So since SOL is $60 - Means FTX is solvent again? - page 2.

Zaguru12

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Quote from: kentrolla on November 12, 2023, 03:04:26 PM

What's the correlation between the Solana and FTX here? Price of Solana has nothing to do with whatever happens or is happening with FTX. Solana s a worthy project which provide much needed fast transactions with low cost wherein FTX is an abandoned exchange which started using it's investors money and just consumed their investment and moreover the recent Solana pump started a while ago wherein FTX started pumping like 3 days ago and people are just blindly investing into FTX once again without learning from mistake and they will end up losing it all together once again. Wherein Solana will be a game changer this time like it did last time and it won't be a short-lived pump as we have seen Solana gradually consolidating to the current value which it is trending now.

Please correct me if I have missed something which links Solana with FTX

OP was saying that Solana had anything to do with the collapse but rather FTX as a company invested a lot into Solana and OP is like since the price has increased to above 3x then they could have more funds to at least pay back the customers which is not possible according to the information on the amount they owed.

What you also meant to say is pumping is the FTT coin which is also hugely invested into by FTX exchange. The coin was actually believed to be developed by the exchange and as such was down the the exchange collapsed ( one of the reason to avoid Alticoins). Right now it is following the market trend and pumping which means people are still buying them.

Lakai01

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Quote from: tjtonmoy on November 16, 2023, 11:08:05 AM

[...]
I have lost faith in altcoins because they are centralized shit. There will be still people trusting those projects but for me, I'm done with it.

Basically I agree with you and see it the same way, I personally only hold very few altcoins that I also stake so that I can take part in the network - at least somehow.
However, there are now altcoins such as Kaspa, which I follow with great interest: Decentralized, PoW, no pre-mine and no initial coin distribution to the team. In addition, there is a really interesting technical approach that has the potential to replace Litecoin as "Bitcoin Silver".

This should absolutely not be interpreted as a shill and certainly not as an investment recommendation: DYOR

JunkieMiner

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Among all the coins during the bull market which I think has arrived I have only see the most pumped coin in this bull runs till now that is Solana (SOL) which have its own utilities. And also when their are more airdrops on the Blockchain of the Solana the price of Solana has been increasingly since it was around 20$ but now we are seeing the price has been increased massively and now it is 60$+ which is a huge price after having a bad market condition previously and suddenly increase came and it has given users much benefits.

tjtonmoy

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Quote from: TimeTeller on November 15, 2023, 06:59:33 PM

We can't trust them to tell the truth about their assets and their whereabouts.
So be very cautious in tapping the related projects surrounding FTX platform.
Some may show good progress but we don't know what's really going on behind those curtains.
If you invest, better keep your eyes on what they have to say and the actual developments.
Don't give them too much credibility as at the end of the day they don't care about your portfolio.

I just want to say, everything you have said here proves that in order to be in business, you need to have people's trust. Without it, you cannot become successful or stand back up after falling. Once you mess it up, it is hard to gain the trust again and grow your business. For FTX, they have messed up big time. Even if something is backed up by them, people will find it hard to trust them again and follow it.

Rest assure, I'm not going to invest anything into it. The only thing that I focus is Bitcoin and I will stay with it. I have lost faith in altcoins because they are centralized shit. There will be still people trusting those projects but for me, I'm done with it.

EarnOnVictor

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Quote from: adaseb on November 11, 2023, 12:10:08 PM

Right now its $60. And they held $1B worth of SOL, so now they hold $6B so far. There are also other tokens and coins which went up in value. FTT is even $5 today compared to <$1 a year ago. I think they own most of the supply of that token.

You are correct with this connection, FTX had over $1.16B in SOL and it means that they would have multiples of this right now that SOL is seriously performing. Recently, they've transferred $102 worth of SOL to exchanges in tranches, and that could mean only one thing, they are better liquid than before and that money transferred to exchanges is obviously for the taking.

Quote

So is this another MtGox bankruptcy going out of insolvency due to crypto pumping?

FTX and some government bodies have been able to manage the situation better than MtGox and the current event is actually pointing to the fact that more money will be available. The rest depends on how FTX would maximize the situation.

TimeTeller

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Quote from: tjtonmoy on November 14, 2023, 03:19:21 PM

I think that's just the tip of the iceberg. I don't think FTX is still holding those coins after filing bankrupt. Even if they are still holding, that only shows that value on paper. If they're about to sell their holding, The price would eventually go down as many people with them will start to sell. That could lead to a huge price dump that good potentially decrease the total value of their holding.

But just to think that they can overcome this situation with only one coin makes it illogical. Then need other kind of backups in order to fix the damage that has been caused. I just want to clarify one of my doubts. Is it their personal holding or does it also includes assets from their customers? If it's their own, then they might be able to fix a little bit of damage but in order to fill the whole gap then need a lot more than this.

We can't trust them to tell the truth about their assets and their whereabouts.
So be very cautious in tapping the related projects surrounding FTX platform.
Some may show good progress but we don't know what's really going on behind those curtains.
If you invest, better keep your eyes on what they have to say and the actual developments.
Don't give them too much credibility as at the end of the day they don't care about your portfolio.

tjtonmoy

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I think that's just the tip of the iceberg. I don't think FTX is still holding those coins after filing bankrupt. Even if they are still holding, that only shows that value on paper. If they're about to sell their holding, The price would eventually go down as many people with them will start to sell. That could lead to a huge price dump that good potentially decrease the total value of their holding.

But just to think that they can overcome this situation with only one coin makes it illogical. Then need other kind of backups in order to fix the damage that has been caused. I just want to clarify one of my doubts. Is it their personal holding or does it also includes assets from their customers? If it's their own, then they might be able to fix a little bit of damage but in order to fill the whole gap then need a lot more than this.

KingsDen

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Quote from: mk4 on November 11, 2023, 08:19:12 PM

Lol it's going to take a lot more than $60 SOL (and whatever FTT's price is right now) for FTX to be solvent again — and take note, the SOL might've been slowly but surely being sold already. It'll take government intervention for FTX to be solvent.

We know the lost was severe and as well as the liquidation. The improvement in the sol price has however augmented the losses of FTX and if not that the tokens are locked, a nice hype and campaign from here could mean a better thing on the long run.

Also, I do not think that any government intervention is needed to rescue FTX . Only what is needed is a major bull run to put many things to order.

karabiber

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Quote from: tvplus006 on November 12, 2023, 04:07:40 PM

Quote from: adaseb on November 12, 2023, 12:25:16 AM

...Those might be their liabilities but what are their assets? ..

You will find the answer to your question here: https://medium.com/@DeMan01/a-hard-place-to-close-an-article-on-the-ftx-hard-to-sell-mystery-e986dd41bb2

Quote from: tbct_mt2 on November 12, 2023, 05:10:12 AM

...It is a fake pump games to dump FTT token on greed speculators.

Any positive news is used to pump coins by those who bought coins at the lowest price and this is no exception for FTT coins. And it is obvious that a large number of coins were bought at a price equal to $ 1, which will definitely be distributed among those who are eager to get a profit at a high price, after which a dump will follow.

I think the rises are deliberate to cover losses. People have been scammed and they should know that the old days will not return. I wish the surge was real, but I think this surge is being done by the whales affected by Ftx to cut their losses. In addition, although the value of Ftx in dollar terms has increased, the defi volume is bad.
In recent days, the increase in Sam backed coins such as Solana and Ftx is suspicious. It is highly likely that we will see Rugpull. Of course, you can make money by trading such ponzi projects, but keep in mind that such coins are highly centralized, backed projects and can take all the profits in a few days.

lombok

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Quote from: jaberwock on November 13, 2023, 11:06:01 AM

It was the opposite actually. People thinks FTX has to do with the collapse of SOL because it is said that Sam or its company have invested lots of SOL. Before the FTX collapsed, the crypto market is already in a bearish phase but maybe the issue have cause them to suffer more. That always happens whenever there is a negative news especially here in the crypto world, as some people can panic and sell their coins.

Other cryptos have already shown an increase even before, but indeed this seems a fresh air for the SOL users. Like you said earlier, SOL has nothing to do with the FTX, so I wouldn't hope anymore that my money will still be returned by those greedy individuals.

Yes, this is like a domino effect. When Bitcoin falls significantly, of course altcoins also follow suit. Especially SOL, which at that time FTX also had a lot of savings, the news spread and there was FUD on SOL. When everyone panicked and sold out, SOL finally fell into freefall.

This was a disaster for SOL, because their FTX became a victim, but once again SOL proved a solid team that survived the onslaught of the bearish market.

Are you have a funds at FTX? I'm sorry about what you're experiencing.

Quote from: jaberwock on November 13, 2023, 11:06:01 AM

If they are planning to come back, they must settle their debts first and maybe people will be happy and give them another chance.

I don't think it's that easy, even if they replace FTX's top officials and management, of course this will still be awkward and the trauma that still exists will hold someone back from dealing with FTX again.

Vispilio

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Quote from: adaseb on November 12, 2023, 10:22:05 PM

FTX bankruptcy is already selling SOL. They have been liquidating assets for the past few months. However with SOL you need to realise that many of those are still locked and cant be sold yet. They have been selling ETH and BTC also. This is pubic record pretty much and if you follow the discussion on the bankruptcy you can see it there.

Yes they will dump almost all the SOL when its unlocked but I guess since the market is rallying it still doesn't really care it seems.

The amount sold so far is miniscule compared to its overall holdings:

https://decrypt.co/204289/solana-plummets-ftx-linked-address-moves-sol-kraken-binance

FTX holds at least over 55 million Solana (and probably much more in undisclosed wallets but that's another story), not even 1 million SOL has been moved to exchanges so far from FTX confirmed addresses over the last month, so the expected bearish potential has not substantially come into play yet...

jaberwock

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Quote from: lombok on November 12, 2023, 09:28:38 AM

$SOL had nothing to do with the collapse of FTX. FTX collapsed because its own internal members committed fraud, especially the CEO. They use customer money, isn't this the root of their problem until they go bankrupt? Maybe this is also what caused crypto prices to collapse at that time.

It was the opposite actually. People thinks FTX has to do with the collapse of SOL because it is said that Sam or its company have invested lots of SOL. Before the FTX collapsed, the crypto market is already in a bearish phase but maybe the issue have cause them to suffer more. That always happens whenever there is a negative news especially here in the crypto world, as some people can panic and sell their coins.

Other cryptos have already shown an increase even before, but indeed this seems a fresh air for the SOL users. Like you said earlier, SOL has nothing to do with the FTX, so I wouldn't hope anymore that my money will still be returned by those greedy individuals.

Quote from: lombok on November 12, 2023, 09:28:38 AM

If FTX stands up again I'm sure there won't be many people coming to the exchange, because trust has been lost. Why go into the same trash hole again?

If they are planning to come back, they must settle their debts first and maybe people will be happy and give them another chance.

adaseb

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Quote from: Vispilio on November 12, 2023, 07:13:22 AM

If news got out that FTX is starting to sell SOL, it might have a catastrophic effect on the currently bullish trend,

Best thing for them to do is to compensate the customers not in USD amount but in crypto assets they were holding at time of bankruptcy, to convert it to USD is a huge disservice to innocent customer base...

Regardless, they will need to be very cautious in selling and spread it out for as long as possible, but so far I don't see any indication that any party involved with this case has customer interests as a priority, instead further shady American institutions and middle men are trying to extract as much money as possible from the FTX corruption, as evidenced by the 100 million USD + legal fees the bankruptcy firm handling FTX charged recently:

https://economictimes.indiatimes.com/markets/cryptocurrency/lawyers-land-700-million-bounty-from-crypto-collapse/articleshow/103409800.cms

FTX bankruptcy is already selling SOL. They have been liquidating assets for the past few months. However with SOL you need to realise that many of those are still locked and cant be sold yet. They have been selling ETH and BTC also. This is pubic record pretty much and if you follow the discussion on the bankruptcy you can see it there.

Yes they will dump almost all the SOL when its unlocked but I guess since the market is rallying it still doesn't really care it seems.

tbct_mt2

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Quote from: tvplus006 on November 12, 2023, 04:07:40 PM

Any positive news is used to pump coins by those who bought coins at the lowest price and this is no exception for FTT coins. And it is obvious that a large number of coins were bought at a price equal to $ 1, which will definitely be distributed among those who are eager to get a profit at a high price, after which a dump will follow.

Distributions by whales will be done slowly and it takes them time like months to complete their distribution. It's hard to realize when they complete their distributions but when it was done, it's time for bear that takes a long time before a new bull run game will be played.

Accumulation will not be completed shortly after distribution completion so if we join it too soon, we will waste our time when game won't be immediately kicked off by whales. By this logic, if anyone got profit with FTT token, it's time to cash out, buy Bitcoin and don't touch this token again in next 3 to 6 months. I would like to wait for 6 months before looking at FTT token again.

nelson4lov

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Quote from: kentrolla on November 12, 2023, 03:04:26 PM

What's the correlation between the Solana and FTX here? Price of Solana has nothing to do with whatever happens or is happening with FTX. Solana s a worthy project which provide much needed fast transactions with low cost wherein FTX is an abandoned exchange which started using it's investors money and just consumed their investment and moreover the recent Solana pump started a while ago wherein FTX started pumping like 3 days ago and people are just blindly investing into FTX once again without learning from mistake and they will end up losing it all together once again. Wherein Solana will be a game changer this time like it did last time and it won't be a short-lived pump as we have seen Solana gradually consolidating to the current value which it is trending now.

Please correct me if I have missed something which links Solana with FTX

FTX held a large chunk of sol tokens so much that it was even rumored that FTX spearheaded that solana run to as high as $250 at the peak og of the bull market. That was why SBF was always biased towards Solana projects and even launched a few sub projects like project serum. At the time the bankruptcy was announced, FTX still had plenty of sol on its balance sheet so you should get an idea of how much FTX was on the affairs of solana.

FTX is not solvent yet. It would take more than $60 sol or even $100 — but they're planning a reboot so it sol price appreciating only gives the new team plenty of room to recover fast.

tvplus006

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Quote from: adaseb on November 12, 2023, 12:25:16 AM

...Those might be their liabilities but what are their assets? ..

You will find the answer to your question here: https://medium.com/@DeMan01/a-hard-place-to-close-an-article-on-the-ftx-hard-to-sell-mystery-e986dd41bb2

Quote from: tbct_mt2 on November 12, 2023, 05:10:12 AM

...It is a fake pump games to dump FTT token on greed speculators.

Any positive news is used to pump coins by those who bought coins at the lowest price and this is no exception for FTT coins. And it is obvious that a large number of coins were bought at a price equal to $ 1, which will definitely be distributed among those who are eager to get a profit at a high price, after which a dump will follow.

kentrolla

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Quote from: adaseb on November 11, 2023, 12:10:08 PM

Correct me if my math is wrong but if I recall from a year ago, FTX was $7B or so short and hence the bankruptcy. When they filed for bankruptcy SOL was valued at around $10 or so.

Right now its $60. And they held $1B worth of SOL, so now they hold $6B so far. There are also other tokens and coins which went up in value. FTT is even $5 today compared to <$1 a year ago. I think they own most of the supply of that token.

So is this another MtGox bankruptcy going out of insolvency due to crypto pumping?

What's the correlation between the Solana and FTX here? Price of Solana has nothing to do with whatever happens or is happening with FTX. Solana s a worthy project which provide much needed fast transactions with low cost wherein FTX is an abandoned exchange which started using it's investors money and just consumed their investment and moreover the recent Solana pump started a while ago wherein FTX started pumping like 3 days ago and people are just blindly investing into FTX once again without learning from mistake and they will end up losing it all together once again. Wherein Solana will be a game changer this time like it did last time and it won't be a short-lived pump as we have seen Solana gradually consolidating to the current value which it is trending now.

Please correct me if I have missed something which links Solana with FTX

lombok

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$SOL had nothing to do with the collapse of FTX. FTX collapsed because its own internal members committed fraud, especially the CEO. They use customer money, isn't this the root of their problem until they go bankrupt? Maybe this is also what caused crypto prices to collapse at that time.

The increase in the price of $SOL and other crypto has actually created a breath of fresh air for fund owners who are still involved in FTX, who until now hope to get their money back.

If FTX stands up again I'm sure there won't be many people coming to the exchange, because trust has been lost. Why go into the same trash hole again?

Vispilio

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If news got out that FTX is starting to sell SOL, it might have a catastrophic effect on the currently bullish trend,

Best thing for them to do is to compensate the customers not in USD amount but in crypto assets they were holding at time of bankruptcy, to convert it to USD is a huge disservice to innocent customer base...

Regardless, they will need to be very cautious in selling and spread it out for as long as possible, but so far I don't see any indication that any party involved with this case has customer interests as a priority, instead further shady American institutions and middle men are trying to extract as much money as possible from the FTX corruption, as evidenced by the 100 million USD + legal fees the bankruptcy firm handling FTX charged recently:

https://economictimes.indiatimes.com/markets/cryptocurrency/lawyers-land-700-million-bounty-from-crypto-collapse/articleshow/103409800.cms

tbct_mt2

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When trust of customers, investors is broken, your business reputation is damaged and nearly can not get it back 100%.

FTX went bankruptcy because of their CEO's fraudulent activities to use customers money without permissions and without any report to FTX customers transparently about shady activities.

Changpeng Zao with his tweets can trigger a death spiral of FTX and months later, many people lost money, lost their life because SBF, FTX and FTT token can not fully recover or become solvency again.

If victims are struggling to return to normal life, how FTX exchange can become solvency again?

It is a fake pump games to dump FTT token on greed speculators.

Topic: So since SOL is $60 - Means FTX is solvent again? - page 2. (Read 477 times)