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We will not pursue the potential acquisition of FTX

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Re: We will not pursue the potential acquisition of FTX

#91

Post by wollsmoth »

idoh wrote: post #65
misiti3780 wrote: post #49

Does anyone here think SBF will be prosecuted?

What crime was committed? I'm asking in a neutral way. Simply losing billions of dollars of other people's money isn't necessarily illegal.

yeah crypto deposits don't have the same protections as securities which is why you don't want to leave them in an exchange wallet. I'm going to guess somewhere in here there's enough for a fraud charge though. I don't know enough to explain why, but my hunch is he didn't lose all this money by going around and making honest mistakes.

Re: We will not pursue the potential acquisition of FTX

#92

Post by mrtksn »

TheAlchemist wrote: post #53

What's even more funny is that Binance make it look like they are a stable financial institution, and it's thanks to their high standards that they won't acquire FTX. Binance is most probably much more of a fraud than FTX. Binance doesn't even have physical headquarters in any country in this world - and the reason is that they are being actively investigated or banned almost everywhere.

I don't know about it, Binance has become a gold standard in crypto exchange business. Here on HN it was always about Coinbase likely because its an American company but for the rest of the world, it's all about Binance and the rest of the world is huge. How huge? About an order of magnitude to Coinbase.

If Binance goes, crypto isn't coming back.

Re: We will not pursue the potential acquisition of FTX

#93

Post by foobiekr »

nrmitchi wrote: post #31
Kukumber wrote: post #12

Why would they buy a government sponsored ponzi scheme Congrats on Binance for dodging the bullet

Real answer? If the value of maintaining trust in the over-all ponzi environment is worth more to you than the lost value of the failed ponzi scheme, it might be worth buying the other ponzi scheme.

That is almost certainly the only reason they were even considering this.

Re: We will not pursue the potential acquisition of FTX

#94

Post by redox99 »

idoh wrote: post #65
misiti3780 wrote: post #49

Does anyone here think SBF will be prosecuted?

What crime was committed? I'm asking in a neutral way. Simply losing billions of dollars of other people's money isn't necessarily illegal.

He claimed literally days ago that funds were backed. That seems like fraud.

https://twitter.com/augginator/status/1590117110818443265

Re: We will not pursue the potential acquisition of FTX

#95

Post by woeirua »

Honestly, I think this is a really dumb move by Binance. They have taken a look under the hood, determined that FTX is bankrupt and then told everyone that is the case. Now there's going to be a widespread crypto panic that is going to cause other exchanges to collapse, and ultimately I expect Binance too will go down.

Re: We will not pursue the potential acquisition of FTX

#97

Post by skippyboxedhero »

fdgsdfogijq wrote: post #64

The funny thing is for six months I have been checking FTX for open developer positions. Thinking surely, the best place in crypto must be hiring good devs like me. And there have been no postings at all! And word on the street is their devs actually building the exchange made a middling salary with zero stock. I always found it odd, how could they not be hiring? even during the downturn? And now I know why, it was a…

It wasn't. They just ran with significantly less staff (iirc, less than 30). If they wanted you, they got in touch.

FTX wasn't a scam either. Their business was a licence to print money but, as so often happens in finance, managed to spin shit from gold.

Re: We will not pursue the potential acquisition of FTX

#98

Post by skippyboxedhero »

wellthatsawrap1 wrote: post #4
WJW wrote: post #2

Extremely interesting to see how this will end. IIRC, Alameda research had a huge position in FTT which will presumably go under now.

Hopefully with jail time

SBF was one of the biggest political donors to the party in govt. He seems to have done all the shady stuff with Alameda (and said it was arms-length). And whilst Alameda's CEO said multiple things that would have got you in trouble with regulated products (saying they had $10bn in secret assets, making a public offer to buy FTT to manipulate the price)...this is crypto.

I will make an exception to this: if they do not manage to make everyone whole or if there is public outrage that overwhelms his purchased politicians then it is over and multiple people will do time.

Re: We will not pursue the potential acquisition of FTX

#99

Post by simonjgreen »

sgt101 wrote: post #41
warinukraine wrote: post #29

Earlier quoted context omitted.

Hah I called them magic beans yesterday! https://news.ycombinator.com/item?id=33524912

We've been here a long time ago : https://en.wikipedia.org/wiki/Beenz.com

Wow I had forgotten all about that.

I remember a lot of hype in the dot-com era around that

Re: We will not pursue the potential acquisition of FTX

#100

Post by lizknope »

bamazizi wrote: post #77
TheAlchemist wrote: post #53

What's even more funny is that Binance make it look like they are a stable financial institution, and it's thanks to their high standards that they won't acquire FTX. Binance is most probably much more of a fraud than FTX. Binance doesn't even have physical headquarters in any country in this world - and the reason is that they are being actively investigated or banned almost everywhere.

^this ... The whole space seems like a mirage

It seems like it because it is.

No regulations, no protections, only idiots "invest" in this garbage.

It's just one scam after another

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