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

reuters.com

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

#811

Post by zeroclip »

sdiacom wrote: post #499
Julesman wrote: post #463

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.

As someone with a similar-ish position to yours, I think by the time someone figures out how to build something useful with this technology, the terminology of cryptocurrencies (blockchain, "defi", NFTs and whatever a "web3" is) will be so tightly associated with scams, that this new useful thing will use completely different terms to describe itself.

These things already exist. Uniswap, Aave. Both pretty easy to use and can not just go insolvent on you.

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

#812

Post by ManuelKiessling »

lazide wrote: post #611
everfree wrote: post #597

Earlier quoted context omitted.

I don't see why crypto is incompatible with regulation and institutions. Crypto is a unit of account, not some magical lawless thing that's doomed to never have a regulation written about it. In fact, places like New York already have pretty strict regulations requiring specific licenses for crypto-related businesses. Crypto crises like these are in general due to regulation not having caught up yet, not because comp…

Crypto is incompatible with regulation and institutions because it was designed to be, and is consistently a part of the ethos espoused by pretty much all crypto players? Literally, the first sentence in the Bitcoin whitepaper (which arguably kicked off 'crypto' as a thing) is "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going thro…

I can pay you in cash without going through a financial institution. That doesn’t make the Euro unregulated.

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

#813

Post by [deleted] »

twblalock wrote: post #528

This 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…

[deleted]

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

#814

Post by [deleted] »

mherdeg wrote: post #730

I 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 differe…

[deleted]

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

#815

Post by potatototoo99 »

lazide wrote: post #611
everfree wrote: post #597

Earlier quoted context omitted.

I don't see why crypto is incompatible with regulation and institutions. Crypto is a unit of account, not some magical lawless thing that's doomed to never have a regulation written about it. In fact, places like New York already have pretty strict regulations requiring specific licenses for crypto-related businesses. Crypto crises like these are in general due to regulation not having caught up yet, not because comp…

Crypto is incompatible with regulation and institutions because it was designed to be, and is consistently a part of the ethos espoused by pretty much all crypto players? Literally, the first sentence in the Bitcoin whitepaper (which arguably kicked off 'crypto' as a thing) is "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going thro…

Modern crypto has little to do with bitcoin.

Bitcoin was about digital money, out of the reach of central banks as a response to the 2008's financial crisis.

Modern crypto is about trying to convince others your altcoin has some intrinsic value by selling rumours, partnerships, governance or some other vaporous dream, so it can be used for gambling.

The problem are central exchanges creating monstrous speculation instruments and of course gambling with user funds on top of it by lack of regulation.

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

#816

Post by [deleted] »

[deleted] wrote: post #813
twblalock wrote: post #528

This 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…

[deleted]

[deleted]

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

#817

Post by [deleted] »

Julesman wrote: post #463

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.

[deleted]

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

#818

Post by [deleted] »

shorthistory wrote: post #423

Can anyone speculate what Bankman-Fried's exit plan was? Was this a fraud that got out of control, or premeditated? If it was premeditated, what was the exit plan? Did he expect to be able to gamble with customer funds indefinitely? Were the Effective Altruism intimations genuine? Why, if Alameda was a market maker, and they therefore presumably have some form of insight into the markets, did they then decide to take…

[deleted]

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

#819

Post by digianarchist »

junofan wrote: post #616
etc-hosts wrote: post #340

Earlier quoted context omitted.

Coinbase appears now to be relatively boring, highly regulated, and compliant with US laws. I think they'll be fine.

So was FTX US.

Right but Coinbase doesn't have a renegade holding company based in the Caribbean.

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

#820

Post by nunez »

dig1 wrote: post #392
ljlolel wrote: post #84

Earlier quoted context omitted.

I saw this at Bridgewater. Hired only ivy league, smart people actually. But their total discretionary control was a tiny % of fund. Hedge funds are mostly marketing. When 2008 financial crisis happened, Dalio was making the big trades in the control room himself on gut feel.

> Hedge funds are mostly marketing This. Someone from Bridgewater mentioned that Dalio's "radical transparency" and all that we-record-everything nonsense is just a marketing bluff. Actual decisions are made behind closed doors by a few people.

I've heard the opposite. Recruiters working with them told me that they drink their own kool-aid harder than Amazon does!
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