FTX Has Billions More Than Needed to Pay Bankruptcy Victims
I wounder where those billions came from
in other news GBTC is back to outflows after the 2 days of odd inflows
I wounder where those billions came from
in other news GBTC is back to outflows after the 2 days of odd inflowsThese kinds of headlines are really getting on my nerves.
If they were going to pay people back in terms of bitcoin and even in terms of the various shitoins that they were holding at the time of their filing of the bankruptcy, I would not have as many problems with these kinds of claims of paying back "more" - because it is just not true.
Let's just stick with bitcoin since I don't personally care as much about the various shitcoins, but in terms of bitcoin, I am pretty sure that the BTC price was around $16,500 to $17,500 on November 11, 2022 - when FTX filed for bankruptcy. So yeah they are valuing the BTC claims at whatever price they are using - maybe the price at the time of the filing.. and I had seen somewhere in December 2023, the FTX folks might have been proposing $16,871 for the BTC claims - so yeah, it is a bunch of bullshit when they are claiming that they have more money than to pay out claims since so far (since the US bankruptcy standards seem to allow such scams) they are placing a dollar value at the time of the bankruptcy filing.
So fuck their claims of paying extra (or having extra) or whatever they are trying to claim, since when I currently look at the bitcoin price, I see bitcoin spot prices of around 3.65x higher than their prices at the time of the FTX bankruptcy filing, so if they say that they are going to pay the bitcoin holders 3.65x more than their claims (right now), then I have no problem with that, but since they are going to drag out the paying back of claims, just give the clients the bitcoin that they thought that they had. That would be the correct thing to do.. and probably even the correct thing to do in regards to the various shitcoins, even though there would likely be some technical difficulties dealing a lot of those shitcoins, so there could be some excuse to place a dollar value on some of the various shitcoins, and pay that back.
Pretty much, force sodled billions worth of BTC, but you should be happy you'll get 10x your money*
*in Zimbabwean paper notes
