box token is worth about a billion dollar market cap, that's what people are pricing it at and sort of has that market cap. Everyone's gonna mark to market. In fact, you can even finance this, right? You put X token in a borrow lending protocol and borrow dollars with it. If you think it's worth like less than two thirds of that, you could even just like put some in there, take the dollars out. Never, you know, give the dollars back. You just get liquidated eventually. And it is sort of like real monetizable stuff in some senses. And you know, at some point if the world never decides that we are wrong about this in like a coordinated way, right? Like you're kind of the guy calling and saying, no, this thing's actually worthless, but in what sense are you right? Tracy Alloway: (29:15) Can I just ask on this point, I mean, so are you saying that the value has to derive from everyone agreeing that it's worth something? And I know like on the one hand, that seems like a simple point about crypto, but on the other hand, throughout crypto's history, there have been these different arguments about how it actually gets value, you know, use cases for the underlying technology — for blockchain. Everyone's gonna start migrating stuff on blockchain, and then you're gonna have a real economic use attached to these assets. And that's where the value's gonna come from. But are you saying that it depends more on everyone just agreeing that these are worth something? SBF: (29:53) So really what I'd say is that it could come in theory from either. You can sort of get a market cap either because of cash flow and then Warren Buffett's like f*ck this. Like, I'm going to buy this if it's at too cheap of a price, because I'll just buy it and own it and get cashflow from it. And that's great. Or you could see something get market cap in the way that, I don't know, Doge coin or SHIB coin have, where people are just kinda like ‘ha ha’ and then they buy it. And if you're like, that's dumb, it has no cashflow flow. I'm gonna short sell it. You lose all your money. And, you know, those like, at least like over the last few years, those have both been ways that assets have gotten market cap. And I sort of like think that this starts to hint at like, at least some interesting angles on this, because it's not just cryptocurrencies that have had this dynamic, right? How about like, you know, AMC or Hertz or GameStop or meme stocks in general have like a very similar pattern to this and the sort of concept of maybe people will pay something for it even though it doesn't seem traditionally valuable, is not a crypto specific concept. Although it certainly has become like… Pretty Straightforward I would say. But a lot of other pearls like this on the whole article. If you prefer listening to it, this is the original Podcast, where the following interview is taken from: Sam Bankman-Fried and Matt Levine on How the Crypto Market Really Works (https://podcasts.apple.com/us/podcast/sam-bankman-fried-and-matt-levine-on-how-the/id1056200096?i=1000531062191) Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: OgNasty on November 15, 2022, 05:16:56 PM I just hope someone buys the Blockfolio app from FTX. That was my favorite crypto portfolio tracker and it’s gone dark ever since FTX took down their website. If anyone has any suggestions I’m open to hearing them. I’ve grown accustomed to being able to see my entire crypto portfolio value at a glance and now that it’s gone I feel myself losing touch with the market a bit.
Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: Vinaa77 on November 18, 2022, 10:26:05 AM It seems that there is resistance from FTX so it doesn't drop as happened to Luna, I still remember when I could sell Luna at $ 42 but at night Luna's price was below $ 5, Exchanges competition certainly could not be avoided, all Exchanges hoped to master the market so Being number #1 and of course makes huge profit. Why do you have to equate the FTX case with the case that happened to Luna a few months ago? I don't think there is any particular reason to equate these two cases now. Because Luna is an altcoin that only rides on many exchanges, while FTX is an exchange that already has its own coin but this is not only related to the price of the coin, but there are other things that must also be looked at such as investor confidence in FTX at this time which is starting decreased and FTX needed help from other parties in order to rise again from its current slump.Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: fuguebtc on November 18, 2022, 12:35:10 PM It seems that there is resistance from FTX so it doesn't drop as happened to Luna, I still remember when I could sell Luna at $ 42 but at night Luna's price was below $ 5, Exchanges competition certainly could not be avoided, all Exchanges hoped to master the market so Being number #1 and of course makes huge profit. Why do you have to equate the FTX case with the case that happened to Luna a few months ago? I don't think there is any particular reason to equate these two cases now. Because Luna is an altcoin that only rides on many exchanges, while FTX is an exchange that already has its own coin but this is not only related to the price of the coin, but there are other things that must also be looked at such as investor confidence in FTX at this time which is starting decreased and FTX needed help from other parties in order to rise again from its current slump.I think no one will believe in FTX anymore and there are a lot of rumors that Luna's death was caused by SBF and now FTX is dead the same way they used to kill other projects. These two cases are not the same because FTX is much larger than Luna and the consequences will be huge. The exact cause of the FTX crash is currently unknown, but if it is true, they used user funds transferred to Alameda to trade and invest, and use money to buy a mansion...then they deserve to be destroyed. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: Republikcoin.com on November 19, 2022, 11:13:31 PM When frauding is known, anyone will try their best to cover up and they do not do the most important thing that is the main issue, they are only busy to find justification from what has been done at this time, this actually makes it more difficult for the public to believe in the reputation of FTX. It will be difficult for FTX to find justifications when the evidence is complete, because investors will no longer trust the FTX exchange if they try to find such justifications. Because everyone can see the effect when investors get panicky and withdraw their assets from several exchanges for them to safe because maybe they think that problems like what happened to FTX could also happen to other exchanges one day. So it would be a waste for FTX if the exchange wants to make a denial of the problems that have happened to it at this time.Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: Punakawan on November 20, 2022, 03:08:44 PM Now FTX has officially submitted bankruptcy in court and I hope the FTX drama will end up soon and we go to a new era for a better, I have also sold FTT even though with a loss condition, I bought around $ 26 and sold only with $ 3, this is the risk of investment in the cryptocurrencies Can make us lose money in a quick time.
Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: lepbagong on November 25, 2022, 05:18:20 PM Now FTX has officially submitted bankruptcy in court and I hope the FTX drama will end up soon and we go to a new era for a better, I have also sold FTT even though with a loss condition, I bought around $ 26 and sold only with $ 3, this is the risk of investment in the cryptocurrencies Can make us lose money in a quick time. maybe no one can avoid a situation like what you are experiencing, because the situation has already happened and can be experienced by anyone and it is a risk in investing in crypto, everyone must be aware of that before they really want to get involved in crypto. but everyone also has to see from the other side and not just losses, because crypto can also make profits and that's real, FTX may be caused by mismanaging it, so it sinks into bankruptcy. but all must not stop just because of the FTX case, there is still much that can be done and must continue as long as it is still profitable.Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: TravelMug on November 25, 2022, 08:09:57 PM Now FTX has officially submitted bankruptcy in court and I hope the FTX drama will end up soon and we go to a new era for a better, I have also sold FTT even though with a loss condition, I bought around $ 26 and sold only with $ 3, this is the risk of investment in the cryptocurrencies Can make us lose money in a quick time. Sorry to hear that, but just accept the lose and move on, no one really saw this coming, even those who investment big on this project. Because in the beginning it was really doing good and there are no signs, or maybe there was, but we keep on ignoring it until to the last minute wherein it was too late. And the bad thing is that the FTX drama has still it's effect on us, the market wasn't able to recover after that, nowhere we are near $20k, our biggest support and we are still near the lowest low. But at least the market has weed out the bad eggs again. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: Bitcoin1216 on November 26, 2022, 07:18:43 AM Binance has loyal consumers and is proven to be satisfying, I still remember that I had kept assets in liquid and then when I wanted to open it turned out to have changed to FTX, unfortunately after almost 3 years did not log in to the ETH and Bitcoin assets that I kept on Liquid disappeared.
Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: laurenB7742 on November 26, 2022, 07:38:16 AM Now FTX has officially submitted bankruptcy in court and I hope the FTX drama will end up soon and we go to a new era for a better, I have also sold FTT even though with a loss condition, I bought around $ 26 and sold only with $ 3, this is the risk of investment in the cryptocurrencies Can make us lose money in a quick time. Sorry to hear that, but just accept the lose and move on, no one really saw this coming, even those who investment big on this project. Because in the beginning it was really doing good and there are no signs, or maybe there was, but we keep on ignoring it until to the last minute wherein it was too late. And the bad thing is that the FTX drama has still it's effect on us, the market wasn't able to recover after that, nowhere we are near $20k, our biggest support and we are still near the lowest low. But at least the market has weed out the bad eggs again. Although the crash of FTX is just the beginning, they have just filed for bankruptcy so the worst is yet to happen to the market but you are right. There is nothing we can do about this situation, the only thing we should do is look at the good side of it, at least we'll get a lot of bad eggs out of the market. The market will become cleaner after this fall, investors will become more alert and wise in protecting their assets and will find out what is the real investment in the market. I believe that after the fall of Luna and FTX, many investors will realize that only bitcoin is eternal. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: Lubang Bawah on November 27, 2022, 10:53:16 AM Now FTX has officially submitted bankruptcy in court and I hope the FTX drama will end up soon and we go to a new era for a better, I have also sold FTT even though with a loss condition, I bought around $ 26 and sold only with $ 3, this is the risk of investment in the cryptocurrencies Can make us lose money in a quick time. Sorry to hear that, but just accept the lose and move on, no one really saw this coming, even those who investment big on this project. Because in the beginning it was really doing good and there are no signs, or maybe there was, but we keep on ignoring it until to the last minute wherein it was too late. And the bad thing is that the FTX drama has still it's effect on us, the market wasn't able to recover after that, nowhere we are near $20k, our biggest support and we are still near the lowest low. But at least the market has weed out the bad eggs again. Right, if everyone knows FTX as it is today then everyone immediately sells FTT and Withdraw balances at FTX, even when it is still early, many influencers are sure that FTX has no problems or immediately solve problems, this is a risk in Cryptocurrencies investment, the bigger Profit opportunities, the greater the opportunity to lose money. Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: Kadal Ijo on November 27, 2022, 01:03:12 PM This war is actually over and we wait for the next war, when the competition is very tight will certainly make people look for weaknesses from opponents, and the Exchanges war like FTX vs Binance will make investors panic so that it will make a market drop.
Title: Re: Crypto exchange wars going on... FTX vs Binance Post by: fzkto on November 27, 2022, 01:22:03 PM This war is actually over and we wait for the next war, when the competition is very tight will certainly make people look for weaknesses from opponents, and the Exchanges war like FTX vs Binance will make investors panic so that it will make a market drop. I don't think it was a war, because there is no point in going to war with a monopoly in this market. It was more like shooting yourself in the foot. I also think this story made it clear to everyone else that Binance is the main player in this market and they can do whatever they want to their rivals. It's very sad for the whole industry as everything depends literally on one person - CZ. |
