I thought Binance essentially caused all of this by dumping (and advertising dumping) FTT tokens? And now that FTX is in distress they're going to swoop in and buy a competitor? Kind of reminds me of Luxottica buying out Oakley...
Binance to acquire FTX
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Re: Binance to acquire FTX
#162SBF said "We don't invest client assets (even in treasuries)". [0] He then says the purpose of the transaction with Binance is to "clear out the liquidity crunches". [1] How could there be a liquidity crunch if assets are not invested? You can't do a bank run on an entity that doesn't function as a bank and doesn't invest clients assets... Something is shifty. [0] https://twitter.com/sbf_ftx/status/158959828579870720…
Are you seriously asking? He lied like every other exchange does. The man's middle name is Bankman for god's sake.
I don't understand how his middle name relates to anything about this situation.
Re: Binance to acquire FTX
#163Re: Binance to acquire FTX
#164Earlier quoted context omitted.
its related to tech and the valley
It's a slippery slope. i've ran a few IRC and matrix channels. once the crypto people show up it all gets turned into a crypto circus. they will take over this site if it's allowed to continue. this site will literally be indistinguishble from coindesk.
Digital currency is the future even if 99% of the current ones out there are scams or scam-adjacent. To ban all talk about digital currency from a website all about the tech industry is just silly.
Re: Binance to acquire FTX
#165All of these folks need to be in prison along with Andreeson Horowitz. All bloody crooks the lot of them. The largest ponzi scheme in the history of humanity and they wonder why the world is not getting better.
Re: Binance to acquire FTX
#166Earlier quoted context omitted.
He mentions that they have everyone’s money, and then the very next tweet says “we’ll clear out liquidity crunches”. Literally a contradiction.
Giving them the benefit of doubt, this is not a contradiction. The statement means that they have enough illiquid assets to cover the withdrawal that they are working on converting into liquidity.
IMO this would contradict what the GP comment asserts: that SBF said "We don't invest client assets (even in treasuries)".
Re: Binance to acquire FTX
#167What if Binance looks under the hood (this is not a binding acquisition yet) and just says it's not worth it? What happens to everyone's deposit?
I find it ironic that the "decentralized" nature of crypto is becoming more and more centralized. If FTX dies, beit via acquisition or just utter collapse, Binance would be a near monopoly.
Re: Binance to acquire FTX
#168"We’re going to look back at a generation of successful founders and VCs with the realization that all of their talent was in creating a company during the bull market." - random tweet I came across that's very relevant here.
Dare Obasanjo: https://twitter.com/Carnage4Life/status/1589867071693017088
Total unrelated but son of https://en.wikipedia.org/wiki/Olusegun_Obasanjo. Numero uno looter of Africa
Re: Binance to acquire FTX
#169"We’re going to look back at a generation of successful founders and VCs with the realization that all of their talent was in creating a company during the bull market." - random tweet I came across that's very relevant here.
Majority of early startups still don't make it past the valley of death even during a bull market.
This is like saying every great sailor happened to sail when the wind was blowing in the right direction.
Re: Binance to acquire FTX
#170Remember this is a NON-BINDING letter of intent. I wouldn't be surprised at all if this doesn't actually happen and just a bunch of ballyhoo. Unlike Twitter, FTX won't be able to drag CZ down to Delaware’s Chancery Court to force him to acquire it.
All of SBF coins are going to crash like anything. All those tokens will be liquidated to pay lenders.