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Every day I read about crypto, I understand it less and less
Posted on 11/8/22 at 8:56 pm
Posted on 11/8/22 at 8:56 pm
FTX was in talks two months ago to raise 1bn equity at a 32bn valuation. Binance threatens to dump 500mm FTX tokens and the whole thing just collapses?
Explain it to me like I’m a 65 year old.
Explain it to me like I’m a 65 year old.
3
Posted on 11/8/22 at 9:02 pm to rickgrimes
FTX is no different than the rest of the unregulated crypto space. They printed funny magic Internet money and pumped up it's own price using it's customers funds. Mislead everyone about it and now it's come time to pay the piper.
Amy castor can explain all the details
Amy castor can explain all the details
Posted on 11/8/22 at 9:07 pm to UltimaParadox
The catalyst was Alameda's balance sheet being leaked, which showed heavy exposure to FTT tokens. That made people realize how fragile the FTX/Alameda complex was and caused Binance to sell its FTT tokens - with a bank run on FTX as a result, and a bailout/sale the only solution.
When the 2nd largest exchange’s entire success is built on their ability to keep their asset and liabilities statement hidden:
When the 2nd largest exchange’s entire success is built on their ability to keep their asset and liabilities statement hidden:
Posted on 11/9/22 at 12:12 pm to rickgrimes
quote:
Imagine McDonald's makes its own money, let's call them clown-bucks, keeps most of it, and sells some to the market.
McDonald's then uses their remaining clown-bucks as collateral for actual loans.
And then people remember clown-bucks aren't real.
And then Starbucks comes and market sells the clown-bucks they were holding, while reminding the market that clown-bucks aren't really a thing.
McDonald's balance sheet is trashed, with their clown-bucks wiped out.
That's what happened in crypto-land with FTX this week.
LINK
Posted on 11/9/22 at 2:02 pm to rickgrimes
Everyday I check the value of Crypto, it's value is less and less.
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