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Binance to acquire FTX

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Re: Binance to acquire FTX

#451

Post by rottencupcakes »

beambot wrote: post #358
ilrwbwrkhv wrote: post #165

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.

Largest might be a stretch. I suggest spending some time reading about John Law, the South Sea Bubble, and the Mississippi Company. When you realize that all of these ponzi schemes ultimately resulted in modern central banking, you might reasonably contend that the largest ponzi scheme is still sitting right here in plain sight -- with crypto illuminating (mocking?) the essence of fiat-denominated "wealth" and "money…

Is it really a ponzi scheme if it’s enforced via threat of violence?

Re: Binance to acquire FTX

#452

Post by cmeacham98 »

webXL wrote: post #428
jrumbut wrote: post #393

Earlier quoted context omitted.

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!

> "you have a vote to force others to comply to the majority" is less terrifying to you?

What you're arguing for is "you have a vote (well you don't, but people much richer than you do) to force others to comply to a very small minority", how is that better than majority rule?

Re: Binance to acquire FTX

#453

Post by lordnacho »

chubot wrote: post #283
boeingUH60 wrote: post #54

"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.

There was an entire book about this that became famous during the 2008 financial crisis: Fooled by Randomness by Nassim Taleb https://www.amazon.com/Fooled-Randomness-Hidden-Markets-Ince... It's literally about how options traders and the like can be lucky for 10 or 20 years, but they are actually idiots who destroy the economy. They think they are skilled, and others think they are skilled, but it's luck. You can al…

> whenever I mention it to anybody, I get blank stares.

Maybe it's the circles you move in. In finance nobody hasn't heard of it.

Well deserved reputation too, it really changed how I saw things. It's weird because even as someone who studied probability and stats, I hadn't thought it would change my entire worldview.

Re: Binance to acquire FTX

#454

Post by beambot »

boppo1 wrote: post #445
beambot wrote: post #358

Earlier quoted context omitted.

Largest might be a stretch. I suggest spending some time reading about John Law, the South Sea Bubble, and the Mississippi Company. When you realize that all of these ponzi schemes ultimately resulted in modern central banking, you might reasonably contend that the largest ponzi scheme is still sitting right here in plain sight -- with crypto illuminating (mocking?) the essence of fiat-denominated "wealth" and "money…

Can you give us a TL;DR on how those schemes resulted in modern central banking? It's challenging to find solid info on the introduction/acceptance of central banking as the status quo. Lots of it veers hard into conspiracy theory and information that I can tell is wrong from a handful of college finance courses. I know this is the second (or third) central banking paradigm that has existed in the US. The last one go…

The ~1 hour YouTube series The History of Paper Money by Extra Credit is a good, factual starting point presented in an entertaining fashion: https://www.youtube.com/watch?v=-nZkP2b-4vo

Re: Binance to acquire FTX

#456

Post by xur17 »

jo6gwb wrote: post #32

SBF yesterday: "FTX is fine. Assets are fine." Can't trust a word out of this guy's mouth.

If I've learned anything, the moment you start seeing posts like "funds are safe", "withdrawals are flowing" from an exchange, it's game over, and time to gtfo if it's not already too late.

Re: Binance to acquire FTX

#457

Post by psychlops »

matheusmoreira wrote: post #285
majani wrote: post #216

I'm glad a big government supporter such as SBF is out of crypto leadership. Crypto is an anarchist experiment and it should remain that way

That experiment already failed to be honest. Cryptocurrencies were prophesized to get rid of banks. Instead exchanges reinvented banks with all the drawbacks and none of the benefits. Cryptocurrencies were supposed to be in wide circulation just like USD, eliminating the need for fiat on/off ramps. Instead we got these centralized corporations and endless KYC/AML surveillance with none of the regulation and governmen…

The coins have failed because the exchanges failed and people use them incorrectly. Got it.

Re: Binance to acquire FTX

#458

Post by beambot »

rottencupcakes wrote: post #451
beambot wrote: post #358

Earlier quoted context omitted.

Largest might be a stretch. I suggest spending some time reading about John Law, the South Sea Bubble, and the Mississippi Company. When you realize that all of these ponzi schemes ultimately resulted in modern central banking, you might reasonably contend that the largest ponzi scheme is still sitting right here in plain sight -- with crypto illuminating (mocking?) the essence of fiat-denominated "wealth" and "money…

Is it really a ponzi scheme if it’s enforced via threat of violence?

Perhaps -- in the same way that the difference between a religion & a cult is really just a matter of scale and mass acceptance.

To be clear: I'm not advocating against the model of money as we know it today... All models are wrong, but some are useful.

Re: Binance to acquire FTX

#459

Post by mikekoscinski »

danrocks wrote: post #419
kuratkull wrote: post #119

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…

> FTX asked Binance to sell them the tokens for a fixed price, so as not to crash the FTT token price. Why would Binance decline this opportunity? If FTX, Binance, and the market knew FTT would just crash, it sounds like a given that Binance should take advantage of the fixed price instead of losing hundreds of millions of dollars "letting the market decide".

Presumably, it is more appealing to Binance to kill their largest competitor than it is to realize a return on a minority investment.

Re: Binance to acquire FTX

#460

Post by [deleted] »

RC_ITR wrote: post #426
jonas21 wrote: post #275

Earlier quoted context omitted.

For those not up to date on crypto people, SBF is Sam Bankman-Fried [1] and CZ is Changpeng Zhao [2]. I don't know why they insist on being called by their initials like they're some sort of ticker symbol. [1] https://en.wikipedia.org/wiki/Sam_Bankman-Fried [2] https://en.wikipedia.org/wiki/Changpeng_Zhao

You see the same thing with Middle East Leaders - MBS, MBZ, etc. When the names are even semi-complex and the reach is global, people default to acronyms.

[deleted]
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