Quote:
Originally Posted by sonatine
this has apparently been proven false. which is nice.
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Quote:
Originally Posted by sonatine
this has apparently been proven false. which is nice.
Played golf with a wealth management guy today. You should have heard him crying the blues.Quote:
Originally Posted by SanlmarWhenever institutions suddenly lose that kind money they usually need to raise cash. So if your 401k took a hit today or will tomorrow you can still lose money despite not holding crypto.Quote:
Originally Posted by NaturalBornHustler
You’re a player
You gonna play the bounce off $13.5? Of course, all eyes are on the same thing. It’ll shake and bake
https://twitter.com/SBF_FTX/status/1590709168130101248
https://twitter.com/SBF_FTX/status/1590709171338776577
https://twitter.com/SBF_FTX/status/1590709174572572675
https://twitter.com/SBF_FTX/status/1590709177894440960
https://twitter.com/SBF_FTX/status/1590709181077934081
https://twitter.com/SBF_FTX/status/1590709184416604163
https://twitter.com/SBF_FTX/status/1590709187780440065
https://twitter.com/SBF_FTX/status/1590709191039414274
https://twitter.com/SBF_FTX/status/1590709194390659073
https://twitter.com/SBF_FTX/status/1590709197502812160
https://twitter.com/SBF_FTX/status/1590709200665333762
So he's claiming, among other things, that FTX US wasn't impacted and will be okay, but I'm skeptical.
Supposedly withdrawals are still open. Not sure if they're actually processing them, though. This might be buying time.
https://www.cnbc.com/2022/11/10/ftxs...few-days-.html
The FTX International website (non-US) has up this message:
https://ftx.com/intlQuote:
FTX is currently unable to process withdrawals. We strongly advise against depositing. Deposits of TRX, BTT, JST, SUN, and HT are disabled.
The FTX US site (ftx.us) does not have any such message. So maybe you'll be okay if you are an American with assets in FTX US.
Yesterday morning I withdrew BTC, ETH, SOL, and USD off of FTX.US. It all went thru instantly, well except the USD took a couple hours but it was a wire so that’s normal. I consider myself lucky.Quote:
Originally Posted by Dan Druff
quick reminder that ftx didnt lose 10bn. they are in the red 10bn. the offloaded 10bn in sundry shitcoins in the process.
meaning they actually lost 20bn.
not 10.
20.
Hey... my video about Daniel Friedberg made it into the Pokernews article.
https://www.pokernews.com/news/2022/...oker-42479.htm
Wrong WangQuote:
Originally Posted by Dan Druff
The Wang that nobody mentions is the founder and CTO - Gary Wang.
The man is a ghost.
This is a funny interview. This kid was fired from Twitter a month ago.
Maybe you guys have covered it but it bears repeating. Absolutely non of the employees had any clue what was going on except the inner circle.
Gonna be lotta hungry devs come winter
Not sure if you're joking, San, so I'll clarify.
This "Rahul Ligma" is a prankster who first tricked the media walking around with a cardboard box outside Twitter HQ, and now he's doing an encore performance in the "Bahamas" (likely not the real Bahamas).
This kid could be a very busy guy next couple months. Good schtick. Will follow.Quote:
Originally Posted by Dan Druff
-BlockFi pausing withdrawals
-WeBull sent out an email saying "everything is fine" in regards to their crypto division
If anyone has big money on Stake, Roobet, and/or Gamdom I would advise withdrawing. Just a matter of time before one of these No KYC crypto online gambling sites does a rug pull and turns off their servers. Most likely it will be Roobet out of the 3.
The scams always get revealed during bear markets. Bernie Madoff would still be in business if the 2008 never happened.
and periods of easy money allow scams like crypto to flourish. Bernie was the product of easy money. This has always been so.Quote:
Originally Posted by Small_Banana
you notice how US law enforcement has been pretty chill about all these collapses - and there have been many recently.
this isn’t some libertarian free market deal - where foolish investors and fraudulent businessmen both are allowed to fail. Sadly there is another agenda that explains why ecverything is being allowed to blow up
SBF's net worth went from $22 Billion last year to -$200 million now.
FTX and Almeda was run by about 10 people who lived in SBF's luxury penthouse in the Bahamas and had sex with each other.
I am not alone in believing SBF actually has a NEGATIVE net worth.Quote:
Originally Posted by TheXFactor
Never has it been more true “not your keys not your cheese”.
Like buying gold to eliminate counterparty risk…… and then leaving it in custody at a bank.
its important to remember that the contagion is only starting to do its work. innumerable treasuries / exchanges / funds are basically gunshot victims, staring at their wounds and waiting for help that doesnt exist while the adrenaline keeps them standing.
the smart ones will have parachutes and legal insulation. the dumb ones, bankruptcy and jail.
and the irs is coming for them all.
including the retail investors.
especially the retail investors.
https://www.youtube.com/watch?v=0c3bhh8fqYs
So now that FTX has filed for Chapter 11 protection from its customers its prolly time to wade into the schadenfreude.
Do you have any place where people are sharing their losses? I’m not a real big user of Reddit but my body is ready.
I’d enjoy a link. Tia
Quote:
Originally Posted by Sanlmar
We haven’t talked about Caroline the CEO of Alameda. We haven’t mentioned how she looks good for her age.
I found this article incredibly insightful. The utter lack of experience by her own confession. I feel completely different about her now.
https://www.efinancialcareers.com/ne...-bankman-fried
the avalanche of margin calls, deleveraging and crypto company/platform failures is starting
Care to have some fun speculating as to the next domino?
The sheer incompetence here is amazing to say the least. We find out FTX was operating essentially what we call in the Forex world a bucket shop operation where the broker actively trades against their clients and these morons lost how much?? JFC clearly they had no clue what they were doing by a long shot. Bucket Shops generally as a rule make all their money with counter trading because they offer stupid ass deals like no commissions on trades etc and generally know their clientele are morons who think they are high end retail and business traders (in this case crypto) when theyre really clueless noobs in fact. They just counter trade and wait for the client to lose their money right into the pockets of the broker. Either somehow FTX couldnt figure out to stop counter trading with clients who actually knew what they were doing or somehow their Dealing Desk just totally unaware of basic trading concepts even in crypto somethings are basic like support and resistance fib bands etc.
Just came over the wire.
A Jeffries guy had compared this to Enron …
Red Flag Alert: Binance has 40% ($30B) of their reserves in their own token (BNB). The market cap of BNB is 45B. So binance owns 66% of the circulating supply of BNB. The price is currently $300 per BNB. Anyone see the problem? There is no way for them to sell all of their BNB at $300 as they are the ones hoarding almost all of them.
The Dept of Justice can end Binance by causing a bank run just like Binance did with FTX.
My finance guy is just as old as me and gives no shits about crypto. He was about to tell me about Druff’s compliance officer and poker.
He gave me this too.
This fiasco just keeps giving and giving.
.
I actually read the Enron book which was longer than the Bible. I’m prolly in for the duration.
SBF was the second biggest donor to the Democratic Party for the 2022 midterms, behind Soros.
He promised to donate "up to a billion" for the 2024 election, if he remained happy. Obviously that is all out the window now.
If you're wondering why the Biden Administration was so soft on any talk of regulating crypto, now you know why.
https://fortune.com/2022/11/10/sam-b...biggest-donor/
I always laughed at anyone believing these awkward crypto nerds with little life experience being believed to possess the capability to run a major operation and not fuck up.
You can't compare it to awkward computer nerds of the '70s and '80s like Bill Gates, because Gates had already demonstrated business sense prior to hitting it big.
But I mean, here we have a frizzy-haired slob who is barely 30, who got crypto rich, who is just assumed to be making all the right moves. Harsh lesson. Raw intellect does not equal business sense, nor does it equal ethics.
I wouldn't view it as a "major fraud".
Would FTX still declared bankruptcy if Binance didn't publicly dump their token?
Binance will decide what tokens do well in the future and what tokens need to be burned.
https://www.youtube.com/watch?v=_Fvxa_FFr6I
Quote:
Originally Posted by Dan Druff
One line of thinking regarding Enron and “the smartest guys in the room” was that the self perceived “smartest guys” were the customers.
What SBF perpetrated really wasn’t that clever. His boldness was beyond compare but I didn’t see any unique moves… correct me someone. The self perceived “smartest guys” were his customers.
My friend and I were saying that, “it was better that the crypto kids went bk now and not when they were older. I experienced that myself.
Binance is gonna have a short ass life. This is not over by a long shot.Quote:
Originally Posted by TheXFactor
Scarramucci is one of the regular cast of CNBC “content” that comes on to pump whatever it is they are up to.
Email from Binance US:
:lolQuote:
Reflecting on our obligations as a customer-centric crypto platform.
Dear Todd,
We recognize it has been a difficult week for the digital asset ecosystem. As a result of details that have come to light regarding the way in which other exchange platforms have managed customer funds, we want to provide clarity around our operations and assure you that your assets on Binance.US are safe.
Our first priority is, and has always been, our community. We are committed to delivering value to customers in a sustainable way and managing our business appropriately.
Binance.US does not, has never, and will not touch or trade with customer funds
We do not lend customer assets or offer margin
We do not undertake proprietary trading
We do not take on any corporate debt
This past year, we’ve bolstered our team, policies, procedures, tools, and technology to ensure the safety and security of our platform. As a result, we have made tremendous strides to ensure that Binance.US is the leading, most customer-centric digital asset exchange in the U.S. Today we offer secure access to:
140+ digital assets and 300+ trading pairs with lowest fees in the industry, including FREE Bitcoin trading.
20+ staking assets on the largest major U.S. staking platform. All assets are staked from cold storage and rewards are earned and passed on to you through blockchain validation, without leverage or loan structures.
We continue to work towards becoming the most licensed, compliant, and regulated digital asset exchange in the U.S.
Deposits, withdrawals, and trading are fully functioning, and it is business as usual for Binance.US and our customers. We are humbled by the confidence you have placed in us and we look forward to continuing to grow and innovate with customer trust as our guidepost.
Sounds like some Full Tilt deja Vu.Quote:
Originally Posted by Dan Druff
Coinbase stock will moon if Binance goes donkdown.Quote:
Originally Posted by SanlmarBinance is gonna have a short ass life. This is not over by a long shot.Quote:
Originally Posted by TheXFactor
Scarramucci is one of the regular cast of CNBC “content” that comes on to pump whatever it is they are up to.
Quote:
Originally Posted by Small_BananaCoinbase stock will moon if Binance goes donkdown.Quote:
Originally Posted by Sanlmar
Quote:
Originally Posted by Small_Banana
Sucker born every minute. That's a lot of suckers. Fish at the poker table. Realize you are the target.Quote:
Originally Posted by BigPoppaDumpQuote:
Originally Posted by Small_Banana
Quote:
Originally Posted by Small_Banana