Then again, I also wondered whether causing an exchange like FTX to collapse could also backfire in many regards concerning his own exchange. People withdrawing assets en masse, massive push for harsh regulation, also massive push for innovation in the DEX space etc.
I doubt that CZ caused FTX to collapse, and it is a good thing that FTX did collapse, since it was quite apparent that they did not have assets to back up their bullshit token, or whatever else they were using to look like assets when they were stealing customers funds and otherwise gambling with customer funds.
Fuck FTX and any attempt to blame CZ for their collapse.. that's bullshit. FTX caused its own collapse, and it should not have gotten that BIG in the first place.
Regarding whether Binance is solvent, sell your BNB and withdraw all your funds. Let's see what happens.
Guess what? Probably nothing is going to happen, since Binance likely was not doing anything even close to as shady as what FTX, SBF and other FTX stooges/criminals were doing.. and still I have not heard of any of the FTX folks getting arrested yet.. even though the evidence is pretty damned clear that they were stealing customer funds... on a broad level, not even just some reasonable amount .. like 30%.. it was way higher stealing levels than that... or do you want to say that they just borrowed the customer money so they could trade with it or buy houses for SBF's parents? or whatever other secret bullshit they were doing with the money that we have not even heard about yet?
Your response seems to be insinuating some wrong things as to what I meant with my post.
Absolutely, fuck FTX! I am all for scammy and shady companies to collapse. Actually, this is why I already
posted this and on top of that I recommend an
absolutely hilarious video where you can see SBF talking such an amazing bullshit that I would probably have withdrawn my funds the day that video came out if I had been an FTX customer.
I urge everyone to watch that video, and maybe sharing this treasure with you is worth a merit, but only when it made you shake your head and laugh of course!
It is beyond ridiculous how SBF is recklessly talking himself into trouble in a conversation with a finance professional.
Regarding the reason for the collapse, that is of course the pure insolvency SBF is responsible for, but CZ got the domino game going. He kicked it off so to say. This is not to say that I blame CZ for FTX to collapse. In fact, CZ did the right thing but the intention might not have been as altruistic as one might believe here. Many sources state that SBF and CZ are sort of enemies, like a bit more than just competitors. They had their Twitter fights and so on. What I meant to say with my post is that I asked myself whether CZ, as emotional as his move might have been, was fully aware of a potential push on al fronts that he can't really like given the opaque corporate structure of Binance. Also, people withdrawing money from all exchanges, including Binance, is probably not something he really welcomed.
I personally believe that Binance is solvent, but I would not naively believe that it is the case 100%. Binance is operational and that is all that counts because if CZ were forced to prove that everything is sufficiently backed, he would actually have to present a report with proofs of all the sources and that in turn would give insight into this opaque network of globally distributed banks and companies holding Binance's assets.
So @JayJuanGee, I guess we are on the same page here.
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