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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

#981

Post by hakehakehake »

sharkweek wrote: post #856

Howdy HN, as some of you may know from previous comments of mine, I’m always on the hunt for swag from dead companies (Lehman Brothers letterhead, Theranos shirts, Clinkle phone case, Enron desk art, et al). The more fraudulent the collapse, the more interested I am. I’d love to get ahead of the ball on this one so if anyone here has any, and I mean any, FTX swag you somehow have picked up over the years, I’m a very…

I have some solid scandal dead company swag gear but have no idea how to contact you.

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

#982

Post by michaelcampbell »

koolba wrote: post #203
rippercushions wrote: post #85

Earlier quoted context omitted.

There are 130 (!) companies in the FTX group, across a whole slew of jurisdictions: https://i.redd.it/078p4g7m6cz91.jpg The Chapter 11 filing is for the ones in the US, working out what this means for the rest is going to keep a whole lot of lawyers very busy for years.

The sheer number of affiliated companies is not unusual in regulated industries as each tends to be a special purpose vehicle to segregate the associated assets and liabilities.

If I remember Boyle's video correctly, Goldman Sachs' equivalent structure was about 30 entities.

This doesn't feel normal in any sense.

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

#983

Post by ilaksh »

michaelcampbell wrote: post #980
ilaksh wrote: post #922

Earlier quoted context omitted.

This has nothing to do with the technology of cryptocurrency. In fact, it's the complete opposite. What people are doing with FTX is taking their money off of public blockchains and giving them to something like a bank or stock exchange where ultimately customer funds are accessed in secret. This is again, antithetical to cryptocurrency which has the main features of avoiding the necessity of banks for operating with…

I'm not in this space, but this very much feels like "it isn't working because you're doing it wrong".

I'm just trying to explain what cryptocurrency is and how that is different from cryptocurrency exchanges.

Cryptocurrency speculation on centralized exchanges literally does not use cryptocurrency and it's a shame that people think that's what it is.

What cryptocurrency actually is is a secure and auditable way to do transactions and record keeping in a very large group of people. That's what I and many other people use it for. Completely unrelated to day trading, and using the actual chains.

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

#984

Post by indigodaddy »

indigodaddy wrote: post #332

Dumb question, but what happens to stuff like Miami Heat’s FTX Arena etc in situations like this? Should we expect a name change for the arena at some point soon?

Well that didn’t take long:

https://www.espn.com/nba/story/_/id/35004915/miami-heat-cut-...

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

#985

Post by jjeaff »

aaronmdjones wrote: post #914
CaptainZapp wrote: post #876

Earlier quoted context omitted.

By no more accepting deposits?

I can transfer cryptocurrency to any address of yours right now, and there's absolutely nothing you can do to prevent it.

Hadn't really thought about it before. But sounds like a good way to frame someone for a crime.

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

#986

Post by idlewords »

tptacek wrote: post #832
saurik wrote: post #763

Earlier quoted context omitted.

I think the connections with the Effective Altruism community would make for a really amazing think-piece on conflicting ethics, circuitous reasoning, and moral rationalization.

I don't understand it. I haven't ever done a deep dive on EA, but at first blush it seems like such a benign, banal idea: direct charity money effectively and pragmatically. Sure! How does it end up so weird and broken?

You get the usual brainiacs who integrate over the total happiness of imaginary future humanity (trillions of generations colonizing the galaxy) and decide that safeguarding that future justifies doing basically anything in the present day.

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

#987

Post by andirk »

323 wrote: post #125
hestefisk wrote: post #110

Earlier quoted context omitted.

Why?

It's a joke. When something bad happens, bitcoiners say "this is good for bitcoin".

Not good for anyone, obv, but where is the money?? If dude sent it to his other company, shouldn't it be sitting there? Did they already spend it?

Although crypto is marred with scams and is by nature often shady, this isn't about crypto but about 1 single person, the ex-CEO, stealing people's money.

The FTT on its balance sheets as if it was real money is very crypto-stupid though.

https://finance.yahoo.com/news/sam-bankman-fried-secretly-tr...

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

#988

Post by kayamon »

michaelcampbell wrote: post #980
ilaksh wrote: post #922

Earlier quoted context omitted.

This has nothing to do with the technology of cryptocurrency. In fact, it's the complete opposite. What people are doing with FTX is taking their money off of public blockchains and giving them to something like a bank or stock exchange where ultimately customer funds are accessed in secret. This is again, antithetical to cryptocurrency which has the main features of avoiding the necessity of banks for operating with…

I'm not in this space, but this very much feels like "it isn't working because you're doing it wrong".

In general in life, things don't work if you do them wrong. Things working requires doing them right.

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

#989

Post by throwawaylinux »

kayamon wrote: post #988
michaelcampbell wrote: post #980

Earlier quoted context omitted.

I'm not in this space, but this very much feels like "it isn't working because you're doing it wrong".

In general in life, things don't work if you do them wrong. Things working requires doing them right.

The problem is the things that don't work right if other people aren't doing them right.

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

#990

Post by throwawaylinux »

friend_and_foe wrote: post #264
nemo44x wrote: post #72

This whole thing is just the .com crash all over again. Super Bowl ad’s the same year of the crash even. I happened to be at a hotel earlier this year that was hosting a crypto conference and the attendees looked like the kinds of people a multi-level marketing scheme attracts. Very different from a few years ago.

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…

Did news corporations only switch to this ambulance-chasing model in the past 2-3 years since the last "downturn"?
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