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

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

#971

Earlier quoted context omitted.

Seeing these kids talk puts it even more into perspective. Just watch this video of Caroline Ellison, CEO of Alameda. https://www.youtube.com/watch?v=aW6SqLXw944

-- having watched a series of in depth interviews with Do Kwon - the interview with Sam Bankman-Fried on Odd Lots - and now this - I wonder if these children had any mentors? - where were the adults? --

Interestingly the lack of finance graybeard mentors was listed was a factor for why a short seller (Marc Cohodes) suspected ftx was going to go down, over a month ago.

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

#972
post #442

Earlier quoted context omitted.

The main attraction was access to pretty much any shitcoin and advanced leverage+trading features: - multiple sub accounts - 20x leverage with tiered liquidations - you could use your portfolio as collateral - advanced trading tools This is why it was so shocking to see them collapse for doing such a stupidly bad thing, the guy seemed super smart (albeit vegan+commie).

Where is he a commie? EA has insanely famous liberals like Steven Pinker on their side. If that’s what you’re trying to get at. Otherwise I’m puzzled since his main focus is EA.

I know this gets into politics a bit. But when it comes to forming my worldview about these things there is usually the rational side then there is the gut instinct.

The rational side told me (and the best investors in the world) these guys were the smart people in the room, the wont do anything stupid.

Then you look at SBF: he is a major democratic donor, he supports UBI, his underlying driver is to make money to give it away, he is a vegan, he hangs around with clintons etc.

I believe ever since the bloody collapse of communism, the modern descendants of that ideology never label them selves as communists. They use different words to achieve the same end: stakeholder capitalism, effective altruism, UBI etc..

Its a huge leap and to clarify I'm not saying they are closeted or anything. I guess what I'm saying is we are living in a very weird world where nothing is as its seems.

Therefore its more important than ever to rely on ones gut instinct about a person. Its more important than ever to not disregard signals like a high iq person who is also a vegan or supports UBI.

I know this is a controversial opinion but its my 2 cents. I think the corruption of the intellect is the most fatal of threats.

The kind of damage avg people can do is often limited and can be seen from a mile away but these high iq people with a god complex can destroy entire civilisations with their good intentions. SBF is a good example, next is vitalik and Proof Of Stake ethereurm (IMO)..

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

#973

"Voluntary Chapter 11" in Delaware. Figures. That gets them out from bankruptcy in the Bahamas, which is much tougher than US law. The Bahamas still has classic tough bankruptcy laws, where there's no debtor-in-possession reorganization. It's straight to liquidation, with a court-appointed receiver in charge. This should be, and may be, converted to a straight liquidation. Chapter 11 can be useful for restarting comp…

The former Enron Chairman has stepped in to be the new FTx CEO. Seems fitting. https://blockworks.co/news/ftx-ceo-bankman-fried-resigns-ban...

How was his compensation negotiated? Obviously, you would need to be paid a lot to wade into this shit show but at the same time, every dollar paid to him is a dollar out of a creditor's pocket. What are the incentives on every side driving this negotiation?

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

#974

Earlier quoted context omitted.

MTGOX blew up in Feb 28, 2014. I had ~100BTC there. I've yet to receive a dime. Just as a point of reference.

A cool $2 million, $6 million at peak. Maybe one day you will get the call….

IIRC all the BTC was converted to fiat currency after the collapse.

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

#975

Earlier quoted context omitted.

So sad, it’s like the people who sell their shoes for one more bet at the track..

The thing is, if there are enough believers they will validate each other in the short term by re-inflating the hype bubble

This sound suspiciously close to what has happened by getting so many retail traders into the market in the last few years.

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

#976
I transferred my crypto out of FTX.us. The pilot transaction was successful, but about the main transaction, while I’ve confirmation from FTX.us about initiation, 12+ hrs. Later, there is no confirmation of a successful completion of the transaction. I don’t see crypto in my either my FTX.us wallet or the target wallet. Is there a way I can get my crypto? Thanks!

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

#977

Earlier quoted context omitted.

> high-risk exchanges like FTX Larry David + Steph Curry "endorsed" television commercials?

Technically speaking Larry David was discouraging people from using FTX.

and they say "Don't do what they say in commercials..."

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

#978

Earlier quoted context omitted.

What makes it/why is it illegal?

Getting a mule to attest they own an account they do not obviously is illegal, and does an end run against KYC laws

Ah, I didn’t realize they were pretending to be someone else, I just assumed they were being given permission by the owners in some way.

If I had a chunk of money there it seems like it would be less risky to buy a plane ticket.

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

#979
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?

Patrick Boyle's overview is good (and, typically Boyle-esque-ly savage in its dryness): https://www.youtube.com/watch?v=zTFhnpf-IE0

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

#980
post #922

For those who believe crypto and web3 is the future, has any comparable emerging technology been met with as many scandals and busts in so little time?

This has nothing to do with the technology of cryptocurrency. In fact, it's the complete opposite. What people are doing with FTX is taking their money off of public blockchains and giving them to something like a bank or stock exchange where ultimately customer funds are accessed in secret. This is again, antithetical to cryptocurrency which has the main features of avoiding the necessity of banks for operating with…

I'm not in this space, but this very much feels like "it isn't working because you're doing it wrong".
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