awesome
Binance to acquire FTX
501–510 of 790 posts
Re: Binance to acquire FTX
#502DeFi --> CeFi
Re: Binance to acquire FTX
#503Earlier quoted context omitted.
Dexes like uniswap have been doing just fine
Does anyone both use these and correctly report their taxes? The accounting seems like a pain.
Cointracker and Koinly both support tax reporting on swaps and liquidity providing on uniswap and many other dexes.
Re: Binance to acquire FTX
#504Earlier quoted context omitted.
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…
I can send Putin an email. If I'm sufficiently convincing he might decide to call off his illegal invasion of Ukraine. That doesn't change the nature of his autocracy.
I don't know if this is comparable.
Even if UN would finally vote to deem the invasion illegal (note: it apparently is not by the democratic votes of the UN), it probably wouldn't be stopped either.
I think comparing real world war scenarios with how consensus is found in decentralized open source protocols is a bit intellectually dishonest
Re: Binance to acquire FTX
#505Re: Binance to acquire FTX
#506Re: Binance to acquire FTX
#507Earlier 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…
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Re: Binance to acquire FTX
#508Earlier quoted context omitted.
> SBF said "We don't invest client assets (even in treasuries)" We know that was false when it was said, given the Alameda balance sheet. (FTX invested in Alameda which made risky loans to crypto folks and bought FTT, which FTX minted [1].) [1] https://www.coindesk.com/business/2022/11/02/divisions-in-sa...
I know the SEC is struggling to stay on top of the crypto market, but it certainly seems like SBF should be in an absolutely huge amount of legal jeopardy right now. And if he isn't, then the crypto market is beyond saving and deserves to die.
I wonder if SBF became one of the largest political donors in the country, not for altruistic reasons like he claims, but for protection from the SEC.
Re: Binance to acquire FTX
#509"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.
This is literally the definition of "beta" in equities trading.
There is nothing bad with riding a good bull run. Ponzenomics is the issue here (imho) where we have to come to realize that there is no liquidity in many crypto currencies because there is not need to actually trade them. And projects that provide real yield (i.e., use an existing currency as their main currency of operations) fail to get traction because they don't provide the Ponzenomics scheme to their users.
Re: Binance to acquire FTX
#510You know what this makes me kind of wonder... back earlier in the year SBF made a big show of coming in and investing in a bunch of the companies that were collapsing due to the LUNA/3AC/Celsius problems. He stepped in and to some extent halted the unwinding of some of these issues. It turns out now that it's likely FTX is underwater, and Binance is basically doing the same thing - coming in, picking them up cheap an…
This is the crypto ponzi falling apart. First the smaller ponzis fall apart so the larger ponzis need to step in so the fact that the entire thing is one big Ponzi doesn’t get fully exposed. The Ponzi falling and subsequent cover up by the bigger Ponzi keeps going up the chain until those at the top of the Ponzi food chains collapse. Right now it looks like that might be Binance.
I'm perfectly happy with that outcome as long as the taxpayer isn't left holding the bag at the end.