Seems like it was a real clusterfuck with the organisation. In contrast, it was packed in Lisbon for Solana.
Crypto Currency - Believers Only
Any FTX holders out there?
$6bn dollars profit withdrawn from the crypto exchanges last weekend. Funky, millsy and wally must be planning on treating the jc fam to big tings at the Xmas do.
Mills receiving a lifetime of forumming achievement award, with a permanent seat at the saf/ppt amongst the honours bestowed upon him. If he could chuck £100m in the middle of the table for coke and hookers he’ll have friends for life.
Hursty never heard of it until this week
It was considered a “blue chip” amongst crypto currencies.
https://www.nytimes.com/2022/11/09/technology/cryptocurrency-binance-ftx.html
This is odd, no?
zackster Allegedly yeah, still never heard of it and I’ve spent the last 2 years fully invested in this ecosystem. Does show how partisan is it I guess.
I’ve never been into centralised exchanges, they are a necessary evil at the moment but self custody of assets is always the number 1 rule. People are tempted by the bells & whistles every time. No sympathy.
Its the same for people who invest in meme coins, its bonkers.
Meme coins?
Lol!
Is it definitely just a coincidence that $6bn has been cashed in and funky hasn’t posted since the date of the article?
He who laughs last etc…
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cpi was beautiful bear market over, never fall for the fear.
Hursty shib is safe, anything connected to eth is. Plus shib potentially has its own eco system coming.
Idiotic to call out coins that are in top 15 market cap to be not safe. Outside of top 15 yeah you are gambling.
You do realise the fed may ease interest rates a bit now on the back of that cpi. Full year into this bear market this is where the money will be made if you where buying in the last 9 months. My average on shib is like mid 10s, I may sell some at 1900 but I’m keeping at least 10m longterm.
Do any of these coins have chocolate in the middle?
Asking for a friend who needs cheering up
Funky Say what you like mate, its a meme coin based on nothing but community hype, it will die that is 100% guaranteed
IMO these sort of coins damage the already fragile image of the industry, but unfortunately it is more of a gateway drug to the market with promises of making people millionaires which is not true
Because of shit like SHIB, people think the whole industry is like it, when it quite clearly isn’t
Hursty I’ve only 40m now, as I said prob sell 30m at 1900 resistance. Will hold 10m long term incase it does hit all time highs again nothing to lose. They have been working on a lot in the background on shib, you need research it more. Held up better than solana, polkadot etc so called coins of use yeah right all the fkn same.
Funky are you up or down mate?
mono-stereo up on crypto down on stocks but today was good hopefully the worst of the bear market over now, cpi would of hit the shorts hard.
Funky fair play. good luck
mono-stereo cheers need it to all work out or its been a head wreck for nothing the past 2 years lol.
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Hursty That aside this is a major bloodbath
Not half!
I’m surprised there have been no more updates on this thread today following FTX filing for bankruptcy and what it has revealed.
So FTX only held $900mil of liquid assets on $9bn of liabilities - and even that’s being generous.
The largest chunk of its “liquid assets” on its balance sheet are actually $470mil “worth” of Robin Hood shares that aren’t even being held by the company - they’re being held in a vehicle in the Bahamas under the name of FTX’s founder (Bankman-Fried)!
Meanwhile, its largest other asset holding was listed as “$2.2bn worth of a cryptocurrency called Serum”. However, “Serum’s market value was $88mn on Saturday” LOL.
To top it off, as soon as bankruptcy proceedings were announced the exchange has supposedly been “hacked” and c.$500mil of holdings has been taken in one fell swoop directly from customers’ accounts in what the likely/most commonly believed occurrence was an inside job done via a backdoor in the app. So nothing else left for creditors.
Bankman-Fried is believed to be currently on a plane to Argentina lol - I presume it’ll be a stop-route to some territory without an extradition treaty to the US…
https://www.ft.com/content/f05fe9f8-ca0a-48d5-8ef2-7a4d813af558
https://www.ft.com/content/dc08ed9f-0f3b-45fb-a5f6-b87157fdf944
https://viewfromthewing.com/report-sam-bankman-fried-tracked-fleeing-to-argentina-following-looting-of-crypto-exchange/
If you didn’t get out of crypto after Luna and BTC falling to $20k, and you’re not getting out now, then you must be okay with the possibility of potentially losing all your holdings someday as these are surely not anomalous companies and events.
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Investors in FTX included Sequoia Capital, Blackrock, the Ontario Teachers Pension Fund, and (surprise surprise) Softbank. Sequoia and Softbank have already stated they’ve marked the value of their investment down to zero.
FTX had sponsored the naming rights for the Miami Heat’s stadium for 19 years in a $135mil deal (obviously now terminated).
They even made a Superbowl ad this year with Larry David (which would have appeared a load of baloney at the time and looks even worse now):
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@zackster FTX were the 2nd largest organisational donor to the Democrats in 2021-22 with $40mil (only behind George Soros), and also gave $20mil to Republicans.
I don’t suppose it’ll be returned by either to help out the creditors.
https://www.opensecrets.org/elections-overview/top-organizations
Back to the FIAT factory for some of the Crypto Bros.
Literally in some cases.
I am sure this is a highly unique situation and doesn’t happen anywhere else.
All the centralised exchanges are being found out, ultimately this flush out is good for the industry, however not denying that it’s causing huge damage in the short time.
Self custody of assets is and has always been king because guess what, when a crisis happens and you want your funds from a bank, they will shut down as they don’t have the funds to cover the deposits
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Crypto cap is now 500b less than amazon, a lot of fud obviously but when 3 trillion flowed into the stock market on Thursday Friday it makes you realise that crypto is basically a large cap company there isn’t crazy money involved. It will come back and possibly with more regulation but I do think if I ever saw it go back to 3 trillion I’d know cash out and walk away but that’s only me possibly being conservative.
Caroline Ellison update…
Good thread here…
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Cost to borrow average on amc is 300% highest ever, apes are getting excited over the ftx situation bringing margin calls and possibly highlighting the synthetic ftd shares that exist.
The gamma ramp is also possible due to so many calls being in the money this week after that 40% run. Holding some and hoping to get my port back in the green. This does not mean buy or chase but good luck if you still holding, buckle up.
Youre a gamma ramp, which is rhyming slang I just made up for ‘tramp’
Think he’s saying he’s 8 grand down.
