Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Binance to acquire FTX

bloomberg.com

Post reply on HN
Print view View original

541–550 of 790 posts

Re: Binance to acquire FTX

#541

Post by cj »

microtherion wrote: post #497
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…

> 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 makes absolutely no sense and is not how markets work. If FTX was actually willing to buy unlimited FTT at a given price, Binance could not have "crashed the price" by selling be…

My assumption when reading the quote was that it would be an off-market transaction.

Similar to how stocks can be traded in Dark Pools outside of the regular stock market.

Re: Binance to acquire FTX

#542

Post by psychlops »

sytelus wrote: post #518
psychlops wrote: post #457

Earlier quoted context omitted.

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

The coins have failed at the moment because prices have crashed. No one was complaining about coins failing when prices were soaring.

I guess I needed a /sarc tag. The coins aren't failing. And I'd disagree with the notion that the success or failure of a cryptocurrencies is directly correlated with "price".

Re: Binance to acquire FTX

#543

Post by walrus01 »

TravelTechGuy wrote: post #201

Some more background: the companies were engaged in fighting over regulations, and on a personal basis between the 2 CEOs. It went down to really childish levels at some point. But one thing is undeniable: SBF (FTX CEO) was trying to weaponize US regulation against his biggest rival CZ (Binance CEO). CZ retaliated by selling the FTT token, exposed the fact FTX was over-leveraged, and took over. This is, as the kids o…

> It went down to really childish levels at some point.

Childish bullshit in the cryptocurrency market?!??! I am absolutely shocked and surprised, such a thing is completely unprecedented...

Re: Binance to acquire FTX

#544

Post by MrMan »

IG_Semmelweiss wrote: post #491
thr0wawayf00 wrote: post #278

Earlier quoted context omitted.

Exactly, it's bizarre to read about the wildcat banking era in the US and why the Fed was created while simultaneously looking around at the rate of mainstream crypto scams and institutional failures nowadays. The Fed sure isn't without its issues, but it was created to solve the exact problems that we're now seeing proliferate via the crypto space.

I don't think this is correct. The FED was created in 1913 for a very specific reason - to counter the Panic of 1907 by creating a banker of last resort. It did nothing to curb the banker speculation that led to the panic of 1907 Witness LTCM, Web bubble, Subprime crisis, all fueled by banks willing to lend and overextend themselves beyond margin. The 1913 ACT did not change that one bit except make the speculators n…

in my town in the 19th and early 20th centuries there were numerous bak runs where local people were wiped out. we collectively decided to take steps to make that much much less likely to happen

Re: Binance to acquire FTX

#545

Post by secretsatan »

World177 wrote: post #347
secretsatan wrote: post #308

Earlier quoted context omitted.

Ha! One massive feudal lord just crushed another and all the serfs lost their money. This isn’t anarchy, it’s a monopoly

I wouldn't be so sure. The monopolist had a $100,000,000 theft last month, [1] after a $1 billion dollar loss from LUNA in the summer. [2] [1] https://www.nytimes.com/2022/10/07/business/binance-hack.htm... [2] https://decrypt.co/100530/binance-ceo-says-exchange-never-so...

But still, they’ve consolidated themselves in the monopoly money system, so the monopoly money they lost doesn’t matter if they control the board

Re: Binance to acquire FTX

#547

Post by MrMan »

microtherion wrote: post #497
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…

> 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 makes absolutely no sense and is not how markets work. If FTX was actually willing to buy unlimited FTT at a given price, Binance could not have "crashed the price" by selling be…

FTX was not actually willing to buy, they are suffering from reduced capital position so they were bluffing

Re: Binance to acquire FTX

#548

Post by SevenNation »

> One question that might be too early to answer is: Why was there a liquidity crunch in the first place? ... The simplest way to run the business is to take deposits from customers, buy crypto for the customers, keep everything segregated, and make money on commissions. ...

This is the only question, because it feeds into all of the other questions.

My prediction is that this deal isn't going anywhere. Where there's smoke, there's fire. And Binance is in no position to know how many skeletons are in the closets. The last thing any company wants in the current financial environment is big liabilities coming out of nowhere. And judging from the childish way in which FTX was run, there's skeletons o' plenty.

Binance wants nothing to do with the piece of hot garbage because it too is in the same position as FTX. The last thing Binance needs is an FTX landmine spooking customers and triggering Binance's own bank run.

The deal is going nowhere and FTX, along with its numbskull depositors, are dead meat.

Re: Binance to acquire FTX

#549

Post by namaria »

Eduard wrote: post #446
svachalek wrote: post #391

Earlier quoted context omitted.

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.

Just because "The Internet"'s _mainstream_ may not resemble anarchy, this doesn't prohibit other parts to resemble anarchy. In fact there are a lot of examples active and thriving "on the Internet" fulfilling various definitions of anarchy.

Or it's infrastructure, or design, or all the corporate committees involved in managing it. Care to give counter examples?

Re: Binance to acquire FTX

#550

Post by notch656a »

commonlife wrote: post #526
xmonkee wrote: post #351

Earlier quoted context omitted.

What have you been "using" Bitcoin for, may I ask?

Buying MDMA safely. This isn't a joke. Drug prohibition causes harm, crypto provides a much safer way to obtain psychedelics. If all your purchases are safe for the state to be aware of, good for you.

It seems insane to me people would buy/sell drugs in a prohibition nation on a public ledger.
Post reply on HN