521–530 of 790 posts
Earlier quoted context omitted.
Are you just assuming his dad paid for his school? Do you know if he received any scholarships? Do you know the finances of his mother/mother's side of the family?
A scholarship? People from Nigeria can't even get a visa into the US.
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 should never been in this position. They are an exchange . Nobody should be able to obliterate them by playing around with their crypto.
Wait, am I to understand that decentralized finance is becoming more... centralized? That doesn't seem right... /s
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…
FTX offers leveraged products so they are borrowing assets from somewhere to fund these trades.
Earlier quoted context omitted.
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…
Only about 10% (2M) of bitcoin are on exchanges: https://www.coinglass.com/Balance
Earlier quoted context omitted.
Nobody forces you to use Binance or FTX. I have been using Bitcoin for 10 years and I've always stored more 90% of my BTC in my own self-custody wallet, only used exchanges briefly.
What have you been "using" Bitcoin for, may I ask?
Earlier quoted context omitted.
Just went over the issues on the balance sheet of Alameda Research, which is SBF's trading company. Of the $14.6 billion assets Alameda manages, almost $6 billion is FTT based. Alameda has heavy investment in Solana, Serum, and other alt-coins. It looks like the drop in their value has lowered Alameda's asset balance. Alameda borrowed FTT tokens from FTX to put them as assets in the balance sheet to shore it up. The…
> FTX issues FTT tokens (print money) => lends to Alameda to put under the asset balance => Alameda borrows money from outside against its assets or uses the asset/coins to invest in others => win with thin air! The Federal Reserve issues US dollars (print money) => US Treasury borrows money from The Federal Reserve, Japan, China and the UK against its assets or uses the asset/coins to invest in others => win with th…
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…
That sounds like 1D chess.
Earlier quoted context omitted.
Just went over the issues on the balance sheet of Alameda Research, which is SBF's trading company. Of the $14.6 billion assets Alameda manages, almost $6 billion is FTT based. Alameda has heavy investment in Solana, Serum, and other alt-coins. It looks like the drop in their value has lowered Alameda's asset balance. Alameda borrowed FTT tokens from FTX to put them as assets in the balance sheet to shore it up. The…
> FTX issues FTT tokens (print money) => lends to Alameda to put under the asset balance => Alameda borrows money from outside against its assets or uses the asset/coins to invest in others => win with thin air! The Federal Reserve issues US dollars (print money) => US Treasury borrows money from The Federal Reserve, Japan, China and the UK against its assets or uses the asset/coins to invest in others => win with th…
Win with the largest military in the world and all tangible assets and influence the US has.
Earlier quoted context omitted.
Rest assured that the regulations are coming because the crypto simply did a speed-run of unregulated securities market and repeated every fraud or scam that the traditional markets went through over the history. In the process, huge fortunes were created and libertarians were empowered(but not enough to be the main political power). Congrats to them but there's nothing anarchist left in crypto, they even end up cons…
Regulations are coming? On a fully public ledger? You understand that BTC, ETH, and every derivative non-privacy-coin is exactly what the regulators have been salivating for, right? Why regulate a non-repudiable chain-of-custody that mathematically proves your serfs'/slaves' assets that you can seize at will? > libertarians were empowered(but not enough to be the main political power). You should re-examine the GOP,…
Well, actually it’s always the peoples behavior that is regulated. Obviously no one can stop you mixing chemicals in private but they can totally tell you what you can and can’t do in public with it. The same thing goes for crypto, you can calculate block hash all you want but they can intervene if you engage in a business deal with someone else.
Oh and regulation doesn’t mean ban, necessarily. It means rules on how you deal with it so that the risk of unwanted consequences is reduced. You can expect to have rules on how you keep the money if you run a stablecoin for example.