Earlier quoted context omitted.
> absolute worst black currency Yeah, Visa is much better.
Why not prepaid debit cards? (Bought with cash)
Cheaper fees, more portable, no limits, transactions can't be blocked
Ftx.com Has Probably Collapsed
71–80 of 200 posts
Re: Ftx.com Has Probably Collapsed
#72This is maybe tangential of me to say, but since this post is coming from an EA forum: I think the cozy relationship between EA and FTX has done immense damage to the public image and standing of the EA movement. I've never been an EA person (much less a utilitarian) but I can appreciate the meat and potatoes of applied ethics, especially when those ethics are applied consistently . The infusion of cryptocurrency fun…
This is an incorrect understanding of history. Eliezer Yudkowsky more or less created the rationalist movement, out of which EA emerged, as a way of funding AI safety research. MIRI is older than EA.
Re: Ftx.com Has Probably Collapsed
#73Does anyone know how Coinbase avoided this fate? I really thought it would be them to fall, but they proved everyone wrong. There’s some key difference between Coinbase and an exchange like FTX. Is it because FTX had a token, and then leveraged themselves using their own token? Binance has a token too. Are they in similar danger? It would be an interesting contrast to know why one exchange is safe vs another. Here’s…
CZ says the primary lesson is "never use a token you created as collateral", and Binance has never used BNB for collateral, and (by implication) FTX did use FTT for collateral. https://twitter.com/cz_binance/status/1590103159506341888 As far as I can tell, this seems to be the correct analysis. The technical term for why you should avoid this is "wrong way risk".
Devils advocate: how do we know binance hasn’t used BNB for collateral other than a tweet (which isn’t proof at all)
Re: Ftx.com Has Probably Collapsed
#74Earlier quoted context omitted.
Empathy for people worse off than you, even for people who you think make bad decisions, is not hard. Think of someone you care for unconditionally, maybe your child, and imagine that person suffering through this because of poor decision. Would you castigate him or try to soothe him?
I would say that sucks but you were warned multiple times and still did it anyways so now you must deal with the repercussions
Yes, true. But If can still feel empathy for that person you love, for what he’s going through.
Re: Ftx.com Has Probably Collapsed
#75Re: Ftx.com Has Probably Collapsed
#76Earlier quoted context omitted.
Coinbase avoided this fate by being a us regulated company. FTX.us is still above water. It’s the Bahamas based company that was able to cook the books and is now defunct. As for Binance, they have the SAFU ( https://academy.binance.com/en/glossary/secure-asset-fund-fo... ) which they just topped up to $1B at current market prices (today). You can verify the balances on chain, but there aren’t any statements about ou…
> FTX.us is still above water FTX.us has been under SEC investigation for security fraud for months, so still too early to make this call
They making the claim of "above water" for $NOW. It's not to early call $NOW but it is too early to call $NOW+30D
Re: Ftx.com Has Probably Collapsed
#77Earlier quoted context omitted.
I'm a bit behind on the times, but I'm failing to see how the philosophy of effective altruism and cryptocurrency are related. Do you know how the two got intertwined?
The philosophies aren’t related beyond the fact that EA seems to view making as much money as possible a virtue if you use the money effectively, and the crypto space has happened to be the place where people are making the most money the fastest.
"Using the money effectively" is the operative point: as more and more of the money in the EA sphere comes from cryptocurrencies (and other civically corrosive sources), the EA movement's notion of "effective use" seems to loosen.
Re: Ftx.com Has Probably Collapsed
#78Does anyone know how Coinbase avoided this fate? I really thought it would be them to fall, but they proved everyone wrong. There’s some key difference between Coinbase and an exchange like FTX. Is it because FTX had a token, and then leveraged themselves using their own token? Binance has a token too. Are they in similar danger? It would be an interesting contrast to know why one exchange is safe vs another. Here’s…
Coinbase avoided this fate by being a us regulated company. FTX.us is still above water. It’s the Bahamas based company that was able to cook the books and is now defunct. As for Binance, they have the SAFU ( https://academy.binance.com/en/glossary/secure-asset-fund-fo... ) which they just topped up to $1B at current market prices (today). You can verify the balances on chain, but there aren’t any statements about ou…
So their "Secure Asset Fund for Users (SAFU)" are crypto funds. If that's not pulling the wool over everyone's eyes. This industry needs to die.
Re: Ftx.com Has Probably Collapsed
#79Earlier quoted context omitted.
You’ve been waiting years for people to suffer? Lookup “ schadenfreude”.
Many of us have been warning people for years that this would be the outcome. We were ridiculed for it.
Nobody was ridiculed for advising people to keep their coins in their own wallet. You were probably ridiculed for saying crypto is a ponzi. But Bitcoin's and Ethereum's prices are consistently higher now than they were 2 years ago. What's the bad outcome you've been warning about that actually happens?
Re: Ftx.com Has Probably Collapsed
#80Earlier quoted context omitted.
CZ says the primary lesson is "never use a token you created as collateral", and Binance has never used BNB for collateral, and (by implication) FTX did use FTT for collateral. https://twitter.com/cz_binance/status/1590103159506341888 As far as I can tell, this seems to be the correct analysis. The technical term for why you should avoid this is "wrong way risk".
Devils advocate: how do we know binance hasn’t used BNB for collateral other than a tweet (which isn’t proof at all)
We don't, but it's good for Binance, so we can expect Binance to do so out of self interest. Avoiding wrong way risk is standard part of risk management.