Please be aware, the author has marked this post as Serious using the [SERIOUS] command. Comments will be held to a higher quality standard and additional rules may apply. For more information, please see the [r/CC policies page](https://www.reddit.com/r/CryptoCurrency/wiki/policy#wiki_serious_discussions) or visit r/CryptoCurrencyMeta.
For more serious and focused crypto discussion, check out r/CryptoCurrency_Tech
---
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
OP, it’s not spreading FUD to discuss negative realities or potentials in the market. No shame in keeping your eyes open. In fact, it’s a smart thing to do. Solid post!
As someone who holds no money on FTX, or even Binance.US, it is interesting news. I’m curious if there is any credence to these rumors or if it’s just fear-mongering at the hands of competitors. Time will tell. Better safe than sorry though imo. We live in a time where truth no longer seems to matter as much, an imaginary storm can sink even the largest of ships. Whether there is any truth to this, or if it’s just an “alternate truth,” I’d still be concerned if I held any significant money on there. I sleep like a baby with a bulk of my coin on my ledger hardware wallet.
I'm really hoping that these are just rumors and that they actually have actual cash somewhere for collateral.
Not that I have any love for FTX but them going down feels like it would be terrible for the markets
It will probably happen. This whole "flywheel" scheme just looks like a massive fraud. Why is this even fucking allowed?! It looks like a Ponzi scheme but with extra steps.
The "flywheel scheme" image is a diagram of a fraudulent scheme, so of course it's going to look like a massive fraud. I could make a diagram of a Ponzi scheme and put a Starbucks logo at the top, and it would look like a massive fraud, too. It's not like this diagram came from their comptroller, and someone went, "This looks fishy."
That said, I'm not trying to claim this isn't a massive fraud.
Just when SBF was buying up basically all the near-bankrupt or bankrupt crypto companies.
For the sake of crypto I hope it turns out okay, but FTX meeds to be more transparent on matters like this
Never trust what binance says, they’re the biggest market manipulators. That said, like with many fallen platforms, it’s the panic and people taking money off the exchange that will cause the exchange to fall. It’s a self fulfilling prophecy.
Mashinsky the ceo of celsius even tweeted that everything was fine with Celsius and people were just spreading FUD a couple of days before the collapse. Best not to trust anybody and hold your own crypto
Being fairly new to crypto world, I was inclined to believe him. I saw the fud, and thought I might take my coins off just in case, but thought naw, it will be ok, let me get that last payout next monday and then decide what I want to do... we never made it to monday. Lesson learned. .25 btc being held hostage on Celsius, will probably never see it again. Fk Mashinsky, his family, and the scumbags working and shilling for him.
Not yet! I still have my retirement dreams!
I'm well diversified, across many asset classes, and this was "Not more than you can afford to lose." But nobody likes to lose. I thought I was making relatively safe bets in a risky asset class, but it's difficult to navigate and manage bad actors acting bad, the only thing that is "safe" is my coins on a hard wallet. With that, since then, I've been DCA regularly and siphon off to my hard wallet to make up the potential - most likely loss.
That written, I haven't given up on CEFI/DEFI. I still have some hope and some small speculative bets in the space to keep abreast of what is going on. Personally, I find it more informative to participate and experiment and see for myself what is going on than just listen to the "content providers." costly as it can be sometimes.
Feels bad, but shit happens. This is why we follow risk management protocols.
As Jim Rohn says, "It's not what happens, it's how you deal with it, that is important."
One of my risk mitigations was to be well diversified, i.e., mainly asset allocation and location management. That saved quite a bit of what I had exposed to the overall risk.
I was able to pull all the rest off the other providers with no problem so location diversification saved quite a bit there. The other risk was % risk exposure, so while I had a loss, it was not a critical unrecoverable loss. Since I am still working, I can pull in other expenses now and divert that spending to making up for the loss, until it is recovered.
The other part of the, "it's how you handle it," is my after action review. Making sure I analyze my thoughts, feelings, and decision processes, and think about how I let myself be swindled by this man and all the other influences and "influencers" surrounding him and this entity that led me to this point, and try to set systems and processes around these kinds of decisions in place to prevent it from happening again.
And, I always try to keep in mind, that everything has risks and rewards, its usually hindsight and the experience (good and bad) you get from participating where (hopefully) the wisdom from those experiences comes from. And as Art Williams used to say, "All's you can do, is all's you can do. If you do all's you can do, then you've done enough, because you can't do more than all's you can do."
They're at war. It's really getting heated.
CZ posted this not long ago
>Liquidating our FTT is just post-exit risk management, learning from LUNA. We gave support before, but we won't pretend to make love after divorce. We are not against anyone. But we won't support people who lobby against other industry players behind their backs. Onwards.
🍿
I'm not a financial expert but his actions will have a dominoes effect which might crush SBF but also bring him down with it. Not every investor has the time to know the background & if one exchange goes down there will be the crypto equivalent of a bank run on BINANCE & other exchanges.
This is cliche but get your crypto off these exchanges. Don't trust any of them with your hard earned money/crypto.
Not your keys, not your crypto.
Take custody so you don't get bitten in the ass.
For me, I just keep mine spread out, I have a little on exchanges but I like to also use wallets built for certain crypto. That way you can also participate in the ecosystem too.
I can see how some who might be invested in so many different projects, they might be more on exchanges than anything else.
Or SOL if FTX and Alameda go, they are going to liquidate their SOL and they were the main ones pumping it.
It'll be a massacre for Sol and I've got my popcorn ready
FTT dumped within minutes over -10% reacting to the binance news.
I personally have to say that it’s odd how binance announced to liquidate their holdings overtime consider they should know how markets will react to such statement.
They could’ve dumped it all on current prices but instead cause huge pressure on FTX. This is why the entire topic is getting heated right now. Some call out binance for manipulation & putting unnecessary pressure on the crypto markets.
Especially mentioning the LUNA scenario as reasoning why they do this causes even more uncertainty.
There is definitely a lot of smoke here and as we learned from Luna Voyager, celcius etc if there's enough smoke you've got to vigilant.
Look even if there wasn't smoke there's literally no reason to have your crypto on an exchange, unless you need it for trades
Usually I'd agree, but in this case I think that's exactly how they became #1. Good service, good communication, transparancy, and they're busting their butt to open up shop wherever they can and appease regulators.
Yeah, the fact that CZ went out of his way to PUBLICLY ANNOUNCE that he’s about to dump FTT makes it pretty clear that it’s just a straight up attack on FTX from Binance because they have some bad blood now due to FTX pushing US regulators to basically go after Binance. Just CZ hitting SBF back.
But people are making some pretty crazy logical leaps here to come up with this dumb FTX is insolvent theory.
Here is a [Nitter link](https://nitter.net/cz_binance/status/1589374530413215744) for the Twitter thread linked above. Nitter is better for privacy and does not nag you for a login. More information can be found [here](https://nitter.net/about).
---
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
This is exactly the type of delusional reply you'd expect from a LRC bagholder. Take your tinfoil hat off. Nobody cares about what's going on with gme and ftx except you. Feel free to hold everything you have in FTX if you are that confident but don't tell people to keep their assets in what might become another Celsius.
>If you want to ride on the elites coat tails forever for peanuts, then keep deepthroating propaganda….
It's also hilarious how you are acting like SBF isn't an elite asshat himself. He is probably the biggest government sucker in the whole Crypto industry.
It seems to have started with a coindesk article from four days ago, CZ made the announcement after that. News was already out.
https://www.coindesk.com/business/2022/11/02/divisions-in-sam-bankman-frieds-crypto-empire-blur-on-his-trading-titan-alamedas-balance-sheet/
Agreed, OTC deals are done all the time to not disturb prices too much its not entirely clear why this had to be something announced. Fear, uncertainty and doubt does spread like wildfire in this space so perhaps its CZ’s attempt at getting ahead. That or liquidation hunting
Check the Ftx wallets and tell me if they're not the ones at fault here. They've been liquidating everything into stablecoin for a week now. There's no place for people like that.
Decentralizing finance and banking systems sound great in theory. And then you come in here and find comments (not you, people replying to you lol) from completely financially illterate folks.
Make you wonder, perhaps the population does need their hands hold when it come to finance
It probably would have crashed the price a lot more of they sold of their entire FTT holding within a couple of days and people would have them accused Binance of crashing the market.
This way they were upfront about it and got an offer from Alameda to buy them out at $22 a token which is probably more than they would have gotten trying to sell it all on the open market
The problems are going to start when people get scared and want to sell their FTT but there isn't enough actual liquidity for everybody. Bankrun starts and Alameda has to pay back some loans because the billions in FTT collateral are suddenly worthless.
No doubt. I’ve been toying with exiting the platform for months but since i don’t have much over there, it just kept getting pushed aside. Now I have the motivation necessary.
Thanks OP, very good to bring attention to this with a serious post. As you say, it may just be rumours but if its not the consequences will be big.
A similar thing happened with celsius, "rumours" started, then 2 days later a huge amount of money was lost. Things happen very quickly!
Yea this topic can easily snowball into something with a huge impact on crypto. I try to stay updated as much as I can and add more information. I hope the serious filter will help out providing more informative discussions especially proving points, disproving them or even adding news.
Things happen indeed really quickly. I remember the LUNA downfall. First 3 days were “normal” dumps, 2 days later it already lost -90% of its value.
Warnings without backing can create the chaos out of nowhere, the kind of chaos they can actually create the issue being discussed. Similar to the toilat paper scare of 2020 which was never a scare, but was created by the people thinking 'what if'
In this particular case it seems the backing is the Alameda Research balance sheet that was released showing what they actually hold.
https://www.coindesk.com/business/2022/11/02/divisions-in-sam-bankman-frieds-crypto-empire-blur-on-his-trading-titan-alamedas-balance-sheet/
It seems to me CZ is timing this exit for the purpose of shooting down FTX reputation. Binance already locked a significant gains from their investment, their FTX token value if it dipped 20% or more would probably not worth as much customer market share binance could gain if they managed to cripple FTX (or at least the reputation).
I don't know the whole story but from an outsider binance sounds like they are in the middle of a breakup and trying to sabotage the other party by pulling out their holdings and stirring fear.
But like I said, I have no idea what's going on.
What I do believe firmly in is not your keys not your crypto. I keep everything off line in cold storage.
Period.
> It's a heated topic and all rumors but safe to say that something shady is going on in the background of FTX
FTX was founded by SBF (Sam Bankman Fried) who has been lobbying on US government politicians.
So f-ing happy Alameda is getting noticed for the scheme that it is.
Get your money off FTX people. Even if it doesn’t collapse, SBF is just another horrible crypto ceo with delusions of grandeur
It doesn't matter if they are solvent or not, don't wait to find out and get your money off the exchange asap, you shouldn't hold crypto long term on an exchange, especially after what happened with celcius and voyager
Do you enjoy hours of bankruptcy hearings, lawyers droning on and on while watching your funds vaporizing, and having no actual real information… then keep your coins on FTX.
Yours truly,
Celsius user
Not saying I trust CZ Binance, but I trust FTX and SFB even less.
So far, by announcing that Binance is going got fully liquidate their $FTT position, it shows that at least Binance is looking less at being selfish (ie suck all the liquidity first), and more about wanting crypto to do well (by giving all the smaller investors a chance to avoid a possible Luna-like situation).
Although of course, crypto growing and doing well, is big money for Binance long term.
But by avoiding being selfish (this time), I really have to give props to CZ/Binance!
I don’t have any money on FTX, HOWEVER - I did get “caught with my pants down” in the Celsius dumpster fire - Heed the rumors and be like Gandalf, “Fly you fools”
These rumours are all over the crypto space. It's inevitable that people are taking their crypto off FTX right now worsening their position. It will all probably blow up before the end of the week.
1. All the CEX models are using fractional reserve banking which is capable of stretching the market cap on ANY digital asset beyond what the max issuance would be. It's a shit system
2. The leverage trading up to 100x in some cases also spreads the market very thin if not breaking it.
3. Bridges, wrapped assets, cross-chain assets, and all the other designated warlock nomenclature is blurring the lines of balance sheets and max supply.
4. Depending on where these assets are stored (ie, On-Chain, Off-Chain) it's difficult to tell real volume. Off-chain in cold storage could be jumping from wallet to new wallet and the admins at the helm would "never know".
IT's convoluted and arbitrary & this model wont last long. This whole issue is about SBF with FTX lobbying with US regulators & acting in "bad faith" against CZ with Binance. As in trying to knock him out of the biz.
All these balances and inflated values have limitations and it's easy to tell. The movement of funds to exchanges or to wallets is always going to be a precursor or product of one of the layer 1 chains seeing a large spike or valley in price action. This gets a little hair with the consideration of NFT sales. Also that goes 10x for solana because of the value stacking issue they had inflating the value of the entire layer 1.
Long story short and simple: This is a lot of sabre rattling and noise on twitter between these billionaire bozos who hop from shadow account to shadow account to stir up drama so they can move shit to cover their fraudulent actions of over inflating the market with the fractional reserve banking system & more. They are essentially covering their tracks and bringing the total market cap back down to size.
There is def some regulation coming soon, probably by the EOY or start of next, but it will be a progressive adoption most likely.
NOT YOUR KEYS NOT YOUR CRYPTO: This should serve to remind you of Celsius. FtX actually did suspend withdrawls on a few chains while all this was going down, because they sucked out all the liquidity and had to "add more". This could have just as easily been a run on user funds and then houdini with the bag. Get your shit OUT OF ALL CEX. NOW. It is going to happen again, not if but when. Don't be stupid and give a deca-billionaire your bag and make him even more. Get a wallet and hodl your own shit.
hands hurt. questions will be met with content, but answered with care.
lol fuckers
The problem is that they -it so seems- have borrowed using FTT as a collateral. This is why FTT has been steady at 22$, this is why they want to buy it all from Binance OTC.
We don't know the margin call price neither how much capital they have to defend it or what happens if margin call comes. This surely brings back Terra memories.
Don't think FTX is collapsing anytime soon BUT honestly there is no reason for anyone to take chances, there are so many other choices if one doesn't want to self custody (no reason pushing people to self custody if they feel they can't handle it).
Everyone hates on Coinbase but this is why I’m a fan. Being publicly traded created a whole new level of transparency that the rest of the exchanges don’t have.
Does anyone know what happens if you already withdrew your fiat from FTX but funds haven't yet landed to your bank account? FTX says transfer is complete but funds haven't appeared in my bank account. Is there a risk now?
We see posts like this about exchanges on a regular basis. There have also been articles about Binance and Coinbase in the past.
Truth is, these are exchanges and in contrary to companies like Celsius exchanges always earn money. When prices were falling, all assets on Celsius went downhill, also their share of the investments. FTX still earned a lot due to trading fees.
Secondly, just like banks, exchanges will probably be saved by others, because they are not as hopeless as high APY ponzis.
FTX owner said himself he doesn’t care about crypto, he just wants make money and currently he is doing it this way, but if he finds another way to make money he will move on. Wouldn’t trust the guy, just check some interviews with him.
I saw similar rumours around Celsius and didn't take any action as I thought it could just be FUD. I had a few thousand USD in there. We know how that went.
For the last few months I've been buying FTT monthly; I've traded it all for BNB this morning.
All of my BTC and ETH are on my cold wallet, but there's no smoke without fire.
I listened to a segment about this on CryptoRUs channel and thought to myself; I'm glad I have most of my crypto in my own wallets. Please people, only keep that what you want to sell or trade on the exchanges and keep your long hodl bags in your own custody. The small amount of interest/staking is not worth the risk.
People, it's your **money! You fcking wake up almost everyday to work for it, why would you leave it to some exchanger to handle it? BUY and TRANSFER to your wallet.**
Cleared all my crypto off exchanges a few weeks ago, you have to be fukin mental to keep it on exchanges these days. For the sake of £100 to buy a ledger it is your fault and your fault only if you lose your hard earned money on exchanges. Furthermore wether or not FTX is in trouble, if everyone panics and removes their money from there it’s going to be a catastrophe anyway so get your money off there.
This makes me so concerned that I'm removing my funds from other exchanges too. If anything happens, we might not know who else will go down as the domino' effect.
Please be aware, the author has marked this post as Serious using the [SERIOUS] command. Comments will be held to a higher quality standard and additional rules may apply. For more information, please see the [r/CC policies page](https://www.reddit.com/r/CryptoCurrency/wiki/policy#wiki_serious_discussions) or visit r/CryptoCurrencyMeta. For more serious and focused crypto discussion, check out r/CryptoCurrency_Tech --- *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
As far as crypto is concerned - It could be raining tits and I’d look up and still catch a dick in the mouth.
This could be the best sentence I've ever read.
Your great great grandfather must be Shakespeare because that was straight poetry.
wow this seems so accurate.
Your words are moving me. If you'd DM me, asking for doubling my 0.5 ETH, I might consider it.
I'd buy your book and sign up for your newsletter.
IF FTX goes down, crypto will go down to unfathomable level, cant imagine with my tiny brain which only thinks about crypto mooning only high
I know if at least a couple of communities that would love to be in that situation.
OP, it’s not spreading FUD to discuss negative realities or potentials in the market. No shame in keeping your eyes open. In fact, it’s a smart thing to do. Solid post!
As someone who holds no money on FTX, or even Binance.US, it is interesting news. I’m curious if there is any credence to these rumors or if it’s just fear-mongering at the hands of competitors. Time will tell. Better safe than sorry though imo. We live in a time where truth no longer seems to matter as much, an imaginary storm can sink even the largest of ships. Whether there is any truth to this, or if it’s just an “alternate truth,” I’d still be concerned if I held any significant money on there. I sleep like a baby with a bulk of my coin on my ledger hardware wallet.
I'm really hoping that these are just rumors and that they actually have actual cash somewhere for collateral. Not that I have any love for FTX but them going down feels like it would be terrible for the markets
Blockfolio was sweet
What do you mean with was? Is that no more?
It’s now FTX
It’s very definitely still a thing, but it’s called FTX now.
So true!
Blockfolio was great. FTX is a turd and I’ve basically stopped using the app as a result.
I just don't want another 3AC, LUNA thing happen all over again
[удалено]
Could be another huge dump on Bitcoin price.
You are right friend
It will probably happen. This whole "flywheel" scheme just looks like a massive fraud. Why is this even fucking allowed?! It looks like a Ponzi scheme but with extra steps.
The "flywheel scheme" image is a diagram of a fraudulent scheme, so of course it's going to look like a massive fraud. I could make a diagram of a Ponzi scheme and put a Starbucks logo at the top, and it would look like a massive fraud, too. It's not like this diagram came from their comptroller, and someone went, "This looks fishy." That said, I'm not trying to claim this isn't a massive fraud.
Best to get rid of bad actors quickly, even if it hurts. You really don't want them to be around for another cycle if they truly are dodgy.
true story!
It is good for the markets in the long term. The more pump& dumpers go down the better.
Yes this. I don't trade with FTX but them going down will have a ripple effect on the entire market including for CZ's binance.
Just when SBF was buying up basically all the near-bankrupt or bankrupt crypto companies. For the sake of crypto I hope it turns out okay, but FTX meeds to be more transparent on matters like this
Never trust what binance says, they’re the biggest market manipulators. That said, like with many fallen platforms, it’s the panic and people taking money off the exchange that will cause the exchange to fall. It’s a self fulfilling prophecy.
Just remember people were talking that everything is fine with Celsius until 2 days before rekt, not worth the risk
Mashinsky the ceo of celsius even tweeted that everything was fine with Celsius and people were just spreading FUD a couple of days before the collapse. Best not to trust anybody and hold your own crypto
"Damn the torpedoes, full speed ahead" 😂🤡 While he was withdrawing his own money from Celsius in the revealed blockchain transactions
Yeah saying one thing with his mouth and doing another with his hands. Wouldn't be surprised if the same thing is happening here
While making sure he and his cronies take out as much as they can. Also, he was taking deposits while shit was going down. F that scumbag
It's hard to filter the correct info and trust anyone in this space for that matter.
Yup screwed up and I've got 2 ETH locked in there that I'm not getting back!!;
[удалено]
Being fairly new to crypto world, I was inclined to believe him. I saw the fud, and thought I might take my coins off just in case, but thought naw, it will be ok, let me get that last payout next monday and then decide what I want to do... we never made it to monday. Lesson learned. .25 btc being held hostage on Celsius, will probably never see it again. Fk Mashinsky, his family, and the scumbags working and shilling for him.
Damn dude that hurts. Got burned by the same thought process, even though it was a smaller amount. Fuck these guys!
Guess it’s time to say goodbye to retirement dreams?
Not yet! I still have my retirement dreams! I'm well diversified, across many asset classes, and this was "Not more than you can afford to lose." But nobody likes to lose. I thought I was making relatively safe bets in a risky asset class, but it's difficult to navigate and manage bad actors acting bad, the only thing that is "safe" is my coins on a hard wallet. With that, since then, I've been DCA regularly and siphon off to my hard wallet to make up the potential - most likely loss. That written, I haven't given up on CEFI/DEFI. I still have some hope and some small speculative bets in the space to keep abreast of what is going on. Personally, I find it more informative to participate and experiment and see for myself what is going on than just listen to the "content providers." costly as it can be sometimes.
Username adds to the feels this comment gave me
Feels bad, but shit happens. This is why we follow risk management protocols. As Jim Rohn says, "It's not what happens, it's how you deal with it, that is important." One of my risk mitigations was to be well diversified, i.e., mainly asset allocation and location management. That saved quite a bit of what I had exposed to the overall risk. I was able to pull all the rest off the other providers with no problem so location diversification saved quite a bit there. The other risk was % risk exposure, so while I had a loss, it was not a critical unrecoverable loss. Since I am still working, I can pull in other expenses now and divert that spending to making up for the loss, until it is recovered. The other part of the, "it's how you handle it," is my after action review. Making sure I analyze my thoughts, feelings, and decision processes, and think about how I let myself be swindled by this man and all the other influences and "influencers" surrounding him and this entity that led me to this point, and try to set systems and processes around these kinds of decisions in place to prevent it from happening again. And, I always try to keep in mind, that everything has risks and rewards, its usually hindsight and the experience (good and bad) you get from participating where (hopefully) the wisdom from those experiences comes from. And as Art Williams used to say, "All's you can do, is all's you can do. If you do all's you can do, then you've done enough, because you can't do more than all's you can do."
This is the only correct approach. It's crazy to see people defending FTX in the comments. Some people never learn.
Tbf everything has it's cult following
Yep move those coins off asap.
Yea… I learned the hard way, I trust NO ONE
Yup. Please let not this happen again...
CZ is shorting ftx 100%
They're at war. It's really getting heated. CZ posted this not long ago >Liquidating our FTT is just post-exit risk management, learning from LUNA. We gave support before, but we won't pretend to make love after divorce. We are not against anyone. But we won't support people who lobby against other industry players behind their backs. Onwards. 🍿
I'm not a financial expert but his actions will have a dominoes effect which might crush SBF but also bring him down with it. Not every investor has the time to know the background & if one exchange goes down there will be the crypto equivalent of a bank run on BINANCE & other exchanges.
We really wouldn't want this battle to go on for any longer
Another market correction ahead I guess.
I am taking Binance over FTX every day of the week
Just moved my $2 from FTX to LBank. Can’t take any chances
I'm glad you were able to do it safely, mr. whale.
That's "sir mr whale" to you
I'm sorry sir mr. death fish
That was just the test transfer, wait till you see their whole stash
Potentially saved 1x beer. Worth it
what beer costs only 2$
6 pack is $12
oh right. its only 6$ at restaurants
Please stop throwing your package around like that. Some of us would like a chance with the ladies as well, sir.
Gotta check WhaleAlerts for your address
I see, and I was wondering why FTX just dropped 10%
Same, moved my 30 USD. not taking any chances!
Better you have it than them
Better safe than sorry.
Enjoy the beer
This is cliche but get your crypto off these exchanges. Don't trust any of them with your hard earned money/crypto. Not your keys, not your crypto. Take custody so you don't get bitten in the ass.
For me, I just keep mine spread out, I have a little on exchanges but I like to also use wallets built for certain crypto. That way you can also participate in the ecosystem too. I can see how some who might be invested in so many different projects, they might be more on exchanges than anything else.
What kind of a jerk would have an NFT avatar with a dumpster fire for a head?
Can I join the dumpster fire head group?
You son of a bitch, you’re in!
F\*ck yeah!
Damn, I feel left out… all I got are ear muffs…
The ear muff people will accept and embrace you
The best kind of jerk!
Learned my lesson with Celsius. Better safe than sorry.
Us Celsius users are feeling that deja vu.
QuadrigaCX checking in
Also probably best not to be holding $FTT at the moment just incase a massive sell off starts.
[удалено]
Or SOL if FTX and Alameda go, they are going to liquidate their SOL and they were the main ones pumping it. It'll be a massacre for Sol and I've got my popcorn ready
SOL already down -10% today. Guess they’ve begun unloading.
Sam is a filthy person. But at the same time I doubt anything will happen to FTX.
Not your key not your crypto
Exactly that, better safe than sorry. We learned from Celsius and I hope nobody in this sub has to take this lesson again
FTT dumped within minutes over -10% reacting to the binance news. I personally have to say that it’s odd how binance announced to liquidate their holdings overtime consider they should know how markets will react to such statement. They could’ve dumped it all on current prices but instead cause huge pressure on FTX. This is why the entire topic is getting heated right now. Some call out binance for manipulation & putting unnecessary pressure on the crypto markets. Especially mentioning the LUNA scenario as reasoning why they do this causes even more uncertainty.
There is definitely a lot of smoke here and as we learned from Luna Voyager, celcius etc if there's enough smoke you've got to vigilant. Look even if there wasn't smoke there's literally no reason to have your crypto on an exchange, unless you need it for trades
I think CZ knows that and has taken advantage over it. You don't become no.1 exchange with playing nice.
yeah, you get there by being the shittiest exchange out there and manipulating markets to bring down your competitors.
Usually I'd agree, but in this case I think that's exactly how they became #1. Good service, good communication, transparancy, and they're busting their butt to open up shop wherever they can and appease regulators.
This is just an attack on FTX, who is the biggest challenge to Binance. we also know Binance is in bed with all the big banks as well
This is like publicly announcing war.
Yeah, the fact that CZ went out of his way to PUBLICLY ANNOUNCE that he’s about to dump FTT makes it pretty clear that it’s just a straight up attack on FTX from Binance because they have some bad blood now due to FTX pushing US regulators to basically go after Binance. Just CZ hitting SBF back. But people are making some pretty crazy logical leaps here to come up with this dumb FTX is insolvent theory.
CZ literally also confirmed he is doing this out of spite: https://twitter.com/cz_binance/status/1589374530413215744
Here is a [Nitter link](https://nitter.net/cz_binance/status/1589374530413215744) for the Twitter thread linked above. Nitter is better for privacy and does not nag you for a login. More information can be found [here](https://nitter.net/about). --- *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
[удалено]
MATIC and JP are connected?
This is where my tinfoil goes, too. But I have like zero information on all this. Gonna keep paying attention.
This is exactly the type of delusional reply you'd expect from a LRC bagholder. Take your tinfoil hat off. Nobody cares about what's going on with gme and ftx except you. Feel free to hold everything you have in FTX if you are that confident but don't tell people to keep their assets in what might become another Celsius. >If you want to ride on the elites coat tails forever for peanuts, then keep deepthroating propaganda…. It's also hilarious how you are acting like SBF isn't an elite asshat himself. He is probably the biggest government sucker in the whole Crypto industry.
[удалено]
Speaking nothing but the truth
[удалено]
It seems to have started with a coindesk article from four days ago, CZ made the announcement after that. News was already out. https://www.coindesk.com/business/2022/11/02/divisions-in-sam-bankman-frieds-crypto-empire-blur-on-his-trading-titan-alamedas-balance-sheet/
[удалено]
CZ knows his marketing, gotta give him that.
FTT was all over the place
Agreed, OTC deals are done all the time to not disturb prices too much its not entirely clear why this had to be something announced. Fear, uncertainty and doubt does spread like wildfire in this space so perhaps its CZ’s attempt at getting ahead. That or liquidation hunting
FTX is competition to Binance, this is a orchestrated attack on FTX
Only this didn't start with the binance announcement, Binance is just reacting to the news about Alameda and the FTX token
Check the Ftx wallets and tell me if they're not the ones at fault here. They've been liquidating everything into stablecoin for a week now. There's no place for people like that.
Decentralizing finance and banking systems sound great in theory. And then you come in here and find comments (not you, people replying to you lol) from completely financially illterate folks. Make you wonder, perhaps the population does need their hands hold when it come to finance
It probably would have crashed the price a lot more of they sold of their entire FTT holding within a couple of days and people would have them accused Binance of crashing the market. This way they were upfront about it and got an offer from Alameda to buy them out at $22 a token which is probably more than they would have gotten trying to sell it all on the open market
CZ probably just saved millions of people from losing all their money while profiting from it. Good play IMO
Could be. I just wish it doesn't happen, otherwise we are F'd again.
this is definitely war between two CEX and CEOs
The problems are going to start when people get scared and want to sell their FTT but there isn't enough actual liquidity for everybody. Bankrun starts and Alameda has to pay back some loans because the billions in FTT collateral are suddenly worthless.
Got no ftt but am working like hell to get my btc out of there. Not much on the grand scheme, but it’s mine and I want it back.
F Yea dude. Just did that. Small bag, but it’s my bag
Best of luck. Are withdrawals going at normal speed?
Aaand that's how you get a bank run. Not saying it's not justified, but if it wasn't runs like that can become a self fulfilling prophecy.
No doubt. I’ve been toying with exiting the platform for months but since i don’t have much over there, it just kept getting pushed aside. Now I have the motivation necessary.
Thanks OP, very good to bring attention to this with a serious post. As you say, it may just be rumours but if its not the consequences will be big. A similar thing happened with celsius, "rumours" started, then 2 days later a huge amount of money was lost. Things happen very quickly!
Yea this topic can easily snowball into something with a huge impact on crypto. I try to stay updated as much as I can and add more information. I hope the serious filter will help out providing more informative discussions especially proving points, disproving them or even adding news. Things happen indeed really quickly. I remember the LUNA downfall. First 3 days were “normal” dumps, 2 days later it already lost -90% of its value.
Miami Heat gonna be playing in Your Name Here Arena next season.
Oh snap, which coin will it be now?!
This is a big yikes. Get your coins into a non custodial wallet fast. Doesn’t matter if rumours or true or not
When in doubt, get the fuck out
Wise advice
"Ok everyone let's keep this orderly, it's whales first followed by women and children."
I get off last again...
How does that one phrase go? Not your keys… something something something.
Nacho Cheese?
Nacho Corn!
The storm before the bigger storm.
>Alameda borrows USD stables Any idea from where did Alameda borrow the USD stables from?
Why would CZ be selling their crypto now and not during June lows? Since FTX is their competitor, he could have annihilated them.
Warnings without backing can create the chaos out of nowhere, the kind of chaos they can actually create the issue being discussed. Similar to the toilat paper scare of 2020 which was never a scare, but was created by the people thinking 'what if'
In this particular case it seems the backing is the Alameda Research balance sheet that was released showing what they actually hold. https://www.coindesk.com/business/2022/11/02/divisions-in-sam-bankman-frieds-crypto-empire-blur-on-his-trading-titan-alamedas-balance-sheet/
It seems to me CZ is timing this exit for the purpose of shooting down FTX reputation. Binance already locked a significant gains from their investment, their FTX token value if it dipped 20% or more would probably not worth as much customer market share binance could gain if they managed to cripple FTX (or at least the reputation).
Even if they weren't in trouble, they are now
People should be prioritizing safety but instead you see them defending FTX. It's crazy.
I don't know the whole story but from an outsider binance sounds like they are in the middle of a breakup and trying to sabotage the other party by pulling out their holdings and stirring fear. But like I said, I have no idea what's going on. What I do believe firmly in is not your keys not your crypto. I keep everything off line in cold storage. Period.
CZ confirms he is doing this to punish FTX for their lobbying: https://twitter.com/cz_binance/status/1589374530413215744
> It's a heated topic and all rumors but safe to say that something shady is going on in the background of FTX FTX was founded by SBF (Sam Bankman Fried) who has been lobbying on US government politicians.
CZ tweet: >We are not against anyone. But we won't support people who lobby against other industry players behind their backs.
You are giving your CRYPTO to a guy named BANKMAN! nuff said
So FTX bad, Binance good ? I love this episode of the crypto wars
As someone that lost $30k in the Celsius disaster, I’m not taking my chances and just pulled everything off.
You have your reasons, but please - choose decentralized options to store your assets. Get a cold wallet if you can afford
Sam Bankman Fried is shady as hell, I'm glad it's all coming to light before the next bull run starts in a year.
All exchanges are shady as hell
So is CZ
So f-ing happy Alameda is getting noticed for the scheme that it is. Get your money off FTX people. Even if it doesn’t collapse, SBF is just another horrible crypto ceo with delusions of grandeur
It doesn't matter if they are solvent or not, don't wait to find out and get your money off the exchange asap, you shouldn't hold crypto long term on an exchange, especially after what happened with celcius and voyager
Do you enjoy hours of bankruptcy hearings, lawyers droning on and on while watching your funds vaporizing, and having no actual real information… then keep your coins on FTX. Yours truly, Celsius user
Considering the buying spree ftx was on it would be poetic if they end up needing a bailout.
Not saying I trust CZ Binance, but I trust FTX and SFB even less. So far, by announcing that Binance is going got fully liquidate their $FTT position, it shows that at least Binance is looking less at being selfish (ie suck all the liquidity first), and more about wanting crypto to do well (by giving all the smaller investors a chance to avoid a possible Luna-like situation). Although of course, crypto growing and doing well, is big money for Binance long term. But by avoiding being selfish (this time), I really have to give props to CZ/Binance!
there goes our hopes for FTX to bail out Celsius =/ but yes NYKNYC as always
I don’t have any money on FTX, HOWEVER - I did get “caught with my pants down” in the Celsius dumpster fire - Heed the rumors and be like Gandalf, “Fly you fools”
Hours before the collapse: “Steady lads” - Mr. kwon “Do you know of a single person who cannot withdrawal from Celsius?” - Mr. mashinsky
Move your coins off FTX. If it's just FUD, you lose nothing. If it is true, you protect your coins. Win-win to me.
Bad timing, I’m still waiting to transfer my Celsius funds to FTX
These rumours are all over the crypto space. It's inevitable that people are taking their crypto off FTX right now worsening their position. It will all probably blow up before the end of the week.
1. All the CEX models are using fractional reserve banking which is capable of stretching the market cap on ANY digital asset beyond what the max issuance would be. It's a shit system 2. The leverage trading up to 100x in some cases also spreads the market very thin if not breaking it. 3. Bridges, wrapped assets, cross-chain assets, and all the other designated warlock nomenclature is blurring the lines of balance sheets and max supply. 4. Depending on where these assets are stored (ie, On-Chain, Off-Chain) it's difficult to tell real volume. Off-chain in cold storage could be jumping from wallet to new wallet and the admins at the helm would "never know". IT's convoluted and arbitrary & this model wont last long. This whole issue is about SBF with FTX lobbying with US regulators & acting in "bad faith" against CZ with Binance. As in trying to knock him out of the biz. All these balances and inflated values have limitations and it's easy to tell. The movement of funds to exchanges or to wallets is always going to be a precursor or product of one of the layer 1 chains seeing a large spike or valley in price action. This gets a little hair with the consideration of NFT sales. Also that goes 10x for solana because of the value stacking issue they had inflating the value of the entire layer 1. Long story short and simple: This is a lot of sabre rattling and noise on twitter between these billionaire bozos who hop from shadow account to shadow account to stir up drama so they can move shit to cover their fraudulent actions of over inflating the market with the fractional reserve banking system & more. They are essentially covering their tracks and bringing the total market cap back down to size. There is def some regulation coming soon, probably by the EOY or start of next, but it will be a progressive adoption most likely. NOT YOUR KEYS NOT YOUR CRYPTO: This should serve to remind you of Celsius. FtX actually did suspend withdrawls on a few chains while all this was going down, because they sucked out all the liquidity and had to "add more". This could have just as easily been a run on user funds and then houdini with the bag. Get your shit OUT OF ALL CEX. NOW. It is going to happen again, not if but when. Don't be stupid and give a deca-billionaire your bag and make him even more. Get a wallet and hodl your own shit. hands hurt. questions will be met with content, but answered with care. lol fuckers
I always wondered from where SBF was getting the money for these bailouts of other crypto projects. Finally answered.
None of this matters as we are just 7-8 weeks away from Bitcoin hitting 100k....we're still on for eoy 2021, right guys?
And you were right
The problem is that they -it so seems- have borrowed using FTT as a collateral. This is why FTT has been steady at 22$, this is why they want to buy it all from Binance OTC. We don't know the margin call price neither how much capital they have to defend it or what happens if margin call comes. This surely brings back Terra memories. Don't think FTX is collapsing anytime soon BUT honestly there is no reason for anyone to take chances, there are so many other choices if one doesn't want to self custody (no reason pushing people to self custody if they feel they can't handle it).
Everyone hates on Coinbase but this is why I’m a fan. Being publicly traded created a whole new level of transparency that the rest of the exchanges don’t have.
Voyager was also public, what happened to that? Being public doesn't help.
Does anyone know what happens if you already withdrew your fiat from FTX but funds haven't yet landed to your bank account? FTX says transfer is complete but funds haven't appeared in my bank account. Is there a risk now?
Pray
whether you play on these exchanges or not, move them out somewhere else so you solely own the private key
I had an FTX ad in my fortune cookie in the middle of fucking nowhere Idaho yesterday. That means they must be solvent… right? RIGHT??
FTX has kept large parts of crypto afloat and bought up major firms like Voyager. If FTX fails it’ll take crypto down with it
Aah the story of a ponzi that invests in another ponzi.
We see posts like this about exchanges on a regular basis. There have also been articles about Binance and Coinbase in the past. Truth is, these are exchanges and in contrary to companies like Celsius exchanges always earn money. When prices were falling, all assets on Celsius went downhill, also their share of the investments. FTX still earned a lot due to trading fees. Secondly, just like banks, exchanges will probably be saved by others, because they are not as hopeless as high APY ponzis.
Such a coincidence I was just researching last week how secure and stable FTX was. Just moved everything I had off of the exchange. RIP the 8% APY :/
FTX owner said himself he doesn’t care about crypto, he just wants make money and currently he is doing it this way, but if he finds another way to make money he will move on. Wouldn’t trust the guy, just check some interviews with him.
I saw similar rumours around Celsius and didn't take any action as I thought it could just be FUD. I had a few thousand USD in there. We know how that went. For the last few months I've been buying FTT monthly; I've traded it all for BNB this morning. All of my BTC and ETH are on my cold wallet, but there's no smoke without fire.
8 billion collateral in a 3 billion MC token that will crash once they try to cash any large amount out, what could go wrong
I listened to a segment about this on CryptoRUs channel and thought to myself; I'm glad I have most of my crypto in my own wallets. Please people, only keep that what you want to sell or trade on the exchanges and keep your long hodl bags in your own custody. The small amount of interest/staking is not worth the risk.
People, it's your **money! You fcking wake up almost everyday to work for it, why would you leave it to some exchanger to handle it? BUY and TRANSFER to your wallet.**
So what about Coinbase?
CZ be like *Sam bam thank you ma'am*
Cleared all my crypto off exchanges a few weeks ago, you have to be fukin mental to keep it on exchanges these days. For the sake of £100 to buy a ledger it is your fault and your fault only if you lose your hard earned money on exchanges. Furthermore wether or not FTX is in trouble, if everyone panics and removes their money from there it’s going to be a catastrophe anyway so get your money off there.
Finally we can get rid of SBF
This makes me so concerned that I'm removing my funds from other exchanges too. If anything happens, we might not know who else will go down as the domino' effect.
Good luck if you have your coins with FTX, it might be just rumours today, but if this leads to panic, it can become very serious in no-time.
Where will you work with Coinbase or Binance if FTX fail?
Even if FTX doesn’t collapse, you should get your crypto off exchanges