21–30 of 74 posts
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There’s incredible amounts of capital going into the crypto industry and FTX is one of the biggest players. There may be some froth but they seem like one of the least shady players in the space to me.
The question is how and why FTX became big given that BitMEX already existed.
textbook greenwashing. if they want to make the world a better place, shut down FTX and stop enabling the insane, planet incinerating, fraud enabling, money laundering, rogue regime financing, fake tech breakthrough called "crypto". crypto companies like FTX should be viewed with the same disdain as Big Oil and Big Tobacco. this is like investing with ExxonMobil to stop climate change. don't fall for it. https://corp…
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No. I have some mutual acquaintances with the owner through effective altruism and I've heard good things. It's pretty insane that he left Jane Street to try make more money to give to effective charities and now at 29 is worth $22.5 Billion! So they have the money to spend on these things and the fact he's running a future fund makes total sense based on what his original goals were.
Where did that money come from, though? People getting margin called on their life savings? Update: I assume the majority of SBF's net worth is from FTX not Alameda, so my question is where does FTX's money come from. I assume it's from wrecking retail traders.
Earlier quoted context omitted.
No. I have some mutual acquaintances with the owner through effective altruism and I've heard good things. It's pretty insane that he left Jane Street to try make more money to give to effective charities and now at 29 is worth $22.5 Billion! So they have the money to spend on these things and the fact he's running a future fund makes total sense based on what his original goals were.
Where did that money come from, though? People getting margin called on their life savings? Update: I assume the majority of SBF's net worth is from FTX not Alameda, so my question is where does FTX's money come from. I assume it's from wrecking retail traders.
[Edit: Typo]
Earlier quoted context omitted.
No. I have some mutual acquaintances with the owner through effective altruism and I've heard good things. It's pretty insane that he left Jane Street to try make more money to give to effective charities and now at 29 is worth $22.5 Billion! So they have the money to spend on these things and the fact he's running a future fund makes total sense based on what his original goals were.
Where did that money come from, though? People getting margin called on their life savings? Update: I assume the majority of SBF's net worth is from FTX not Alameda, so my question is where does FTX's money come from. I assume it's from wrecking retail traders.
Coinbase did a direct listing of its shares at a $100bn valuation, with extremely low revenue numbers, which are still great numbers.
Anyone that:
A) Has similar volume
B) Has similar growth
C) Offers more ways of accruing value - such as perpetuals
D) Retains greater ownership of their own company
is simply going to have a lot of money. Its not that mysterious. Keeping a few $billion in crypto provides many opportunities for the same price appreciation as everyone else.
Alameda is also known as being quite a shark when it comes to deal making, if you don't get something in writing they are going to do the most profitable thing at you/your community's expense as soon as the opportunity arises.
Their OTC desk also likely has more volume than their lit exchange exchange, and OTC desks enjoy wider spreads in the trades.
And remember, they have nonstop trading sessions, 24/7, so more than 3x as many sessions as a stock or options exchange, and slightly more than futures and currency exchanges.
textbook greenwashing. if they want to make the world a better place, shut down FTX and stop enabling the insane, planet incinerating, fraud enabling, money laundering, rogue regime financing, fake tech breakthrough called "crypto". crypto companies like FTX should be viewed with the same disdain as Big Oil and Big Tobacco. this is like investing with ExxonMobil to stop climate change. don't fall for it. https://corp…
Earlier quoted context omitted.
No. I have some mutual acquaintances with the owner through effective altruism and I've heard good things. It's pretty insane that he left Jane Street to try make more money to give to effective charities and now at 29 is worth $22.5 Billion! So they have the money to spend on these things and the fact he's running a future fund makes total sense based on what his original goals were.
Where did that money come from, though? People getting margin called on their life savings? Update: I assume the majority of SBF's net worth is from FTX not Alameda, so my question is where does FTX's money come from. I assume it's from wrecking retail traders.
textbook greenwashing. if they want to make the world a better place, shut down FTX and stop enabling the insane, planet incinerating, fraud enabling, money laundering, rogue regime financing, fake tech breakthrough called "crypto". crypto companies like FTX should be viewed with the same disdain as Big Oil and Big Tobacco. this is like investing with ExxonMobil to stop climate change. don't fall for it. https://corp…
For a very young guy in this scene you'd expect expensive watches and cars, but instead he drives a budget car, is giving away a great majority of his wealth, and seems to truly care.
The reason he's keeping FTX open is to earn more money to give away to environmental, socioeconomic, and health organizations and research. His track record speaks for itself.
Earlier quoted context omitted.
Where did that money come from, though? People getting margin called on their life savings? Update: I assume the majority of SBF's net worth is from FTX not Alameda, so my question is where does FTX's money come from. I assume it's from wrecking retail traders.
Crypto exchanges make a lot of money. Just from trading fees. Margin calls don't typically have their own special fees, although the perpetuals products (that one can get margin called on to begin with) typically have daily fees. Coinbase did a direct listing of its shares at a $100bn valuation, with extremely low revenue numbers, which are still great numbers. Anyone that: A) Has similar volume B) Has similar growth…
Earlier quoted context omitted.
Where did that money come from, though? People getting margin called on their life savings? Update: I assume the majority of SBF's net worth is from FTX not Alameda, so my question is where does FTX's money come from. I assume it's from wrecking retail traders.
Is the assumption that just because SBF made money, it must have been through "some evil"? What's the basis for that assumption (versus anything else, like ICOing a new token).
You hang out in the muck, folks are going to assume you have some on you.
I'm not saying they do necessarily, just that that's where the assumption more than likely comes from.