Darker45
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November 10, 2022, 01:05:53 PM Merited by darkangel11 (1) |
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Mission accomplished! FTX is dead! SBF has fallen! It's now time to release some soft and dramatic statements if only to pacify some angry and hurt souls.
Let's say he did really tried to help but he's a businessman and understands that removing a competitor would make his business flourish. At that point, I mean when CZ acted as if he's trying to help, I believe he had already made up his mind. Well, even long before he posted on Twitter that they are going to liquidate their FTT as a "post-exit risk management," citing the case of LUNA as something to learn lessons from, he already had a plan. That LUNA thing was obviously just an alibi. It was already obvious at that point that CZ wanted to kill FTX. The die was already cast. So when he tried to look into FTX's financial state right after he killed it himself, to find out how he could be of help to its users, it was just pure drama. In the first place, you fired the bullet that killed FTX. And now you'd suddenly help it so that it won't die? Does that make any sense to you? You initiated the dump yourself and now you'd take a look at its financial situation hoping that it could still be saved? You made the huge public announcement that you'd dump almost $600 million worth of FTT, causing an extremely damaging ripple effect, and now you're suddenly concerned of FTX's liquidity? Come on, let's call a spade a spade! Let's not be naïve and act as if we're born yesterday. He's not trying to help. He was just acting as if he's not the ruthless competitor that he is.
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LoyceV
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November 10, 2022, 04:21:23 PM Merited by darkangel11 (1) |
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2) Our teams are working on clearing out the withdrawal backlog as is. This will clear out liquidity crunches; all assets will be covered 1:1. This is one of the main reasons we’ve asked Binance to come in. It may take a bit to settle etc. -- we apologize for that. To simplify: we are insolvent, we didn't have our customer's money and had to borrow from CZ, In exchange CZ will take over FTX but it will take some time to do the paperwork. Please have patience, I fucked up. I've always hated the made-up coins from exchanges, and didn't even know FTX made-up their own BS tokens. They're an exchange, it should be very simple: I deposit dollars, someone else deposits Bitcoin. I exchange my dollars for his Bitcoin, and the exchange keeps a small percentage. So how the fuck can they be insolvent? Are they doing fractional reserve banking nowadays?
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darkangel11
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Don't let others control your BTC -> self custody
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November 10, 2022, 05:31:26 PM |
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They aren't going to allow everyone to withdraw if Sam is down 8 billion unless he somehow gets a loan or sells the exchange and uses that money to make people whole. Wow Tether froze 46m of the money they make out of thin air. How much of that 46 is backed? ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2F64uvFzm.png&t=665&c=xSBaHe3_ZtOINw) "stable" coin I've always hated the made-up coins from exchanges, and didn't even know FTX made-up their own BS tokens. They're an exchange, it should be very simple: I deposit dollars, someone else deposits Bitcoin. I exchange my dollars for his Bitcoin, and the exchange keeps a small percentage. So how the fuck can they be insolvent? Are they doing fractional reserve banking nowadays?
Yes that's what they're doing. They have a lot of money and they use it. It's free money and money makes money. You can lend it, you can make new companies, you can invest, you can help startups, you can do all sorts of things like when SBF wanted to participate in the acquisition of Twitter. Where would he get that kind of money?
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LoyceV
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November 10, 2022, 06:49:05 PM |
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Are they doing fractional reserve banking nowadays? Yes that's what they're doing. They have a lot of money and they use it. I wanted to say this wouldn't happen with stricter regulation, but it's exactly what banks are doing, and they too get into trouble once in a while. Maybe the difference is they get a bailout.
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dkbit98
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November 10, 2022, 07:44:32 PM |
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Seriously, when will people learn?
Most people will never learn, and some will learn after they lose everything, I just hope they won't blame ''bitcoin scam'' after that ![Tongue](https://bitcointalk.org/Smileys/default/tongue.gif) It might be unbelievable, but just look at all the shitcoins on the market and the valuations some of them have. We were in a pretty raging bull market for a while there, and that's usually when even the shittiest of shitcoins get blown up like a ton of TNT. I never thought BNB would ever reach $60, and yet here it is today trading for $275. When you've got true believers buying coins they're in love with, rational investing goes flying out the window.
Yeah I know what you mean, interesting coincidence that soon after I made a post about FTT price being strangely hanging around $22 it dropped sharply and it's now around $3... still high in my opinion. Same fate could happen to Binance and BNB at any time in near future, don't think for a second that CZ and his gang are any better than sleazy FTX CEO Sam. I don't see a single good reason for creating shitcoin for centralized exchange, since this is only made to make owners richer. Looking away from stablecoins there are 1000s of other shitcoins and tokens that people rode to the bottom. There are stocks that people do the same with.
I think that situation with real estate is even worse, bubble readay to burst at any moments, Only thing different with stocks is that people have a false sense of more security. I've always hated the made-up coins from exchanges, and didn't even know FTX made-up their own BS tokens. They're an exchange, it should be very simple: I deposit dollars, someone else deposits Bitcoin. I exchange my dollars for his Bitcoin, and the exchange keeps a small percentage.
I think that 99% od centralized exchanges creted with made up tokens, and most of them are centralized crap built on their own chain or on ethereum. This is very defintion of shitcoins, with false label of use case.
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LoyceV
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November 11, 2022, 12:06:47 PM |
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- It also appears that many other trading firms/market makers have their funds stuck in the exchange: I've never even heard of most of them. It's annoying to see how much power all those "traders" (who try to get rich on exchanges, instead of using crypto as electronic cash) have over Bitcoin's value. How's the DeFi-hype doing? Is it time to rename it to CeFi yet?
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dkbit98
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It also appears that many other trading firms/market makers have their funds stuck in the exchange:
There are more of them not listed here, even some famous sport stars are FTX shareholders, and remember they also purchased some stadiums and arenas in United States, let's see what domino falls down next ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) How's the DeFi-hype doing? Is it time to rename it to CeFi yet?
Maybe rename it to DeadFi.... and I don't know how to call ''revolutionary'' NFT ''industry'' now ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) This was not pleasant period for people who invested in various defi crap and exchange tokens like this, but in the same time it can be eye opener for many people.
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LoyceV
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This was not pleasant period for people who invested in various defi crap and exchange tokens like this, but in the same time it can be eye opener for many people. Unlikely. If ICO-hype didn't open their eyes yet, I fully expect people to fall for the next hype too. Greed wins from common sense for many people.
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LoyceV
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November 12, 2022, 08:14:53 AM |
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If this doesn't encourage people to switch to DEXes and non-custodial wallets, I don't know what would. Again: I think that's unlikely. DEXes are more complicated, and require people to install their own wallet. I've seen many estimates that put the number of Bitcoin users several times higher than the number of funded Bitcoin addresses. I assume those include people who "own" Bitcoin on centralized exchanges. If they're not even willing to install their own Bitcoin wallet, there's no way they'll install dozens of different wallets for all the shitcoins they're using to invest speculate on pump and dump schemes.
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o_e_l_e_o
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November 12, 2022, 01:33:36 PM |
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Same fate could happen to Binance and BNB at any time in near future, don't think for a second that CZ and his gang are any better than sleazy FTX CEO Sam. CZ is just as bad. All the smoke and mirrors he keeps going on about - the insurance, "fUnDs ArE sAfU" and other such bullshit, and now the completely meaningless proof of reserves. All designed to install fake confidence, meanwhile he tricks users in to using his centralized scamcoin instead of bitcoin, overcharges bitcoin withdrawal fees by orders of magnitude, and gets their malicious code in to as much software as possible to gather as much data as possible. How's the DeFi-hype doing? Is it time to rename it to CeFi yet? I prefer to just call it what it is - a scam. DEXes are more complicated I don't disagree that there will always be users using centralized exchanges or ready to jump on the next shiny scam that comes along, but I would suggest that using a DEX is significantly less complicated than losing all your assets via yet another centralized exchange scam/hack/insolvency/whatever and having to go through a lengthy and expensive legal process to even have a tiny chance of recovering a tiny proportion of them.
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dkbit98
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Again: I think that's unlikely. DEXes are more complicated, and require people to install their own wallet. I've seen many estimates that put the number of Bitcoin users several times higher than the number of funded Bitcoin addresses. I assume those include people who "own" Bitcoin on centralized exchanges. If they're not even willing to install their own Bitcoin wallet, there's no way they'll install dozens of different wallets for all the shitcoins they're using to invest speculate on pump and dump schemes.
Any normal person can install simple software on their computer to run decentralized exchange, it's not like they never installed anything in their life. Sure, Dex exchanges can be improved and made better, but benefit is that you won't have to waste time sending your private information and documents to exchange scammers like Sam. I don't know what people think will happen with their documents now, someone said FTX was hacked and Scam Bankman escaped with his private jet to South America... gangsta style. CZ is just as bad. All the smoke and mirrors he keeps going on about - the insurance, "fUnDs ArE sAfU" and other such bullshit, and now the completely meaningless proof of reserves. All designed to install fake confidence, meanwhile he tricks users in to using his centralized scamcoin instead of bitcoin, overcharges bitcoin withdrawal fees by orders of magnitude, and gets their malicious code in to as much software as possible to gather as much data as possible. He is even worse, because of his Chinese connections, and his net worth including Binance exchange is much bigger. I know he likes to act as a good guy in public and twitter, but I don't trust anything he does, and btw he wanted to buy the same FTX, so I don't believe that he was so stupid and uninformed to don't know real condition of that company ![Tongue](https://bitcointalk.org/Smileys/default/tongue.gif)
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o_e_l_e_o
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I don't know what people think will happen with their documents now, someone said FTX was hacked and Scam Bankman escaped with his private jet to South America... gangsta style. Rumors now are that he is still in the Bahamas and is "under supervision" from the authorities, meaning he will be unable to leave. I know he likes to act as a good guy in public and twitter, but I don't trust anything he does, and btw he wanted to buy the same FTX, so I don't believe that he was so stupid and uninformed to don't know real condition of that company ![Tongue](https://bitcointalk.org/Smileys/default/tongue.gif) I don't think he ever seriously wanted to buy FTX. He probably just wanted to take a look at their accounts so he could open some short positions or try to pull back funds from other companies which were likely to fall after FTX fell, such as BlockFi. History has shown repeatedly that a centralized exchange will only ever do what is in their own interest.
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Darker45
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November 13, 2022, 11:41:56 AM |
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Same fate could happen to Binance and BNB at any time in near future, don't think for a second that CZ and his gang are any better than sleazy FTX CEO Sam. CZ is just as bad. All the smoke and mirrors he keeps going on about - the insurance, "fUnDs ArE sAfU" and other such bullshit, and now the completely meaningless proof of reserves. All designed to install fake confidence, meanwhile he tricks users in to using his centralized scamcoin instead of bitcoin, overcharges bitcoin withdrawal fees by orders of magnitude, and gets their malicious code in to as much software as possible to gather as much data as possible. CZ is a big irony! This man is like a broken record advising everybody to stay sAfU while promoting his centralized exchange. It's not sAfU to keep money in a centralized exchange. Safety and centralized exchange are antonyms; they're antithesis to each other. He wants everybody to stay sAfU and yet he's forcing every single user of his exchange to provide personal information and leak and sell them afterwards. He wants them to stay sAfU and yet he's making his customers believe they can withdraw Bitcoin through different shitcoins' networks. He wants them to stay sAfU and yet he's offering lending and staking and other centralized d3Fi nonsense. He wants crypto users to stay sAfU and yet rather than echo Kraken's Powell's advice to withdraw their coins out of exchanges, he deliberately kills competing exchanges thereby causing users' money to get stuck.
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Coinoplex
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November 13, 2022, 12:44:26 PM |
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Yes FTX done a mistake but CZ wanted to shutdown FTX to kill competition. FTX was growing alot quicker than other platforms and Binance felt like it was a threat for them. CZ has the Chinese intelligence agency behind him he is backed by the Chinese state, if people didn’t find out yet soon they will when the staged “Binance biggest hack” happens and users funds head to addresses controlled by unknown group (Chinese controlled addresses). The chickens will come home to roost.
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albon
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November 13, 2022, 01:08:15 PM |
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Yes FTX done a mistake but CZ wanted to shutdown FTX to kill competition. FTX was growing alot quicker than other platforms and Binance felt like it was a threat for them. CZ has the Chinese intelligence agency behind him he is backed by the Chinese state, if people didn’t find out yet soon they will when the staged “Binance biggest hack” happens and users funds head to addresses controlled by unknown group (Chinese controlled addresses). The chickens will come home to roost.
Yes, I agree with you that CZ is backed by Chinese intelligence and the Chinese state undoubtedly because he was one of the first people who caused this crisis after announcing the sale of Binance and liquidation of any remaining FTT coins, so how was he aware of this from the beginning? What happened to FTX can happen to any other exchange platform, even if it is Binance, and they can then announce that the platform is bankrupt or has been hacked and the money of the users of the platform was stolen by hackers to escape legal provisions. I see that the Binance team is the conspirator on the FTX platform, and they are the main ones responsible for the exacerbation of this crisis and the loss of funds for the users of the FTX platform, so we have to be smarter and not put our crypto in centralized exchange platforms whose main purpose is not the interest of users.
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Tony116
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November 13, 2022, 01:38:39 PM |
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Yes FTX done a mistake but CZ wanted to shutdown FTX to kill competition. FTX was growing alot quicker than other platforms and Binance felt like it was a threat for them. CZ has the Chinese intelligence agency behind him he is backed by the Chinese state, if people didn’t find out yet soon they will when the staged “Binance biggest hack” happens and users funds head to addresses controlled by unknown group (Chinese controlled addresses). The chickens will come home to roost.
In business, it is not uncommon for competitors to destroy each other, if FTX does not make mistakes then binance will not have a chance. The mistake is still caused by FTX being too greedy and unethical in business when using users' money for the wrong purpose. Binance ruined FTX the same way FTX did with Luna and the projects they invested in. CZ is of Chinese descent but he has Canadian citizenship. If all this is due to the Chinese government pulling the strings then the US government will soon respond with binance, because SBF is American and his mother is a member of the democrat party.
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