31–40 of 440 posts
Why would they buy a government sponsored ponzi scheme Congrats on Binance for dodging the bullet
What are the chances he never intended to buy FTX, just to destroy it after their public back and forth? It's almost like a reverse Musk - he sent a purchase offer with an option to back out no matter what
CZ knew from day 1 all he needed to do was crash FTT just enough, and the rest would happen organically
Wow, after only one day of due diligence.
My personal belief is that binance agreed with no intention to carry out the deal. CZ tapdanced on FTX's grave on twitter with critical comments yesterday. It is now unlikely that anyone else will want to step up to look at the deal.
Maybe people will finally get some sense and stop storing their wealth in digital currency that is backed by absolutely nothing. I think a lot of dominoes are about to fall in the crypto world
At present no major currency is backed by anything material but trust. USD, for example, is only viable because, at the deepest level, trust in it is enforced by US army. There are three major class of people who need digital currency: (1) who are super rich and won't care about putting their 1% of wealth for "diversify and forget", (2) who need to transfer money eyes off from governments, (3) people who need alterna…
Maybe people will finally get some sense and stop storing their wealth in digital currency that is backed by absolutely nothing. I think a lot of dominoes are about to fall in the crypto world
Wow, after only one day of due diligence.
The silly thing is that FTX was a money printing machine. There was no reason to start gambling with user funds, aside from greed, hubris, and stupidity. Similarly, Sam's fund Alameda was delta-neutral until some time in 2021, which is something that also could have profitably continued in perpetuity, but they got greedy and started making directional bets with leverage.
The silly thing is that FTX was a money printing machine. There was no reason to start gambling with user funds, aside from greed, hubris, and stupidity. Similarly, Sam's fund Alameda was delta-neutral until some time in 2021, which is something that also could have profitably continued in perpetuity, but they got greedy and started making directional bets with leverage.
It seems naive to me.
Maybe people will finally get some sense and stop storing their wealth in digital currency that is backed by absolutely nothing. I think a lot of dominoes are about to fall in the crypto world
What backs this? https://fred.stlouisfed.org/series/M2SL Might of USA and all that? Yes I’ve heard all that before. Rome, France, England… https://en.wikipedia.org/wiki/Debasement https://en.wikipedia.org/wiki/Assignat https://en.wikipedia.org/wiki/The_Great_Debasement History is more on the side of it happening than not. “The root problem with conventional currency is all the trust that's required to make it work. T…
Is this true? Of all the years that various countries have used traditional fiat currency, has debasement happened more years than it hasn't? I don't think so but I'm not certain.
Obviously, nobody can predict the future here, and history tells us that all empires come to an end at some point. But we're watching crypto speed-run through all of the issues that the American banking system had in the Free Banking era leading up to the creation of the Fed. Operating in this trustless crypto system still makes it possible for people in control to do stupid things which threaten the viability of the entire system.
Personally, I think cases like this prove that wealth concentration in the hands of the few leads to these situations. It's a not a government problem, it's a concentration of wealth and power problem. Individuals shouldn't have this much money or power to act so recklessly, but we accept the outcome as a consequence of our winner-take-all culture.