We will not pursue the potential acquisition of FTX

Post by mi_lk » Wed, Nov 09, 2022, 10:35 PM UTC

fdgsdfogijq wrote: post #106

skippyboxedhero wrote: post #97

Earlier quoted context omitted.

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.

That's not what I have heard. Specifically know people who have gotten offers, mostly in the 150k range with zero stock. Alameda research is also just random devs that went to MIT with a few years experience. Impressive to go to that school, but clearly not experienced enough to run a real finance operation. Zero real finance people. If they were serious they would have hired portfolio managers with decades of experi…

Post by keneda7 » Wed, Nov 09, 2022, 10:37 PM UTC

matai_kolila wrote: post #80

sytelus wrote: post #68

Earlier quoted context omitted.

That's exactly how it works. When you issue IOU, you issue your own currency. When a company issues stock, they are in fact issuing their own currency. All contracts are in fact a currency that can be sold, bought, invested and transacted. World debt is far far larger than actually currency in circulation. How does that happen? Because we make up "currency" all the time.

No, that's not the same thing at all. For every other example of currency besides the government's currency, there's a tangible thing backing that unit. Crypto still doesn't have that, and that matters. To what degree is up for debate, but it does matter. Only governments apparently can get away with the unbacked currency, because they otherwise back it with enforced societal rules (a.k.a. laws).

Post by rahen » Wed, Nov 09, 2022, 10:38 PM UTC

sytelus wrote: post #44

scottiebarnes wrote: post #25

Earlier quoted context omitted.

The Bitcoin protocol and network continues to operate exactly as expected. Here, people trusted a "bank" (an exchange acting like a bank), and got burned when the bank gambled and lost.

Without exchanges like FTX or Coinbase, how should general public acquire crypto?

Post by naveen99 » Wed, Nov 09, 2022, 10:39 PM UTC

mrtksn wrote: post #92

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.

Post by landoftheice » Wed, Nov 09, 2022, 10:41 PM UTC

thepasswordis wrote: post #117

I hope this kills the "disheveled awkward guy must actually be a genuis!" meme forever.