CZ dumping FTT | Bitcointalksearch.org

SUNNY F

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Quote from: o48o on November 08, 2022, 12:49:25 PM

Quote from: SUNNY F on November 08, 2022, 05:03:36 AM

Is this the result of a long-planned plan? This is the result of weighing the pros and cons. CZ has a limited pattern, but there are not many people who have reached this level who are not ruthless and full of blood. The market is like this, A and B It is C who is injured in the fight, and C is mostly retail investors in most cases.

Things have been hectic, withdrawals rejected and huge panic in the market. Next bail-out by binance and now they are going to aquire the whole FTX. I didn't see this coming, although it was probably the whole plan from the start.
https://twitter.com/cz_binance/status/1590013613586411520

This wasn't a fight, this was a giant takeover. Something tells me that FTX token would be interesting bet to buy now, as no one knows what are plans for it next. Anyway.
Fud about this is totally over.

Edit (CZ explains his reasoning for the tweet): https://twitter.com/cz_binance/status/1589695556909424640

Such a big volcano, who will receive it? The trust of users will naturally flow to CZ, and now he can get users without doing anything, because he has defeated his only competitor.

diminizio

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LUNA is right to traumatize everyone. now that we're seeing FTT which feels the same fate as LUNA except that FTT is an exchange token, I think even the influence of this hack was greater than the luna incident back then. We can only see how slumped crypto was when this largest exchange finally collapsed under hackers.

o48o

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Quote from: vanesha on November 14, 2022, 05:23:25 PM

I don't think an attack on FTX will affect FTT alone, but indirectly affect all existing cryptos because crypto trust will decline. how can high-tier exchanges like FTX still be conceded by hackers when they already have a lot of trust. This makes everyone worry about the storage on the exchange.

You talking about the hackers attacking to FTX?

This might sound like an unrealistic tinfoil hat accusation but i woudn't leave out the option that they had help from an insider. Employees were most likely lied about insolvency issues as well, and because they worked there, as a support they could have lots of their money in FTT in a same way that Binance employees have some of their salaries paid in BNB. This would have made them financially broke and vulnerable for bribery. And as lot's of hacking is based on human engineering, they could have just set up a ruse where they claim they have been deceived / robbed / cheated by hackers. As this is a common way to hackers to get in it would be beliveable.

But this is all speculation.

And things have changed since i started this thread. Now the consensus is that SAM is the bad guy here and binance had no reason to punish them as they wouldn't have gain as much even if they had whole their user base as they would have with market stability and investors trust on the markets.

vanesha

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I don't think an attack on FTX will affect FTT alone, but indirectly affect all existing cryptos because crypto trust will decline. how can high-tier exchanges like FTX still be conceded by hackers when they already have a lot of trust. This makes everyone worry about the storage on the exchange.

Silberman

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Quote from: gunhell16 on November 11, 2022, 10:43:59 PM

In this post by CZ on the Twitter platform, it is evident that he has already given a warning to those who still believe that they are FTT holders to sell it before CZ sells a large holding of FTT. In truth, poor investors invested a lot and believed in FTT because now their losses are too big.

So in my opinion the only thing FTT holders who have large amounts of holding can do is sell all their FTT now rather than let it be less than 0.1$ which is a bigger loss in the holdings they sell.

Many of the people that bought FTT at its ATH are probably hoping for a miracle and will go down with the ship instead of selling for whatever they can get, after all can you imagine buying a coin for almost 85 dollars and then a year later you have to sell the coin for less than 2 dollars? That is a blow which is simply too difficult for most people to accept, and we saw a very recent example of this with Luna in which there are still many people which believe it will recover its value at some point in the future.

tvplus006

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Quote from: peschwecks on November 12, 2022, 01:28:57 AM

...The reason was just a few tweets from KOLs?

The reason was not the tweets, but the fact that the FTX exchange under the leadership of Sam Bankman-Fried was caught in the misuse of investors' funds, which led to a loss of confidence in the exchange and, accordingly, a decrease in the price of its exchange token. And everything that happened later was a consequence of this violation.

hyudien

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Quote from: Thomas Kralow on November 12, 2022, 03:51:10 AM

Regardless of the truth of the matter, we retail investors or everyone who believes in FTT, we are all participants in the game, not the makers of the rules of the game. Without the right to speak, we can only accept the result. This is a very bad thing, and I am not facing bankruptcy because of this thing. What I'm always waiting for is a truly decentralized project, as I buy a little bit of bitcoin every month, I don't think about the price. Because I always think this is the early stage of Bitcoin's development.

It looks like the drama will continue until one of the two goes bankrupt. Now it was Sam who seemed to be losing or indeed CZ was too strong in his influence. Despite the drama that is so bad for market fluctuations there are many large and small investors who have suffered losses from the effects of disputes. Business and competition are not much different, and when CZ now feels that she has won, is she really considered a savior in the eyes of the public? certainly not

Because both of them have caused public unrest and as a result, we as investors and traders increasingly believe that centralized exchanges cannot be trusted.

Hold on tight to your Bitcoins, and let the bankers frown.

Thomas Kralow

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Quote from: gunhell16 on November 11, 2022, 10:43:59 PM

In this post by CZ on the Twitter platform, it is evident that he has already given a warning to those who still believe that they are FTT holders to sell it before CZ sells a large holding of FTT. In truth, poor investors invested a lot and believed in FTT because now their losses are too big.

So in my opinion the only thing FTT holders who have large amounts of holding can do is sell all their FTT now rather than let it be less than 0.1$ which is a bigger loss in the holdings they sell.

Regardless of the truth of the matter, we retail investors or everyone who believes in FTT, we are all participants in the game, not the makers of the rules of the game. Without the right to speak, we can only accept the result. This is a very bad thing, and I am not facing bankruptcy because of this thing. What I'm always waiting for is a truly decentralized project, as I buy a little bit of bitcoin every month, I don't think about the price. Because I always think this is the early stage of Bitcoin's development.

peschwecks

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There are so many versions of this story that I can't tell who the director is. In just a few days, there have been many reversals. Market sentiment also reversed back and forth. My point of view is: 1. This is pure business competition. There are no good people, and everyone has the best interests. 2 Centralized exchanges do evil, are not transparent, and have no trust. It goes against the essence of Bitcoin. 3 No matter who wins, it is a necessary stage for the digital currency market. 4 Does government regulation matter? Or is it truly decentralized? This question is extremely important. 5Beliefs were broken, investment institutions were shuffled, the world's second-ranked exchange failed, and entered bankruptcy liquidation procedures. The reason was just a few tweets from KOLs?

gunhell16

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In this post by CZ on the Twitter platform, it is evident that he has already given a warning to those who still believe that they are FTT holders to sell it before CZ sells a large holding of FTT. In truth, poor investors invested a lot and believed in FTT because now their losses are too big.

So in my opinion the only thing FTT holders who have large amounts of holding can do is sell all their FTT now rather than let it be less than 0.1$ which is a bigger loss in the holdings they sell.

o48o

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Quote from: Silberman on November 11, 2022, 05:25:39 PM

-cut-
however traders and investors were caught in the middle of such maneuver and they have lost a lot of money because of this act of revenge.
-cut

They would have lost their money eventually. FTX mishandled customer funds and they are under U.S. agency investigations. CZ most likely heard about this at least at the time he was bailing them out and rejected the offer.

FTX messing up was a more severe blow then people seem to realize, as they are talking about token holders only. FTX group had something like 130 companies under it that went bankrupt not to mention VC investors:

Billions went up in smoke in a moment. It's so surreal it's hard to comprehend. And we shall feel the ripple effect of this for a long time.

Silberman

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Quote from: justdimin on November 11, 2022, 09:54:22 AM

Quote from: o48o on November 09, 2022, 01:09:12 AM

I mean that he would have known it creates fud and how it plays out after that as there was fud happening already, even from Bitboy from all the people Cheesy

.
Maybe i am overestimating how smart CZ is but surely he knows that one wrong tweet from him can destroy a token?
And when he mentions selling his ftt bag and that he learned from luna at same sentence. If that wouldn't do it, nothing would.

What it comes to Commodity Futures Trading Commission, they are mostly interested on authorization of FTX US Derivatives after their liquidity problems, not legality of this takeover.

He was fully aware of what he was doing, he was basically taking revenge. According to CZ there was a period where FTX ended up "attacking" binance, and he saw that as treason because he was the first one to invest into it (well binance was but cz=binance in my mind).

This means he was expecting loyalty and instead he got attacked from them and this made him a bit angry and at the very least dislike FTX. Right now, he found a chance that he could just sell all of his FTT and take a small hit but he could destroy another website. This is why I believe he did it, otherwise he could have sold it for 22 dollars each, and he didn't and made a loss, all because he wanted to destroy FTX and nothing else.

I think this as well, it is said that revenge is a dish best served cold and it seems CZ applied this principle perfectly, he waited until he could maximize the damage he could do to FTX and threw a demolishing blow to it, then he gave the impression of being sympathetic and explored the possibility to acquire to exchange only to refuse at the end, however traders and investors were caught in the middle of such maneuver and they have lost a lot of money because of this act of revenge.

o48o

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Quote from: justdimin on November 11, 2022, 09:54:22 AM

He was fully aware of what he was doing, he was basically taking revenge. According to CZ there was a period where FTX ended up "attacking" binance, and he saw that as treason because he was the first one to invest into it (well binance was but cz=binance in my mind).
This means he was expecting loyalty and instead he got attacked from them and this made him a bit angry and at the very least dislike FTX. Right now, he found a chance that he could just sell all of his FTT and take a small hit but he could destroy another website. This is why I believe he did it, otherwise he could have sold it for 22 dollars each, and he didn't and made a loss, all because he wanted to destroy FTX and nothing else.

Yup, and honestly, not that some background has opened, it wasn't the only reason. He was aware about some issues happening. The fact i thought that the fud was over was very naive thinking from me. Everything they had exposure to was being dumped and they had to prevent bank run effect.

There were also some leaked damning info about the FTX. ( https://twitter.com/cobie/status/1590610757334728704 )
The rabbit hole is so huge that i would need to do ton of research to cover everything and how it affected to firms that had loan deals with ftx. It's like a card house, one falling after another.

But there are way more capable people reporting about this then me so i don't think i'll be doing any exposure thread.

I am just wishing he didn't went and short FTT or others at the same time, as that could be seen as market manipulation for profit, and then Binance would be in trouble too and we would be REALLY in trouble.

justdimin

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Quote from: o48o on November 09, 2022, 01:09:12 AM

I mean that he would have known it creates fud and how it plays out after that as there was fud happening already, even from Bitboy from all the people Cheesy

.
Maybe i am overestimating how smart CZ is but surely he knows that one wrong tweet from him can destroy a token?
And when he mentions selling his ftt bag and that he learned from luna at same sentence. If that wouldn't do it, nothing would.

What it comes to Commodity Futures Trading Commission, they are mostly interested on authorization of FTX US Derivatives after their liquidity problems, not legality of this takeover.

He was fully aware of what he was doing, he was basically taking revenge. According to CZ there was a period where FTX ended up "attacking" binance, and he saw that as treason because he was the first one to invest into it (well binance was but cz=binance in my mind).

This means he was expecting loyalty and instead he got attacked from them and this made him a bit angry and at the very least dislike FTX. Right now, he found a chance that he could just sell all of his FTT and take a small hit but he could destroy another website. This is why I believe he did it, otherwise he could have sold it for 22 dollars each, and he didn't and made a loss, all because he wanted to destroy FTX and nothing else.

o48o

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Quote from: decodx on November 08, 2022, 04:04:03 PM

I'm not sure if this was planned from the beginning, but we may never know.
Here's a nice summary of how it all went wrong for SBF and FTX:
https://twitter.com/milesdeutscher/status/1589631447517655040
By the way, I don't think it's all over yet.

I mean that he would have known it creates fud and how it plays out after that as there was fud happening already, even from Bitboy from all the people Cheesy

.
Maybe i am overestimating how smart CZ is but surely he knows that one wrong tweet from him can destroy a token?
And when he mentions selling his ftt bag and that he learned from luna at same sentence. If that wouldn't do it, nothing would.

What it comes to Commodity Futures Trading Commission, they are mostly interested on authorization of FTX US Derivatives after their liquidity problems, not legality of this takeover.

Quote from: danherbias07 on November 08, 2022, 11:17:53 PM

Did they acquire it already or is it in the process of a deal?
-cut_

They signed Non-binding Letter Of Intent to aquire it, so they have an intent to do so.

rozak

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Quote from: danherbias07 on November 08, 2022, 11:17:53 PM

Damn it, we just recovered from the dump made by Luna, and now here we are. I thought the recovery is happening until this. This could be the reason for the recent dumps of all coins including Bitcoin. Investors are trying to exit the said exchange.

Of course, investors will withdraw their money from the platform with such risk. even rumors that large sums of money have also entered Binance. investors are securing their money.
the market has not improved because of the dump from LUNA. now FTT creates a follow-up dump. which will certainly prolong the bear market situation which may last until the end of the year.
this does look like the Luna V2 tragedy.

danherbias07

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Quote from: libert19 on November 08, 2022, 10:08:11 PM

Quote from: Jaered on November 07, 2022, 01:40:03 AM

This exact stuff is the reason centralization is bad. CZ just wants to flex his muscles because FTX is emerging as a big contender and competitor in the big crypto cake. However, this is also why monopoly is bad. I think FTX would bounce back and come out and bite CZ in the ass. Friedman would make FTX bigger than Binance, Mark my words

Meanwhile, binance acquires ftx

Did they acquire it already or is it in the process of a deal?
CZ might have done the simple rule in chess. Lure the queen then kill it. Cheesy

Nicely done.
If ever, just an "if" it happens then CZ will automatically have a big advertising dome. The FTX Arena in Miami Florida.

Damn it, we just recovered from the dump made by Luna, and now here we are. I thought the recovery is happening until this. This could be the reason for the recent dumps of all coins including Bitcoin. Investors are trying to exit the said exchange.

libert19

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Quote from: Jaered on November 07, 2022, 01:40:03 AM

This exact stuff is the reason centralization is bad. CZ just wants to flex his muscles because FTX is emerging as a big contender and competitor in the big crypto cake. However, this is also why monopoly is bad. I think FTX would bounce back and come out and bite CZ in the ass. Friedman would make FTX bigger than Binance, Mark my words

Meanwhile, binance acquires ftx

WalkerIVIV

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I guess it is just as it is he has stated that it's just risk management and effort in anticipating the next luna crash, it certainly makes sense if it's coming from binance since they are definitely the ones that have arsenal of professionals that's gonna make some analyzation therefore maybe they have made some conclusion that investing in this coin is no more good therefore they decided to just liquidate and move on, whether the coin gonna become the next luna, no one knows for sure but surely it's gonna get impacted massively.

Silberman

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Quote from: o48o on November 06, 2022, 06:23:07 PM

I am sensing that something is up, CZ just told everyone that they will be dumping their FTT tokens

It might be nothing and totally normal but i find the wording a little concerning. "Risk management" and "learning from luna". At least they are transparent of it, probably required by lawyers to be transparent but still i find this unusual.

I have been in crypto scene for a long time and i really do get paranoid every time something unusual happens that involves some CEX. I do trust FTX and use it a lot but something tells me that i shouldn't keep money in there right now. At least for a while. This is not fud at all, i am just concerned user and would like to see FTT rise and FTX blossom.

So how do you see this affecting the ftt price?

At least the way I am reading those tweets is that CZ suspects that FTX has been trying to go against him behind closed doors and he considers the move was unethical, and instead of trying to do the same they are making a huge movement in the open for everyone to see, and even if he claims that this is not a move against FTX it should be clear that it is, I just hope that the majority of the people can save themselves as the FTT token has collapsed overnight, and it is likely we are going to see another scenario like the one we saw with Luna months ago.

Topic: CZ dumping FTT (Read 470 times)