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.
How does FDIC insurance play into this?
FTX to file for U.S. bankruptcy, CEO resigns
721–730 of 1001 posts
Re: FTX to file for U.S. bankruptcy, CEO resigns
#722This has been a wonderful social experiment, enabling people who didn’t live in the 19th century to see what happens when banking and investing is treated like the wild west. Maybe something could have been different this time? In the end it wasn’t, and it proves the necessity of regulation and institutions. There aren’t very many other aspects of our society where we get to have that kind of experiment and find out…
This is pretty clearly not a failure of cryptocurrency. Bitcoin et al. are still chugging along just fine. This is, once again, a failure of a centralized business in which people placed way too much trust. I hope SBF, and other "crypto" company execs, are held accountable for misleading customers about their offerings. Specifically calling it crypto when it's not.
I think you missed the point. It’s about saying “this is different, the rules don’t apply and we can do whatever we like”
The actual tech is sort of irrelevant, it’s the hubris and exceptionalism
Re: FTX to file for U.S. bankruptcy, CEO resigns
#723Earlier quoted context omitted.
She’s not wrong, stop losses are pretty pointless if you’re running a high volume market maker that is in theory constantly doing tons of volume and reacting to updates. They’re also super dangerous if you have gigantic positions Anyways they wouldn’t save you from collateralizing your loans with shitcoins, taking leveraged bets with money that isn’t yours, having super high exposure to UST and/or Luna, exposed to ha…
>The real red flags are claiming she doesn’t use math and that she’s never lost a lot of money on a trade despite doing largely human informed trading for size… For the peak crypto years it was almost impossible to lose money AS AN EXCHANGE. These clowns really thought they were on fire, and not just in position that random moves could be winning strategies.
> For the peak crypto years it was almost impossible to lose money AS AN EXCHANGE.
She wasn't running an exchange. You're confusing Alameda, the trading outfit, with FTX, the exchange. She was the CEO of Alameda. She was not the CEO of FTX.
Re: FTX to file for U.S. bankruptcy, CEO resigns
#724i know next to nothing about crypto, but i guess we finally won't see umps with huge FTX logos on their polos next season, and that's really great.
Re: FTX to file for U.S. bankruptcy, CEO resigns
#725Earlier quoted context omitted.
Bitcoin failed, though? All the proposed usecases except speculation and censorship resistant wealth transfers (eg. getting money out of Russia) have been abandoned.
I used bitcoin to remit money to another country just yesterday.
I sent EUR from one bank account in country X to another bank account in country Y the other day. It arrived in five seconds and it cost me less than 1 EUR to transfer 2k EUR.
Re: FTX to file for U.S. bankruptcy, CEO resigns
#726Earlier quoted context omitted.
> can we STOP the blind short-term speculation on the promise of extreme wealth I first played around with blockchain in 2011 or so and I still don't know what actual utility this technology is supposed to have. I have never -- never -- encountered a value-producing use case for cryptocurrency that can't be solved by either signed git commits or a SQL database. Around 2015 a lot of people I thought were smart enough…
It's been 10+ years of a costly solution desperately looking for a problem.
Definitely useful in Argentina: https://www.freethink.com/technology/crypto-argentina-black-... - fabulous article
Re: FTX to file for U.S. bankruptcy, CEO resigns
#727Earlier quoted context omitted.
Quoted post unavailable.
I think it's really amazing that she started a PAC and 13 days later her son became one of the largest political donors to the Democrats. What great timing for her.
Re: FTX to file for U.S. bankruptcy, CEO resigns
#728Earlier quoted context omitted.
Sounds like he forgot about the principle of diminishing returns. If you have $1B to your name, it's stupid to put it all on red, even if your expected return is positive.
Diminishing returns don't apply for SBF - his life's goal is to fund effective altruist charities, so each billion is as valuable as the last as long as there are good projects to fund. I don't think people are comprehending how tragic this whole situation is (acknowledging that it's SBF's fault). This collapse put the brakes on a powerful force for good, and lives that would have been saved won't anymore.
No, Bankman-Fried is a scheming fraudster hiding under the cloak of so-called “effective altruism”. He’d have done much better for the world if he didn’t found a crypto exchange promoting scams and being reckless enough to trade with user deposits and losing it all.
Re: FTX to file for U.S. bankruptcy, CEO resigns
#729I'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.
> can we STOP the blind short-term speculation on the promise of extreme wealth I first played around with blockchain in 2011 or so and I still don't know what actual utility this technology is supposed to have. I have never -- never -- encountered a value-producing use case for cryptocurrency that can't be solved by either signed git commits or a SQL database. Around 2015 a lot of people I thought were smart enough…
The promise was a trustless system that can operate on its own without central authorities. The problem is this proposed solution has yet to justify itself in terms of both efficiency and cost over existing alternatives which is relying on self-declared central authorities whose trust has been earned via either regulatory guarantees or well-established reputation.
Re: FTX to file for U.S. bankruptcy, CEO resigns
#730I don't know if this bothers anyone else, but it always makes me a little grumpy when the press reports on a legal case and doesn't include a docket number so I can look up the records myself in PACER.
In this case it looks like the court is the District of Delaware Bankruptcy Court and there are 29 docket numbers, representing 29 different(?) chapter 11 bankruptcy filings by the same attorney on behalf of 29 differently named entities.
The docket numbers are 22-11066-JTD (JTD because it's assigned to Judge John T Dorsey??), 22-11067, ... 22-11094.
The entity names are respectively Alameda Research LLC; Alameda Research Ltd; FTX Trading Ltd.; Alameda Research Holdings Inc.; Clifton Bay Investments LLC; West Realm Shires Services Inc.; West Realm Shires Financial Services Inc.; Ledger Holdings Inc.; FTX Japan Holdings K.K.; FTX Europe AG; FTX Property Holdings Ltd; LT Baskets Ltd.; Alameda TR Ltd; Allston Way Ltd; Analisya Pte Ltd; Atlantis Technology Ltd.; Bancroft Way Ltd; Blue Ridge Ltd; Cardinal Ventures Ltd; Cedar Bay Ltd; Liquid Securities Singapore Pte Ltd; Maclaurin Investments Ltd.; Mangrove Cay Ltd; Paper Bird Inc; Pioneer Street Inc.; Quoine India Pte Ltd; Quoine Vietnam Co. Ltd; SNG INVESTMENTS YATIRIM VE DANISMANLIK ANONIM SIRK; Strategy Ark Collective Ltd.
This seems awfully confusing. Are the press really supposed to follow all 29 of these docket entries for new filings, or what?