Topic: The leader of the collapse of the currency circle (Read 337 times)

That is the thing I worried about - exchanges/market monopolies.
If that is going to happen, it was even more than politics but the power to control everything which makes CZ and Binance controlled the entire crypto market. Now, the issue is escalating and people are interested in what will happen. But the question is if this will have a positive impact on prices or if it brings more to the dip because that is what we see now (decline).

We are currently in a global recession that it not even at its peak. During a recession, businesses often fail, go bankrupt, and some can also resort to scam in order to profit and save oneself. Crypto exchanges are businesses, and as such they are not prone to the negative global economic effects. Whether FTX was a scam situation or a genuine bankruptcy situation remains to be determined, but it's nothing unheard of if you think of other financial third parties, such as banks. FTX was big, and the event can trigger panic mass withdrawals from other exchanges, leading to more bankruptcies and then in turn to more panic withdrawals. I don't know who's next, but I do believe that now is the time to get that money out of crypto exchanges if one is storing a sizeable sum on a centralized platform.

If he did buy the exchange then many will consider them a hero but that didn't happened for some reasons but it was a good thing because owning FTX will make them a monopoly in the crypto world and something bad will happen later on so we shouldn't feel bad about the crash and another good thing about this is that it helps us buy more coins at a discounted price.

If we only invest in the standard cryptos (not on an exchange token) and we only hodl our crypto in a wallet that we have full control of, we shouldn't worry because the loss that we experience are only temporary as long as we don't sell because standard cryptos can always recover. 

I don't consider him as a Hero because he was just selling his share and fault in the FTX lead to all this collapse and he also tried to buy it which could have balanced the situation but in the end nothing happened and people lost the money.But if we are calling CZ hero in this case then you are overlooking the scene that he has taken the opportunity to take out his competition from the market.

Yeah, it may be true. FTX Exchange Collapse: CEO Sam Bankman-Fried's Net Worth $16 Billion to 'Zero'. but they think really will start gaining and getting more money from it. nothing is permanent in the world. the market is fluctuating. any time it goes up or down based on the situation.
https://digitalindiatoday.com/ftx-exchange-collapse-ceo-sam-bankman-frieds-net-worth-16-billion-to-zero/

And given that he (his platform) may have been the instigator of the huge mempool shooting up all of a sudden, assuming that it was Binance who was moving their coins around.

I mean goodness, who knows when that backlog is gonna be cleared...

Right now, CZ is taking advantage of the situation by presenting - branding - himself as the clean guy and for now it is working as his platform is poised to be the major player in the crypto business. Well, he knows business and I am expecting that all the time he is always attuned to his entrepreneurial spirit using some punches along the way to clear the path towards Binance domination. Speculations and theories are abounding as we are witnessing the fall and the aftermath of FTX/SBF collapse...days from now we can see which other platforms are severely affected by this development and which will also be declaring emergency and bankruptcy. Can this be the needed cleansing of the industry and will this lead to clearer and stricter crypto regulations? The answers to these questions will be slowly revealed to all of us as months go by...

The truth is that developers, businessmen and entrepreneurs decided to upgrade the old scam ponzi and pump and dump schemes to a new level in crypto universe, through their native exchanges' tokens. At some point it would inevitably fail like every schemes of the same kind, as we are seeing. We can't say for sure who is going to be the next one, but there are strong candidates who present similar patterns on their platforms. I hope they don't crash and I hope they aren't doing the same practices on the backgrounds in order to pump their tokens, at same time I can't close my eyes to the possibility this is happening.

Unfortunatelly greed and egocentrism spoke louder among crypto companies at a point it must have reached to a big competition for the most influent and valuable token, so many of them appealed to 'cheating' tactics using their customers' balances unduly and criminally.

The bubble in the encrypted world is the same as the real estate bubble in the real world. Only when it bursts will there be a beautiful rainbow light. I personally think that the collapse of the centralized exchange is not a very bad thing, it will speed up the process of decentralization. Whether it is a personal struggle or a political conspiracy, let's not study too much.

There is a way that could be stopped, and that way is regulation. As long as SEC requires all these companies to show their reserves, meaning all of the money should be watched, and blockchain allows this to be even more public, just put all of the wallets and addresses out in the open, or if not open at least give the names to SEC, which means that they will be able to actually see it and calculate if all is okay.

With all these people also be tracked, CEO for starters, but everyone else. All these exchanges and other places did what they have done thanks to being semi-anonymous either themselves, or all of the data of their company.

Speculating which platform will also fall just like what happened with FTX and its SBF can be a very risky business. While I agree that we should be exposing frauds and those practicing mismanagements to the detriment of the people who believe on them, speculations can also be hurting those which are doing the right way. In the past, brands and businesses were wiped out due to uncontrolled speculations and rumor around them...with many became victims of circumstances rather than the making of their own.

But since we can never stop rumor and the short sellers, all platforms involved with cryptocurrency should now start to be transparent and to provide the market with Proof-of-Reserve which Binance is now championing - which has a little irony on it but can be a big signature of CZ - so as to stop unfounded speculations that they can be the next in line to the chopping board. Right now, we don't know what can happen with the crypto industry after the smoke is gone but we are all hoping that this latest big debacle will only serve to make it much resilient and stronger into the future.

I have nothing against it, and I even agree that it should be much more strictly regulated who can run a CEX and what obligations they should have towards their clients. This would first of all mean that their funds (cryptocurrencies&fiat) should be 100% insured and that the company has the obligation to indemnify everyone in case of hacking or any other event for which it is responsible.

Ordinary people should not be any victims of irresponsible actions of greedy and irresponsible individuals, and even if someone manages to implement some super strict measures for individual users, it means absolutely nothing in the sense that some new Mt.Gox, Quadriga, or FTX will not happen again.

For Bitcoin to work as an electronic payment system, no, they are not necessary and move away from the idea of the payment system being person-to-person.

However, CEXs have provided an ease and liquidity of exchange that has driven the price of Bitcoin from pennies to tens of thousands of dollars. As we have seen this year, however, in many cases these platforms, in addition to artificially pumping shitcoins and shittokens, have relied on leverage and fractional reserve, which is what Satoshi intended to avoid when he created Bitcoin.

To think about what would happen if they did not exist I think it is not worth spending much time because they will continue to exist, but I think that from now on it will be with much stricter regulations, and we will see what implications this has for the Bitcoin that I fear will be in line with what the EU has in mind: more KYC everywhere, even trying to force hardware wallets to implement it,

The causes of collapses recent months since May, started with Terra crash is a wrong usage of a bad technology, DeFi. We know DeFi 2.0 was very hot since 2020 but most  of us did not realize a fact behind DeFi 2.0. It is a perfect tool for Ponzi activities and it make Ponzi operations are more easily and it covers the truth about Ponzi activities by using a term DeFi.

If we think deeply, we would ask answers like where are money come from for DeFi platforms? And where are money for them to pay to users in staking profit, in annual percent yields?

It is clearly a ponzi model and APY is not real. You can not get that promised APY by staking your cryptocurrency in one year long. Your cryptocurrency will very likely lose its value, even in bull market and not restricted in bear market.

They have always being a weakness in this market and now we are seeing how vulnerable they really are, so while I hate they have taken this market hostage and now their mismanagement is causing speculators to suffer such massive losses, at the same time I do not see how else those speculators will learn to not trust them.

If they have to make a trade it is fine to do it but they should never keep their coins there, and if possible they should not invest in the coins promoted by exchanges, because as we can see once the exchange experiments any kind of trouble the collapse of their coin happens at an impressive speed.

Crypto. Com is doing something fishy. They have reported another mistake after their first mistake of funding a couple $10.5million instead of $100. Now, they claim that the 320k Eth sent to gateio's  wallet was a mistake which gate exchange confirmed to be true and that they've refunded the money. God forbid it! if crypto .com collapses they'll definitely call it a mistake, nothing else. I think the cryptocurrency market is not to be trusted just like Michael Saylor tweeted: Don't trust, #Bitcoin. these exchanges we thought, will fast-pace cryptocurrency are killing the market instead.

For further details about the crypto.com, gateio and huobi reserve transfer drama read.

https://www.google.com/amp/s/cryptoslate.com/crypto-com-transferred-nearly-85-of-eth-reserves-to-gate-io-in-october-ceo-assures-it-was-accidental/%3famp=1

The next script is to make the fall of crypto.com I guess?

You know, with politics, it is everywhere. From company to its competitor, the typical government with its politics and as in everywhere. We don't know if it's a blessing in disguise that someone has exposed the problem FTX/Alameda research has.

These big people that owns these centralized exchanges knows a lot.

Btw, CZ tells the chronology^[1] from his perspective what happened with the collapse of FTX at IFS2022 three days ago.

Smells political, yep it might be a hot topic for now. One thought-provoking tweet^[2]

1. https://www.youtube.com/watch?v=xKRvgj0G7Nk&t=180s
2. https://twitter.com/owillis/status/1592013956805451777

Are CEX's really needed? Wasn't the whole point of BTC and Crypto to be DECEN?

Which might mean learning some new skills and protecting your gold.. 

My dear friend this economic cycle cant atand anymore as we were continuously avoiding this crisis since 1990s but after 2010 this procedure speed up and now you better know the conditions the total distruction in every aspect banks made this more worse now we need DAOs to fix all this and universal currency or asset called Bitcoin.

with so many people who are sad because they lost money, guessing what the next misfortune will be, I think it's not something anyone would want to do in a time like this, if we were talking about a few months from now when people had already forgotten about this case maybe it would even make sense to try to predict what the next disaster would be, but now is a bad time for that, there is constantly new bad information about the FTX case for example today I read that the Kraken exchange froze accounts related to FTX and Alameda, I got I ask: where will this all end?

Does it even matter who will be next? Any of the large and mid-sized CEXs that find themselves in serious trouble will cause disruptions in the crypto market. And I don't know why you call CZ a hero? Maybe because he was only apparently trying to save the company that started to sink, but in fact at the same time he was just cutting ties with it so that there would be as little damage as possible for his company.

Apart from that, is there anything serious about someone doing due diligence in 24 hours and saying that he changed his mind because the results are not satisfactory? Such things last for weeks or months and are not carried out in one day, so I would conclude that it is one thing to play the hero, and quite another to be the hero.

to clarify

FTX.us and FTX international was not the largest firm based on customer numbers. its said that there are under 1.2m creditors/customers combined (some say under 200k in just the international part)

where as coinbase for instance supposedly has 60m customers..

but FTX international customers are not the normal users of 'minnow'' trade amounts/volume.. FTX.us/ftx international was a low user number but of large whale volume/investment amount

(however math suggest 1.2m customer in a portfolio of $10b-$50b is only $10k-$50k average invested in the FTX portfolio per user)

these whales did include the likes of binance and even kevin o'leary(sharktank) https://www.youtube.com/watch?v=BxEFYqbOchc

many businesses (not small citizen level investors) had money in FTX international.

so we could see some knock on affect of other businesses

.. many people have been shouting about a binance downfall.. but binance  stepped out of its investment before the rug got pulled. i can understand other investors would be mad that binance jumped before telling them.. and then going public before telling fellow investors. but i dont see binance breaking due to FTX, they got out early and safe

FTX is sister of DCG which is mother of coinbase, paxos, greyscale and multiple other exchanges. i feel they got their profits/stake out months ago too because SBF was buddy buddy with DCG ceo (however i could be wrong)

..
we may actually see scenarios of companies/exchanges not collapsing but using this event to rubber stamp their fiat accounting to do a "paper loss" as their tax avoidance methods on the profits they actually achieved earlier in the year

Crypto.com was in the news today as they had moved around 400 million of their money that showed that the money was not in cold wallets as they did promise to their customers but it was in hot wallets thus it is advisable to remove and withdraw any coin anyone might have on this platform.I just read the news now in this link.Again these are rumors but the fact that they moved around 82% of their Eth reserves to a wallet linked to Gate.io adds to this drama.

https://www.investing.com/news/cryptocurrency-news/cryptocom-native-token-plummets-as-ftx-collapse-fuels-contagion-fears-2942505

I can't guess which the next exchanges or platform will collapsed, but what I know is every centralized exchange, lending platform, staking platform, and the other centralized sites will collapse in the future including Binance. This because centralized sites are very vulnerable and hacker will try anyway in order to access the sites. If no one still don't care with not your keys, not your coins, sooner or later their coins would be gone.

I don't know the story here but I wouldn't even begin to consider CZ a "hero" since he is the same person who was offering payment to bitcoin mining pools in order to perform a 51% attack on bitcoin blockchain. All because his shitty platform was hacked and he wanted the money back.

The only people who knows what's really happening are people in the backlines close to FTX/Alameda. Everything we see on Twitter are just theories for now, and nothing has been proven yet. I'm betting that FTX/Alameda just took too much risk — to the point that it was totally retarded.

As for who will be next, heavy rumours on CryptoCom and Gateio. But then again, rumours.

In November 2022, another unforgettable moment, Changpeng Zhao of Binance became the first hero to blow the whistle. FTT thunderstorm, who will be next? Let us make a bold guess, and SBF, Is this an emergency or a political conspiracy? There are too many scripts on Twitter, do any of the big names in the forum know the truth?