Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show

theblock.co

Post reply on HN
Print view View original

51–60 of 141 posts

Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show

#51

Post by paulgb »

xadhominemx wrote: post #47
ta988 wrote: post #37

Earlier quoted context omitted.

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.

I wouldn’t consider the crypto universe to be “finance” The vast majority of finance people have been in the Matt Levine school of thought the entire time - the entire industry is a ponzi and every crypto person who thinks the way traditional finance does things is stupid will end up slowly replicating all the traditional finance structures and norms because it turns out they exist for a reason

I used to work in (trad) finance and while I want to agree with you, there's also a lot of trend following and going to where money is moving, with a belief that if it does go to shit you'll see the writing on the wall first before your winnings turn into losses.

Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show

#52

Post by [deleted] »

323 wrote: post #39
somuchfordonor wrote: post #25

Earlier quoted context omitted.

> 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.

[deleted]

Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show

#53

Post by nerf0 »

bigdaddyrabbit2 wrote: post #48

Unlike traditional finance, all this is on-chain, so you can trivially look it up. https://etherscan.io/address/0x7abe0ce388281d2acf297cb089cae... FTX seems to be processing withdrawals normally. For the life of me, I can't understand why journalists love to speculate instead of doing a 5-second search on EtherScan.

I admit I did panic and tried to withdraw my funds yesterday. They just processed it today. A bit delayed but still processing.

Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show

#54

Post by shapefrog »

testfoobar wrote: post #45

For other crypto-naive, I found this article useful in explaining what exactly FTX and FTT are: "But what’s so special about the FTX crypto derivatives exchange? What's the use case of the native FTT coin, and why is the project tipped as one to watch for the future?" https://www.exodus.com/news/what-is-ftx/

Well there is 30 second of my life I wont get back having been exploited for my attention.

It is straight up paid advertising pretending to be "news". Infowars and Goop are closer to journalism than that link.

Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show

#55

Post by fdgsdfogijq »

SilverBirch wrote: post #32

Yeah, 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 w…

In retrospect, this makes those deals seem shady, and potentially part of a way to hide a larger contagion.

Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show

#56

Post by edf13 »

rmac wrote: post #50

Here's a dune query for the last 3 hours of erc20 transfers from the main FTX withdrawal hot wallet (0x2faf487a4414fe77e2327f0bf4ae2a264a776ad2): > https://dune.com/queries/1142206/1950606

Spoiler alert:

There are plenty: https://etherscan.io/address/0x2faf487a4414fe77e2327f0bf4ae2...

Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show

#57

Post by firefoxkekw »

bigdaddyrabbit2 wrote: post #48

Unlike traditional finance, all this is on-chain, so you can trivially look it up. https://etherscan.io/address/0x7abe0ce388281d2acf297cb089cae... FTX seems to be processing withdrawals normally. For the life of me, I can't understand why journalists love to speculate instead of doing a 5-second search on EtherScan.

https://etherscan.io/accounts/label/ftx

All? the accounts of FTX in the ethereum network.

Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show

#58

Post by spywaregorilla »

323 wrote: post #49
spywaregorilla wrote: post #44

Earlier quoted context omitted.

I think it's a really hot take to point at a scammy crypto entity falling to pieces and conclude that this is evidence crypto skeptics are wrong.

No, it's evidence of group think and lack of critical thinking. If HN can spot scams so easily, how come there was no talk here about 3AC/Celsius and now FTX/Alameda being obvious scams.

Because it's really hard to identify a specific needle in a haystack comprised entirely of needles.

Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show

#59

Post by twawaaay »

SilverBirch wrote: post #32

Yeah, 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 w…

It will and there is a very simple reason it is going to happen.

These products are built purely on trust. These things do not have any innate value. More than that, there is nobody that can be trusted that guarantees the value of it.

Now think about long term stability of something that has value built purely on sentiment and the sentiment changes over time in waves thanks to globalisation.

It is just a matter of time until people, for one reason or another, will get themselves into a spiral where the thing losing value will cause people to loose more trust, causing the value to drop. And there is nothing to stop it except large institutions that have power to manipulate market (if you remember Game Stop saga you know what I mean).

A normal, tangible thing like a company that is profitable and has some future will see ups and downs as the sentiment changes, but the shares will always have some value because not all investors are completely irrational and some investors can calculate the value and at some point will say "Fuck all those people selling it, I think they are all mistaken because I can actually calculate the value of it and the shares are now cheaper than they should be so I am buying".

This should be enough for the instrument to weather even very negative but temporary sentiment.

But this is not true for crypto. Crypto does not have innate value and when it goes crashing down it can easily crash to zero.

Over long time, without giant institutional investors propping it up constantly, it is guaranteed that it will happen at some point.

Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show

#60

Post by joyfylbanana »

nerf0 wrote: post #53
bigdaddyrabbit2 wrote: post #48

Unlike traditional finance, all this is on-chain, so you can trivially look it up. https://etherscan.io/address/0x7abe0ce388281d2acf297cb089cae... FTX seems to be processing withdrawals normally. For the life of me, I can't understand why journalists love to speculate instead of doing a 5-second search on EtherScan.

I admit I did panic and tried to withdraw my funds yesterday. They just processed it today. A bit delayed but still processing.

Nothing wrong with taking a caution first approach.

However to me most articles about FTX seem like "panic first, research after". Yes SBF's investment company might be fucked, but customers funds should be totally separate from that.

Post reply on HN