This war is actually over and we wait for the next war, when the competition is very tight will certainly make people look for weaknesses from opponents, and the Exchanges war like FTX vs Binance will make investors panic so that it will make a market drop.
I don't think it was a war, because there is no point in going to war with a monopoly in this market. It was more like shooting yourself in the foot. I also think this story made it clear to everyone else that Binance is the main player in this market and they can do whatever they want to their rivals. It's very sad for the whole industry as everything depends literally on one person - CZ. 
Topic: Crypto exchange wars going on... FTX vs Binance (Read 930 times)
This war is actually over and we wait for the next war, when the competition is very tight will certainly make people look for weaknesses from opponents, and the Exchanges war like FTX vs Binance will make investors panic so that it will make a market drop.
Now FTX has officially submitted bankruptcy in court and I hope the FTX drama will end up soon and we go to a new era for a better, I have also sold FTT even though with a loss condition, I bought around $ 26 and sold only with $ 3, this is the risk of investment in the cryptocurrencies Can make us lose money in a quick time.
Sorry to hear that, but just accept the lose and move on, no one really saw this coming, even those who investment big on this project. Because in the beginning it was really doing good and there are no signs, or maybe there was, but we keep on ignoring it until to the last minute wherein it was too late.
And the bad thing is that the FTX drama has still it's effect on us, the market wasn't able to recover after that, nowhere we are near $20k, our biggest support and we are still near the lowest low. But at least the market has weed out the bad eggs again.
Right, if everyone knows FTX as it is today then everyone immediately sells FTT and Withdraw balances at FTX, even when it is still early, many influencers are sure that FTX has no problems or immediately solve problems, this is a risk in Cryptocurrencies investment, the bigger Profit opportunities, the greater the opportunity to lose money.
Now FTX has officially submitted bankruptcy in court and I hope the FTX drama will end up soon and we go to a new era for a better, I have also sold FTT even though with a loss condition, I bought around $ 26 and sold only with $ 3, this is the risk of investment in the cryptocurrencies Can make us lose money in a quick time.
Sorry to hear that, but just accept the lose and move on, no one really saw this coming, even those who investment big on this project. Because in the beginning it was really doing good and there are no signs, or maybe there was, but we keep on ignoring it until to the last minute wherein it was too late.
And the bad thing is that the FTX drama has still it's effect on us, the market wasn't able to recover after that, nowhere we are near $20k, our biggest support and we are still near the lowest low. But at least the market has weed out the bad eggs again.
Although the crash of FTX is just the beginning, they have just filed for bankruptcy so the worst is yet to happen to the market but you are right. There is nothing we can do about this situation, the only thing we should do is look at the good side of it, at least we'll get a lot of bad eggs out of the market. The market will become cleaner after this fall, investors will become more alert and wise in protecting their assets and will find out what is the real investment in the market. I believe that after the fall of Luna and FTX, many investors will realize that only bitcoin is eternal.
Binance has loyal consumers and is proven to be satisfying, I still remember that I had kept assets in liquid and then when I wanted to open it turned out to have changed to FTX, unfortunately after almost 3 years did not log in to the ETH and Bitcoin assets that I kept on Liquid disappeared.
Now FTX has officially submitted bankruptcy in court and I hope the FTX drama will end up soon and we go to a new era for a better, I have also sold FTT even though with a loss condition, I bought around $ 26 and sold only with $ 3, this is the risk of investment in the cryptocurrencies Can make us lose money in a quick time.
Sorry to hear that, but just accept the lose and move on, no one really saw this coming, even those who investment big on this project. Because in the beginning it was really doing good and there are no signs, or maybe there was, but we keep on ignoring it until to the last minute wherein it was too late.
And the bad thing is that the FTX drama has still it's effect on us, the market wasn't able to recover after that, nowhere we are near $20k, our biggest support and we are still near the lowest low. But at least the market has weed out the bad eggs again.
Now FTX has officially submitted bankruptcy in court and I hope the FTX drama will end up soon and we go to a new era for a better, I have also sold FTT even though with a loss condition, I bought around $ 26 and sold only with $ 3, this is the risk of investment in the cryptocurrencies Can make us lose money in a quick time.
maybe no one can avoid a situation like what you are experiencing, because the situation has already happened and can be experienced by anyone and it is a risk in investing in crypto, everyone must be aware of that before they really want to get involved in crypto. but everyone also has to see from the other side and not just losses, because crypto can also make profits and that's real, FTX may be caused by mismanaging it, so it sinks into bankruptcy. but all must not stop just because of the FTX case, there is still much that can be done and must continue as long as it is still profitable.
Now FTX has officially submitted bankruptcy in court and I hope the FTX drama will end up soon and we go to a new era for a better, I have also sold FTT even though with a loss condition, I bought around $ 26 and sold only with $ 3, this is the risk of investment in the cryptocurrencies Can make us lose money in a quick time.
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When frauding is known, anyone will try their best to cover up and they do not do the most important thing that is the main issue, they are only busy to find justification from what has been done at this time, this actually makes it more difficult for the public to believe in the reputation of FTX.
It will be difficult for FTX to find justifications when the evidence is complete, because investors will no longer trust the FTX exchange if they try to find such justifications. Because everyone can see the effect when investors get panicky and withdraw their assets from several exchanges for them to safe because maybe they think that problems like what happened to FTX could also happen to other exchanges one day. So it would be a waste for FTX if the exchange wants to make a denial of the problems that have happened to it at this time. 
It seems that there is resistance from FTX so it doesn't drop as happened to Luna, I still remember when I could sell Luna at $ 42 but at night Luna's price was below $ 5, Exchanges competition certainly could not be avoided, all Exchanges hoped to master the market so Being number #1 and of course makes huge profit.
Why do you have to equate the FTX case with the case that happened to Luna a few months ago? I don't think there is any particular reason to equate these two cases now. Because Luna is an altcoin that only rides on many exchanges, while FTX is an exchange that already has its own coin but this is not only related to the price of the coin, but there are other things that must also be looked at such as investor confidence in FTX at this time which is starting decreased and FTX needed help from other parties in order to rise again from its current slump.I think no one will believe in FTX anymore and there are a lot of rumors that Luna's death was caused by SBF and now FTX is dead the same way they used to kill other projects. These two cases are not the same because FTX is much larger than Luna and the consequences will be huge.
The exact cause of the FTX crash is currently unknown, but if it is true, they used user funds transferred to Alameda to trade and invest, and use money to buy a mansion...then they deserve to be destroyed.
It seems that there is resistance from FTX so it doesn't drop as happened to Luna, I still remember when I could sell Luna at $ 42 but at night Luna's price was below $ 5, Exchanges competition certainly could not be avoided, all Exchanges hoped to master the market so Being number #1 and of course makes huge profit.
Why do you have to equate the FTX case with the case that happened to Luna a few months ago? I don't think there is any particular reason to equate these two cases now. Because Luna is an altcoin that only rides on many exchanges, while FTX is an exchange that already has its own coin but this is not only related to the price of the coin, but there are other things that must also be looked at such as investor confidence in FTX at this time which is starting decreased and FTX needed help from other parties in order to rise again from its current slump. 
I just hope someone buys the Blockfolio app from FTX. That was my favorite crypto portfolio tracker and it’s gone dark ever since FTX took down their website. If anyone has any suggestions I’m open to hearing them. I’ve grown accustomed to being able to see my entire crypto portfolio value at a glance and now that it’s gone I feel myself losing touch with the market a bit.
Wow, I have been forwarded by a friend of mine this interview, dated back in August 2021 to the Bloomberg Podcast “The Odd Lot”, its a very cynical yet realistic view on how DeFi works, and also gives you a good perspective to interpreter all teh following events:
Bankman-Fried Described Yield Farming, Left Matt Levine Stunned
SBF: (28:06)
Right. So let me, okay, cool. I'll stay on the cynical route, think about like cynically, what could happen here? Well, okay. So you've got this boxes and it’s kind of dumb, but like what's the end game, right? This box is worth zero obviously. And like that, you know, you can't like keep this smart cap or something. But on the other hand, if everyone kind of now thinks that this box token is worth about a billion dollar market cap, that's what people are pricing it at and sort of has that market cap. Everyone's gonna mark to market. In fact, you can even finance this, right? You put X token in a borrow lending protocol and borrow dollars with it. If you think it's worth like less than two thirds of that, you could even just like put some in there, take the dollars out. Never, you know, give the dollars back. You just get liquidated eventually. And it is sort of like real monetizable stuff in some senses. And you know, at some point if the world never decides that we are wrong about this in like a coordinated way, right? Like you're kind of the guy calling and saying, no, this thing's actually worthless, but in what sense are you right?
Tracy Alloway: (29:15)
Can I just ask on this point, I mean, so are you saying that the value has to derive from everyone agreeing that it's worth something? And I know like on the one hand, that seems like a simple point about crypto, but on the other hand, throughout crypto's history, there have been these different arguments about how it actually gets value, you know, use cases for the underlying technology — for blockchain. Everyone's gonna start migrating stuff on blockchain, and then you're gonna have a real economic use attached to these assets. And that's where the value's gonna come from. But are you saying that it depends more on everyone just agreeing that these are worth something?
SBF: (29:53)
So really what I'd say is that it could come in theory from either. You can sort of get a market cap either because of cash flow and then Warren Buffett's like f*ck this. Like, I'm going to buy this if it's at too cheap of a price, because I'll just buy it and own it and get cashflow from it. And that's great. Or you could see something get market cap in the way that, I don't know, Doge coin or SHIB coin have, where people are just kinda like ‘ha ha’ and then they buy it. And if you're like, that's dumb, it has no cashflow flow. I'm gonna short sell it. You lose all your money. And, you know, those like, at least like over the last few years, those have both been ways that assets have gotten market cap. And I sort of like think that this starts to hint at like, at least some interesting angles on this, because it's not just cryptocurrencies that have had this dynamic, right? How about like, you know, AMC or Hertz or GameStop or meme stocks in general have like a very similar pattern to this and the sort of concept of maybe people will pay something for it even though it doesn't seem traditionally valuable, is not a crypto specific concept. Although it certainly has become like…
Pretty Straightforward I would say.
But a lot of other pearls like this on the whole article.
If you prefer listening to it, this is the original Podcast, where the following interview is taken from:
Sam Bankman-Fried and Matt Levine on How the Crypto Market Really Works
Bankman-Fried Described Yield Farming, Left Matt Levine Stunned
Quote
SBF: (28:06)
Right. So let me, okay, cool. I'll stay on the cynical route, think about like cynically, what could happen here? Well, okay. So you've got this boxes and it’s kind of dumb, but like what's the end game, right? This box is worth zero obviously. And like that, you know, you can't like keep this smart cap or something. But on the other hand, if everyone kind of now thinks that this box token is worth about a billion dollar market cap, that's what people are pricing it at and sort of has that market cap. Everyone's gonna mark to market. In fact, you can even finance this, right? You put X token in a borrow lending protocol and borrow dollars with it. If you think it's worth like less than two thirds of that, you could even just like put some in there, take the dollars out. Never, you know, give the dollars back. You just get liquidated eventually. And it is sort of like real monetizable stuff in some senses. And you know, at some point if the world never decides that we are wrong about this in like a coordinated way, right? Like you're kind of the guy calling and saying, no, this thing's actually worthless, but in what sense are you right?
Tracy Alloway: (29:15)
Can I just ask on this point, I mean, so are you saying that the value has to derive from everyone agreeing that it's worth something? And I know like on the one hand, that seems like a simple point about crypto, but on the other hand, throughout crypto's history, there have been these different arguments about how it actually gets value, you know, use cases for the underlying technology — for blockchain. Everyone's gonna start migrating stuff on blockchain, and then you're gonna have a real economic use attached to these assets. And that's where the value's gonna come from. But are you saying that it depends more on everyone just agreeing that these are worth something?
SBF: (29:53)
So really what I'd say is that it could come in theory from either. You can sort of get a market cap either because of cash flow and then Warren Buffett's like f*ck this. Like, I'm going to buy this if it's at too cheap of a price, because I'll just buy it and own it and get cashflow from it. And that's great. Or you could see something get market cap in the way that, I don't know, Doge coin or SHIB coin have, where people are just kinda like ‘ha ha’ and then they buy it. And if you're like, that's dumb, it has no cashflow flow. I'm gonna short sell it. You lose all your money. And, you know, those like, at least like over the last few years, those have both been ways that assets have gotten market cap. And I sort of like think that this starts to hint at like, at least some interesting angles on this, because it's not just cryptocurrencies that have had this dynamic, right? How about like, you know, AMC or Hertz or GameStop or meme stocks in general have like a very similar pattern to this and the sort of concept of maybe people will pay something for it even though it doesn't seem traditionally valuable, is not a crypto specific concept. Although it certainly has become like…
Pretty Straightforward I would say.
But a lot of other pearls like this on the whole article.
If you prefer listening to it, this is the original Podcast, where the following interview is taken from:
Sam Bankman-Fried and Matt Levine on How the Crypto Market Really Works
This is the inner circle of SBF:
https://twitter.com/davedoestrading/status/1591139389182464000?t=urhZvyESBDQGzz5RotlEJQ&s=19
What a shitshow if I'm to be asked, all this time these people are hiding in plain sight, good thing I haven't interacted with this exchange ever.
https://twitter.com/davedoestrading/status/1591139389182464000?t=urhZvyESBDQGzz5RotlEJQ&s=19
What a shitshow if I'm to be asked, all this time these people are hiding in plain sight, good thing I haven't interacted with this exchange ever.
Binance did the right things to expose FTX. Just think what if FTX was as big as binance and exposed like it did recently. It would have affected whole industry in such a way that many people leave crypto forever. Investors should understand that as long as your funds security is in someone elses hands it's not secure. Other will not taken care your assets as good as you do.
Well, it's a competition and as what others have said it wouldn't have been good if Binance had monopolize it by acquiring FTX too, they did a good thing over that. That is why there are a lot of articles saying to get out your funds on an exchange, it's best to keep it on your personal wallet/cold storage.
I just read something interesting about the relationship between Binance and FTX. I didn't know that the feud began way back in 2019.
https://twitter.com/cz_binance/status/1173418810918916096
Apparently, that crash was caused by Alameda Research triggering stops on Binance's brand-new futures exchange.
This was the lawsuit:
https://twitter.com/0xevmer/status/1591459783085027329
It appears that SBF has been a bad player in the crypto industry from the very beginning.
https://twitter.com/cz_binance/status/1173418810918916096
Apparently, that crash was caused by Alameda Research triggering stops on Binance's brand-new futures exchange.
Quote
Bitcoin Manipulation Abatement LLC has filed a $150 million lawsuit against crypto derivatives exchanges FTX and trading firm Alameda Research LLC—which shares its CEO with FTX. The lawsuit, filed Sunday and amended Monday, alleges that the CEO and multiple employees twice unsuccessfully tried to manipulate Bitcoin prices on cryptocurrency exchange Binance.
https://decrypt.co/11103/binance-bitcoin-futures-attacker-hit-with-150-million-lawsuit?amp=1This was the lawsuit:
https://twitter.com/0xevmer/status/1591459783085027329
It appears that SBF has been a bad player in the crypto industry from the very beginning.
FTX filed for bankruptcy and SBF resigned, but I believe this drama will not stop anytime soon, there will be many companies that lend FTX mortgages will suffer the same. We are standing in front of a big wave, hope everyone has the same faith to overcome this storm. The market is reacting negatively to this news, bitcoin has once again dropped below $17k. I would like to extend my condolences to all who have stored assets on FTX.
https://twitter.com/FTX_Official/status/1591071832823959552
Probably other exchanges are in big trouble. Binance in particular. https://twitter.com/FTX_Official/status/1591071832823959552
CZ doesn't want to publish the Proof-of-Liabilities, why?
Now there is some agreement with Justin Sun to swap the TRX,BTT,HT tokens. And FTX confirmed this, however...
You are taking a 80% loss because the price to buy TRX on FTX is $0.30 and its value on another exchanges is $0.05. Its peak was like $0.15. So you either risk the rest of your funds and wait or take a 80% loss now.
Rediculous
You are taking a 80% loss because the price to buy TRX on FTX is $0.30 and its value on another exchanges is $0.05. Its peak was like $0.15. So you either risk the rest of your funds and wait or take a 80% loss now.
Rediculous
Like I said yesterday, when they came up with this idea, I have to say SBF and Justin Sun are worse than what Dokwon did. They are forcing investors to accept losses and disclaim all responsibility once investors withdraw all assets from FTX.
Currently, according to some sources, FTX users in the US and Bahamas can still withdraw money because FTX has registered business in these two countries. FTX Global has no further information yet, the possibility of getting back the investor's money is almost zero.
^ I think that's illegal, it's almost like fraud. And if they're really going for it they should at least get some advice from a lawyer.
And I'm just dropping by to ask for those people who experienced Mt Gox, which event has had the bigger impact for you, Mt Gox's insolvency or FTX? I feel like after seeing a lot happen in crypto my reaction was like 'haha another one'. But with Mt Gox it felt like it was going to be the end of BTC, the market and the whole space. But I was noob then.
Many people think that the collapse of Mt.gox is bigger but in my opinion, the problem of FTX is more serious because the current market is much larger than in 2014 as well as the number of investors participating in the market.
Like you in 2014, I'm still inexperienced so I didn't invest too much so there wasn't much to lose in the crash that year and this time I'm luckier, I almost don't use FTX and don't register any account on it, I just use binance for all my trades.
And I'm just dropping by to ask for those people who experienced Mt Gox, which event has had the bigger impact for you, Mt Gox's insolvency or FTX? I feel like after seeing a lot happen in crypto my reaction was like 'haha another one'. But with Mt Gox it felt like it was going to be the end of BTC, the market and the whole space. But I was noob then.
Well, I should start off by saying that I had no exposure to FTX and did not lose any coins as a result. However, when mtgox went down Bitcoin was still a pretty low value asset. Even though I have still not received those coins back, at the time it felt like a loss of a couple thousand dollars. It hurt, but was not the end of the world. Now though, Bitcoin is of much higher value so even though I had no exposure to FTX, the widen market chaos it inflicted has cost me a great deal more in losses on my portfolio. So I would say that this FTX event is far larger than mtgox, which has likely cost a lot more people to lose a lot more money, if only because the crypto market has grown so much since then.
I draw inspiration from a The Pomp newsletter gave me inspiration, trying to find a silver lining on this events.
FTX drama and it’s long term consequences: Bitcoin is a confidence Game
FTX drama and it’s long term consequences: Bitcoin is a confidence Game
FTX filed for bankruptcy and SBF resigned, but I believe this drama will not stop anytime soon, there will be many companies that lend FTX mortgages will suffer the same. We are standing in front of a big wave, hope everyone has the same faith to overcome this storm. The market is reacting negatively to this news, bitcoin has once again dropped below $17k. I would like to extend my condolences to all who have stored assets on FTX.
https://twitter.com/FTX_Official/status/1591071832823959552
https://twitter.com/FTX_Official/status/1591071832823959552
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