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Thread: Major crypto exchange FTX is about to collapse

  1. #61
    Plutonium Sanlmar's Avatar
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    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

  2. #62
    Plutonium sonatine's Avatar
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    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

  3. #63
    Plutonium sonatine's Avatar
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    Quote Originally Posted by Sanlmar View Post
    So now that FTX has filed for Chapter 11 protection from its customers
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    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

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  5. #65
    Plutonium Sanlmar's Avatar
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    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

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  6. #66
    Plutonium Sanlmar's Avatar
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    the avalanche of margin calls, deleveraging and crypto company/platform failures is starting

    Care to have some fun speculating as to the next domino?

  7. #67
    Platinum ftpjesus's Avatar
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    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.

  8. #68
    Plutonium Sanlmar's Avatar
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    Just came over the wire.

    A Jeffries guy had compared this to Enron …


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  9. #69
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    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.

     
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      Dan Druff: interesting

  10. #70
    Plutonium Sanlmar's Avatar
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    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.

  11. #71
    Owner Dan Druff's Avatar
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    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/

     
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      Tellafriend: exacrty

  12. #72
    Owner Dan Druff's Avatar
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    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.

  13. #73
    Diamond TheXFactor's Avatar
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    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.



  14. #74
    Plutonium Sanlmar's Avatar
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    Quote Originally Posted by Dan Druff View Post
    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.

    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.

  15. #75
    Plutonium Sanlmar's Avatar
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    Quote Originally Posted by TheXFactor View Post
    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.


    Binance is gonna have a short ass life. This is not over by a long shot.

    Scarramucci is one of the regular cast of CNBC “content” that comes on to pump whatever it is they are up to.

     
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      GrenadaRoger: Reserve Bernie M's old room at the Butner Fed Resort

  16. #76
    Owner Dan Druff's Avatar
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    Email from Binance US:

    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.

  17. #77
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    Quote Originally Posted by Dan Druff View Post
    Email from Binance US:

    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.

  18. #78
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    Quote Originally Posted by Sanlmar View Post
    Quote Originally Posted by TheXFactor View Post
    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.


    Binance is gonna have a short ass life. This is not over by a long shot.

    Scarramucci is one of the regular cast of CNBC “content” that comes on to pump whatever it is they are up to.
    Coinbase stock will moon if Binance goes donkdown.

  19. #79
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    Quote Originally Posted by Small_Banana View Post
    Quote Originally Posted by Sanlmar View Post

    Binance is gonna have a short ass life. This is not over by a long shot.

    Scarramucci is one of the regular cast of CNBC “content” that comes on to pump whatever it is they are up to.
    Coinbase stock will moon if Binance goes donkdown.
    Quote Originally Posted by Small_Banana View Post
    -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.

  20. #80
    Canadrunk limitles's Avatar
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    Quote Originally Posted by BigPoppaDump View Post
    Quote Originally Posted by Small_Banana View Post

    Coinbase stock will moon if Binance goes donkdown.
    Quote Originally Posted by Small_Banana View Post
    -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.
    Sucker born every minute. That's a lot of suckers. Fish at the poker table. Realize you are the target.
    unbounded
    Never Forget



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