261–270 of 790 posts
All 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.
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And people who knew what they were actually talking about were pointing out that it's unlikely anyone would have voluntarily left Jane Street as early as he did. But they were largely ignored.
I read he was there for over 4 years, is that abnormally short? Seems like a pretty normal period of time to me.
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It seems likely that the Kimchi arbitrage (arbitraging between exchanges in Korea an the rest of the world) was indeed massively profitable. He took a wrong turn later.
When I saw that he was using that as the claimed origin of his wealth I wrote him off as an almost certain fraud.
It's a pyramid all the way down. So surely when there's only 1 exchange left standing, who is going to catch it when it falls?
Remember 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.
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They claim to be an exchange, not a bank, not investing user assets. https://twitter.com/SBF_FTX/status/1589598285798707202 The Bagehot quote is not SUPPOSED to apply.
> They claim to be an exchange, not a bank They're liars. They are literally banks with all of the drawbacks and none of the benefits. They do fractional reserve banking with user deposits.
Binance was threatening to dump a huge amount of FTT tokens on the market. FTX has a big+vulnerable position in FTT. FTX asked Binance to sell them the tokens for a fixed price, so as not to crash the FTT token price. Binance declined - this was yesterday/today. Of course the price of FTT crashed today. And now Binance buys FTX to help them out... smells like Binance played 4D chess all along. https://decrypt.co/1136…
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Binance has serious legal issues (governmental investigations) and isn't based out of any jurisdiction. A Binance failure would have consequences that are very hard to predict
Binance reminds me of https://en.wikipedia.org/wiki/Bank_of_Credit_and_Commerce_In... but I don't think they're stealing customer money. It is amazing that they have evaded American regulators so long. I think one day they are going to disable trading in dollars.
> whatever smidge of trust Turns out the "trustless" in crypto means "you can't trust anyone".
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Binance has serious legal issues (governmental investigations) and isn't based out of any jurisdiction. A Binance failure would have consequences that are very hard to predict
Unless Mr CZ is on the moon, he very much is based out of some jurisdiction. It just might not be extraditable to the US.