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Started By
Message
re: This FTX Thing is Huge (UPDATE)
Posted on 11/12/22 at 8:31 am to Homesick Tiger
Posted on 11/12/22 at 8:31 am to Homesick Tiger
quote:
Is FTX the same as bitcoin?
It’s a trading platform except you just exchange Crypto on it.
ETA: I was a big supporter of the Cryptocurrency “unregulated market” idea, but this is what you get sometimes.
However, to call the regular stock exchange as “regulated” is a joke in itself as well. For example, you have the Pelosi’s who obviously have inside information able to trade on things that have not been released public yet for instance. Then, you have things like the CEO of Pziser able to sell his stock when the FDA authorizes the EUA for the Covid Vaccine.
This post was edited on 11/12/22 at 8:40 am
2
Posted on 11/12/22 at 8:33 am to BoarEd
Umm, I guess?
Posted on 11/12/22 at 8:37 am to ColoradoTiger1987
quote:
It’s a trading platform except you just exchange Crypto on it.
Yes. You give them your hard earned money. They invest some of your money into crypto and keep some of it to spend on ???
It's a lovely system when the market and BTC returns can support their scheme (like the past several years before the recent downturn).
When they can no longer uphold the scheme the rats start jumping off the ship, taking your money with them.
Posted on 11/12/22 at 8:39 am to timdonaghyswhistle
FTX crypto
Posted on 11/12/22 at 8:44 am to Kjnstkmn
Was the FTX collapse delayed to happen after the midterms so no fallout on the Deep State (mostly Biden’s henchmen)?
Posted on 11/12/22 at 8:50 am to BoarEd
quote:
BoarEd
Put down the white pills buddy. It ain't happening. At least not until there is major societal collapse. Enjoy and get used to the decline. Conservatives watched Hannity while the left took us over everything.
Posted on 11/12/22 at 8:52 am to TDFreak
quote:
Was the FTX collapse delayed to happen after the midterms so no fallout on the Deep State (mostly Biden’s henchmen)?
I'm sure the timing is pure coincidence.
Posted on 11/12/22 at 8:52 am to BoarEd
Nothing will happen to them. They could pay themselves billions straight out of the treasury and the majority of this country wouldn't care, they'd keep voting for them. This country is lost and will crash and burn just like all the great civilizations in the past.
Posted on 11/12/22 at 8:53 am to BoarEd
It will get swept under the rug. Meanwhile, Trump will get subpoenaed for taking a call from a fellow real estate mogul in Russia...
Posted on 11/12/22 at 8:57 am to Homesick Tiger
quote:
s FTX the same as bitcoin? I remember several posters on here really pushing the bitcoin mantra.
I'm a carry cash man myself.
This is a good explanation of what’s going on. From the OT thread:
quote:
Not all crypto involves a middleman. In fact, many of the more honest, helpful people in the crypto space who want crypto to become legitimate strongly advise people to pull their bitcoin and other assets out of exchanges and hold them in cold storage. As they put it, roughly:
if you don't actually possess it, you don't own it. And a good number of them prefer DeFi solutions over CeFi.
In the crypto space, DeFi (decentralized finance) is when there isn't one person or group who runs the system. Instead, there's a network of people/groups/nodes that approve/validate transactions with shared responsibility. While this sounds superficially chaotic, it seems to work fine and is regarded as secure. (Money board crypto guys can answer the hows and whys of this better than me.)
In contrast, CeFi (centralized finance) is the term used to described exchanges like FTX where the system is centrally controlled by one man or group-- Sam Bankman Fried (aka SBF) in this case. These type systems can be easier to use, but you have to trust the owner.
In terms of what's happening in the current FTX/SBF saga, investors trusted FTX to maintain custody of their assets, and they didn't. Instead, when people invested BTC, ETH or whatever crypto they had into FTX, FTX encouraged them to swap it for FTT (FTX's own internal crypto token... think of it as digital casino chips/credits... which were promoted as having lower trading fees and which would earn 'yield' (interest)). Then FTX/SBF illegally loaned the real assets they should've maintainwed in custody to Alameda (a separate investment company also owned by the same SBF guy, where he and his inner circle allegedly made several risky investments (read: they gambled the real assets away).
SBF was already pissing off a lot of the crypto community by meeting with Gary Gensler (SEC) and helping frame legislation which would've hampered legit DeFi solutions, and given more tacit power to SBF/FTX/CeFi, and some people started closing their accounts. Then someone leaked either the FTX or Alameda balance sheet and when it was found that a disproportionate amount of holdings was their own FTT token, investors became alarmed & started withdrawing assets... which became a severe bank run that caused a liquidity crunch (since assets were illegally moved and/or lost) and not available for withdrawals. The value of everything dropped and now FTX is facing bankruptcy and may cause a few other large players into similar distress.
That's a very brief summary. Seems like definite securities fraud for moving customer assets that should've been held in reserve. Also, it can be argued that their own FTT token was essentially a ponzi coin used to suck in bitcoin and other legit assets.
This will likely cause a lot of damage to the crypto community's reputation for the forseeable future and set back the progress they were making with mainstream acceptance. And it has given regulators ammo to crack down. Imho, this is regrettable. Bitcoin (in particlar compared to many shitcoins), crypto, & DeFi were made to help regular people break free from centralized, large banks that tend to screw over regular people. What happened at FTX has nothing to do with bitcoin itself. It was just an opportunistic thief who was stealing client funds, and ironically trying to screw over BTC & DeFi while propping up his own shitcoin. Ironically, I think this debacle strengthens the case for BTC and actual DeFi since it once again proves centralized control by a person/small group is prone to abuse and fraud (as with Madoff, Lehman, Bear Stearns, etc.).
On a side note, I think the SBF guy's mom runs one of the large Democrat voting orgs, maybe "True the Vote"? And SBF himself spent tens of millions (I think 2nd only to Soros on the (D) side) in 2022 funding Democrat politicians, and was heavily connected. Make of that what you will.
edit to add (due to long post/distracted typing)... I see others already covered the political part, which I think is potentially relevant to SBF's meteoric rise. In any case, people had been increasingly becoming suspicious of him as a bad actor in the space.
Posted on 11/12/22 at 9:02 am to boosiebadazz
None of this surprises me. It will never happen but I would love to see a transparent audit of Ukraine’s balance sheet.
Posted on 11/12/22 at 9:08 am to BoarEd
quote:
This is the deep state's money laundering operation.
Can’t wait to hear sensei Hannity talk about it for the next 8 months.
Posted on 11/12/22 at 9:10 am to boosiebadazz
Not much into the Bitcoin stuff, so just hearing stuff.
Anyone know about the sister company they gave $8b of deposits to, and they lost it? Was that what kicked all of this off?
How does this affect other Bitcoin related things? Doesn't Mark Cuban have an exchange?
Anyone know about the sister company they gave $8b of deposits to, and they lost it? Was that what kicked all of this off?
How does this affect other Bitcoin related things? Doesn't Mark Cuban have an exchange?
Posted on 11/12/22 at 9:12 am to BoarEd
Ukraine, like Washington D.C., is little more than a ponzi scheme.
Posted on 11/12/22 at 9:14 am to BoarEd
Omg stfu.
You latch onto anything shiny theory that comes along, and you are always grasping at straws and waiting for the next big nothing.
Everybody, gather around and boo this man.
You latch onto anything shiny theory that comes along, and you are always grasping at straws and waiting for the next big nothing.
Everybody, gather around and boo this man.
Posted on 11/12/22 at 9:34 am to bstew3006
quote:
…biggest Pump and Dump scheme ever created.
Yet the OT warmongers still chime in and defend the righteousnesses of dumping ever more money and arms into that Eastern European kleptocracy. No amount of exposed corruption will change their minds.
This post was edited on 11/12/22 at 9:35 am
Posted on 11/12/22 at 9:37 am to BoarEd
Our government attempted coups against a duly elected President , and anyone expects them to act on this?
Dream on.
Dream on.
This post was edited on 11/12/22 at 9:38 am
Posted on 11/12/22 at 9:40 am to BoarEd
The first domino in the great reset.
Posted on 11/12/22 at 9:43 am to burger bearcat
quote:
It ain't happening. At least not until there is major societal collapse. Enjoy and get used to the decline.
It’s so easily defeated. All we have to do is fight the local battles for county commissioners, school boards, etc. Win those and begin the march through the institutions. This is what the left did when they were utterly powerless. Their darling, communism, had been discredited the world over. Reagan and Thatcher bestrode the globe.And the left retreated to academia, school boards, district attorneys, etc.
Posted on 11/12/22 at 9:49 am to ezride25
Glitch, just like those voting machines not counting republican votes
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