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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

#131

Post by snapcaster »

miohtama wrote: post #21

Even 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…

>Generally, if Binance would not have been hostile, they could have dumped their FTT tokens with less effect on the markets. They chose not to do so and telegraphed their dump very openly. This does not reflect well on the crypto industry as general. We will find out very soon.

I think this is a good thing. Companies overleveraging themselves like this _should_ be punished or at least have the risk of this happening hanging over them. FTX tried to create an infinite money machine, it didn't work. They aren't innocent victims here

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

#132

Post by heurist »

323 wrote: post #34

All 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.

FTX has been throwing out red flags for the year or two I've been aware of them. I made this comment four months ago (around the time of 3AC) about how they weren't making sense: https://news.ycombinator.com/item?id=31937498

My hackles go up when I see money suddenly appear from nowhere

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

#133

Post by rchaud »

nova22033 wrote: post #96

https://twitter.com/cz_binance/status/1590013613586411520?s=... From CZ This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire FTX.com and help cover the liquidity crunch. We will be conducting a full DD in the coming days.

> To protect users, we signed a non-binding LOI,

Whose users are being protected here exactly?

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

#134

Post by rchaud »

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.

FTX looks to be toast, Binance are in takeover talks. Perhaps you were the one speculating?

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

#135

Post by landemva »

twawaaay wrote: post #59
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 ti…

And this is a good description of the diamond industry, which has value because people believe it is valuable.

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

#136

Post by mrguyorama »

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.

There was literally an article about FTX trouble here just the other day.

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

#137

Post by somuchfordonor »

Scoundreller wrote: post #36
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.

I’m still trying to decide if stopping withdrawals is smoke, or is the fire.

Well it turned out to be fire.

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

#138

Post by cryptoanon »

bhouston wrote: post #120
cryptoanon wrote: post #19

Earlier quoted context omitted.

Ego wars. Sam made a joke about CZ getting arrested on US soil.

Your comments cryptoanon have been so incredibly wrong about FTX/Alameda... https://news.ycombinator.com/item?id=33520624

I never made any comments about FTX.

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

#139

Post by dopidopHN »

landemva wrote: post #135
twawaaay wrote: post #59

Earlier quoted context omitted.

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 ti…

And this is a good description of the diamond industry, which has value because people believe it is valuable.

Not a fan of Stevenson, but his « Diamond age » novel somehow stays with me and I reflect on our present thought some of that lense.

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

#140

Post by jjulius »

cryptoanon wrote: post #138
bhouston wrote: post #120

Earlier quoted context omitted.

Your comments cryptoanon have been so incredibly wrong about FTX/Alameda... https://news.ycombinator.com/item?id=33520624

I never made any comments about FTX.

Alameda, on the other hand...

https://news.ycombinator.com/item?id=33465861

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