Does this mean binance have screwed themselves over by another investment considering they were planning to keep selling ftt and I doubt they dumped all their coins on the market by this time.
I'm pretty sure they're fine. The moment they started selling, FTT was still significantly higher from here, and add to the fact that Binance invested in FTX(and FTT, with a discount in 2019) very early on. I'd say Binance still made a good amount of money; or worst case scenario they're breakeven. |
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You're probably better off using a local exchange(probably Coinbase/Kraken if they support your country) if what you want is to buy crypto using a bank card. While I had good experiences with KuCoin — KuCoin is a lot more of an exchange that's best for crypto<->crypto, than fiat<-> crypto.
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It is the exchange's responsibility. People just say things like "it's your fault for leaving funds on a centralized exchange" because the risks of centralized exchanges have been known since forever already, but it doesn't change the fact that it's the exchange's fault.
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Bitcoin: it gives people an alternative to traditional fiat currency, and/or a store-of-value asset like gold(debatable)
Crypto: a different asset class that's currently 99% scams and utter shit, may or may not be something very important in the future; depending if smart people actually find a viable use-case outside of speculation
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Just a quick reminder that patterns can break; a perfect example being the infamous Bitcoin stock-to-flow(S2F) model — whereas a lot of people were banking on the fact that the historical trend will continue.
..it didn't
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If you're at least slightly technically literate, like if you can confidently navigate a smartphone, you should be able to handle using a non-custodial wallet properly. Like, they have easy-to-understand instructions so it shouldn't be that much of a problem unless you're careless.
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Most of the time, my coins will be stored in the wallets of decentralized exchanges, such as METAMSAK.
1. MetaMask isn't an exchange, nor is it decentralized. It's just open-source(which is totally fine) 2. You can't really store funds on a decentralized exchange like how you'd store funds on a centralized exchange |
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They should just cut off their ego and just accept the fact that revoking bitcoin donations was a utterly stupid move. If anything, probably no one supports free and mostly-community-controlled information more than Bitcoiners.
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Haven't even heard about FTX until now lol. This shows how panicked I am  Just for those who are wondering: the reason why a lot of people don't know about FTX despite it being a huge exchange, is that FTX's user demographic are mostly akin actual traders who know what they're doing — compared to the typical Binance user which is a lot more "retail-y"(for a lack of a better word). |
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I've read a lot of posts and comments on this forum in the past few days but I saw few posts or replies saying "this have been talked about many times before " ,as a fresh forum user like me how will I know if something like that have been discussed before?
Use Google or Bitcointalk's search function to check if a certain topic has already been discussed or not. Also is it wrong for someone else to discuss what a person have talked about before?
It depends on what the topic is — some topics have been discussed dozens of times without any new information/narratives(who is Satoshi, etc), while some topics are fine to be discussed redundantly due to new information(exchange reviews, etc). |
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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. 🫡 |
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Way too many differences
- FTX had not that huge market share
- FTX hasn't been hacked and didn't get assets stolen
- Mt Gox wasn't attacked and stabbed in the back by Bitstamp
That's true, but my point still stands — people gave too much trust on a single centralized exchange thinking that it's pretty much invulnerable. But then here we are. |
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What's funny is that this event was a repeat of history — sort of like MtGox v2; whereas FTX, an exchange that people trusted a lot(just like people had heavy trust on MtGox back then), ended up having insolvency problems(presumably, things still aren't 100% clear) in the end.
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So the lesson here is to never tell anyone exact amount you hold. You can inform just one member like your parents or wife about this so that they can recover the funds in case anything happens to you but never tell this information to casual friends or distant relatives.
Heck, I'm going to go as far as to not mention bitcoin/crypto in general unless really needed. Pretty much only my closest friends know that I'm into crypto, and I mention my other non-crypto ventures when asked by other people about my income. |
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Yea this is a lot more justifiable since the issue was actually on Binance's side. What OP's proposing though? Yea lmao that ain't going to happen — like, not a chance at all. |
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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/0x41772edd47d9ddf9ef848cdb34fe76143908c7adThere'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. |
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Look around the forums, there are a good amount of threads about FTX being insolvent and whatnot. While I think the market reaction was totally overblown, there technically is some contagion risk concerning Alameda and their balance sheet. Though we don't know for sure yet since we don't have much information.
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At least they get votes Even from outside of USA look how many traders Are in the world.
Non US citizens can't vote in US presidential elections. And why not ? Fed can print infinity ammount money.
Because while the federal reserve were pretty careless in the money printing, they're not THAT stupid. Also, the government never refunded people's losses with the US stock market. What makes you think they're going to refund losses from cryptocurrency trading/investments — an industry they obviously totally loathe? Wake up. |
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If biden or trump want my support then If they do this we all gona love it.
Yea — support the traders who lost money because they don't have any idea what they're doing(a.k.a. gamblers) instead of funding literally anything else like building schools and helping poverty-stricken areas. Makes total freakin sense lmao. |
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There's been excellence in GUI; sending and receiving bitcoin is already a simple process. The reason why there is still "need" for custodial wallets is that people, not only do they recognize themselves as careless, but they're also irresponsible, and feel more appropriately if they hand over their custody to someone else.
Yes, GUI(specifically with UI) is almost sort of 'good enough', but the UX still needs a lot of work. We could probably say that the UX is 'good enough' when even our grandparents can handle the backup process and security well enough. |
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