The leader of the collapse of the currency circle

[uneng]

The truth is that developers, businessmen and entrepreneurs decided to upgrade the old scam ponzi and pump and dump schemes to a new level in crypto universe, through their native exchanges' tokens. At some point it would inevitably fail like every schemes of the same kind, as we are seeing. We can't say for sure who is going to be the next one, but there are strong candidates who present similar patterns on their platforms. I hope they don't crash and I hope they aren't doing the same practices on the backgrounds in order to pump their tokens, at same time I can't close my eyes to the possibility this is happening.

Unfortunatelly greed and egocentrism spoke louder among crypto companies at a point it must have reached to a big competition for the most influent and valuable token, so many of them appealed to 'cheating' tactics using their customers' balances unduly and criminally.

[DapanasFruit]

Right now, CZ is taking advantage of the situation by presenting - branding - himself as the clean guy and for now it is working as his platform is poised to be the major player in the crypto business. Well, he knows business and I am expecting that all the time he is always attuned to his entrepreneurial spirit using some punches along the way to clear the path towards Binance domination. Speculations and theories are abounding as we are witnessing the fall and the aftermath of FTX/SBF collapse...days from now we can see which other platforms are severely affected by this development and which will also be declaring emergency and bankruptcy. Can this be the needed cleansing of the industry and will this lead to clearer and stricter crypto regulations? The answers to these questions will be slowly revealed to all of us as months go by...

[NotATether]

Changpeng Zhao of Binance became the first hero to blow the whistle.

I don't know the story here but I wouldn't even begin to consider CZ a "hero" since he is the same person who was offering payment to bitcoin mining pools in order to perform a 51% attack on bitcoin blockchain. All because his shitty platform was hacked and he wanted the money back.

And given that he (his platform) may have been the instigator of the huge mempool shooting up all of a sudden, assuming that it was Binance who was moving their coins around.

I mean goodness, who knows when that backlog is gonna be cleared...

[rajubai]

Yeah, it may be true. FTX Exchange Collapse: CEO Sam Bankman-Fried's Net Worth $16 Billion to 'Zero'. but they think really will start gaining and getting more money from it. nothing is permanent in the world. the market is fluctuating. any time it goes up or down based on the situation.
https://digitalindiatoday.com/ftx-exchange-collapse-ceo-sam-bankman-frieds-net-worth-16-billion-to-zero/

[worle1bm]

I don't consider him as a Hero because he was just selling his share and fault in the FTX lead to all this collapse and he also tried to buy it which could have balanced the situation but in the end nothing happened and people lost the money.But if we are calling CZ hero in this case then you are overlooking the scene that he has taken the opportunity to take out his competition from the market.

[doomloop]

I don't consider him as a Hero because he was just selling his share and fault in the FTX lead to all this collapse and he also tried to buy it which could have balanced the situation but in the end nothing happened and people lost the money.But if we are calling CZ hero in this case then you are overlooking the scene that he has taken the opportunity to take out his competition from the market.

If he did buy the exchange then many will consider them a hero but that didn't happened for some reasons but it was a good thing because owning FTX will make them a monopoly in the crypto world and something bad will happen later on so we shouldn't feel bad about the crash and another good thing about this is that it helps us buy more coins at a discounted price.

If we only invest in the standard cryptos (not on an exchange token) and we only hodl our crypto in a wallet that we have full control of, we shouldn't worry because the loss that we experience are only temporary as long as we don't sell because standard cryptos can always recover. 

[kryptqnick]

We are currently in a global recession that it not even at its peak. During a recession, businesses often fail, go bankrupt, and some can also resort to scam in order to profit and save oneself. Crypto exchanges are businesses, and as such they are not prone to the negative global economic effects. Whether FTX was a scam situation or a genuine bankruptcy situation remains to be determined, but it's nothing unheard of if you think of other financial third parties, such as banks. FTX was big, and the event can trigger panic mass withdrawals from other exchanges, leading to more bankruptcies and then in turn to more panic withdrawals. I don't know who's next, but I do believe that now is the time to get that money out of crypto exchanges if one is storing a sizeable sum on a centralized platform.

[Kelvinid]

I don't consider him as a Hero because he was just selling his share and fault in the FTX lead to all this collapse and he also tried to buy it which could have balanced the situation but in the end nothing happened and people lost the money.But if we are calling CZ hero in this case then you are overlooking the scene that he has taken the opportunity to take out his competition from the market.

If he did buy the exchange then many will consider them a hero but that didn't happened for some reasons but it was a good thing because owning FTX will make them a monopoly in the crypto world and something bad will happen later on so we shouldn't feel bad about the crash and another good thing about this is that it helps us buy more coins at a discounted price.
 

That is the thing I worried about - exchanges/market monopolies.
If that is going to happen, it was even more than politics but the power to control everything which makes CZ and Binance controlled the entire crypto market. Now, the issue is escalating and people are interested in what will happen. But the question is if this will have a positive impact on prices or if it brings more to the dip because that is what we see now (decline).