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Right now there is the battle of $22.
Seems that there is dumping on Binance and there is buying on FTX.
Caroline from Alameda offered to buy all Binance's FTT at $22 and seems there is a huge battle going on right now. If you track CVD you can see that on Binance there is nothing but market sells and on FTX there is nothing but market buys.
Price completely side ways its crazy. And a few mins ago, tons more FTT was deposited into Binance to market sell.
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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.
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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75% of all their client assets have been withdrawn.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.
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I think he is referring to those which were flipping properties between 2020 and 2022. People would basically buy a property, do little work and sell it for 20% more.
Housing market was hot and every month the property values were going up. So it seemed to be risk free. It was until interest rates started to go up and now many are holding the bag.
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No idea if you guys were paying attention but there is a huge fued going on with FTX and Binance. Basically some insolvency rumors and Binance dumping their FTT token coin.
We came close to breaking the yearly low earlier with that CZ tweet. It seems people are upset about SBF trying to make Defi illegal and many are out to get him. No idea how this will unfold. Many people leaving FTX now.
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Most forex exchanges actually already do this. Basically they are betting that you gave up trading and won’t even notice the funds missing.
Many retail traders basically don’t know what they are doing. Lose 80% of their funds and give up. Then the exchange takes the rest in inactive fees.
For crypto it would be something new however.
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Yes this is pretty much common sense. If you are an employer who meets with other companies the company you work for will tell you need to present a clean image. You need to wear a suit and have nice hair and such.
If you are a customer it’s different. Some dress in casual clothes. However if you dress casual and go to a Porsche dealer you might be ignored. Because it projects a certain image.
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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.
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Since FOMC passed it’s sort of irrelevant but the number doesn’t really mean anything. It was 75bps but we dumped anyways.
We all knew 90% chance it would be 75bps. What was said next was more important. People were expecting him to pivot but he said the opposite pretty much. That he will stay on course and not pivot. Hence why we dumped along with stocks.
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If it’s a house you plan on living for rest of your life then it shouldn’t matter what it’s worth. In fact it’s better if it’s worth less so there are less property taxes.
Many people in certain cities own million dollar houses, however are they rich? No. They sell and what then. They still need a place to live. So it’s not speculation for every home owner unlike the investors.
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So with the fed basically having no affect on the market. It all boils down to the CPI next week. Which will either be as estimated or higher and then the market should tank however not always.
Remember last CPI? The results were bad and there was a huge dump and faster reversal. Similar to what happened earlier in the summer. Hard to predict what will happen this week with the elections.
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Yeah there is no short cut to this. You basically want to instamine a bunch of coins since the difficulty will be low and then by shear luck if it ever hits an exchange you can make decent profit off it. Sure it’s possible but you gotta check the threads everyday and stay aware of any scam projects and 90% of the projects now are all ICOs which are unmineavle, you gotta buy those tokens.
Back in 2014 everyday there was some new coin which was mineable and a couple days later it appeared on the largest exchange and you could sell it then. Those days are long gone unfortunately since ETH went live with erc20 token.
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It did not decouple. Are you referring to the FOMC event? It definitely didn’t decouple because I was trading it live that day and pretty much followed the SP500.
However keep in mind the percentages will not be equal between sp500 and Bitcoin. One can move more or less than the other. But it’s still coupled and correlated closely.
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You basically lucked out and picked the worst time to start GPU mining. It was very profitable since it launched in 2015 and up until 2 months ago it was mineable by GPUs but now it’s POS and you can’t mine it anymore.
So there are millions of GPUs competing against whatever is left which is not much and unless you got free power you will make almost nothing. And even with free power you are barely making anything decent. Unfortunately that’s the way it is today.
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Basically the token is correlated right now to how the crypto markets are performing. Both FTT and CRO and LEO are all far from ATH. The only one that is high right now is BNB.
When there is a bear market usually the volume is lower and less revenue for the exchange. The opposite is true during a bull market. Hence we will to bottom first and start rallying towards ATH for these tokens to also go to ATH.
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Tomorrow are the employment numbers. And most likely nothing will come of this unless…
We get a very high unemployment rate and then we should rally since this is what JPow said on the conference on Wednesday that he wants a better employment market and not one that is too tight.
We get a very low unemployment rate then we will obviously dump because it means that the fed will have to be more aggressive on his hikes.
However most likely it will be average and nothing will happen.
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First time I see these photos. I am guessing this is not recent but when China banned mining a year back or so. Pretty sure most of those are not current gen GPUs. Looks like some old RX 470 GPUs there.
In the first photo. What is he doing exactly? Looks like he is selling the GPUs on the streets. Because it’s a weird spot to be building rigs or packaging them up.
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You might as well use an exchange like Kraken and just do a bank transfer. You can use other exchanges like Gemini or Binance but you need to do a wire transfer for those which is more work.
Yes you will need to KYC but you need to show ID at most Bitcoin ATMs anyways. At least that’s how it is in my province. Gone are the days when you could buy thousands at the ATM without KYC.
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It’s not only the free shipping why they get less sales. It’s because people have less disposable income compared to a year or two ago.
Most of the stuff that Amazon sells people don’t really need. I doubt many are buying laundry detergent or toilet paper from Amazon. Its usually goods that people will put off buying when they got a higher mortgage payment and higher grocery bills.
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