SBF retweeted https://twitter.com/MoonOverlord/status/1589606333468512256 : "cant wait for my FTX airdrop for not moving any of my funds"
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FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
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Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#32Yeah, to be honest, looking at this from the outside I would say this is highly, highly likely to all come permanently crashing down. First there was the questionable behaviour - SBFs odd deals with various collapsing entities back earlier in the year, then there was the leak of Alameda's balance sheet looking incredibly shakey, and now Binance has seemingly decided they're going to stress test FTX. Most real banks would struggle under this kind of pressure, hard to see how FTX will manage to cope.
Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#33Seriously? This is kind of incredible. SBF has always seemed like an interesting operator in the space, and his proposals for regulation now appear to have gained him a lot of enemies. I wonder how much of this market pressure is organic vs organized. Certainly CZ from Binance seems to have planned a squeeze on them.
It's certainly not incredible. A crypto company going belly up and fucking over their entire customer base is very very credible.
Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#34All of HN knows that Tether is a scam that will implode AnyMomentNow (TM).
However, notice how for the second time in a year an unexpected crypto entity (FTX/Alameda) is the actual one which is in difficulty. The first time being 3AC/Celsius.
In finance, when everybody knows something, it's 95% likely to be false.
Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#35Wow, that's crazy. FTX was the company that saved a lot of crypto companies that were about to default on their liabilities in the first stages of crypto winter. And now they are the one that are going under. Ironic.
What's ironic is that they did this at all. It's like they positioned themselves as the central bank of the crypto world. Only they skipped the "full faith and credit" part and made their contract be "hey, don't worry about it".
Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#36Even if FTX has stopped withdrawals, it does not necessarily mean they are insolvent. But remember, no smoke without fire. Like all other financial institutions, they can process only certain amount of withdrawals in a time frame, limited by their banking partners and so on. Currently their are under enormous pressure, as their competitor Binance has decided to dump very large amount of $2B FTT token they received as…
> Even if FTX has stopped withdrawals, it does not necessarily mean they are insolvent. Listen to yourself.
I’m still trying to decide if stopping withdrawals is smoke, or is the fire.
Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#374 days ago there was an interesting discussion here about a possible Alameda/FTX bankruptcy: https://news.ycombinator.com/item?id=33464494
And I love how you have self-professed specialists that tell you "no this will never happen". Finance is full of over-confident people that don't know enough or have too much at stake.
Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#38After the 2008 financial crisis shook my faith in banks, I really hoped it would be replaced by a system of wildcat banks located in offshore tax havens speculating on their own virtual scrip and waging cyber-warfare against each other. Good job.
Honestly that sounds more fun and interesting than it actually is. We're living in the dumbest, most un-cool version of the cyberpunk future.
Just like with cyberpunk 2077, my question is, "where are the flying cars!?"
Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#39Even if FTX has stopped withdrawals, it does not necessarily mean they are insolvent. But remember, no smoke without fire. Like all other financial institutions, they can process only certain amount of withdrawals in a time frame, limited by their banking partners and so on. Currently their are under enormous pressure, as their competitor Binance has decided to dump very large amount of $2B FTT token they received as…
> Even if FTX has stopped withdrawals, it does not necessarily mean they are insolvent. Listen to yourself.
If the ATM Cash Machine stops withdrawals because it's out of money it doesn't mean that the bank which owns it is insolvent.
Even if you go to a bank branch, large withdrawals ($100k+) need to be announced days in advance, they will not give you the money on the spot.
Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#40[deleted]