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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

#991

Post by syockit »

soco wrote: post #188
orangepurple wrote: post #49

Is this the same FTX US that is the #3 donor to political parties? 2/3 (D) 1/3 (R) https://www.opensecrets.org/elections-overview/top-organizat...

Why would an organization donate to BOTH competitors sizeable amounts like this? Okay, it's more to the dems, but quite a sum for the gop as well. Do they just want a soft landing regardless who wins? Wouldn't that be the same if not funding at all? Or maybe not, they can tell later any winner "look I paid ya"...

Donations from employees, not the company itself. The company can't force the employees to donate in a specific way (or maybe they can. I don't the know US laws, but that would sound unethical)

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

#992

Post by zucker42 »

herodoturtle wrote: post #419
monkeydust wrote: post #245

He should have just stuck to running an exchange and trying to innovate that game (note - earlier in the year lots of talk around their automated margin plan for wider industry beyond crypto). Theres a decent business there.

> He should have just stuck to running an exchange I'm a bit of a Luddite when it comes to crypto, can you please help me undersatnd what did SBF actually do that has caused all this trouble? Aside from running an exchange I mean. I'm just trying to understand the context of all these headlines.

SBF lent the money that customers deposited to Alameda research, which proceeded to lose it all.

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

#993

Post by AYBABTME »

AYBABTME wrote: post #535
bmitc wrote: post #458

Earlier quoted context omitted.

My thoughts are that FTX was maybe a legitimate business, but then Alameda was his trading baby that just happened to be run by kids, including himself, that have no idea what they're doing and was losing money left and right. Then using FTX customer funds was viewed as just a "let's move these funds over to get our trading back on track and when we do, we'll move them back". That's my honest guess if I'm being gener…

I think they thought they were honest and doing things properly, and didn't realize that their holding of FTT was making them as bad as the other frauds before. I think these ouroboros are complex enough that even main players don't necessarily understand the position they've put themselves in.

[2022-11-13] If I may follow up on myself: I didn't know anything about this situation and just commented randomly. It seems obvious a few days later that it was straight up fraud.

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

#994

Post by lancewiggs »

tomcatfish wrote: post #896
lancewiggs wrote: post #865

Earlier quoted context omitted.

Perhaps it would be better to say "you might also like to contact /u/filmgirlcw, who is also in the market (and here is how)" You are not in competition - you are both tiny versus the size of the market, and can work together to grow the amount of offers, thus lowering the overall price.

It's a joke

Oh - all good.

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

#995

Post by RustyConsul »

crypt1d wrote: post #518
acover wrote: post #388

Earlier quoted context omitted.

For those curious I think srm is serum and sol is solana. https://www.kraken.com/learn/what-is-serum-srm > Serum is a decentralized exchange software built on Solana where cryptocurrencies can be bought and sold by traders

Correct. I've been in this world so long I forget 'normal people' don't really know all the acronyms :) more rumours are surfacing, including Yuga Labs (biggest name in the NFT space), Jump Crypto, Paradigm... this is basically our Lehman Brothers moment edit: looks like Yuga might be ok after all. luckily, sometimes rumour is just a rumour.

I was at the Jump Crypto hackathon during the terra luna depeging. Jump crypto has a unique structure because as part of their investment, they get a chunk of coins to market make with. They have no requirement to be on the long side of the market making so during the terra luna collapse they made an absolute killing (Even though terra/luna was one of their biggest investments). Also, jump has it's other business running HFT on the stock market that is much more profitable so it can always bail out it's other side.

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

#996

Post by skinnymuch »

edwnj wrote: post #972
skinnymuch wrote: post #773

Earlier quoted context omitted.

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 gi…

I don’t think SBF really cares about UBI. That’s pretty clear via his actions.

The problem with trying to put EA alongside post communist thinking is that actually identifying socialists and communists have huge issues with EA and can’t see how EA is the same as their ideology.

Being a capitalist is one of the biggest issues. Completely supporting the current structure of society and being able to selfishly take advantage of it by making the most money possible [and donating some of it] is not close to communist ideals. It’s better than being someone who is just selfish, but EA still allows one to selfishly take advantage of capitalism and privilege without issue. In the name of supposed altruism. Just the name is troublesome. Seeing oneself as so good.

Then going as far as celebrating this selfish behavior and making that a core part of the ideology. As well as fawning over overly rich classist and uber wealthy millionaires and billionaires who donate to one of the two major party presidents is not post-communist ideology.

To give some credit to EA, actual socialists and communists are be able to view EA people as allies at times. Not more than that though.

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

#997

Post by Shocka1 »

drexlspivey wrote: post #473
OptoContrarian wrote: post #285

Earlier quoted context omitted.

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.

Always take financial decisions based on anons in random discords.

I agree with you, but context definitely matters here... With all the dominoes starting to fall, there is nothing wrong with moving funds out of exchanges or to a temp address. This seems equivalent to going cash in the equity markets as a hedge. I would go even further and claim that it would be foolhardy to not take this random Discord advice if they haven't already figured it out on their own lol.

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

#998

Post by kranke155 »

RustyRussell wrote: post #901
MacsHeadroom wrote: post #758

Earlier quoted context omitted.

Binance leads the industry in proof of 1:1 reserves of custom holdings. CZ knew about FTX's finances because he was the original investor in FTX. The reason he had FTT to dump in the first place is because of that initial investment in FTX.

No, you're thinking of Kraken, which has been doing this for years (not an endorsement!). Binance just did it, by revealing their wallet addresses, and promised more in future. Two important points: 1. Generally Proof of Reserves is a term where all holders can validate cryptographically that their funds are accounted for. This is harder because it's natural and efficient for an exchange to co-mingle multiple custome…

Im 9-to-1 that Binance is shady asf but I don’t have much evidence - outside of the fact that they used to list tokens in exchange for a share of the pie, which in my eyes is super dodgy.

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

#999

Post by mrguyorama »

paganel wrote: post #863
mrguyorama wrote: post #737

Earlier quoted context omitted.

It's almost like people who don't actually know anything about math, statistics, or probability shouldn't be believed when they make poor arguments using the same. Maybe there's a reason it takes 4 years of extremely tough classes to understand the basics of "hard" math.

> Maybe there's a reason it takes 4 years of extremely tough classes to understand the basics of "hard" math. On top of that, any decent tech school also has an "ethics of engineering" course somewhere along the way, or at least I did about 20 years ago when I was a student (we had quite a stupid professor, but the intention was there).

I thought it was convenient how people's response to that class immediately showed me who shouldn't be allowed to run, start or control anything. "This class is bullshit and stupid" no, you are a selfish asshole who refuses to spend even half an hour a week understanding the history of the industry and the mistakes we made and how your work will have an impact on people so refuse to let that be a negative impact.

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

#1000

Post by rheffern »

sharkweek wrote: post #961
rheffern wrote: post #924

Earlier quoted context omitted.

I'll hop on here in a vain hope too. I want to buy a Theranos Edison machine and am willing to pay . If you know anyone that has one, parts of one, or anything like that, my email is in my bio and I am very happy to talk to you. I intend to take a small portion of it, melt it into steel ingots, and include it in 'Order of the Engineer' rings for myself and my colleagues who are also engineers. We are looking for phys…

Maybe a very long shot but in an earlier thread from a year or so ago about a similar topic, this HN user mentioned being in a Theranos facility during liquidation: https://news.ycombinator.com/item?id=29791488 Perhaps they’d be a good first step. Good luck, that’d be a hell of a find.

Thanks!
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