dj230 Posted November 8, 2022 Share Posted November 8, 2022 The ponzi falling apart continues with ftx going insolvent. 1 Link to comment Share on other sites More sharing options...
Maha Sarakham Posted November 8, 2022 Share Posted November 8, 2022 Just a matter of time. 1 Link to comment Share on other sites More sharing options...
Popular Post Mac Mickmanus Posted November 8, 2022 Popular Post Share Posted November 8, 2022 Sparktrader : Is it a good time to buy ftx ? Bargain price at the moment 1 4 Link to comment Share on other sites More sharing options...
Sparktrader Posted November 8, 2022 Share Posted November 8, 2022 What is ftx? 1 1 Link to comment Share on other sites More sharing options...
Mac Mickmanus Posted November 8, 2022 Share Posted November 8, 2022 14 minutes ago, Sparktrader said: What is ftx? Ask dj230 , I have no idea what it is 1 Link to comment Share on other sites More sharing options...
dj230 Posted November 8, 2022 Author Share Posted November 8, 2022 16 minutes ago, Mac Mickmanus said: Ask dj230 , I have no idea what it is 2nd largest crypto exchange Link to comment Share on other sites More sharing options...
Sparktrader Posted November 8, 2022 Share Posted November 8, 2022 7 minutes ago, dj230 said: 2nd largest crypto exchange Binance is 10x larger and buying FTX Link to comment Share on other sites More sharing options...
dj230 Posted November 8, 2022 Author Share Posted November 8, 2022 1 minute ago, Sparktrader said: Binance is 10x larger and buying FTX it is now that they're bankrupt Link to comment Share on other sites More sharing options...
Sparktrader Posted November 8, 2022 Share Posted November 8, 2022 1 minute ago, dj230 said: it is now that they're bankrupt I wonder how. Where did the money go? 1 1 Link to comment Share on other sites More sharing options...
timendres Posted November 8, 2022 Share Posted November 8, 2022 28 minutes ago, Sparktrader said: I wonder how. Where did the money go? It is similar to other markets like these. Many exchanges were taking in crypto and loaning it for a return. The loans became loans on top of loans. In other words - Counter-party Risk. As soon as one link in the chain breaks, it cascades, with people simply not returning capital (or, in this case, crypto). As exchanges began to get the equivalent of "bank runs", they would need to lock up the capital to prevent insolvency. This has to propagate through until all counter-party failures are completed, then it can reset, rebuild, repeat. Not the fault of crypto, per se, but of exchanges replicating the issues created by any trade involving a counter-party, and banking on ever higher values to sustain the leverage. Those with coins in their own wallets did not get screwed, other than watching the price of BTC, et.al., plummet from the highs. This is why old-timers, such as myself, like gold. There is no counter-party risk, if you have physical gold in your possession. 2 Link to comment Share on other sites More sharing options...
Sparktrader Posted November 8, 2022 Share Posted November 8, 2022 16 minutes ago, timendres said: It is similar to other markets like these. Many exchanges were taking in crypto and loaning it for a return. The loans became loans on top of loans. In other words - Counter-party Risk. As soon as one link in the chain breaks, it cascades, with people simply not returning capital (or, in this case, crypto). As exchanges began to get the equivalent of "bank runs", they would need to lock up the capital to prevent insolvency. This has to propagate through until all counter-party failures are completed, then it can reset, rebuild, repeat. Not the fault of crypto, per se, but of exchanges replicating the issues created by any trade involving a counter-party, and banking on ever higher values to sustain the leverage. Those with coins in their own wallets did not get screwed, other than watching the price of BTC, et.al., plummet from the highs. This is why old-timers, such as myself, like gold. There is no counter-party risk, if you have physical gold in your possession. I like shares. No dividends on gold. 1 1 Link to comment Share on other sites More sharing options...
Heng Posted November 9, 2022 Share Posted November 9, 2022 I like a little bit of everything. 2 Link to comment Share on other sites More sharing options...
Sparktrader Posted November 9, 2022 Share Posted November 9, 2022 4 minutes ago, Heng said: I like a little bit of everything. Thats what my gf says. 1 Link to comment Share on other sites More sharing options...
Dario Posted November 12, 2022 Share Posted November 12, 2022 (edited) On 11/9/2022 at 2:50 AM, Mac Mickmanus said: Sparktrader : Is it a good time to buy ftx ? Bargain price at the moment For heavens no! Bitkub will suspend FTT (FTX Token) trading on Monday 14 November. Don't get trapped! >> Delisting info Edited November 12, 2022 by Dario Link to comment Share on other sites More sharing options...
Non Immigrant Posted November 12, 2022 Share Posted November 12, 2022 Oh well......next. 1 Link to comment Share on other sites More sharing options...
Pmbkk Posted November 12, 2022 Share Posted November 12, 2022 On 11/8/2022 at 8:44 PM, Sparktrader said: I wonder how. Where did the money go? Speculation - some to his girlfriend - Founder Sam Bankman-Fried denies secretly transferring $10BN to trading company run by his girlfriend. https://www.dailymail.co.uk/news/article-11419415/At-1-billion-client-funds-missing-failed-crypto-firm-FTX-sources.html ( Not that I'd trust anything the Daily Mail reported on ) Link to comment Share on other sites More sharing options...
Laphroaig27 Posted November 12, 2022 Share Posted November 12, 2022 On 11/9/2022 at 3:01 AM, Sparktrader said: What is ftx? It's no more. Link to comment Share on other sites More sharing options...
Laphroaig27 Posted November 12, 2022 Share Posted November 12, 2022 (edited) On 11/9/2022 at 4:39 AM, Sparktrader said: I like shares. No dividends on gold. I've made 60k usd on SLV in last 2.5 years. Edited November 12, 2022 by Laphroaig27 1 Link to comment Share on other sites More sharing options...
Elkski Posted November 12, 2022 Share Posted November 12, 2022 It's an exchange,. How was it ever worth 20 billion? Hope we see some serious jail time for the crook who often visited the White House. Oh yeah that's normal. Link to comment Share on other sites More sharing options...
Popular Post OneMoreFarang Posted November 12, 2022 Popular Post Share Posted November 12, 2022 On 11/9/2022 at 3:34 AM, dj230 said: 2nd largest crypto exchange Ex-2nd largest crypto exchange 1 3 Link to comment Share on other sites More sharing options...
FritsSikkink Posted December 14, 2022 Share Posted December 14, 2022 On 11/12/2022 at 8:47 PM, Elkski said: Hope we see some serious jail time for the crook who often visited the White House. Oh yeah that's normal. Here is a start: US charges ex-FTX boss with defrauding investors (msn.com) Link to comment Share on other sites More sharing options...
jerrymahoney Posted December 14, 2022 Share Posted December 14, 2022 Link to comment Share on other sites More sharing options...
ozimoron Posted December 16, 2022 Share Posted December 16, 2022 (edited) Mazars, accountants for Binance, has ceased working for any crypto exchanges over concerns of proof of reserves - Bloomberg cable TV. BNB Plummets as Binance Auditor Mazars Halts Work With All Crypto Firms Auditing firm Mazars Group has dropped cryptocurrency firms as clients, according to crypto exchange Binance. In a statement to Decrypt, Binance said that “Mazars has indicated that they will temporarily pause their work with all of their crypto clients globally, which include Crypto.com, KuCoin, and Binance.” https://www.yahoo.com/lifestyle/bnb-plummets-binance-auditor-mazars-120331512.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAKeLZq0hKGX_XW9jgWyCWLzTGJPrW7Z3682AKGECVboF61pGFqYJqbe02poyhbwZTKilEpELZoM8ooqKH5xDAV_J9i2fq0HlySmiThAUfsFp6Pn3zm5JE5k-NqQGphm8MKdKpyO7aWPLEoLELJAgGwSmDPvfdKNhKS7KYDP9zsDR Edited December 16, 2022 by ozimoron Link to comment Share on other sites More sharing options...
dj230 Posted December 19, 2022 Author Share Posted December 19, 2022 was clearly a ponzi scheme, dont know how people fell for it Link to comment Share on other sites More sharing options...
ozimoron Posted December 19, 2022 Share Posted December 19, 2022 https://www.reuters.com/technology/binances-books-are-black-box-filings-show-crypto-giant-tries-rally-confidence-2022-12-19/ Link to comment Share on other sites More sharing options...
ozimoron Posted December 30, 2022 Share Posted December 30, 2022 On 28 December 2022 there was a post made on the Pastebin website, that has since been taken down, from a supposed hacker claiming that they had got access to API data stored in 3Commas’ database. 3Commas can confirm that 3Commas first found out about the hacking and the hacker’s statement from the same Pastebin post as the rest of the 3Commas community. This notice provides details about the incident, our response and description of the measures taken by us so far. What does this mean? What should users do? At this point, 3Commas can unfortunately confirm that some of 3Commas’ users’ API data (API keys, secrets and passphrases) have been disclosed by a third party. Currently, and to the best of our knowledge, only API data have been disclosed as part of this incident. As a likely consequence the hacker(s) may use or may have used the API data to connect your exchange accounts to his/their account and/or initiate unauthorized trades. Since becoming aware of the supposed hacker´s Pastebin post, we have requested that Binance, KuCoin and other supported exchanges revoke all keys that were connected to 3Commas. We strongly recommend every user to reissue an API key they have currently connected to an exchange. If you need help with updating your API keys, please checking our guide. source: email received. Link to comment Share on other sites More sharing options...
d4dang Posted December 30, 2022 Share Posted December 30, 2022 On 11/12/2022 at 8:16 AM, Pmbkk said: Speculation - some to his girlfriend - Founder Sam Bankman-Fried denies secretly transferring $10BN to trading company run by his girlfriend. https://www.dailymail.co.uk/news/article-11419415/At-1-billion-client-funds-missing-failed-crypto-firm-FTX-sources.html ( Not that I'd trust anything the Daily Mail reported on ) i need a new gf Link to comment Share on other sites More sharing options...
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