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.
I have no intention to mischaracterize anything that you said.. so if you believe that you need to clarify, add or subtract.. then that's up to you.
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absolutely hilarious video where you can see SBF talking such an amazing bullshit that I would probably have withdrawn my funds the day that video came out if I had been an FTX customer.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.
Sure. Nothing wrong with those links and the underlying information - and a lot of those kinds of ridiculousnesses have been coming out in the past few weeks - and even highlighting some of the earlier red flag signs, too.
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.
Yes.. you had already said some of that.... and we likely still need to be careful in terms of drawing too many inferences or trying to go too far with some of the information that has been available, or is coming out or even new connections that are being seen.
Another interesting fact is that CZ was one of the seed investors into FTX.. and that was part of the reason why CZ was holding so much FTT.. and yeah, CZ's serving as a seed investor into FTX does not necessarily mean that CZ was benevolent.. but it does suggest that CZ was not as hostile to FTX or to SBF as people were making him out to be.. and surely, we can even go by CZ's tweets to acknowledge that CZ admitted that the collapse of FTX was way quicker than even he could have imagined.. but still we can also take some of those representations with grains of salt (even though there are archives that show those kinds of tweets)... so to a large extent, I would still be concerned about drawing too much from any narrow sets of facts, and facts are still developing.. so each of us needs to figure out how much we are going to buy into various spins and the extent to which our own strategies might be affected by information that is coming out or being clarified based on our new assessment of the situation.
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.
of course he is not going to do that.. unless he is forced to do it.. and even then.. no one really reveals all of their cards (and they usually are not forced to do so, unless they are being tortured. and even then they might not tell everything).
So @JayJuanGee, I guess we are on the same page here.
Sure.. we might be in the same chapter.. or even in the same ballpark, so I doubt that I was ever accusing you of being a looney.. hahahaha.. but at the same time, I would expect that guys (and gal) here should have varying perspectives, and varying ways of presenting or emphasizing information and various information that they might see (or experiences that they might have) that will contribute towards their seeing some of the information differently, even if directionally it is similar it still might not be exactly the same when various emphases are different.
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