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FTX Future Fund

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Re: FTX Future Fund

#51

Post by vmception »

qeternity wrote: post #42
vmception wrote: post #25

Earlier quoted context omitted.

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…

> Margin calls don't typically have their own special fees Liquidations, not margin calls, are where the money is. And they definitely do have their own special fees.

Cool, what’s the current fee schedule, for myself and anyone passing by?

Re: FTX Future Fund

#52

Post by bifurcations »

vmception wrote: post #25
wmf wrote: post #9

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…

Good explanation. I wasn't aware of that part of Alameda's reputation though, where can I find more data?

Re: FTX Future Fund

#53

Post by vmception »

bifurcations wrote: post #52
vmception wrote: post #25

Earlier quoted context omitted.

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…

Good explanation. I wasn't aware of that part of Alameda's reputation though, where can I find more data?

This is one company that went public with their disagreement

https://www.coindesk.com/business/2021/03/16/80m-deal-gone-w...

Most others do not because voicing anything means no exchange listing, no potential of support from Alameda/FTX and their partners

Many token founders are fine with it for the payday (like in Ren/Republic protocol) while all the tokens get dumped on their community

It is very common in the crypto exchange/advisor space for contractual arrangements to go “I’ll buy your illiquid treasury and wont immediately sell, trust me bro” and then they sell once the partnership announcement creates a bunch of fomo and liquidity to sell into, Alameda has the reputation of being that way. And then when confronted they say “it wasnt in the contract and there was no vesting smart contract to prevent selling either, we’re not in the wrong”

Not the most community collaborative to say the least, its very lucrative for them

Re: FTX Future Fund

#55

Post by oldstrangers »

space_rock wrote: post #49
oldstrangers wrote: post #3

Anyone else oddly skeptical of FTX? They seemingly came out of no where with ungodly amounts of money, and began slapping their name on anything and everything.

Their growth was reasonably organic if you were following the popularity of exchanges

I've "followed exchanges" since Mt Gox, got screwed by Mintpal, saw the fall of cryptsy, the rise and eventual irrelevance of Bittrex, the rise and eventual irrelevance of Poloniex... Even with all of that, I still don't immediately know where FTX came from.

Re: FTX Future Fund

#56

Post by bifurcations »

vmception wrote: post #53
bifurcations wrote: post #52

Earlier quoted context omitted.

Good explanation. I wasn't aware of that part of Alameda's reputation though, where can I find more data?

This is one company that went public with their disagreement https://www.coindesk.com/business/2021/03/16/80m-deal-gone-w... Most others do not because voicing anything means no exchange listing, no potential of support from Alameda/FTX and their partners Many token founders are fine with it for the payday (like in Ren/Republic protocol) while all the tokens get dumped on their community It is very common in the cryp…

Dang, I wonder how easy it is for the Alameda EA folks to rationalize this as being for the greater good.

"We're reallocating surplus speculator dollars towards AI safety?"

Probably helps that many token founders don't seem too virtuous when many are just looking to make a quick buck through copycat apps. But sounds like some earnest people are getting burned, too.

Re: FTX Future Fund

#57

Post by exdsq »

bifurcations wrote: post #56
vmception wrote: post #53

Earlier quoted context omitted.

This is one company that went public with their disagreement https://www.coindesk.com/business/2021/03/16/80m-deal-gone-w... Most others do not because voicing anything means no exchange listing, no potential of support from Alameda/FTX and their partners Many token founders are fine with it for the payday (like in Ren/Republic protocol) while all the tokens get dumped on their community It is very common in the cryp…

Dang, I wonder how easy it is for the Alameda EA folks to rationalize this as being for the greater good. "We're reallocating surplus speculator dollars towards AI safety?" Probably helps that many token founders don't seem too virtuous when many are just looking to make a quick buck through copycat apps. But sounds like some earnest people are getting burned, too.

I personally don't see the issue with this assuming you're not running scams or building projects but purely trading.

Re: FTX Future Fund

#58

Post by vmception »

bifurcations wrote: post #56
vmception wrote: post #53

Earlier quoted context omitted.

This is one company that went public with their disagreement https://www.coindesk.com/business/2021/03/16/80m-deal-gone-w... Most others do not because voicing anything means no exchange listing, no potential of support from Alameda/FTX and their partners Many token founders are fine with it for the payday (like in Ren/Republic protocol) while all the tokens get dumped on their community It is very common in the cryp…

Dang, I wonder how easy it is for the Alameda EA folks to rationalize this as being for the greater good. "We're reallocating surplus speculator dollars towards AI safety?" Probably helps that many token founders don't seem too virtuous when many are just looking to make a quick buck through copycat apps. But sounds like some earnest people are getting burned, too.

> Probably helps that many token founders don't seem too virtuous

This perception is exacerbated because this kind of stuff has been happening behind the scenes for half a decade

Many founders do want to collaborate with their community, a community that expects and begs for exchange listings, which the founders cant talk about in advance and the exchanges know that and basically extort them and dump on the community, making the founder look bad and radioactive from then on.

Many/most want their project to organically grow and get help from large whales along the way, but it's more likely that tokens which have high value and many coveted exchange listings have nothing organic about them at all and cannot be emulated. Any founder trying to emulate it get into these token crashing toxic arrangements leaving many community bagholders.

It is nearly impossible to tell the difference between founders, the best thing that has occurred is that nobody needs these exchanges anymore. liquidity went onchain.

Re: FTX Future Fund

#59

Post by aaaaaaaaata »

Would a PWA targeting a large niche of underserved users who are accustomed to awful software in their niche be sufficiently altruist to contact them?

I've been procrastinating investment talks due to exhaustion by the state of ethics in the space; Sam's one of the few people I think I'd want to be involved in seeding my business.

Re: FTX Future Fund

#60

Post by aaaaaaaaata »

beefman wrote: post #43

We'd love to see thoughtful plans for how to spend $1-100B to make humanity's future as good as possible. We might learn a great deal from these plans, even when we don't put them into action—and in some cases, we might do that too! ... We'd be excited and grateful to see rigorous criticisms of our priorities and concerns. Ok, how do we contact you about this? None of the forms here seem appropriate https://ftxfuture…

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