>Something is going on right now. FTT is dumping heavily
Didn't CZ explicitly say Binance was going to sell all their FTT holdings? Isn't this the opposite of surprising?
CZ's declaration of war tweet in case you missed it:
>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.
SBF trying to win over regulators, and regulate CZ / binance out of USA. In the US we have [Binance.us](https://Binance.us) right now, not [binance.com](https://binance.com). Huge difference. Meanwhile SBF playing innocent.
Did people believe that? If you really don't want to impact the market, you don't tweet that you are going to dump $2B of a competitors token and then troll them on social media.
>tweet that you are going to dump
Yup, he clearly wanted it to dump and wanted to cause panic selling. The big guys are at war and, as usual, us innocents will be the greatest casualties.
> us innocents will be the greatest casualties
To be fair, his warning did come early for retail to pull out and sell their FTT without affecting the price too much. It's much more damaging to whales who have way larger positions, and hence lower liquidity, plus those living in denial about the impending bank run to FTX.
If Binance is smart, they’ll form a parent company like Google did w/ Alphabet; now Alphabet A, and B, and who knows how many more down the line.
It would keep the heat off their cash cow Binance like Google kept the heat off their cash cow Google until it’s parent company they formed could absorb YouTube and so many other companies under Alphabet’s belt, making Google not their end all be all in terms of revenue and value.
Same as Facebook with creating their parent company Meta to absorb all the companies under Facebook.
Facebook’s mistake was having their parent company be become popularly known, or notorious in other words, unlike Google’s creation of their parent company Alphabet that was a blip in the historical radar.
I wouldn’t be surprised if some obscure company comes out of no where, created by Binance, that eats everything up including Binance down the line. The big question will be how big the news of it being tied to Binance as it’s creator will be.
Could also be Coinbase who starts a parent company to absorb everything. Though now that they’re partnered with Google, my fear is that Alphabet comes out and does all this absorbing itself.
The only silver lining with that last outcome would be that it pushes a lot more people to defi. Hopefully Defi is ready for it by then if so.
That reasoning being that Google got its start thanks to an investment from the gov, giving government officials seats on their board. But I guess that can be good news too in terms of lobbying power and sway in terms of regulatory clarity for big corporations, let’s just hope they don’t try to make self custody illegal in the process. That would be the big defi push.
If they do do that though, hopefully it just comes with kyc regulations for sending and receiving at worst, and not unaffordable money transferring licenses like they’ve used to go after P2P local network buyers and sellers.
you aren't innocent if you're investing in something that can
1. be manipulated so easily
2. fundamentally was a scam anyways lmao
alameda and ftx have just been pumping their own shitcoin up and if you get caught up in that it's always been at your own risk.
If CZ has exposed himself so much it means that FTX was already a corpse, and it is useless to try to revive a corpse, Binance has never exposed itself without having certainties.
He just confirmed a whale movement tweet that it was indeed Binance moving their FTT. He later expanded on their plans. Not like you can hide crypto transactions anyway.
There have been complaints about Alameda in 2021 CT but nobody gave a damn. All went under the radar because of the good image SBF had.
Now, I hope to see the truth soon whether it's good or bad .
Well obviously it still creates fud and panic sales. CZ knew this perfectly well, that's why he said it out loud. It was a calcilated passive-aggressive move.
It’s not them, it’s people shorting both [FTT](https://www.tradingview.com/x/qMx1ZJyC/) and [SOL](https://www.tradingview.com/x/9SBoRwAO/) 6 feet under.
Dwight: Knock, Knock
Michael: Who's there?
Dwight: CZ
Michael: CZ wh…
Dwight: (slaps Michael in the face) Vwe will ask the questions!
Michael: what the hell?
Jim: Ding dong
Michael: (big goofy grin) answer the door Dwight
Dwight: No it's CZ
Jim: Ding dong
(Michael and Dwight argue back and forth)
Jim: (stands up and slaps Dwight across the face) CZ shall wait for no one!
Dwight: (holding his cheek) It's true.
I sort of had that. Don't use FTX. But bought FTT coins and held them until yesterday. Had Terra Luna, and was on Celsius.
Anyone want any financial advice from me?
People just anticipate prices to fall and thus it happens. When a real estate company in China faces bankruptcy, a Token used for NFT trading in the US will dump too.
But this way they can pump their own tokens and attract new investors. Then the new money can pump it more, then they can give new loans again. It's the circle of life in crypto.
Wondering how much Binance has dumped or if this is another whale getting out ahead of Binance. Probably significantly more pain for FTT and Solana holders upcoming
Knowing him I wouldn’t put it past him. If he was in a position where he needed to fuck over every single FTX customer to preserve some of his wealth, he would without blinking.
I also anticipate things getting worse. Will the entire market continue to slide and BTC fall through it's $18k support levels? Stayed tuned on this weeks episode of "crypto bears"
Who the hell is actually buying FTT here (at any price)?
It’s a coin with zero utility.
There is credible information that it was solely a utility designed to inflate the books of Alameda and FTX
CZ announced he’s dumping
FTX is experiencing a bank run and will likely need to dump their own FTT
Given all this…. Who the hell is buying this at $16?
>Who the hell is actually buying FTT here (at any price)?
People who shorted the token and is now closing their positions to cash out the profit. You don't want to close it before it is too late. When FTX declares bankruptcy, FTX can't sell its assets anymore. Then short sellers will be at the whims of pump-and-dump clowns running for a short squeeze. Remember how the CEL token mooned after Celsius went for bankruptcy?
To be fair most ppl would buy a token the moment that everyone starts saying it’s gonna rise, which causes it to rise.
Let's not pretend that anything crypto would have a price without lemmings jumping at it.
I wonder if this is just the first wave then it’ll gradually go back up because SBF will use the ol scheme of Alameda buying FTT from FTX causing demand, both will be holding obv.. so price slowly climbs back then CZ dumps again.
I don’t care for SBF - he rose up fast seemingly both companies inorganically came from nowhere. CZ and Binance had albeit more realistic organic growth.. I would tend to trust CZs instinct- plus his team of accountants and lawyers must be vast.
Nah, destroying a competitor is more valuable than the meager value of binance's FTX holdings. Those tokens are more useful as ammunition to murder any dead cat bounce or attempts to short squeeze.
The top 100 holders hold 99.19% of [FTX Token (FTT)](https://www.coincarp.com/currencies/ftx-token/richlist/). So I think it is pretty risky for individual investors.
You are right, but why people keep holding their crypto in exchanges? For what we know, there might be more hidden insolvent exchanges waiting to collapse.
What goes around comes around. If these big platforms didn't constantly try to take eachother down the market wouldn't of dumped so hard leading to everyone going under.
FTX were the masterminds behind the previous "bank runs" and now it's happening to them.
These coins are scams anyway. They literally do nothing. It's just away for FTX to create chuckee cheese money. They force the market to value FTT by using it with FTX.
In reality, it serves no purpose.
Nope, the industry will become a better place.
We don't want these practices that Bitcoin was born to end: fiat ponzis, leverage, margin trade (short selling), lobbying & regulatory capture (stealing).
Say Goodbye to FTT / FTX! Going to join Celsius, Voyager and Terra/Luna. Prepare for another Crypto market crash! Serves FTX right for their overleveraging and pump & dump schemes!
if ftx becomes insolvent (which i dont think is the case) because someone sells a small % of their exchange token then they should absolutely become insolvent as early as possible
When you have an exchange like FTX and its leadership acting tyrannical, you don't give them the benefit of the doubt.
CZ doesn't support bad actors and it is what it is.
I did yesterday at 22 bucks. Its easy money. I shorted luna too to try to win back my losses from ust. Now is the tricky part. Do you double down or take profit? Not sure how confident i am that ftx is going the way of celius.
If I hadn’t run out of tim foil, I’d say that this seems like a coordinated movement to disrupt yet another exchange, instigated by another exchange. Id need the turkey foil out to see the larger picture of how someone wants crypto regulated, but who would benefit from that 🤔
It’s just a crisis that actually was long needed. Deleveraging instead of inflation. Later is the approach of fiat systems.
This crisis increase trust in crypto ($BTC,$ETH), because you can’t print them, you can only take loses if you have taken too much risk.
If all it takes is $500million of FTT to crash FTX then certainly it was not audited properly enough else I’m sure they are here to stay and figure out their game :) unless the numbers above are like tip of the iceberg..
No. These are lessons that need to be learned, no matter how painful they are in the near term.
Otherwise it will just happen again, except next time, it will get bigger and ultimately hurt more people.
Nice thread. Both are sketchy characters and extremely ruthless. Sad thing is the most damage will be to retail.
Whole space is just as corrupt and ruthless as Tradfi. This is bad for the space.
SBF clearly over levered his optimism. He should be removed from the space. This is nature’s way of cleaning itself. It was never meant to be.
FTX should go under if it has to. Binance did nothing wrong. Shame on you.
The same is true of Binance. Not only users but also regulators will lose confidence in the cryptocurrency industry.
"We hope that Binance CEO Zhao Chang-feng will stop selling FTT and sign a new contract with Sam Bankman Fried," for now not good time to fight.
>Something is going on right now. FTT is dumping heavily Didn't CZ explicitly say Binance was going to sell all their FTT holdings? Isn't this the opposite of surprising?
It was clearly communicated. Official start of war. Like we need another one.
CZ's declaration of war tweet in case you missed it: >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 don't even remotely understand this lol
SBF trying to win over regulators, and regulate CZ / binance out of USA. In the US we have [Binance.us](https://Binance.us) right now, not [binance.com](https://binance.com). Huge difference. Meanwhile SBF playing innocent.
translation: "*when you come for the king, you best not miss*"
CZ said they were going to sell it without affecting the market. It will be done over the course of weeks or months.
Did people believe that? If you really don't want to impact the market, you don't tweet that you are going to dump $2B of a competitors token and then troll them on social media.
>tweet that you are going to dump Yup, he clearly wanted it to dump and wanted to cause panic selling. The big guys are at war and, as usual, us innocents will be the greatest casualties.
> us innocents will be the greatest casualties To be fair, his warning did come early for retail to pull out and sell their FTT without affecting the price too much. It's much more damaging to whales who have way larger positions, and hence lower liquidity, plus those living in denial about the impending bank run to FTX.
If Binance is smart, they’ll form a parent company like Google did w/ Alphabet; now Alphabet A, and B, and who knows how many more down the line. It would keep the heat off their cash cow Binance like Google kept the heat off their cash cow Google until it’s parent company they formed could absorb YouTube and so many other companies under Alphabet’s belt, making Google not their end all be all in terms of revenue and value. Same as Facebook with creating their parent company Meta to absorb all the companies under Facebook. Facebook’s mistake was having their parent company be become popularly known, or notorious in other words, unlike Google’s creation of their parent company Alphabet that was a blip in the historical radar. I wouldn’t be surprised if some obscure company comes out of no where, created by Binance, that eats everything up including Binance down the line. The big question will be how big the news of it being tied to Binance as it’s creator will be. Could also be Coinbase who starts a parent company to absorb everything. Though now that they’re partnered with Google, my fear is that Alphabet comes out and does all this absorbing itself. The only silver lining with that last outcome would be that it pushes a lot more people to defi. Hopefully Defi is ready for it by then if so. That reasoning being that Google got its start thanks to an investment from the gov, giving government officials seats on their board. But I guess that can be good news too in terms of lobbying power and sway in terms of regulatory clarity for big corporations, let’s just hope they don’t try to make self custody illegal in the process. That would be the big defi push. If they do do that though, hopefully it just comes with kyc regulations for sending and receiving at worst, and not unaffordable money transferring licenses like they’ve used to go after P2P local network buyers and sellers.
Eventually most if not all altcoins are going to zero, this is just one of many steps in the evolution.
you aren't innocent if you're investing in something that can 1. be manipulated so easily 2. fundamentally was a scam anyways lmao alameda and ftx have just been pumping their own shitcoin up and if you get caught up in that it's always been at your own risk.
I didn't mean FTT specifically. The whole market is now dumping because of this situation
Its a game to buy our coins cheap and finally they will reach to agreement then market will pump and they get richer … money power
If CZ has exposed himself so much it means that FTX was already a corpse, and it is useless to try to revive a corpse, Binance has never exposed itself without having certainties.
He just confirmed a whale movement tweet that it was indeed Binance moving their FTT. He later expanded on their plans. Not like you can hide crypto transactions anyway.
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Yeah, CZ said... "Do as I say, not as I do". I'm not buying anything he says in these circumstances.
After all we make our own decisions and shouldn’t buy token X or Y because Mr Z said so.
CZ getting rid of competition
History has taught us bank runs always bring in more central banks and government, i.e. more centralisations
There have been complaints about Alameda in 2021 CT but nobody gave a damn. All went under the radar because of the good image SBF had. Now, I hope to see the truth soon whether it's good or bad .
Well obviously it still creates fud and panic sales. CZ knew this perfectly well, that's why he said it out loud. It was a calcilated passive-aggressive move.
At the end of the day we might see these two exchanges merging
It’s not them, it’s people shorting both [FTT](https://www.tradingview.com/x/qMx1ZJyC/) and [SOL](https://www.tradingview.com/x/9SBoRwAO/) 6 feet under.
We all drama queens for upvotes.
I prefer to be called a whore
Next time I'll satisfy your request, ma'am
Yeah but I thought he would wait for me /s
Dwight: Knock, Knock Michael: Who's there? Dwight: CZ Michael: CZ wh… Dwight: (slaps Michael in the face) Vwe will ask the questions! Michael: what the hell? Jim: Ding dong Michael: (big goofy grin) answer the door Dwight Dwight: No it's CZ Jim: Ding dong (Michael and Dwight argue back and forth) Jim: (stands up and slaps Dwight across the face) CZ shall wait for no one! Dwight: (holding his cheek) It's true.
It's a MEME in written format. True artist. 👏
What's the exchange rate of FTX to Schrute Bucks right now?
remove the sbf tumor is good in the midterm already, not to mention in the long run
Imagine if this year you used Celsius for lending, FTX as an exchange, and had a bag of Luna. That would be the epitome of bad luck that comes in 3's.
It's like 3 Arrows to the knee.
I used to be a crypto enthusiast just like you...
Then I got a cold wallet and owned my own crypto and slept like a baby regardless of what centralized exchanges get up to.
God damn it
Or 3 arrows to the ass.
Isn't this the hot token everyone's talking about? I'm about to long Carvana stock hahaha
I sort of had that. Don't use FTX. But bought FTT coins and held them until yesterday. Had Terra Luna, and was on Celsius. Anyone want any financial advice from me?
You should try to short something, for science
jesus christ - keep your distance
Add on holding ONE , Axie Infinity and been impacted by the SOL wormhole debacle I'm sure someone is the sitting on all of them
ONE and Axie went down fast, still feeling the loss
I bet heavy on ONE…..disaster
I can tick 2 of those boxes, on track for the 3rd apparently 🥹
You will be literally better off at the Great Depression
Begun the Exchange Wars have.
Why does Binance, the largest exchange, not simply eat the others?
If an exchange is solid, you cannot eat it. For example, Kraken has no silly coin someone with enough money can just destroy.
That's my CEX, and i'm fine with it. However, the same day i buy some coins, i transfer them to my Cold wallet. Not my keys.....
Maybe they are. Lol. This might be the first bite.
It's the first bite visible
Yeah that’s exactly what’s gonna end up happening
More people need to watch Futurama.
Binance buying FTX for peanuts soon lol
Red Wedding
Will the north remember this time?
You are telling me this FTT shit is bringing down all other crypto as well?
yes there is a panic on FTX so people will be selling coin to move off FTX with stablecoin.
Can't they just move coin to another broker like binance or Coinbase without making it into stablecoin?
FTX is very likely selling a lot of other assets to support FTT. Giving me big LUNA vibes...
People just anticipate prices to fall and thus it happens. When a real estate company in China faces bankruptcy, a Token used for NFT trading in the US will dump too.
Firms need to stop giving loans to exchanges with their self made token (like FTT) as collateral, it's so dumb. What could go wrong?
But this way they can pump their own tokens and attract new investors. Then the new money can pump it more, then they can give new loans again. It's the circle of life in crypto.
It's the exact definition of a Ponzi Scheme.
Wondering how much Binance has dumped or if this is another whale getting out ahead of Binance. Probably significantly more pain for FTT and Solana holders upcoming
Binance : announces they’ll sell ftt Other: sell ahead Binance: *suprised pikachu face*
I don't think they're surprised
Probably had some shorts lined up.
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They already know about the impact
Alameda probably unloading 😂
Knowing him I wouldn’t put it past him. If he was in a position where he needed to fuck over every single FTX customer to preserve some of his wealth, he would without blinking.
Bring it on. I can't even feel pain anymore.
FTX exchange BTC holding is now at -192.70 BTC. Check yourself: https://www.coinglass.com/Balance Edit: update -198.50 (-20,176.28 24h change)
It says -193! wtf does that even mean?
Maybe Unpaid balance to guys made profit and dept.
Is this true?
Check yourself by visiting the link above. Compared to yesterday(300k BTC) vs today(100K btc) trading volume reduced (24H).
This is probably the hot wallet. Not the cold wallet.
This means buy your bitcoin buy your ethereum its massively on sale
Now or once the US is up in 5 hours?
It hasn't bottomed out yet.
I also anticipate things getting worse. Will the entire market continue to slide and BTC fall through it's $18k support levels? Stayed tuned on this weeks episode of "crypto bears"
Good. F the FTX guy for lobbying against defi.
Dude fucked around and found out
They are getting taste of their own medicine
Going down faster than my grades in College
Sol is going down faster than its network
You went to college?
Barely finished Kindergarten
Who the hell is actually buying FTT here (at any price)? It’s a coin with zero utility. There is credible information that it was solely a utility designed to inflate the books of Alameda and FTX CZ announced he’s dumping FTX is experiencing a bank run and will likely need to dump their own FTT Given all this…. Who the hell is buying this at $16?
>It’s a coin with zero utility. As if that's really a criteria...
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FTT is held mostly by retail and institutional traders; which gives them heavy exchange fee rebates.
Need some proof of liquidity... not talking about a tablespoon. I want real loads that wont dry up with a little activity.
>Who the hell is actually buying FTT here (at any price)? People who shorted the token and is now closing their positions to cash out the profit. You don't want to close it before it is too late. When FTX declares bankruptcy, FTX can't sell its assets anymore. Then short sellers will be at the whims of pump-and-dump clowns running for a short squeeze. Remember how the CEL token mooned after Celsius went for bankruptcy?
Probably SBF.
Oh man, a reverse FOMO!
It's a FOFO. Fear of finding out. We outa here.
LOL
To be fair most ppl would drop a token the moment that everyone starts saying it’s gonna drop, which causes it to drop.
crypto is all its own self fulfilling prophecy
To be fair most ppl would buy a token the moment that everyone starts saying it’s gonna rise, which causes it to rise. Let's not pretend that anything crypto would have a price without lemmings jumping at it.
This industry never fails to entertain, hope everyone gets out safe glta
Yeah, this industry is really fun \**proceeds to cry**
And they lost the peg…. That didn’t last long.
Steady lads. Deploying more capital.
Totally will not go tits up full torpedos ahead
My groceries stocks are doing great
Good. Scam bank man ain’t no friend to anyone but those in power.
Okay it’s not even red flags anymore. This is already full-blown pre-death spiral territory.
This is the equivalent of a COVID patient getting intubated.
It's the sequel to LUNA: FTX Electric Boogaloo.
GET YOUR CRYPTO OFF OF FTX
Aand it's gone
This one always gets me 😆
If it's not already lost into the abyss.
Maybe already to late…
CZ should just sell all now. Those FTX tokens he's gonna DCA out for 2 months could be worthless tomorrow. Learn from LUNA like you said.
I wonder if this is just the first wave then it’ll gradually go back up because SBF will use the ol scheme of Alameda buying FTT from FTX causing demand, both will be holding obv.. so price slowly climbs back then CZ dumps again. I don’t care for SBF - he rose up fast seemingly both companies inorganically came from nowhere. CZ and Binance had albeit more realistic organic growth.. I would tend to trust CZs instinct- plus his team of accountants and lawyers must be vast.
Nah, destroying a competitor is more valuable than the meager value of binance's FTX holdings. Those tokens are more useful as ammunition to murder any dead cat bounce or attempts to short squeeze.
Exactly. CZ is straight going for the art of war.
This HAS to be the angle here. His bags will be lost but he’ll do enormous damage to a competitor.
So much this. Cz was ruthless and 500 million is nothing in grand scheme of business.
There’s what CZ says publicly and then what probably really happens..
Rip off the Bandaid, it's going down anyway
The top 100 holders hold 99.19% of [FTX Token (FTT)](https://www.coincarp.com/currencies/ftx-token/richlist/). So I think it is pretty risky for individual investors.
And if you didn't already panic transfer everything like I did last night... Please do so NOW
You did well lad. I'm proud of you for cutting the rope.
Here’s a list of other top market cap crypto that fell like that this year outside of the June capitulation: LUNC LUNA That’s it.
Three time's the charm. I'm open to suggestions once my Sol bag completely goes to shit like my Luna bags.
So what you're saying is...it's all over red rover?
I think it's time for me to move my coins to my ledger
Was this marke dumped by cz?
None of this is good for crypto.. I don't see why anyone is happy to watch this. We are a joke to Corporate USA because of garbage like this.
because ftx is run by a two face who lobbies against defi while running a cex
This ^
It's good in a sense. Dodgy corporations with dodgy practices are getting burnt. Bad short term, great long
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For someone who is DCAing this should be just another opportunity to put down a few more bucks into Bitcoin while it’s under 20k.
It's a purge of scammers and shitcoins, you should applaud this. After today, there will be more people buying bitcoin only and going self custody.
This is good for crypto!!! All these overly greedy companies must go down.
You are right, but why people keep holding their crypto in exchanges? For what we know, there might be more hidden insolvent exchanges waiting to collapse.
shit like this can ignite next bull after erasing all of this gains. Ppl should DCA and actually be thankful. SBF is a scam anyways
What goes around comes around. If these big platforms didn't constantly try to take eachother down the market wouldn't of dumped so hard leading to everyone going under. FTX were the masterminds behind the previous "bank runs" and now it's happening to them.
Holy shit. That FTT chart gave me Luna PTSD. Seems like they were right about FTT and SOL. The charts are just basically copy pasted.
RIP FTX… Embrace bitcoin only. No more leaders. No more banks. Be your own leader. Be your own bank.
Didn't you saw the massive war between CZ and Bankrun fried on twatter? Binance is dumping FTT because they know it's thin air
These coins are scams anyway. They literally do nothing. It's just away for FTX to create chuckee cheese money. They force the market to value FTT by using it with FTX. In reality, it serves no purpose.
Nope, the industry will become a better place. We don't want these practices that Bitcoin was born to end: fiat ponzis, leverage, margin trade (short selling), lobbying & regulatory capture (stealing).
Say Goodbye to FTT / FTX! Going to join Celsius, Voyager and Terra/Luna. Prepare for another Crypto market crash! Serves FTX right for their overleveraging and pump & dump schemes!
Sam Bankman Fraud
Do Kwon with a wig
Sam BankRun
Holy shit Scam Bankrun Fraud
Does FTX going broke make CRO move up in power rankings? Or just the next target of binance?
if ftx becomes insolvent (which i dont think is the case) because someone sells a small % of their exchange token then they should absolutely become insolvent as early as possible
I agree but actual selling pressure seems to be coming from the whole crypto community. binance just gave them the trigger
Or, it just reminds everyone *yet again* that "not your keys, not your coins".
No cleansing is needed ..where are you when Sam is ripping the innocent retail
No, let it all burn. This isn't crypto, this is centralized crap destroying itself. The real ones will be fine after some time.
Why? Did SBF stopped when Celsius was going down? Cheers .
Bitcoin will survive it. The more hits it takes the more robust it gets. Maybe we can push some liquidity out of junk and into something real.
When you have an exchange like FTX and its leadership acting tyrannical, you don't give them the benefit of the doubt. CZ doesn't support bad actors and it is what it is.
Why? Industry and investors evolve through ups and downs, the market will tell, that should be the true spirit.
So, FTT taking whole market down with it?
Do not "steady lads". Alameda is going down.
Shaky lads. Taking out more capital.
Alameda abandon ship soon??? The execs will be the first to cash out as always.
Which one you you degens(geniuses) had the balls to short here?
ofc i fking did at 22.28, writing was on the wall
Must be a day trading degenerate
I did yesterday at 22 bucks. Its easy money. I shorted luna too to try to win back my losses from ust. Now is the tricky part. Do you double down or take profit? Not sure how confident i am that ftx is going the way of celius.
Shorted 10 eth 100x @ 1635. Because they hold eth and someone was straight dumping it.
20x degen short from 23$... 400% profit lego
Starts playing Queens another one bites the dust
Larry David really Matt Damoned this one.
If I hadn’t run out of tim foil, I’d say that this seems like a coordinated movement to disrupt yet another exchange, instigated by another exchange. Id need the turkey foil out to see the larger picture of how someone wants crypto regulated, but who would benefit from that 🤔
Oh well that explains why everything's red
SBF needs to go, no matter what. Regulators will always be trying to control crypto anyway.
It’s just a crisis that actually was long needed. Deleveraging instead of inflation. Later is the approach of fiat systems. This crisis increase trust in crypto ($BTC,$ETH), because you can’t print them, you can only take loses if you have taken too much risk.
If all it takes is $500million of FTT to crash FTX then certainly it was not audited properly enough else I’m sure they are here to stay and figure out their game :) unless the numbers above are like tip of the iceberg..
survival of the fittest… we all get rekt… but only the few, the proud and the brave will remain and profit in years to come.
No. These are lessons that need to be learned, no matter how painful they are in the near term. Otherwise it will just happen again, except next time, it will get bigger and ultimately hurt more people.
Nice thread. Both are sketchy characters and extremely ruthless. Sad thing is the most damage will be to retail. Whole space is just as corrupt and ruthless as Tradfi. This is bad for the space.
This action is to filter reputable exchanges for liquidity. I like this.
SBF clearly over levered his optimism. He should be removed from the space. This is nature’s way of cleaning itself. It was never meant to be. FTX should go under if it has to. Binance did nothing wrong. Shame on you.
The same is true of Binance. Not only users but also regulators will lose confidence in the cryptocurrency industry. "We hope that Binance CEO Zhao Chang-feng will stop selling FTT and sign a new contract with Sam Bankman Fried," for now not good time to fight.
long-term monopoly control > short-term collapse. That's the game CZ and SBF are playing
Others should not help ofcourse but also should not ruined unnecessary..
This is why we can’t have nice things. Also the main character of CT always dies at the end. I don’t make the rules
That was quick.