411–420 of 437 posts
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Ryan Salame, the co-CEO, donated heavily to the GOP.
Don't fall for the red-blue trap. There is one establishment, which uses social issues to divide and conquer and create the illusion of choice.
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> FTX took customer deposits (which were supposed to be held in custody and untouched, according to their TOS) and loaned them out to Alameda to gamble with This is what I initially suspected. But we can see FTX's balance sheet [1]. There is no loan to Alameda. "FTX shot its customer money into some still-unexplained reaches of the astral plane" is the best explanation we have for billions of missing dollars [2]. [1]…
The information about a loan from was taken from the NYT interview [0]: > Meanwhile, at a meeting with Alameda employees on Wednesday, Ms. Ellison explained what had caused the collapse, according to a person familiar with the matter. Her voice shaking, she apologized, saying she had let the group down. Over recent months, she said, Alameda had taken out loans and used the money to make venture capital investments, a…
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The information about a loan from was taken from the NYT interview [0]: > Meanwhile, at a meeting with Alameda employees on Wednesday, Ms. Ellison explained what had caused the collapse, according to a person familiar with the matter. Her voice shaking, she apologized, saying she had let the group down. Over recent months, she said, Alameda had taken out loans and used the money to make venture capital investments, a…
"Alameda had taken out loans and used the money to make venture capital investments." - translation: We took all the money and gambled it all away. Again.
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Yes, but how much real money is the question. I'm not doubting that real money was lost, just wondering if $16B of actual customer dollars ever flowed into the exchange.
Exactly, I always wondered what the real numbers looked like. It's so easy to mint 100 coins, get a friend to buy one at $100, and say you "have" $9,900. I wouldn't be surprised if the number of actual dollars was less than $100 million.
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Neither of these numbers are correct, they imply 100M of profit a day. Volume is heavily weighted towards the highest tiers which on ftx were paying 0.015% to take and receiving 0.01% to make (given, alameda would receive no rebate). They've also never claimed to do 100B+ a day. They published stats about their volume as well as some other exchanges here: https://ftx.com/volume-monitor . It's stale since the collapse…
Okay - so even 0.01% on $10Bn = $1M per day = $365M per year, and - at the time - growing. One would think they should've been able to get a loan (if those numbers were real).
Aside from 365mm on 10bn being a bad trade, the volume will 100% drop off drastically after the loss of trust. That 365mm would be fortunate to stay above 36mm in my opinion
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Exactly, I always wondered what the real numbers looked like. It's so easy to mint 100 coins, get a friend to buy one at $100, and say you "have" $9,900. I wouldn't be surprised if the number of actual dollars was less than $100 million.
It’s more than 100M. I know someone who moved 2-300M of btc/eth to ftx and lost all of it
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use google next time https://sites.math.rutgers.edu/~zeilberg/mamarim/mamarimhtml...
You are conflating time-samples with ensembles. That lecture refers to finite time series which may be shown to converge for N < infinity. That’s fine.
You replied to a post about aces. For any finite number of chips and players (n_players > 23 starts to raise some questions), there are finitely many games of NLHE anyway.
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I wonder how much of those $16B in customer deposits were actually lightly-traded altcoins that could never have been liquidated at anything close to that value? There is no doubt they defrauded people of a lot of (real!) money, but my guess is a huge chunk of that $16B top-line figure is fantasyland dog-coin nonsense. Whereas the LTCM and Enron investors at least started with real cash.
Dog-coin nonsense has a 24hr trading volume of $669M. There's actually quite a bit of liquidity in crypto since it lends itself to HFT. BTC for instance has a 24hr TV of $37B, making it one of the most exchanged assets in the world.