The Sam Bankman-Fried empire crumbled. What happened?

Post by bombcar » Thu, Nov 10, 2022, 4:24 PM UTC

ajkjk wrote: post #23

I still don't get who is actually trading crypto on these exchanges. I have trouble believing it is not 99% wash trades.

Post by rr888 » Thu, Nov 10, 2022, 4:25 PM UTC

eachro wrote: post #33

rr888 wrote: post #29

To me its extraordinary that its just a few years old. Started in 2019, valued at $32 billion just a few years later. For an exchange?

2019*

Post by nisegami » Thu, Nov 10, 2022, 4:25 PM UTC

rideontime wrote: post #24

hamiltonians wrote: post #19

ftt is still trading at $3. It's down but not out. this is the same price as late 2020.

Should I buy some? What can I do with FTT?

Post by eftychis » Thu, Nov 10, 2022, 4:26 PM UTC

lkrubner wrote: post #30

aniforprez wrote: post #16

Earlier quoted context omitted.

While I could say banks are equally guilty of doing shady stuff, the truth is banking is hundreds of years old and as such, has regulations and insurance behind it. Not regulating is how we get messes like the Housing Bubble in the 2000s in the US culminating in the crash in 2011. Crypto being a completely new space has no regulation and no checks and balances which leads to messes like this with companies playing ar…

"US culminating in the crash in 2011" The official date given by NBER says that the recession began in December of 2007, which put the economy into a fragile state, which was intelligently managed for another 9 months, before circumstances went beyond anything that could be managed. Then the financial meltdown began in September of 2008.

Post by SanjayMehta » Thu, Nov 10, 2022, 4:28 PM UTC

simonw wrote: post #12

This is such an excellent write-up - showcases a veteran Wikipedia editor's ability to synthesize something comprehensive from a huge array of rapidly changing sources.