Is FTX going for a reopen? | Bitcointalksearch.org

vv181

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Quote from: milewilda on April 24, 2023, 08:27:52 PM

Quote from: vv181 on January 25, 2023, 12:16:46 PM

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Do we really believe if there's someone who would catch up a company like FTX? Lets say that they would really be having that reboot or even just rebranding but it wont really be that something that would result to be positive considering on how worst the history did this company did really end up. Reopening or being purchased with some new owner would really be not that ideal or something would really be worth.
If ever i would be a new owner then i would rather solely create a brand new site name and would be having no trace of FTX neither on its name or history or background.

Of course, it would not be ideal since bad publicity has spread and business process misconduct has been proven, but that is not my point or case. The question I ask is whether it is a prerequisite to open up the company only to repatriate investors' funds. See, the below quotation from the referred article in this thread.

Quote

Besides being reopened briefly to allow US investors to repatriate their funds, FTX would likely face a backlash if there was an attempt to relaunch, according to Campbell Harvey, a finance professor at Duke University.

Anyway, in the meantime, all or some users of FTX who had a balance prior to its closure should expect to have received two emails about the current condition. First, information about the claim schedule. Two, about liquidation provisional processes. I only have small balances so I didn't bother to apply the claimant. So, anyone who has the concerns should follow how the current cases going.

milewilda

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Quote from: vv181 on January 25, 2023, 12:16:46 PM

Quote from: beerlover on January 23, 2023, 01:55:00 PM

Quote from: vv181 on January 21, 2023, 11:59:01 AM

A brand is highly tied to trust, respect, and credibility. Is there anything left about those aspects when people hear the name of FTX? I doubt there is any even for a minuscule amount.

I believe rebranding won't even solve it. The news about the reopening is merely sensational bait about FTX, the media loves it, as does the public who gets "triggered". We should note that the main thing we should take from what the article conveys is that mainly the reopening goal is simply to repatriate the funds, which what it is all about is beyond my understanding that the process of Chapter 11 bankruptcy is required to go through that path.

~
If FTX reopened it can cause a mixed feelings or feedbacks which are both positive and negative. Positive because as you said, people hope that their money will be returned and negative because a second collapse can happen again.

Specifically, about positive things, I meant I actually did not know that reopening in the sense that it requires publicly being reopened again, needs to be done in order to solve the repatriation of the funds. It does seem that the bankruptcy process should have not required that kind of path. It will be absurd.

Quote from: milewilda on January 24, 2023, 04:14:32 PM

Quote from: vv181 on January 21, 2023, 11:59:01 AM

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Rebranding is useless because no matter how many times they would be changing up their name but the reputation that they had isnt something that could really be removed on everyones
mind.

Of course, the new FTX CEO seems to have difficulty managing the current condition noting that the communication between him and SBF does not flow smoothly. With that in mind, more and more bad publicity is spread to FTX and the internal team, and the public should have known that supposes the "reboot" happens, they ought to stay away from it due to the concerning lack of credibility that roots within the company.

Do we really believe if there's someone who would catch up a company like FTX? Lets say that they would really be having that reboot or even just rebranding but it wont really be that something that would result to be positive considering on how worst the history did this company did really end up. Reopening or being purchased with some new owner would really be not that ideal or something would really be worth.
If ever i would be a new owner then i would rather solely create a brand new site name and would be having no trace of FTX neither on its name or history or background.

Quote from: Quidat on April 22, 2023, 05:58:37 PM

Quote from: JeromeTash on April 08, 2023, 03:53:58 PM

After filing for bankruptcy?

I doubt, especially not for a company that was handling people's funds and then mismanaged them afterward. How many will trust such a company again in future with their funds if they reopen? Maybe all they can try to do is make a refund to those who were affected

If the money had been fully recovered or they have able to get a huge portion after that bankcrupty then there would be no one would be trusting up this company or would be given out second chance.
Do we really believe that people wont really be starting on withdrawing their funds if they do have the chance? For sure they would really be doing such thing if ever they would reopen.
This is the consequence or the result that they would be facing on considering on what happened in the past which is something that couldnt be forgotten
or would really instill in peoples mind that this company couldnt really be that trusted.

Trust is something the main issue on here because they cant just trust up FTX once again.What if it would happen again on what happened in the past?
and wont be having the chance to have recovery? For sure it would really be a total disaster.

Quidat

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Quote from: JeromeTash on April 08, 2023, 03:53:58 PM

After filing for bankruptcy?

I doubt, especially not for a company that was handling people's funds and then mismanaged them afterward. How many will trust such a company again in future with their funds if they reopen? Maybe all they can try to do is make a refund to those who were affected

If the money had been fully recovered or they have able to get a huge portion after that bankcrupty then there would be no one would be trusting up this company or would be given out second chance.
Do we really believe that people wont really be starting on withdrawing their funds if they do have the chance? For sure they would really be doing such thing if ever they would reopen.
This is the consequence or the result that they would be facing on considering on what happened in the past which is something that couldnt be forgotten
or would really instill in peoples mind that this company couldnt really be that trusted.

ARCADIA-OG

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Not likely, but I don't think that's OK, or fair with the international users. The platform was easy to use and not as convoluted as Binance is for some things, usually lower fees to buy with cards (no 3rd party) and most importantly, they would wire to my country with no drama. I don't think i had anything big in there when it collapsed, but I still get the emails. I have not been following up really, if it opens then there is a better chance for whales to see their money back.

Just take the tech out of the building and then salt and torch everything.
Build somewhere else with new brand and team, they know everyone will be watching and hopefully will behave.
Old users might be back or not, because they want or because they have, rebranding or not.
Still better market prospect than to start from scratch. Competition is good.

JeromeTash

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After filing for bankruptcy?

I doubt, especially not for a company that was handling people's funds and then mismanaged them afterward. How many will trust such a company again in future with their funds if they reopen? Maybe all they can try to do is make a refund to those who were affected

crwth

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I don't think it will be an easy recovery for them. I'm happy for those users affected getting their money before they lost everything in it, but at least they are trying to make things right. I hope the new management will do a better job and no more illegal stuff that would make people doubt it even more. It's going to be a challenging take for them.

Quote from: X-ray on April 04, 2023, 11:09:31 AM

FTX will never be reopened again. The reputation has already been destroyed and none will believe to use it again since the big case that happened with SBF. People will be feeling worry to use FTX anymore if it will be reopened or revived. There must be a new invetors who will able to give billions of money to revive it back again.

They can reopen but they wouldn't be able to come back to it once was. It's going to be difficult to recover.

X-ray

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I just got an email from FTX about the possibility to claim my balances that were still in FTX before they got bankrupt. It seems like I can get back my money again soon but i dunno.
Does someone get the same email as me?

FTX will never be reopened again. The reputation has already been destroyed and none will believe to use it again since the big case that happened with SBF. People will be feeling worry to use FTX anymore if it will be reopened or revived. There must be a new invetors who will able to give billions of money to revive it back again.

FTX is dead and its token was just pump and dump token now. I hope that i can claim back my money.

Taskford

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Quote from: o48o on March 22, 2023, 06:19:20 PM

Quote from: dansus021 on March 20, 2023, 09:20:41 PM

In my opinion, is possible since I hear the news that Alameda Research has a lock token in dozen of projects if the bull run maybe they can unlock and sell it to recover the losses. but the question is? are they will gain the trust of people after what happened?

and FTX made crypto looks bad and the entire of Cex too

Maybe with hardcore fans that liked the site are going to let the past slide and see the site stronger then ever. Rest of us are saying no way. Brand is tainted and not going back unless someone in wallstreet bets makes this gamestop 2.0 case and starts to buy and short squeeze whales. But i find that unlikely and that would most likely only affect the token price.
Even FTX usa section is affected by this.

Maybe not a hardcore fan but rather people still believes that there are hopes they can still get their money on that platform. To many bad incidents happen already and I'm sure that no traders which experience to get scam by them will ever trade or trust them for second time around. Having thoughts for giving a second chance for a scam platforms is a bad idea and traders need to avoid them since there are many more reputable exchange and they are more better than this scam FTX exchange.

o48o

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Quote from: dansus021 on March 20, 2023, 09:20:41 PM

In my opinion, is possible since I hear the news that Alameda Research has a lock token in dozen of projects if the bull run maybe they can unlock and sell it to recover the losses. but the question is? are they will gain the trust of people after what happened?

and FTX made crypto looks bad and the entire of Cex too

Maybe with hardcore fans that liked the site are going to let the past slide and see the site stronger then ever. Rest of us are saying no way. Brand is tainted and not going back unless someone in wallstreet bets makes this gamestop 2.0 case and starts to buy and short squeeze whales. But i find that unlikely and that would most likely only affect the token price.
Even FTX usa section is affected by this.

nazmul30

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FTX International could be revived, according to the doomed exchange's new CEO.

Speaking to The Wall Street Journal, John Ray revealed that a taskforce has been established to see whether the trading platform could one day open its doors to customers once again.
Of course, the unknown quantity here is whether retail investors would ever be willing to put their trust in the company again — with billions of dollars in customer funds allegedly misused by sister trading firm Alameda Research.

dansus021

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In my opinion, is possible since I hear the news that Alameda Research has a lock token in dozen of projects if the bull run maybe they can unlock and sell it to recover the losses. but the question is? are they will gain the trust of people after what happened?

and FTX made crypto looks bad and the entire of Cex too

merekamo

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Quote from: klidex on January 20, 2023, 01:00:54 PM

Maybe it is true that there will be news saying that FTX will be revived and operationalized again, but it will be even more difficult for FTX to grow and have many users in it.
In fact, I am sure that there will be no more investors who will come in and believe in investing again in FTX. In terms of lost investor funds, there is also no certainty when they will be returned in full.
It's actually easier to be able to develop and advance a new platform that doesn't have many users than it is to revive and regain glory for a platform that has collapsed due to having a serious case and a bad reputation about the platform.
So it's possible that FTX will be revived again, but it's impossible to be like before when it was still victorious.

I agree with you. Personally, I think it's easier to start fresh with a new platform that doesn't have a bad reputation. Trying to revive a platform that's already failed is a tough task. It's like trying to bring a dead horse back to life. May be, it 50 - 50 might work for a little while, but eventually, it's going to collapse again.

So, while it's possible that FTX will be operational again, I highly doubt it will ever regain the same level of success it once had. It's just too risky for investors to put their money back into a platform that's already shown to be untrustworthy.

xCryptoManiaX

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Today I read something about that from some Twitter guy. He said that the exchange was very profitable, that is why they might want to reopen the business. Will it be as profitable? Not so sure about that, I personally wouldnt be able to trust that exchange again. If it wasn't for the degen fund that draiend the money, these kids had $700m and $1b yearly revenues for previous years.

merekamo

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So, I think this is something that is unlikely to happen in the near future. Because this already includes legal issues in the USA. So there is a government interest in it.

However, I don't think reopening will solve all of FTX's problems. As you said, brand names are bound to tarnish and trust has been lost. It will be difficult to regain that trust, even with new staff.

vv181

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Quote from: beerlover on January 23, 2023, 01:55:00 PM

Quote from: vv181 on January 21, 2023, 11:59:01 AM

A brand is highly tied to trust, respect, and credibility. Is there anything left about those aspects when people hear the name of FTX? I doubt there is any even for a minuscule amount.

I believe rebranding won't even solve it. The news about the reopening is merely sensational bait about FTX, the media loves it, as does the public who gets "triggered". We should note that the main thing we should take from what the article conveys is that mainly the reopening goal is simply to repatriate the funds, which what it is all about is beyond my understanding that the process of Chapter 11 bankruptcy is required to go through that path.

~
If FTX reopened it can cause a mixed feelings or feedbacks which are both positive and negative. Positive because as you said, people hope that their money will be returned and negative because a second collapse can happen again.

Specifically, about positive things, I meant I actually did not know that reopening in the sense that it requires publicly being reopened again, needs to be done in order to solve the repatriation of the funds. It does seem that the bankruptcy process should have not required that kind of path. It will be absurd.

Quote from: milewilda on January 24, 2023, 04:14:32 PM

Quote from: vv181 on January 21, 2023, 11:59:01 AM

~

Rebranding is useless because no matter how many times they would be changing up their name but the reputation that they had isnt something that could really be removed on everyones
mind.

Of course, the new FTX CEO seems to have difficulty managing the current condition noting that the communication between him and SBF does not flow smoothly. With that in mind, more and more bad publicity is spread to FTX and the internal team, and the public should have known that supposes the "reboot" happens, they ought to stay away from it due to the concerning lack of credibility that roots within the company.

milewilda

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Quote from: vv181 on January 21, 2023, 11:59:01 AM

A brand is highly tied to trust, respect, and credibility. Is there anything left about those aspects when people hear the name of FTX? I doubt there is any even for a minuscule amount.

I believe rebranding won't even solve it. The news about the reopening is merely sensational bait about FTX, the media loves it, as does the public who gets "triggered". We should note that the main thing we should take from what the article conveys is that mainly the reopening goal is simply to repatriate the funds, which what it is all about is beyond my understanding that the process of Chapter 11 bankruptcy is required to go through that path.

When trust is broken then there's no way that you/they could take it back and its true that the only things that matter most on these particular times is go patch up on whats lost into their investors or clients.
Once the investors would be able to take their funds then this site or company would really be good as dead because they would just simply avoid it as much as they could
Rebranding is useless because no matter how many times they would be changing up their name but the reputation that they had isnt something that could really be removed on everyones
mind.

beerlover

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Quote from: vv181 on January 21, 2023, 11:59:01 AM

A brand is highly tied to trust, respect, and credibility. Is there anything left about those aspects when people hear the name of FTX? I doubt there is any even for a minuscule amount.

I believe rebranding won't even solve it. The news about the reopening is merely sensational bait about FTX, the media loves it, as does the public who gets "triggered". We should note that the main thing we should take from what the article conveys is that mainly the reopening goal is simply to repatriate the funds, which what it is all about is beyond my understanding that the process of Chapter 11 bankruptcy is required to go through that path.

I think the three qualities that you said there are all the same and it still points about being fair and not a scam. We all know what happened to FTX. The exchange collapse due to miss handling of funds. Although this seems different from being a scam, but still it's a turn off since many people have affected about it. They are investors on that company obviously and as well as who only invest in normal cryptos are seeing a decline on their portfolio.

If FTX reopened it can cause a mixed feelings or feedbacks which are both positive and negative. Positive because as you said, people hope that their money will be returned and negative because a second collapse can happen again.

vv181

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A brand is highly tied to trust, respect, and credibility. Is there anything left about those aspects when people hear the name of FTX? I doubt there is any even for a minuscule amount.

I believe rebranding won't even solve it. The news about the reopening is merely sensational bait about FTX, the media loves it, as does the public who gets "triggered". We should note that the main thing we should take from what the article conveys is that mainly the reopening goal is simply to repatriate the funds, which what it is all about is beyond my understanding that the process of Chapter 11 bankruptcy is required to go through that path.

Jawhead999

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It's possible as long as Sam Bankman Fried or the new management are agree to reopen FTX, but I don't expect anything FTX will able recover their reputation just like before they got hacked. It's not about they can refund all of their customer's losses, but any people doesn't want to take risk for twice since they will think FTX will bankrupt again in the future.

It's better if they're start to create new exchange and offer lower fees just like FTX, sooner or later they will built the reputation same like the old FTX.

blockman

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The reason why the market pumped (not today) a few days ago is because of the news that they've recovered a portion of their funds. And with such news, the market has been optimistic and pumped again. Having that said, those people that are optimistic about their coming back should be aware of the risk that they're taking. Yeah, it could be a new management but the name of it has been stained already by the debacle that it has formed.

Topic: Is FTX going for a reopen? (Read 262 times)