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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

#551

Post by three_seagrass »

jonny_eh wrote: post #510
thwayunion wrote: post #491

Earlier quoted context omitted.

> can we STOP the blind short-term speculation on the promise of extreme wealth I first played around with blockchain in 2011 or so and I still don't know what actual utility this technology is supposed to have. I have never -- never -- encountered a value-producing use case for cryptocurrency that can't be solved by either signed git commits or a SQL database. Around 2015 a lot of people I thought were smart enough…

It's been 10+ years of a costly solution desperately looking for a problem.

Bitcoin was always this fun nerdy hobby money, right up until the speculators came in and exploited it.

Now it's "investing" in the confidence of the future of a computing network that can only handle 7 transactions a second, but that still hasn't stopped it becoming the essential oils for tech bros either.

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

#552

Post by JSavageOne »

kasey_junk wrote: post #516
thwayunion wrote: post #491

Earlier quoted context omitted.

> can we STOP the blind short-term speculation on the promise of extreme wealth I first played around with blockchain in 2011 or so and I still don't know what actual utility this technology is supposed to have. I have never -- never -- encountered a value-producing use case for cryptocurrency that can't be solved by either signed git commits or a SQL database. Around 2015 a lot of people I thought were smart enough…

A “universal” api for moving money between financial institutions that don’t have existing relationships would be extremely valuable and could unlock innovation in everything from payments to mortgages. But the blockchain space has an extreme bias against the existing finance world. Frequently products in the space want to tear it down as they view it as predatory. This leaves us with the current situation, the crypt…

The inadequacies of the traditional finance industry are not the "blockchain space"'s fault.

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

#553

Post by pxmpxm »

nwah1 wrote: post #496
nu11ptr wrote: post #488

Earlier quoted context omitted.

Separation of money and state is definitely a worthwhile goal in my opinion. Everything else is more questionable.

The state has a monopoly on the use of force. It can tax, expropriate, conscript, regulate, and otherwise redirect resources however it wants, and it can demand payments in any currency it chooses. The wishful thinking involved in trying to "separate" money and states is absurd. Even under a gold standard, the government can acquire resources from the public at will. The entire goal is nonsense. The root desire there…

People pitching the state vs money argument are the same crypto nerds as per xkcd:

https://xkcd.com/538/

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

#554

Post by mjr00 »

bananapub wrote: post #532
kasey_junk wrote: post #516

Earlier quoted context omitted.

A “universal” api for moving money between financial institutions that don’t have existing relationships would be extremely valuable and could unlock innovation in everything from payments to mortgages. But the blockchain space has an extreme bias against the existing finance world. Frequently products in the space want to tear it down as they view it as predatory. This leaves us with the current situation, the crypt…

I swear to god, half of the problem with cryptocurrency is Americans not understanding what a functional personal banking system looks like. The big American banks just never bothered to move beyond the 1970s, and so otherwise fairly well-informed Americans in tech assume you need some sort of completely mad system like "consume the power of Spain making a distributed merkel tree full of partial hash collisions" to m…

Exactly this, I'm in Canada and can transfer money to anyone in Canada (and maybe worldwide, never tried it though) for free, instantly. That's how most people pay rent up here.

Most of the problems people perceive with the banking system are completely societal, 0% technical. If your bank doesn't let you send money instantly to your friend for free, that isn't because your bank needs a blockchain.

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

#555

Post by tasubotadas »

twblalock wrote: post #528

This has been a wonderful social experiment, enabling people who didn’t live in the 19th century to see what happens when banking and investing is treated like the wild west. Maybe something could have been different this time? In the end it wasn’t, and it proves the necessity of regulation and institutions. There aren’t very many other aspects of our society where we get to have that kind of experiment and find out…

Why does this need to be regulated? We already have banks for that. And it's not like regulation saved them from being able to become insolvent.

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

#556

Post by friend_and_foe »

nemo44x wrote: post #283
friend_and_foe wrote: post #264

Earlier quoted context omitted.

You must not have been following cryptocurrency for that long. This sort of thing happens every 2-3 years. This isn't a wild, unforseen crazy market calamity, this is your run of the mill downturn, this ones mild so far actually. You're only hearing more "bloodbath" talk because the news covers it nowadays, and the news loves to exaggerate bad things and make them sound worse because that's how they keep the lights o…

I’ve held BTC since 2011 so I think I get it. My point is the industry around it collapsing. It’s not just crypto crashing but the industry built around it collapsing at scale. This isn’t Mt.Geox level - this is .com level.

But it's not collapsing at scale... not yet anyway. It's just one exchange, a big one but just one going under. It's scams and rug pulls predictably going under, same story as the last cycle. The only difference is that the news is covering it, it makes it seem like a bigger deal than it is.

And you want them to go under. When the scams stop going under is when you have a real problem, because that means the entire industry is in fact a scam.

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

#557

Post by ZeroGravitas »

bananapub wrote: post #532
kasey_junk wrote: post #516

Earlier quoted context omitted.

A “universal” api for moving money between financial institutions that don’t have existing relationships would be extremely valuable and could unlock innovation in everything from payments to mortgages. But the blockchain space has an extreme bias against the existing finance world. Frequently products in the space want to tear it down as they view it as predatory. This leaves us with the current situation, the crypt…

I swear to god, half of the problem with cryptocurrency is Americans not understanding what a functional personal banking system looks like. The big American banks just never bothered to move beyond the 1970s, and so otherwise fairly well-informed Americans in tech assume you need some sort of completely mad system like "consume the power of Spain making a distributed merkel tree full of partial hash collisions" to m…

See also Uber vs countries that can and did simply regulate taxis well for decades, without burning billions of VC dollars.

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

#558

Post by SV_BubbleTime »

rglover wrote: post #144
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...

Quoted post unavailable.

I think it's really amazing that she started a PAC and 13 days later her son became one of the largest political donors to the Democrats. What great timing for her.

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

#559

Post by birdyrooster »

nwah1 wrote: post #496
nu11ptr wrote: post #488

Earlier quoted context omitted.

Separation of money and state is definitely a worthwhile goal in my opinion. Everything else is more questionable.

The state has a monopoly on the use of force. It can tax, expropriate, conscript, regulate, and otherwise redirect resources however it wants, and it can demand payments in any currency it chooses. The wishful thinking involved in trying to "separate" money and states is absurd. Even under a gold standard, the government can acquire resources from the public at will. The entire goal is nonsense. The root desire there…

These are the same people that want free software to workaround abusive corporate policy instead of first regulating corporations. We might actually even be served by a free software movement if employees and people were actually free and unconstrained by corporations that that keep them from ever participating. People like Stallman think a license.txt is going to solve this?

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

#560

Post by three_seagrass »

JSavageOne wrote: post #541
thwayunion wrote: post #491

Earlier quoted context omitted.

> can we STOP the blind short-term speculation on the promise of extreme wealth I first played around with blockchain in 2011 or so and I still don't know what actual utility this technology is supposed to have. I have never -- never -- encountered a value-producing use case for cryptocurrency that can't be solved by either signed git commits or a SQL database. Around 2015 a lot of people I thought were smart enough…

Quoted post unavailable.

Perhaps you can share some of the many advantages?
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