FTX to file for U.S. bankruptcy, CEO resigns

Post by rchaud » Fri, Nov 11, 2022, 5:00 PM UTC

strikelaserclaw wrote: post #274

tppiotrowski wrote: post #268

I still can't reconcile how fast this happened. Back in April SBF was willing to give billions to buy Twitter. It seemed like there was plenty of surplus or was the money he planned to invest just FTX customer holdings? "Musk responded to the text by asking if Bankman-Fried had “huge amounts of money?” MacAskill said SBF was worth about US$24 billion at the time and could be willing to provide as much as US$8 billion…

most of crypto/segments of wallstreet are a giant scam using mathematics to make money, any pr is good for them. It is like that wall street movie quote "You got ninety percent of the American public out there with little or no net worth. I create nothing. I own. We make the rules, pal."

Post by tartoran » Fri, Nov 11, 2022, 5:01 PM UTC

PheonixPharts wrote: post #269

throwaway0asd wrote: post #121

Where were the adults in any of this and why would people throw billions of dollars at unqualified children?

Because most of the adults know that there is a window when you can get rich off a known con and get out before it blows up with quite a lot of cash. The best part of these being unqualified children is that they don't even realize that part of the deal they've signed up for is to take the fall when shit finally hits the fan. There's plenty of people who have made money from SBF behind the scenes, but you'll never he…

Post by AlexandrB » Fri, Nov 11, 2022, 5:01 PM UTC

sillysaurusx wrote: post #36

leereeves wrote: post #23

Earlier quoted context omitted.

Yeah, just yesterday SBF tweeted: > This was about FTX International. FTX US, the US based exchange that accepts Americans, was not financially impacted by this shitshow. https://twitter.com/SBF_FTX/status/1590709195892195329

That’s the one. Thanks for linking it. Was he in denial? Lying? Clueless? I have no idea at this point. He seemed earnest and genuine, but everything he’s saying is the exact opposite of reality. Maybe he was having an anxiety attack. I had one once, and it completely sucks. It ruins your ability to form logical thoughts. (It’s rare to see someone so powerful be so confidently mistaken. The confidence is the part I’m…

Post by _jal » Fri, Nov 11, 2022, 5:02 PM UTC

throwaway0asd wrote: post #121

Where were the adults in any of this and why would people throw billions of dollars at unqualified children?

Post by toomuchtodo » Fri, Nov 11, 2022, 5:03 PM UTC

btilly wrote: post #310

faefox wrote: post #87

I've seen some comments saying that this is all delayed fallout from the Luna/Terra collapse last spring, it's just that FTX had the means (its own token that it could pump and move around its own entities) to paper over the hole in its balance sheet until now. Can anyone more familiar with the situation elaborate? How much further will the contagion spread?

How much further? By their own figures, Tether is now undercapitalized and just had billions withdrawn. They made those payments. But, as Hemmingway said, bankruptcy tends to happen gradually and then all at once. Tether is in a hole. Nobody knows how close they are to not making payments. But when they implode, it will be sudden and the blast radius will be large. Does Tether weather this squall? Based on history, p…