471–480 of 1001 posts
Is this FTX US? Yesterday SBF said FTX US was not impacted by the shitshow: https://twitter.com/SBF_FTX/status/1590709195892195329
Dumb question, but what happens to stuff like Miami Heat’s FTX Arena etc in situations like this? Should we expect a name change for the arena at some point soon?
Two possible outcomes: - They miss their next payment and the contract is terminated. The arena owners find a new sponsor. - The naming rights are considered an asset of FTX and are sold off during bankruptcy proceedings to recover cash. The buyer puts their own name on the arena for the rest of the contract term. Considering naming rights are sold for such lengthy terms (20 years in FTX's case) it is incredibly comm…
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?
Scoopy in the Alchemix discord had this to say: "If you are on any CEX or CeFi app or earn product, get out RIGHT NOW. Rumors are swirling and it is possible that none of them are solvent. I am not kidding, really, get out now. I care too much for our community to not have said anything to warn you." Not sure what that all entails.
Earlier quoted context omitted.
Coinbase doesn't offer the leverage that offshore exchanges do. FTX was popular originally because they offered 100x leverage, later reduced to a maximum of 20x. They also had better spreads, probably because they were making their own market and had inside info. I think that people generally didn't expect FTX to be high risk. It's got a profitable business, all they had to do was not embezzle customer funds.
> Coinbase doesn't offer the leverage that offshore exchanges do. FTX was popular originally because they offered 100x leverage Sounds like a red alarm for me. There's probably a good reason domestic exchanges don't let you extend out that far... particularly on extremely volatile securities.
(This comment is an explanation of a viewpoint, and not an endorsement.)
Earlier quoted context omitted.
Ah, the magic of loaned funds with little or no demands tied to it. And you wonder why real estate prices are so high? It's largely the same principle, except the regulation is way, wayyy tighter. But in sum, the effect it has on markets is unquestionable.
> loaned funds with little or no demands tied to it What does it mean for funds tying to demands?
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?
Its hard to tell, but looks like the fall out is far from over. There are a lot of rumours running around so unsure what is true and what is not, but we've gotten confirmations from a lot of crypto companies to be affected one way or another. Genesis (a big OTC trading company) lost about 160M but their parent company wrote them a check. BlockFi seems to be in the hole and has closed withdrawals. Blockfolio (an FTX o…
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?
For someone that only dabbles in crypto - what are the reasons people choose to use high-risk exchanges like FTX, and buy even higher risk "sh*t coins" on them? Especially the exchange-created-and-owned coins - of which I have yet to see one actually do what it promised. Is Coinbase just not cool anymore, or is there some advantage to using exchanges like FTX until they go belly-up?
And it's glaringly obvious everyone offering these outsized returns is literally just pulling a ponzi.
Where were the adults in any of this and why would people throw billions of dollars at unqualified children?
Earlier quoted context omitted.
There's no summon feature on this website so your @ is pretty futile.
You must be new on HN. @ is very commonly used here to denote a user handle.
I'm not a luddite (on hacker news lol) and I can clearly see the revolutionary potential of blockchain. But, for the love of God, can we STOP the blind short-term speculation on the promise of extreme wealth. Moderate investment can support development without the kind of hype that ruins lives and sullies public perception of the technology.