FTX comedy and might be another exchange that bites the dust?

[Rikafip]

Dafuq, looks like Binance will buy FTX. I honestly didn't expect this drama to end this way, and probably no one else either. One exchange to rule them all...



https://twitter.com/cz_binance/status/1590013613586411520

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[NeuroticFish]

Dafuq, looks like Binance will buy FTX.

Aaand it's confirmed by SBF: https://mobile.twitter.com/SBF_FTX/status/1590012124864348160

Interesting development and a big move by CZ?
I am overly surprised.

[o_e_l_e_o]

Well, here's hoping every member of this forum who used FTX took our advice and dumped their tokens and pulled their bitcoin out. The token has now crashed spectacularly and all withdrawals are suspended, to absolutely no one's surprise. What about all the "FuNdS aRe SaFu" nonsense that was being tweeted yesterday?

Now we get this tweet from FTX: https://nitter.it/SBF_FTX/status/1590012126701441025#m
They asked Binance to come in to cover their liquidity problem. Claiming "all assets will be covered" is very different to stating "all assets are covered". They are insolvent.

Pretty disgusting and borderline illegal behavior from Binance. (Although these are the people who sold customer information to the Russian government, so no strangers to disgusting unethical behavior.) Tweet shit about a rival to cause a bank run, force them in to a liquidity problem, and then swoop in and buy them out. The entire centralized exchange market is becoming centralized on Binance and CZ. Binance is rapidly turning in to the very reason bitcoin was created in the first place.

The entire centralized exchange ecosystem is turning in to something which is very bad for bitcoin.

[JeromeTash]

Interesting development and a big move by CZ?
I am overly surprised.

It's about time 


With the acquisitions they made in the past, I don't think I would be surprised at all. This is really very bad for the crypto industry as whole. CZ knew it that FTX was going to suffer due to panic from traders.


"Decentralized Global economy" my ass. And he had the audacity to say that. More like try to kneel down and suck Cz's dick, especially after saying that a competitor was going after them with false rumors just some hours ago

[bbc.reporter]

Dafuq, looks like Binance will buy FTX. I honestly didn't expect this drama to end this way, and probably no one else either. One exchange to rule them all...



https://twitter.com/cz_binance/status/1590013613586411520

This might be CZ's real agenda hehehe. He killed his greatest rival and closed the rivalry by owning them. He cannot take the risk of letting the rival survive and have revenge against him.

However, is Binance considered a Chinese company? America might block any venture from a Chinese company to buy an American company with this political tension happening between China and Russia vs. America.

[Darker45]

Although I was also bullish on FTX earlier, never did it occur to me that they would become a sort of a Binance killer. Binance's roots are way too deep in the crypto ecosystem. FTX was only a close competitor as far as Binance as exchange is concerned, but in terms of both of their empires, Bankman-Fried's was miniscule compared to CZ's. And we all know how CZ tends to monopolize everything. This is the obvious result. There were dirty tricks employed, of course.

[Little Mouse]

Interesting development and a big move by CZ?
I am overly surprised.

If it was someone else, I would definitely surprise but since it's CZ, there's nothing to surprise. It was expected that CZ wants to rule crypto world, he wants monopoly on the industry which he is getting eventually. There was a time when CZ said he wanted to charge back a BTC transaction which was hacked from Binance, it was something not possible, he knew that. But he wants to he something like that. So, yeah, it's nothing of surprising and it's a part of his monopoly.
If someone can't break this monopoly, there will be hard time ahead for cryptocurrency.

[bbc.reporter]

@Ratimov. I very much cannot comprehend how Alameda Research could lose in the casino if they control the casino. They have been making billions during the bull market but end agreeing to CZ for a possibility of a bail out. They had all of the advantages.

In any case, I have another speculation. Is CZ supported secretly by the communist party of China? He has become very powerful in the cryptospace only through hard work? I am very skeptical of this.

[malcovi2]

if anyone is interested here is coffeezilla's review on the story

https://www.youtube.com/watch?v=l3HfrRjWilQ

I'm a huge fan of his work because on how detailed on how he delivers the story.

[Darker45]

I very much cannot comprehend how Alameda Research could lose in the casino if they control the casino. They have been making billions during the bull market but end agreeing to CZ for a possibility of a bail out. They had all of the advantages.

This has always been my curious question every time a crypto exchange that earns suddenly lose solvency, except if it is hacked. And it's probably always about financial mismanagement. This is definitely what happened to SBF as well.

For one, it certainly didn't help that he acted as the industry's savior and redeemer during the crypto winter. It drained him of so much money.

This ambitious guy probably spent more than he should. He's obviously extravagant in his marketing decisions including renaming the Miami Heat's basketball arena as well as in his political commitments and probably many more others. A billion here, a billion there in the middle of a severe bear market is apparently over-commitment. He must have somehow lost his mind and wrongly estimated his capacity.

And he's caught off guard by this untimely conflict against CZ, who's always been a very measured businessman in and out. In the end, CZ's actions proved to be the final nail in the coffin.

In any case, I have another speculation. Is CZ supported secretly by the communist party of China? He has become very powerful in the cryptospace only through hard work? I am very skeptical of this.

I guess CZ has already lengthily answered this. Although Binance is originally made in China, he has dismissed that it is involved with the red party.

But I guess it wasn't just hard work; it was also smart work. And perhaps the timing was also a considerable factor.

[NeuroticFish]

Interesting development and a big move by CZ?
I am overly surprised.

If it was someone else, I would definitely surprise but since it's CZ, there's nothing to surprise. It was expected that CZ wants to rule crypto world, he wants monopoly on the industry which he is getting eventually. There was a time when CZ said he wanted to charge back a BTC transaction which was hacked from Binance, it was something not possible, he knew that. But he wants to he something like that. So, yeah, it's nothing of surprising and it's a part of his monopoly.
If someone can't break this monopoly, there will be hard time ahead for cryptocurrency.

While CZ breaking FTX is not a big surprise, buying it would be one. I tend to agree with some of the guys on Twitter expecting the drama be far from over and since it's not a binding agreement, CZ will actually not buy FTX.
I mean.. why would he need two exchanges when he already has a very big one? What would be the final benefit? With FTX out of business, the users would migrate to Binance anyway...

In general, Binance had big problems with regulators before. [~snip~]

Against the backdrop of these persistent problems, Binance could begin to transfer liquidity to another exchange that has a cleaner history and does not have such problems with regulators.

I will start by telling that I've been thinking on you with all this situation. I know you had high hopes related to FTX, I hope you haven't lost too much money with FTT; maybe you've even sold before all this started...
Now, your speculation looks interesting, but Binance is lately pretty active in getting regulatory approval over the world. So they're already clearing their name. I see FTX just a headache in all this story, one that has the potential of creating more problems than solving them on medium-long term. Of course, I could be wrong...

[o_e_l_e_o]

It was expected that CZ wants to rule crypto world, he wants monopoly on the industry which he is getting eventually. There was a time when CZ said he wanted to charge back a BTC transaction which was hacked from Binance

It should concern everyone that one person has the power to completely destroy a rival exchange with a few tweets. It should concern everyone more that this same person has previously wanted to 51% attack bitcoin in order to rewrite the history of the blockchain to suit his own personal desires. Binance and CZ, in addition to having fingers in every other pie, from lending to staking to rating sites to wallets (hardware and software) and even to web browsers, now has the ability to take down any exchange which challenges them. CZ is trying to centralize the entire bitcoin ecosystem on him. CZ has, however, essentially just put a large target on himself and Binance for regulators around the world. How ironic if they aid decentralization by stopping Binance's hostile takeovers.

People need to stop using centralized exchanges more than ever. Not only is it obviously better for your security and your privacy to use DEXs, but now it's good for the entire bitcoin ecosystem and helps to stop CZ consolidating even more power.

[stompix]

If it was someone else, I would definitely surprise but since it's CZ, there's nothing to surprise. It was expected that CZ wants to rule crypto world, he wants monopoly on the industry which he is getting eventually. There was a time when CZ said he wanted to charge back a BTC transaction which was hacked from Binance, it was something not possible, he knew that. But he wants to he something like that. So, yeah, it's nothing of surprising and it's a part of his monopoly.
If someone can't break this monopoly, there will be hard time ahead for cryptocurrency.

Nobody cares!

Microsoft destroying Netscape, the evil corporation, Bill Gates the Illuminati, it has set back development for years, damn corporation monopoly!
Binance is bankrupting FTX, CZ is a genius, Binance is a good exchange, a near monopoly is good for the economy, and this is good for bitcoin!

The world is upside down, as I see people cheering for this kind of manipulation and not who they are cheering for, the guy that continuously lied about volume, about legislation, that slapped x10 fees on BTC withdrawals to promote his own tokens and stablecoin, hope is starting to fade away!

It should concern everyone

It should! It's ....not! 

[Rikafip]

The plot thickens: according to Coindesk, Binance is considering to back down from FTX takeover. Seems like situation is far worse than initially thought if they are really thinking about not going through with it. I hope it isn't true, for the sake of all people who still have money there.

Cryptocurrency exchange giant Binance is highly unlikely to go through with its proposed acquisition of struggling rival FTX after less than a day of reviewing the company, according to a person familiar with the matter.

Binance’s non-binding letter of intent for the takeover – announced Tuesday as FTX’s financial position appeared to be spiraling out of control – hinged on Binance performing due diligence. Roughly half a day into that process of reviewing FTX’s internal data and loan commitments has led Binance to strongly lean against completing the transaction, the person said.

[dkbit98]

It should concern everyone that one person has the power to completely destroy a rival exchange with a few tweets. It should concern everyone more that this same person has previously wanted to 51% attack bitcoin in order to rewrite the history of the blockchain to suit his own personal desires.

This is certainly true, everyone should think more about it, and let's not forget that he created his own centralized blockchain so he can do whatever he wants there, even creating fake bitcoin for supposed ''lower fees''.
CZ is taking down any competition and he wants to have full control over Bitcoin trading, but I think there are forces behind the scenes who support him in his actions.
It's best to stop using all centralized exchanges, and developers should focus more on improving available dex exchanges or on making new better ones.

The plot thickens: according to Coindesk, Binance is considering to back down from FTX takeover. Seems like situation is far worse than initially thought if they are really thinking about not going through with it. I hope it isn't true, for the sake of all people who still have money there.

Isn't it weird that at the same time we are having twitter takeover by Musk?
It looks to me that world is going towards more centralization of power and money, biggest price of this will probably pay regular people and middle class.
Crazy thing to think that for some people CZ and Musk are now some kind of heroes.

[aoluain]

It should concern everyone that one person has the power to completely destroy a rival exchange with a few tweets. It should concern everyone more that this same person has previously wanted to 51% attack bitcoin in order to rewrite the history of the blockchain to suit his own personal desires.

This is certainly true, everyone should think more about it, and let's not forget that he created his own centralized blockchain so he can do whatever he wants there, even creating fake bitcoin for supposed ''lower fees''.
CZ is taking down any competition and he wants to have full control over Bitcoin trading, but I think there are forces behind the scenes who support him in his actions.
It's best to stop using all centralized exchanges, and developers should focus more on improving available dex exchanges or on making new better ones.

The plot thickens: according to Coindesk, Binance is considering to back down from FTX takeover. Seems like situation is far worse than initially thought if they are really thinking about not going through with it. I hope it isn't true, for the sake of all people who still have money there.

Isn't it weird that at the same time we are having twitter takeover by Musk?
It looks to me that world is going towards more centralization of power and money, biggest price of this will probably pay regular people and middle class.
Crazy thing to think that for some people CZ and Musk are now some kind of heroes.

They are not heroes of mine, that's for sure.
I agree that things are becoming more "centralised" and as always regular people will pick up the costs.

This is another lesson for sure on the dangers of using centralised exchanges and we all
should pursue the use of DEX's.

This thread is a real eye opener into the dealings and moves of both Binance and CZ.

[Rikafip]

Isn't it weird that at the same time we are having twitter takeover by Musk?

I am not so sure that those two things are connected as there's simply so much shit going on lately that some will overlap. Then again, nothing can surprise me anymore.  

It looks to me that world is going towards more centralization of power and money, biggest price of this will probably pay regular people and middle class.

That's unfortunately inevitable and I don't see what can happen to reverse centralization process. Maybe nuclear holocaust, but then nothing will matter anyway.

This is another lesson for sure on the dangers of using centralised exchanges and we all
should pursue the use of DEX's.

I honestly doubt that people will change the way they perceive centralized exchanges and they will still use them to store/buy their crypto. I mean, if Mt.Gox fiasco didn't teach people a lesson I don't think that FTX going down will neither and probably not even Binance.


It is confirmed now, Binance is out of FTX deal.


https://twitter.com/binance/status/1590449161069268992

[malcovi2]

It is confirmed now, Binance is out of FTX deal.


https://twitter.com/binance/status/1590449161069268992

I thought so because not only you are buying FTX but also Voyager, the buyer going to shoulder 2 bankrupt companies.

[bbc.reporter]

@Ratimov. I very much cannot comprehend how Alameda Research could lose in the casino if they control the casino. They have been making billions during the bull market but end agreeing to CZ for a possibility of a bail out. They had all of the advantages.

In any case, I have another speculation. Is CZ supported secretly by the communist party of China? He has become very powerful in the cryptospace only through hard work? I am very skeptical of this.

This can be discussed a lot, I have seen various hypotheses regarding the secret interaction of these two exchanges. In general, there is such a widespread belief that FTX has always been part of Binance. Suffice it to recall their close cooperation in terms of trading BULL / BEAR tokens. Then the hype began with these tokens and Binance made a rough delisting of these credit tokens from its platform.

In general, Binance had big problems with regulators before. If you remember, in 2021 there was a lot of news with restrictions for Binance. I once created a separate topic on these restrictions: July Regulatory War Against Binance...is CZ Ready to Surrender?.

Against the backdrop of these persistent problems, Binance could begin to transfer liquidity to another exchange that has a cleaner history and does not have such problems with regulators. At some point, plans to distribute the influence of the two exchanges could change and Binance again made the main bet as the main exchange of the entire crypto industry, and FTX was decided to absorb. Of course, this is just a hypothesis, and we won’t know the whole truth, but FTX really seemed to be the main contender for the most powerful exchange until recently.

I am talking about Sam who owns Alameda Research, his own quantfund-hedgefund-marketmaker, who also controls FTX as something similar to their own casino and Sam who also issued his own token through FTX, however, he lost everything? This is real life comedy.

It is confirmed now, Binance is out of FTX deal.


https://twitter.com/binance/status/1590449161069268992

I was skeptical of this. I reckon CZ only wanted to look at FTX's balance sheet and operation to collect data on what his enemy was doing hehehe.

I very much cannot comprehend how Alameda Research could lose in the casino if they control the casino. They have been making billions during the bull market but end agreeing to CZ for a possibility of a bail out. They had all of the advantages.

This has always been my curious question every time a crypto exchange that earns suddenly lose solvency, except if it is hacked. And it's probably always about financial mismanagement. This is definitely what happened to SBF as well.

For one, it certainly didn't help that he acted as the industry's savior and redeemer during the crypto winter. It drained him of so much money.

This ambitious guy probably spent more than he should. He's obviously extravagant in his marketing decisions including renaming the Miami Heat's basketball arena as well as in his political commitments and probably many more others. A billion here, a billion there in the middle of a severe bear market is apparently over-commitment. He must have somehow lost his mind and wrongly estimated his capacity.

And he's caught off guard by this untimely conflict against CZ, who's always been a very measured businessman in and out. In the end, CZ's actions proved to be the final nail in the coffin.

In any case, I have another speculation. Is CZ supported secretly by the communist party of China? He has become very powerful in the cryptospace only through hard work? I am very skeptical of this.

I guess CZ has already lengthily answered this. Although Binance is originally made in China, he has dismissed that it is involved with the red party.

But I guess it wasn't just hard work; it was also smart work. And perhaps the timing was also a considerable factor.

I do not trust CZ's words.

[malcovi2]

Oh no, Justin Sun entered the arena, I think its a bad news.



Everything Justin Suns touches is going to be fucked
wink, trondex, and Sun token - he abandoned these projects, I can't believe that there are people believing trusting this guy.

USDD - probably next year its going to be another crypto news because people are investing in this ponzi game