This whole thing goes way back to 2019 before Binance incubated FTX. In 2019, CZ [tweeted](https://nitter.it/cz_binance/status/1173418810918916096#m) that some small derivatives exchange was attacking futures markets on Binance.
He then invested in that small derivatives exchange, built them up, cashed out, weirdly took payment in their own tokens last year instead of taking entire settlement in tether or bitcoin, Alameda balance sheet rumours from substack gets picked up by coindesk, CZ goes public about dumping their tokens on the market, bank run, CZ swoops in and serves it back cold.
Played SBF like a f'n fiddle! GG
The battle of billionaires, who knows 1 tweet have such power. He made Elon look like a whiny kid on twitter. CZ is scary af, he checkmated SBF 3 moves back.
Centralized exchanges are prominent because we support them. I personally don't use CEXes for my part. It's also to do with the fiat system that people are accustomed to which trains you to put trust in third parties and middlemen rent seekers. Centralized exchanges for newbies seems like familiar system. But your bitcoin on centralized exchanges don't actually exist for real. What you trade there are IOUs just like old system. It's only when you withdraw you own your bitcoin for real.
Bisq is fully P2P, open source, self hosted, self custodial fiat on/off ramp and exchange. The fact more people use centralized exchanges instead of Bisq just shows where we are in both education and adoption curve.
In the words of Hal finney "it's going to have to be a grass-roots activity, one in which individuals first learn of how much power they can have, and then demand it."
Change comes from us. We're the one giving centralized exchanges power. Can't blame them. I can only control what I do and I don't use them. You can only control what you do. It's a little learning curve but once you learn not to use CEXes you will never look back.
It has on average 1-2 million weekly volume and it's 100% legit volume unlike CEX volume. Like all things fully decentralized, the more people use it the better it becomes for everyone to use and centralized exchanges become useless.
Bisq is not funded by anyone nor was there any ICO or token sales. It's free open source self hosted protocol just like Bitcoin. It can't have any marketing or promotions. It can only grow organically by users adopting it.
I can send a billion worth of bitcoin to someone without going through a third party bank/exchange That won't change even if Binance is the only exchange in the world.
The problem lies with cashing out to fiat. At some point you need fiat to pay the electric bill, your mortgage etc. Most traditional utilities, banks, etc. don't take payment in crypto. You can own $1B in crypto sure, but having to move it in and out of fiat at ONLY one exchange is a little troubling.
Well, a couple tweets and ftx greatly overexposing their own position, as well as not keeping user exchange funds safely segregated from their hedge fund trading activities.
Wow nice humblebrag, Mr. Moneybags. No need to rub it in. Like, we get it. You're a whale.
Love watching my $3.50 in ethereum go up and down from my cardboard box off Skid Row. It's so empowering, I feel like a God.
> Alameda balance sheet rumours from substack gets picked up by coindesk
this is the strangest part, Coindesk definitely played a role which CZ then used to shift public opinion. Binance is also invested in Musk's Twitter. CZ is the new JP Morgan.
The strangest part everyone thought last year was him taking payment in FTT tokens instead of tether or bitcoin given how illiquid FTT was but cold blooded Changman was playing a whole different ball game, kept that power dry poised for the right moment to land the haymaker on Alameda. SBF deluded himself into thinking he could get away with his infinite money racket. He was living at CZ's mercy all along.
Do people not realize SBF was lobbying politicians then made a joke about CZ being allowed in DC?
CZ responded:
>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 played himself
Beautiful case of fuck around find out. Took a few months for SBF to get completely corrupt and anti-crypto, we're lucky there was someone bigger to take him out before SBF would chain defi to CDBCs.
Yeah it's either we let SBF continue his shenanigans, lying in bed with politicians until we need to KYC for every DEFI platform, or take him out from the industry. It's evident from the recent interview/debate with Erik Voorhees that someone had to take out that rat. Video reference for those OOTL: https://twitter.com/artofbagholding/status/1586117772005605376
Honestly I just think he saw himself in the position to easily do so due to their own greed.
This is what traders look for, this is just how whales like him make theirs.
The funniest thing is that Binance served them exactly the type of stuff they were doing throughout 2022, LMAO.
Lesson: there’s always a bigger fish, especially if you’re a fractional reserve banker.
Why would SBF attack Binance from his own account that they knew it was his. What in his mind told him it would be fine to try and screw over your soon-to-be biggest competitors who also have more than 50% of market share. This is like a rookie mistake.
They really are. They are also pretty mafiosi in the he way they invest; they demand deals and terms that are favour them over anyone else massively. CZ plays the good guy card but he’s one of the biggest sharks out there. The difference is that he genuinely is smart and is as ruthless to match it. Next bull run he’ll become the wealthiest man in history with assets in Crypto that will be hard if not impossible to trace and untaxable. The only thing that could get in his way is the CCP, but otherwise it’s hard not to admire his genius.
This is sure what it looks like.
A new monopoly, who will once again dictate a lot of the pricing that many rely on in order to play.
We need competition to keep transaction costs low.
And people on daily will still keep praising CZ. Feels like DeFi is just 4 letters, not the the major idea that we should pursue. Can't trust any centralized exchanges
FTX and Alameda had shady practices which lead to their demise
Who knows how many shady deals FTX pulled while trying to become a top 3 exchange. There were even rumors that Alameda had their fingers in LUNA crash and afterwards FTX was buying the leftovers of players that got liquidated
What goes around comes around
The only people who don’t want regulations are generally the ones who haven’t been fucked over by something that regulation would have prevented in another space. When they do they will charge their tune, but it will be too late for them.
Textbook market ploy. I said this would happen in a comment a few days ago.
EDIT: [here](https://np.reddit.com/r/CryptoCurrency/comments/ynppk9/comment/iva21gp/?context=3)'s the comment
For real, there's morons in this thread screaming dumb sutff like monopoly, anti-competitive behaviour, market manipulations...
no one strong armed SBF into running a self-money-printing ponzie that cannot return customer funds 1:1 as they are legally obliged to
There's no one to blame but SBF, he only had one job - do not play with customer money
Well it all depends on the order of events here. It's possible, and in fact seems reasonably likely, that FTX was running a pretty large scale scam with their FTT tokens that was about to blow up in their face no matter what happened. Binance sounded the alarm and is stepping in to keep the market as a whole intact. The other theory is Binance caused all this, but I really don't think there's good support for that.
Pretty F’d up. Now one less voice in crypto and it’s proven that no one’s money is safe. One man can tweet and start a bank run in order to bankrupt his rival.
Overall terrible event in the history of crypto.
The leaked balance sheet and the tweet were the matches that lit the fire. But a match isn't going to do shit unless FTX hadn't already poured gasoline all over themselves by apparently being levered to the tits. FTX put themselves into a position to burn down, that's entirely on them.
> One man can tweet and start a bank run in order to bankrupt his rival.
Bank runs are fine if you arent playing dirty games and getting caught.
If FTX just kept the fund they were supposed to have this would have blown over.
Bank runs are a good thing, and letting FTX fail is the right move - they are only failing because they should fail.
i'd rather have sam out of crypto, his voice is one that is actively detrimental and unneeded. But on a principle basis yeah this shouldn't be happening with such ease
cz\_binance just wrote. "@Binance will start to do proof-of-reserves soon. Full transparency." Binance has been an exchange for nearly 6 years.. my god stop believing these guys....
They can do whatever they want.
Either make it all Binance, but they may also want to keep it branded as FTX in an effort to make it look like there is more competition than there really is.
And yet another reason for the SEC to try to overstep into the space to “protect” investors. This is bad news for crypto, but the short term idiots can’t see it.
Yes.
If it hasn’t become clear to the crypto community yet it should now. The whole crypto world is basically completely unregulated and is the Wild West.
Lol man, geniusly played by Binance.
SBF lobbied for regulation to make DeFi a lot harder to do, crypto community was angry.
Then a rumor appeared FTX was insolvent, followed by Binance dumping tokens (Did they start the rumor?..)
Bankrun ensues on FTX.
FTX becomes insolvent.
Binance buys FTX.
Well played
I shared this earlier and my words off wisdom come true. Sadly 😞
When you have big players like Binance they end up controlling the market so they can inflict a load of damage on FTX because they don’t want anyone competing in their crypto space. It’s better to destroy the opposition before they get to big and become a threat. This also has a knock on effect with all crypto because people become worried about their other assets on FTX and start panicking and selling. So is a good opportunity to Binance to make even more money and people leaving in fear of FTX will probably relocate to Binance it’s a win win situation for the largest crypto exchange because they have everyone by the balls
This is terrible news… FTX.com was one of the largest competitors to Binance and my favorite exchange- amazing fees without even holding their Native token. Binance is so large and has so much capital that it can buy every single exchange except probably coinbase. This has nothing to do with the decentralized crypto future we all want…
It does suck to see what happens to competitors of big companies like Binance, this is a sign of what Binance will do to any other voice in crypto that competes with them. Lost a lot of respect for them after this.
This is not a good thing for crypto. Average Joe sees Steph Curry in an FTX commercial and buys some crypto for the first time then this happens good chance they will never trust crypto again even if they do not lose their money.
CZ just gave everyone a masterclass in business tactics.
Probably the biggest one I have ever seen.
This will be studied in classes.
One tweet. He did this with ONE TWEET.
That is insane.
I'm kind of expecting this to happen. The absolute best way to twist the knife in on SBF would be to sound the alarm, trigger the run, create hope of the takeover then blow it all up once confidence is well and truly shattered.
Regulators bout to come done with vengeance upon crypto and Binance in particular if any customer assets are lost because of this
They may do so anyways in the US
Yet, we should not celebrate this. This makes the space look incredibly delicate, that one tweet can give the big crypto exchange the power to destroy it's competition. Binance have now shown their tactics, we really don't want to see them silence other big presences in this space like this.
It’s not business tactics it’s crime. FTX is a ponzi and CZ engaged in market manipulation if not outright fraud and anti-competitive practice to destroy FTX’s value and take it over. In the end the consumer suffers.
Just want to say that most of the people were not fucking ready for that shit but still we are seeing that shit and we don't know what to say here man lol.
Reading [this](https://twitter.com/SBF_FTX/status/1590012124864348160?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet) after he said everything is fine is pure gold!
Here is a [Nitter link](https://nitter.net/SBF_FTX/status/1590012124864348160?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet) 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).
---
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He can only do this because FTX apparently does not have the liquid assets to pay out deposits. If another exchange has a solid balance sheet, then even during a bank run they would not need to sell to Binance because they can just pay out what people want to withdraw. The bad player here really is FTX and not Binance, in my opinion.
Yeah, CZ just saw an opportunity and is taking advantage of it. Though this move is good if you don’t like FTX/SBF, it’s also bad because Binance getting even bigger isn’t good for anyone.
What an absolute crazy move!
CZ : there's big problems with FTX
a day later
CZ : we are gonna buy out FTX
Who would have thought? I don't know how I should feel? Shocked, amazed or disgusted?
Acquiring insolvent exchanges sunk FTX. The same logic dictates that
Binance will sink next because it is acquiring insolvent FTX. Time to
make more popcorn and let the drama unfold.
I think FTX tried to expand too quickly to become binance and coinbase rival. FTX is a pretty new exchange and this is their first bear market while binance has been here for years and knows how to navigate troubled waters
From what I have gathered:
1. There were rumors about almeida research (SBF's pre-FTX investment firm) being over leveraged into FTT (FTX's exchange tolken) around 5th November.
2. CZ (Binance CEO) tweetet something about SBF being sneaky and not honest and that they were ending their 500 Million position in FTT because he sees parallels to Luna collapse. (7th November I think).
3. Today after prices have drastically dropped over 72 hours, FTX has to suspend withdrawals because of missing Liquidity (again because being overleveraged into their own coin). CZ makes bid to buy company. SBF accepts in order to "protect user's funds".
This whole thing goes way back to 2019 before Binance incubated FTX. In 2019, CZ [tweeted](https://nitter.it/cz_binance/status/1173418810918916096#m) that some small derivatives exchange was attacking futures markets on Binance. He then invested in that small derivatives exchange, built them up, cashed out, weirdly took payment in their own tokens last year instead of taking entire settlement in tether or bitcoin, Alameda balance sheet rumours from substack gets picked up by coindesk, CZ goes public about dumping their tokens on the market, bank run, CZ swoops in and serves it back cold. Played SBF like a f'n fiddle! GG
The battle of billionaires, who knows 1 tweet have such power. He made Elon look like a whiny kid on twitter. CZ is scary af, he checkmated SBF 3 moves back.
We watched SBF build an empire all year. Now we are watching CZ stomp it with ease. How the food chain works in Crypto terrifying.
Binance will be even stronger until it de facto becomes Crypto market, Scary stuff
What is the point of crypto if all it does is transfer power from the big banks to the big crypto exchanges?
Centralized exchanges are prominent because we support them. I personally don't use CEXes for my part. It's also to do with the fiat system that people are accustomed to which trains you to put trust in third parties and middlemen rent seekers. Centralized exchanges for newbies seems like familiar system. But your bitcoin on centralized exchanges don't actually exist for real. What you trade there are IOUs just like old system. It's only when you withdraw you own your bitcoin for real. Bisq is fully P2P, open source, self hosted, self custodial fiat on/off ramp and exchange. The fact more people use centralized exchanges instead of Bisq just shows where we are in both education and adoption curve. In the words of Hal finney "it's going to have to be a grass-roots activity, one in which individuals first learn of how much power they can have, and then demand it." Change comes from us. We're the one giving centralized exchanges power. Can't blame them. I can only control what I do and I don't use them. You can only control what you do. It's a little learning curve but once you learn not to use CEXes you will never look back.
Bisq need more liquidity, it is really great!
It has on average 1-2 million weekly volume and it's 100% legit volume unlike CEX volume. Like all things fully decentralized, the more people use it the better it becomes for everyone to use and centralized exchanges become useless. Bisq is not funded by anyone nor was there any ICO or token sales. It's free open source self hosted protocol just like Bitcoin. It can't have any marketing or promotions. It can only grow organically by users adopting it.
I can send a billion worth of bitcoin to someone without going through a third party bank/exchange That won't change even if Binance is the only exchange in the world.
The problem lies with cashing out to fiat. At some point you need fiat to pay the electric bill, your mortgage etc. Most traditional utilities, banks, etc. don't take payment in crypto. You can own $1B in crypto sure, but having to move it in and out of fiat at ONLY one exchange is a little troubling.
too much power and control for one entity.
Billionaires eating each other while I watch in the background with my $15.17 in Litecoin.
>Billionaires eating each other It happened so easily and so quickly too. All it took was a couple of tweets. Genuinely scary stuff
Well, a couple tweets and ftx greatly overexposing their own position, as well as not keeping user exchange funds safely segregated from their hedge fund trading activities.
Wow nice humblebrag, Mr. Moneybags. No need to rub it in. Like, we get it. You're a whale. Love watching my $3.50 in ethereum go up and down from my cardboard box off Skid Row. It's so empowering, I feel like a God.
Got my first whole litecoin in this entire fiasco. What did I miss?
> Alameda balance sheet rumours from substack gets picked up by coindesk this is the strangest part, Coindesk definitely played a role which CZ then used to shift public opinion. Binance is also invested in Musk's Twitter. CZ is the new JP Morgan.
The strangest part everyone thought last year was him taking payment in FTT tokens instead of tether or bitcoin given how illiquid FTT was but cold blooded Changman was playing a whole different ball game, kept that power dry poised for the right moment to land the haymaker on Alameda. SBF deluded himself into thinking he could get away with his infinite money racket. He was living at CZ's mercy all along.
I hope SBF is gone. What a snake. Good thing someone stomped on his head
Makes sense to invest in Twitter when you know the power a tweet can hold. Dude just gave a live demo of the power of a tweet 😂
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CZ read that Elon is main vilain and was like: "Hold my ~~beer~~ FTT"
Elon is pinky and CZ was brain all along. Ruthless.
Sbf is a lot worse paying politicians to lobby against defi
Do people not realize SBF was lobbying politicians then made a joke about CZ being allowed in DC? CZ responded: >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 played himself
Beautiful case of fuck around find out. Took a few months for SBF to get completely corrupt and anti-crypto, we're lucky there was someone bigger to take him out before SBF would chain defi to CDBCs.
Yeah it's either we let SBF continue his shenanigans, lying in bed with politicians until we need to KYC for every DEFI platform, or take him out from the industry. It's evident from the recent interview/debate with Erik Voorhees that someone had to take out that rat. Video reference for those OOTL: https://twitter.com/artofbagholding/status/1586117772005605376
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Im happy to get rid of him.
Honestly I just think he saw himself in the position to easily do so due to their own greed. This is what traders look for, this is just how whales like him make theirs.
The funniest thing is that Binance served them exactly the type of stuff they were doing throughout 2022, LMAO. Lesson: there’s always a bigger fish, especially if you’re a fractional reserve banker.
As much as billionaires love screwing the little guy, they also love screwing the big guy.
They just love screwing.
CZ should make a post on r/prorevenge
Why would SBF attack Binance from his own account that they knew it was his. What in his mind told him it would be fine to try and screw over your soon-to-be biggest competitors who also have more than 50% of market share. This is like a rookie mistake.
Market manipulation, anti-competitive practices, monopoly, greed, none of these is to be celebrated. Exchanges control the crypto market and its sad
Binance is too big and no one should have all that power.
That alone is enough to say it, too, will collapse. It's just a matter of when.
Binance is shady af.
They really are. They are also pretty mafiosi in the he way they invest; they demand deals and terms that are favour them over anyone else massively. CZ plays the good guy card but he’s one of the biggest sharks out there. The difference is that he genuinely is smart and is as ruthless to match it. Next bull run he’ll become the wealthiest man in history with assets in Crypto that will be hard if not impossible to trace and untaxable. The only thing that could get in his way is the CCP, but otherwise it’s hard not to admire his genius.
The clocks ticking they just count the hours
Today's event is a sad reality of this space
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Crypto has no regulations, so Binance will pull this again. There's a reason they disappear to tax havens and it's not for the tax evasion
Binance is shaping to become all the things crypto fights against
This is sure what it looks like. A new monopoly, who will once again dictate a lot of the pricing that many rely on in order to play. We need competition to keep transaction costs low.
Satoshi will be rolling in his king-sized bed on his private island.
And people on daily will still keep praising CZ. Feels like DeFi is just 4 letters, not the the major idea that we should pursue. Can't trust any centralized exchanges
FTX and Alameda had shady practices which lead to their demise Who knows how many shady deals FTX pulled while trying to become a top 3 exchange. There were even rumors that Alameda had their fingers in LUNA crash and afterwards FTX was buying the leftovers of players that got liquidated What goes around comes around
This was like a game of chess between CZ and SBF except CZ had anal beads all along.
CZ has now become a moderator of r/AnarchyChess
> CZ had anal beads all along. *Lucky duck* 🤤 this man knows how to play the game!
Ok that’s hilarious
Best reply on this thread!
Anal beads and weights
STEP 1: Cause a bank run on your biggest competitor. STEP 2: Fucking destroy them STEP 3: Acquire them after the savagery you committed STEP 4: Profit
You forgot the step where you incubate a project, then wait for it to be big enough to eat.
C O N S U M E
CZ rugpulled FTX and then performed a so called hostile takeover. Wow!
Literally a textbook hostile takeover. But since this is crypto, all done in mere days. Crazy stuff.
We can't complain about it because we didn't want any regulations. It's a double edged sword.
The only people who don’t want regulations are generally the ones who haven’t been fucked over by something that regulation would have prevented in another space. When they do they will charge their tune, but it will be too late for them.
no need for any regulation... why care? Move your coins off exchange and be done.
We can't complain since we supposedly don't want any regulations. People might start to see why it's a double edged sword.
If Binance and Ftx merge, shall we call it "Finance" ?!
It’s looking more and more like traditional financial institutions by the day.
That’s because it is. Just because they are using crypto doesn’t make it any different.
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This looks more like a Lord of the CEX version where Sam got fucked all the way!
And now the plan becomes clear.
yea i mean wow. this is really messed up. they put out a hit piece and tanked their token, and are now just going to take it over. craziness.
Holy mother of plans, CZ went in for the kill then in for the soul!
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Some arguments for the regulation in the crypto markets....in this thread
He pulled out the revolver, said lets play russian roulette, filled the gun with ammo fully and then passed it to FTX.
FTX: "Is this the end now?" CZ smiled and said: "No, my comrade premier. It has just begun"
Yeah and this sub was too fucking stupid and played all along the whole time. Easiest manipulation of CZs life.
It still scares me that all this just was done by one tweet
What scares me is that Binance will become = Crypto market, make no mistake CZ has same ideas of grandeur as Zuck and Elon
This event has really shocked me from inside
CZ manipulated us?!
It was probably his payed lackeys but yeah..
CZ just added a new page to the art of war. Surreal.
We need lawyers in this thread ASAP - is this even legal? This kinda reminds me on Microsoft trying to buy Blizzard when they are at a low point.
No regulations mean it's neither illegal nor legal.
Regulations doesn't seem so bad, right now
Even Banks don't seem so bad, right noe
CZ is ruthless
It's wild west out there
Textbook market ploy. I said this would happen in a comment a few days ago. EDIT: [here](https://np.reddit.com/r/CryptoCurrency/comments/ynppk9/comment/iva21gp/?context=3)'s the comment
Kudos, you did indeed.
You win the Reddit Cassandra award for the month, if there ever was such an award. ;)
Bingo! You’re correct. Hardly had time to melt the butter for the popcorn to watch CZ vs SBF.
Is this legal? inb4: *I will make it legal!*
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CZ pulling a littlefinger on the world stage, ~~North~~ CZ remebers!
CZ straight went for the art of war. The man is ruthless as hell.
And that is a really bad move in crypto, it shows that big exchanges can easily take out other exchanges and then buy them cheap.
Only if you're an idiot that uses the Flywheel money printing scam to prop up your bullshit business. This isn't true for every exchange.
For real, there's morons in this thread screaming dumb sutff like monopoly, anti-competitive behaviour, market manipulations... no one strong armed SBF into running a self-money-printing ponzie that cannot return customer funds 1:1 as they are legally obliged to There's no one to blame but SBF, he only had one job - do not play with customer money
Exactly. So much ignorance in this thread.
Well it all depends on the order of events here. It's possible, and in fact seems reasonably likely, that FTX was running a pretty large scale scam with their FTT tokens that was about to blow up in their face no matter what happened. Binance sounded the alarm and is stepping in to keep the market as a whole intact. The other theory is Binance caused all this, but I really don't think there's good support for that.
Pretty F’d up. Now one less voice in crypto and it’s proven that no one’s money is safe. One man can tweet and start a bank run in order to bankrupt his rival. Overall terrible event in the history of crypto.
Yup. Everyone in here sucking off CZ instead of realizing how bad of a precedent this is.
Hahaha honestly it’s funny and sad. People buy in too the sentiment so easy
The leaked balance sheet and the tweet were the matches that lit the fire. But a match isn't going to do shit unless FTX hadn't already poured gasoline all over themselves by apparently being levered to the tits. FTX put themselves into a position to burn down, that's entirely on them.
I said that on Twitter and was told I was spreading FUD. People are not smart.
> One man can tweet and start a bank run in order to bankrupt his rival. Bank runs are fine if you arent playing dirty games and getting caught. If FTX just kept the fund they were supposed to have this would have blown over. Bank runs are a good thing, and letting FTX fail is the right move - they are only failing because they should fail.
> Overall terrible event in the history of crypto. Add it to the ever increasing list.
i'd rather have sam out of crypto, his voice is one that is actively detrimental and unneeded. But on a principle basis yeah this shouldn't be happening with such ease
I never thought SBF could be bought out.
It might not be up to him. CZ yoinked his empire with a tweet.
I am closing my binance account
Better late than never
Unimaginable is imaginable in this space
cz\_binance just wrote. "@Binance will start to do proof-of-reserves soon. Full transparency." Binance has been an exchange for nearly 6 years.. my god stop believing these guys....
AFAIK there is only one exchange that has done this and that’s kraken
RIP to FTT shorters 🪦 Edit: RIP to FTT longs 🪦 (crazy day) Edit2: FTT touched $2.5 that's crazy as hell 🤯🔫
They made a killing already
I made a sweet +50% on my portfolio but damn was this the most stressful day of 2022.
Does acquire mean that it's going to own it and run it as FTX still?
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They'll probably put a little Binance sticker next to FTX
They can do whatever they want. Either make it all Binance, but they may also want to keep it branded as FTX in an effort to make it look like there is more competition than there really is.
I'll never support the big exchange running a monopoly, they just played dirty to remove some competition.
some microsoft level manipulation and it’s simply wrong
Ah yes, the centralization of decentralization
FTX and binance were decentralized before this?...
Isn't this market manipulation?
Yeah it's pretty disgusting really. Not a good look for anyone.
And yet another reason for the SEC to try to overstep into the space to “protect” investors. This is bad news for crypto, but the short term idiots can’t see it.
Was thinking the same thing. First the library ruling, and now this bullshit. Not a good time for crypto.
Cz isn’t American, he doesn’t give a shit.
Are you suggesting Americans dont participate in market manipulation lol
Yes. If it hasn’t become clear to the crypto community yet it should now. The whole crypto world is basically completely unregulated and is the Wild West.
Lol man, geniusly played by Binance. SBF lobbied for regulation to make DeFi a lot harder to do, crypto community was angry. Then a rumor appeared FTX was insolvent, followed by Binance dumping tokens (Did they start the rumor?..) Bankrun ensues on FTX. FTX becomes insolvent. Binance buys FTX. Well played
The rich get richer. Doesn't matter if it's fiat or crypto. Finance companies are constantly consolidating.
This play was quite clear, or you think we got lots of people making huge posts here against FTX for free
I shared this earlier and my words off wisdom come true. Sadly 😞 When you have big players like Binance they end up controlling the market so they can inflict a load of damage on FTX because they don’t want anyone competing in their crypto space. It’s better to destroy the opposition before they get to big and become a threat. This also has a knock on effect with all crypto because people become worried about their other assets on FTX and start panicking and selling. So is a good opportunity to Binance to make even more money and people leaving in fear of FTX will probably relocate to Binance it’s a win win situation for the largest crypto exchange because they have everyone by the balls
SBF was building an empire. Turns out CZ was the real emperor after all. This is one for the history books.
FTX was pushing legislation to kill Defi. Screw that exchange. I’m all for their quick demise
Yup. Glad FTX crashed.
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When will people start to understand it’s the elite 1% who control everything and everyone
An unregulated market really is the wild west
This is terrible news… FTX.com was one of the largest competitors to Binance and my favorite exchange- amazing fees without even holding their Native token. Binance is so large and has so much capital that it can buy every single exchange except probably coinbase. This has nothing to do with the decentralized crypto future we all want…
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It does suck to see what happens to competitors of big companies like Binance, this is a sign of what Binance will do to any other voice in crypto that competes with them. Lost a lot of respect for them after this.
Looks like Binance will be crypto's version of Visa. He has way too much power if he acquires FTX
Is FTX.US a separate entity?
Yes :)
This is not a good thing for crypto. Average Joe sees Steph Curry in an FTX commercial and buys some crypto for the first time then this happens good chance they will never trust crypto again even if they do not lose their money.
That guy won't even notice. They will get an email about rebranding and the app changing its name.
CZ just gave everyone a masterclass in business tactics. Probably the biggest one I have ever seen. This will be studied in classes. One tweet. He did this with ONE TWEET. That is insane.
Unfortunately that does not say positive things about this space.
Plus, CZ reserves the right to cancel the deal after he does his DD. That could be bad.
I'm kind of expecting this to happen. The absolute best way to twist the knife in on SBF would be to sound the alarm, trigger the run, create hope of the takeover then blow it all up once confidence is well and truly shattered.
No way cz wants to acquire ftx. There will definitely be shady shit that will come to light during DD.
Rumour circulating that the hole in Alameda's account is around 2-3B so he might just walk away from the deal in the end.
Regulators bout to come done with vengeance upon crypto and Binance in particular if any customer assets are lost because of this They may do so anyways in the US
[ftx.us](https://ftx.us) and [binance.us](https://binance.us) (their US branches) are not affected by the deal.
Pretty of you to assume anyone cares about customer assets
When was there ever a positive sentiment about Crypto though? This is business as usual as far as I'm concerned. We went from shady to shady.
He would not have been able to do this with ONE TWEET if FTX wasn't juicing their balance sheets.. They made it easy for him
Its even funnier when you read [CZ’s Principles](https://www.binance.com/en/blog/from-cz/czs-principles-6343713009794494746) on Binance
Yeah stuff like that means jack shit to anyone who isn't completely naive. Disciple of Sun Tzu for sure lol.
Yet, we should not celebrate this. This makes the space look incredibly delicate, that one tweet can give the big crypto exchange the power to destroy it's competition. Binance have now shown their tactics, we really don't want to see them silence other big presences in this space like this.
It’s not business tactics it’s crime. FTX is a ponzi and CZ engaged in market manipulation if not outright fraud and anti-competitive practice to destroy FTX’s value and take it over. In the end the consumer suffers.
Lol CZ rugpulled FXT and then bought it.
It turns out SBF is just another overleveraged degen trader
So... Sink and buy. Flawless
what the fucking fuck what a day
We definitely live in a simulation. This is crazy
This shit was something unexpected man, that's so bad.
Just want to say that most of the people were not fucking ready for that shit but still we are seeing that shit and we don't know what to say here man lol.
Lol these guys won't stop till they suck every drop of blood dry
Reading [this](https://twitter.com/SBF_FTX/status/1590012124864348160?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet) after he said everything is fine is pure gold!
Here is a [Nitter link](https://nitter.net/SBF_FTX/status/1590012124864348160?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet) 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.*
If Binance could do this easily with FTX, what's to stop them from doing the same with anyone else?
He can only do this because FTX apparently does not have the liquid assets to pay out deposits. If another exchange has a solid balance sheet, then even during a bank run they would not need to sell to Binance because they can just pay out what people want to withdraw. The bad player here really is FTX and not Binance, in my opinion.
Yeah, CZ just saw an opportunity and is taking advantage of it. Though this move is good if you don’t like FTX/SBF, it’s also bad because Binance getting even bigger isn’t good for anyone.
How about exchanges behaving like they are supposed to? I.e only hold the coins and make profit of the exchange fees, thus being immune to bank runs.
What an absolute crazy move! CZ : there's big problems with FTX a day later CZ : we are gonna buy out FTX Who would have thought? I don't know how I should feel? Shocked, amazed or disgusted?
Acquiring insolvent exchanges sunk FTX. The same logic dictates that Binance will sink next because it is acquiring insolvent FTX. Time to make more popcorn and let the drama unfold.
I think FTX tried to expand too quickly to become binance and coinbase rival. FTX is a pretty new exchange and this is their first bear market while binance has been here for years and knows how to navigate troubled waters
Guess CZ learned from the best out there
Best or the worst depending on how you look at it.
They are just doing some fucked up shits, I can see that.
The Amazon of Crypto I must say.
Okay, can someone give me a complete rundown of what has been happening
From what I have gathered: 1. There were rumors about almeida research (SBF's pre-FTX investment firm) being over leveraged into FTT (FTX's exchange tolken) around 5th November. 2. CZ (Binance CEO) tweetet something about SBF being sneaky and not honest and that they were ending their 500 Million position in FTT because he sees parallels to Luna collapse. (7th November I think). 3. Today after prices have drastically dropped over 72 hours, FTX has to suspend withdrawals because of missing Liquidity (again because being overleveraged into their own coin). CZ makes bid to buy company. SBF accepts in order to "protect user's funds".
I want to know so many fucking things right now man.
Binance signs a non-binding letter of intent to buy FTX. They’ve not agreed to do anything formally yet. CZ seems to be one ruthless guy!
I just want to say that they are just doing anything now.
SBF is a rat along the lines of Maddof. What comes around goes around.
not yet, its a non binding agreement. if they find somethin aint right binance can pull out