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[dkbit98]

Main advantage for FTX exchange is the fact that they don't charge any fees for withdrawing Bitcoin from their account to your own wallet, but limits are very low for unverified account without kyc verification.
Giving higher limits would probably put them in the same trouble boat with Binance and draw more attention of regulators on them, so they are still managing to balance that.

[hello_good_sir]

I think that FTX certainly has a lot of merits over sites like Bitmex and Deribit which don't have the offerings of FTX tokens.

FTX tokens have also outperformance Binance tokens substantially over the same time period because they don't have the variable leverage offerings. I think that is definitely a bonus as well.

Hopefully they don't get cracked down on like the other derivatives exchanges previously because they do provide a pretty good user experience.

[NeuroticFish]

Imho this should have been posted here. FTX is growing:

FTX US has acquired LedgerX, a regulated exchange specializing in cryptocurrency derivatives, the amount of the transaction is not disclosed, it is planned to close in October. The plans include creating products for retail and institutional traders, directing significant resources to developing relations with regulators and promoting innovations in accordance with "strict standards of the US financial services industry," the parties involved in the transaction said. https://www.forbes.com/sites/stevenehrlich/2021/08/31/us-bitcoin-exchange-backed-by-billionaire-sam-bankman-fried-moves-into-crypto-derivatives/?sh=3bdf0f174022

[NeuroticFish]

As I have argued and continue to argue, now FTX will be trying to promote with all their might. I would not be surprised if this exchange soon becomes the number 1 exchange, displacing Binance from its pedestal.

When you first replied me (some weeks/months ago) about FTX pushing to replace Binance I was like "who?!"; I didn't hear about FTX before, somehow I managed to completely miss their rise.
Meanwhile I've read more and indeed, they push quite hard to grow, since indeed, it's a good moment for a change.

On the other hand.. I don't know, FTX looks like yet another very KYC friendly exchange, hence I see no big difference between filling KYC at Binance or leaving vs filling KYC at FTX or avoiding it.

[NeuroticFish]

Binance is losing many markets due to regulatory prohibitions. The largest loss of the market can be considered South Korea, which was the main supplier of liquidity for Binance.

Indeed, losing liquidity can easily become a problem for Binance, although I didn't feel in yet. But I also don't use Binance that much... I'm not a trader.
But - although they are not to be trusted - the volumes shown by Binance are still at a different level of magnitude than the opponents, whether it's Huobi, OKEX, Coinbase or FTX.
It won't be easy for FTX to claim #1.

[Timelord2067]

It should be noted that FTX is actually the App Blockfolio that recent changed the skin of the blockfolio app and it is now called FTX. 

As to the Blockfolio/FTX app, nothing has changed.  The app is still full of inaccuracies in so far as it lists exchanges such as Nova,  Cryptopia and even AEX (to name but a few) as sources to poll prices of the crypto assets in you portfolio.

What has changed however, is the addition of the FTX exchange as a method of polling crypto prices (even ones that aren't listed on their exchange) so they're probably polling the figures from elsewhere, collating, then repackaging as their own product.

I haven't tried at add Derivatives or other stocks on the stock market, (I have an App called Delta that already does that) however, a while ago a stock by the name of GameStop saw their price jump into the hundreds of dollars - I have a small bag of an alt coin called GameCoin whose symbol is GME which just happens to be the same as GameStop (GME).  Without any prior notification, Blockfolio (now FTX) changed the logo from GameCoin (GME) to GameStop (GME) and now polls the prices for GameStop (GME).

So now I appear to have over $100,000,000 worth of GameStop (GME) when in fact I own GameCoin (GME) which are not listed on any exchange and are worthless. 

Blockfolio (now FTX) arbitrarily changed the type of commodity with the symbol GME without telling anyone.

[bbc.reporter]

It won't be easy for FTX to claim #1.

Yes, exchanges easily lose their leadership, but earning it and keeping it is an extremely difficult task. Despite the fact that Binance, with a 100% probability, tweaks its volumes, it still has a huge impact and opportunities for the crypto market. Thanks to this, we saw an explosive growth in BNB.

If FTX manages to take the lead from Binance, my guess is that their FTX token could grow 10x. Now its price is ~$60.

Agreed on your prediction on FTT. I have also argued that FTT might be a good token to hold during bear markets in the altcoin speculation subforum, however, there were much disagreements about this hehe. I reckon that they might not have considered FTX’s buy and burn system which appears to be growing.

Also, much of the people did not consider that the buy back system might be another method of indirect form of revenue for holding FTT. If the exchange revenue grows, the buy backs of FTT will also grow.

[bbc.reporter]

@Ratimov. FTX will never have a shortage of marketing and promotion. They have partnered with the Miami Heat, Major League baseball, an esports team and they also have Tom Brady and the sexy wife Gisele Bundchen as major investors hehehe. Sam might become the Jeff Bezos of the cryptospace.

Also I received this reply after I mentioned that FTX might be the Binance killer hehehe. It appears that much of the people in the forum will be shocked to learn about FTX.



I will create a thread for [FTT] speculation when it pumps to $100 hehehehe.

[Daltonik]

FTX CEO announced the addition of a new function for issuing non-interchangeable tokens (NFT) on the main and American platforms. All NFTs will be cross-chain compatible with Ethereum and Solana. Deposits and withdrawals will be opened within a few weeks.

   

upd: And about the possibility of interaction with the OpenSea platform. When asked by user @paulcr2009 if it would be possible to deposit existing collections from OpenSea, Sam Bankman Fried's answer was: "Soon".

[bbc.reporter]

I speculate that Sam knows that he is opening a new method for moving tokens to avoid the SEC’s policies and regulations. NFTs is art and business dealings with art and the art industry is not strictly regulated by the SEC. Clearly this will make NFT markets become bigger than Defi.

[NeuroticFish]

FTX also became a sponsor of Formula 1, the Mercedes AMG F1 team:

Indeed, it was discussed in the F1 topic here and here.

I've even put there a nice image where FTX is visible:

I guess it wasn't cheap, but it is visible and imho it's a big deal, especially after crypto.com entering F1 and (hopefully) making more people read about crypto.

[bbc.reporter]

Sam Bankman-Fried is also in the cover of Forbes magazine. The other cryptoexchange owner who made the cover is Changpeng Zhao of Binance. Binance became the biggest exchange after that with BNB pumping from $1.00 during the bear market to $600 during the present bull market. I speculate the best investment to buy during the next bear market is FTT.

[shogun47]

From the latest FTX news. The exchange continues its expansion in the crypto space. At the end of August, the American division of FTX.US announced the purchase of the LedgerX derivatives exchange:

I didn't have FTX on my radar for quite a while. Just noticed them when I found out they took over Blockfolio. Does anyone know how much they acquired Blockfolio for? Just asking out of interest. Definitely a business to watch as it seems!

[shogun47]

Does anyone know how much they acquired Blockfolio for?

The transaction amount was $150 000 000.

More details here: FTX crypto exchange acquires Blockfolio for $150 million

Seems like there are some congratulations due for the Blockfolio founders! Same with the guys behind Coinmarketcap when they got acquired. Neither of those founders would probably have expected to once get bought for amounts of that magnitude.

[Timelord2067]

More details here: FTX crypto exchange acquires Blockfolio for $150 million

Seems like there are some congratulations due for the Blockfolio founders! Same with the guys behind Coinmarketcap when they got acquired. Neither of those founders would probably have expected to once get bought for amounts of that magnitude.

Hmm... and yet I made mention of that fact way back a month ago in post #12...

It should be noted that FTX is actually the App Blockfolio that recent changed the skin of the blockfolio app and it is now called FTX.  

So far the blockfolio / FTX app hasn't changed other than the name and logo.  It's still full of errors and exchanges that got robbed years ago listed as active.  Hopefully the new owners knew what they were buying was a slightly used app and have deep pockets to make the necessary adjustments to bring the app up to scratch.

[JeromeTash]

I speculate the best investment to buy during the next bear market is FTT.

That's if the traffic keeps going FTX's way.

So many exchange tokens such as Huobi token, Kucoin shares, or Okex's OKB haven't leaved up to the expectations to follow BNB's footsteps. I am personally keeping an eye on Bybit's BITDAO since it's just launched.

[NeuroticFish]

the trader deposited $6.3 million, but sent it to an incorrect address. It could be said that it was his own fault. But the fact is that he sent money to Unit Protocol, and money was credited to him on Paxos. Because PAX rebranded and changed PAX to Pax Dollar (USDP). FTX changed the ticker, but quietly, without notifying or warning anyone, and this ticker was already occupied by Unit Protocol.

In the end, the dude sends money to the Pax Dollar address, thinking he is sending it to Unit Protocol. Realizing that he had sent it to the wrong place, he submitted a request to FTX and they helped him, only they returned not $6.3 million, but $5.4 million. And everything else is the commission of the exchange, although it is triple, well, it's okay, the buttons are also hard to press.

1. I don't understand how on earth can somebody send such huge amounts of money without triple checking.
2. I think that the user was somewhat lucky that it was partly FTX fault too, else he may have not receiving anything. I've seen such cases too on other exchanges.

[NeuroticFish]

What cases do you know from major exchanges?

I clearly didn't bookmark them, but a quick search has shown that in some cases in the past Poloniex (in its golden years) did recover funds, while there were cases Kraken or Binance didn't. I didn't check the amounts though; I also didn't spend too much time searching, so I guess that one can find better examples.

[bbc.reporter]

FTX’s critics might be missing the argument on what FTX really is for the cryptospace. We have not witnessed an exchange that is operated and maneuvered on this type of level before. We should expect bigger growth and on a level where we as users can say that FTX is the Google or Amazon of the cryptospace. A level where it will be too high for Binance to reach. Those FTT tokens will be more than $1000 in 3 years hehehe.



Binance, the world’s largest crypto exchange by volume, was an early investor in crypto exchange FTX, which 29-year-old Sam Bankman-Fried founded in 2019. This week, the investment relationship suddenly ended. In an extensive interview with Decrypt, Bankman-Fried discussed why.

“We recently repurchased shares from Binance to buy them out of our cap table,” Bankman-Fried said. “I think it just makes sense given the role that our businesses are playing in the space. It can also give us more flexibility going forward.”

On Tuesday, FTX announced a $900 million raise from 60 high-profile investors including Sequoia, Paradigm, Softbank, Paul Tudor Jones, and NFL quarterback Tom Brady and supermodel Gisele Bündchen. It was the largest ever funding round for a crypto exchange, valuing FTX at a cool $18 billion.

Source https://decrypt.co/76584/ftx-ceo-sam-bankman-fried-why-bought-out-binance-investment-shares-exit