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Binance to acquire FTX

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Re: Binance to acquire FTX

#391

Post by svachalek »

jrm4 wrote: post #360
lern_too_spel wrote: post #235

Earlier quoted context omitted.

> Crypto is an anarchist experiment And, like every anarchist experiment before it, it failed. It continues to draw in new suckers every day, and that is a problem for society. It doesn't matter if you didn't cause the problem. Because you live in that society, you still have to pay the cost to fix it or continue to take the losses from the problem existing. It's the same with slavery, not educating blacks, and then…

Every anarchist experiment failed? The Internet's still around, buddy.

The Internet was created by DARPA and while it got a little wild in the 90s, neither its origins or current form in any way resemble anarchy.

Re: Binance to acquire FTX

#392

Post by m00dy »

TremendousJudge wrote: post #271
andirk wrote: post #233

Earlier quoted context omitted.

Why not both? Centralized where people trust, decentralized where people don't trust. In my interpretation, the Bitcoin white paper states that BTC is an answer to _the lack of regulation_ that allowed the fat cats to abuse the money supplies. It's kind of ironic, but to see crypto as purely anarchistic is to ignore that it is essentially _democratized_ money. Both: I use exchanges as well as cold storage.

I never understood. Where's the democracy here, exactly? A regular user cannot afford to participate in the decision making of the system in any meaningful way. In fact, today, most users don't even directly use it, instead relying on processors such as Coinbase. The "not your keys, not your coins" meme exists due to this. The original paper described a democratic system where people voted with their processors, but…

well, honestly speaking, Bitcoin community looks to be committed to preserve 21million as max supply. That's a big promise and I love it.

Re: Binance to acquire FTX

#393

Post by jrumbut »

ballofrubber wrote: post #354
TremendousJudge wrote: post #271

Earlier quoted context omitted.

I never understood. Where's the democracy here, exactly? A regular user cannot afford to participate in the decision making of the system in any meaningful way. In fact, today, most users don't even directly use it, instead relying on processors such as Coinbase. The "not your keys, not your coins" meme exists due to this. The original paper described a democratic system where people voted with their processors, but…

Arguably a lot of discussion is open to anyone (Bitcoin mailing list, Core github repo), where anyone is free to post their opinion on topics themselves. It is not democratic as in "you have a vote to force others to comply to the majority", but more a democratic in "you can try to convince enough people that the major chain becomes how you like it, while the others run a minority fork". People think "where the money…

This is a terrifying definition of democracy, "you don't get a vote but there is an informal and non-binding channel to lodge complaints."

That's not democratic at all!

Re: Binance to acquire FTX

#394

Post by smcl »

yucky wrote: post #331
rchaud wrote: post #280

Earlier quoted context omitted.

You may as well say "if everybody jumped off a bridge at the same time...." How many bank runs have there been in 2022 in the developed world? The reason people don't try to pull their money out all at once is because their deposits are insured, because their bank pays into an insurance pool.

The reason people don't try to pull their money out all at once is because their deposits are insured, because their bank pays into an insurance pool. Only up to $250k.

https://fortune.com/2022/05/23/record-number-american-househ...

That wouldn't be a problem for the majority of Americans

Re: Binance to acquire FTX

#396

Post by dboreham »

rich_sasha wrote: post #387
dpflan wrote: post #384

Earlier quoted context omitted.

Maybe: Crypto is full of acronyms, token tickers are a great example and apropos here --> their names have been "tokenized"...?

Ownership of personhood as documented by holding an NFT.

You've been reading the DID spec.

Re: Binance to acquire FTX

#397

Post by m00dy »

Jommi wrote: post #330
k2enemy wrote: post #269

Earlier quoted context omitted.

Also turns out that "decentralized" in practice means "centralized"

in which part of this discussion has anyone talked about something decentralized? This is about two centralized exchanges that hold custody of users cryptoassets

Future is decentralized. Even CZ knows this :)

Re: Binance to acquire FTX

#398

Post by [deleted] »

SilasX wrote: post #390
ww520 wrote: post #385

Earlier quoted context omitted.

1. We don't know what the lending basis for FTT from FTX vs the claimed value of FTT on Alameda's book. FTX lent FTT at $10 to Alameda and then FTT inflated to $50 would mean Alameda has $50 asset vs $10 liability. It's reported that Alameda Research has $14.6 billion in assets and $8 billion in liabilities. Some claim that Alameda's assets are "entirely illiquid." Nobody knows how bad things are. The only thing is t…

1) What is that replying to? I was asking why the borrowed FTT would make them more capable of getting loans if it came with a corresponding liability. That would only make sense if lenders didn't care about the liability balance sheet, which is ... non standard. Edit: That is, you said the "size of the asset balance" is used to obtain loans. That makes it sound like merely increasing assets -- even if they come with…

[deleted]

Re: Binance to acquire FTX

#399

Post by fshbbdssbbgdd »

kristjansson wrote: post #160

Why is it apparently so difficult to run a solvent crypto exchange? On the face, it shouldn't be too hard, just take deposits, stick them in a wallet, and swap client balances in a database. Is the temptation to maintain a reserve ratio < 1 just too great? Do operators try to earn small, low-risk return on client funds only to find there are no low-risk, positive-return assets in crypto? Are the extending margin to c…

Running a reserve ratio So the question you should be asking is: if there is a solvent crypto exchange, how would I ever find out about it?
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