311–320 of 1001 posts
Dumb question: so if you stored digital assets in a FTX wallet, does that mean you just lost all of your $$$? If so, wow'zer.
Everybody said this can happen. Coinbase was forced to include a warning to this effect in their filings as a public company. But nobody cares when the going is good and FOMO is strong.
you cannot make up this shit https://www.reddit.com/r/wallstreetbets/comments/ys4lmo/she_... gold
"We don't really use math" Guess their entire trading strategy was hurr durr the coins go up. Completely unsurprising they lost their asses when gasp the coins stopped going up.
Earlier quoted context omitted.
130 companies? What did they for a living? Collect companies each time a new month began?
Gaze on the beauty of this chart and despair: https://i.redd.it/078p4g7m6cz91.jpg
From one of the other HN threads, it seemed that FTX.us was firewalled from FTX.intl. Is that now revealed to be false?
The CEO of Alameda said "we tend not to have stop losses... I'm trying to think of a good example of a trade where I've lost a ton of money... I probably don't want to go into specifics with that" https://twitter.com/ApeDurden/status/1590912098871435265 Now how did this place end up managing billions of dollars and SBF the darling of politicians? The picture is starting to come into focus. SBF used customer funds to…
> Caroline, Alameda's CEO, also said "My advice for college is that class don't matter that much and friends and networking are really important. Probably the most valuable thing you can do in college is find the coolest people you can and spend lots of time hanging out with them". This is mainstream advice if you're at an Ivy, Stanford, etc. You're learning the same material as the people who go to a state universit…
Dumb question: so if you stored digital assets in a FTX wallet, does that mean you just lost all of your $$$? If so, wow'zer.
If you don't have access to your keys then you never owned your digital assets
and if you don't know how to run that test then blaming the victim is completely appropriate here
Had it been going on behind the doors, the VCs would have pumped more money in to the scam. Since it became too public to hurt their brand they will no more fund it. It happens all the time. The VCs know how their portfolio companies operate and still keep supporting them.
Ding ding, winner winner chicken dinner. Quick reminder that we're on a VC board that has participated in this shell game; this fraud that has stolen money from naive people. And before I get downvoted to oblivion or moderated by @dang I hope a few people read this comment and realize how much was stolen from you so the sand hill gang can play monopoly ... it was a lot.
Earlier quoted context omitted.
I hope people read this and really understand what it says. It Crypto had any intrinsic value this paragraph would be ridiculous ... but it's not. At least tulips were pretty to look at.
The only reason big banks doesn't do this openly is because they actually have regulators breathing down their neck so they have to either hide it well or find ways around. The problem isn't crypto, it's the lack of accountability.
I thought that's what the whole PFOF debate in the US was about? That e.g. Citadel is allegedly using SL and order book information to hunt stops on thin volumes.
Not from the US and I didn't follow it too closely, maybe I got it wrong.
So for "normal" financial institutions (eg banks, mutual funds, brokerages) you are legally required to shield custodian assets. They rea typically held in trust. Due to various scandals there's a lot of regulation. There's even government protection (to a point) for individual customers (eg FDIC insurance for bank depositors). All of this is necessary to stop situations like FTX/Alameda. A bank can't take your money…
Everything you say is true. I would like to clarify that the regulations on "the financial system" have probably enabled just as much fraud as they have prevented over the long run. The financial system you speak of is a huge collection of bets and leverage and interesting interpretations of the truth ("why yes, your money is 'safe' with us!"). The regulations make it work just barely well enough that it only comes c…
This is called a "low trust society". The flip side is of course that nobody will lend you money. Mortgages and consumer credit are scarce. Business credit is difficult. Large amounts of capital need to be tied up in buffers. The overhead of keeping an eye on everyone is considerable. You don't get "First World" levels of development with a low trust society.
Earlier quoted context omitted.
Yes, it explicitly mentions that FTX US is included: > FTX Trading Ltd. (d.b.a. FTX.com), announced today that it, West Realm Shires Services Inc. (d.b.a. FTX US), Alameda Research Ltd. and approximately 130 additional affiliated companies (together, the "FTX Group"'), have commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code in the District of Delaware in order to begin an orderly pr…
130 companies? What did they for a living? Collect companies each time a new month began?