Will FTX make a comeback? - page 2. | Bitcointalksearch.org

Lucius

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Quote from: bbc.reporter on February 14, 2023, 09:33:29 PM

I very much agree. This exchange was not a service that was created in good faith with an honest intention. It was a already a scam and a scheme to launder money for their backers from the very beginning.

From what I have seen and heard from the mouth of Bankman, it does not seem that the whole idea about FTX was started to carry out a scam with premeditation, because he does not seem like a bad person to me, but just very incapable of keeping such a complex business under control. In the first interview he gave after the collapse, he admits that things would have been different if he had devoted at least one hour a day to that work (I'm paraphrasing from memory).

Therefore, he is guilty because he completely lost control, and in addition to his obvious incompetence, some of his co-workers also realized that they can do whatever they want because the boss does not supervise the work.

Quote from: bbc.reporter on February 14, 2023, 09:33:29 PM

The name FTX should be forgotten in the cryptospace.

Such things should not be forgotten because people should learn from their mistakes and not pretend that it never happened. Although I think that for some new investors in a few years it will be just another in a series of bad stories from the crypto world, which will not affect their decisions too much - so it should not be ruled out that history will repeat itself when it comes to CEX.

GigaBit

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Quote from: PX-Z on February 13, 2023, 10:54:14 AM

Quote from: Abiky link=topic=5439724.msg61757159#msg61757159

If FTX pays its customers back, do you think it will rise to glory again? Or is it game over for it?

Well if they can recover the bankruptcy, pay debts in any way, reorg the company, do much effort on strategic ways on how they will make more profit than before, that's possible. But knowing crypto companies rely much more on crypto's trend and knowing crypto is currently in the bad shape. I don't think it will happen.

Recovering from bankruptcy is a very difficult task. If FTX return money to customers and pay their debts then have the possibility to recover again. But I feel negative in this field. Because if they are able to pay the debt, will they be able to restore the confidence of the customers? Because we have already seen before what happen with Luna, they could not recover. Moreover, that confidence was not born among the investors. So I don't think FTX can come back. But it is not easy and simultaneously i want to say it is not impossible. It is only possible if they can regain the confidence of investors by being more stronger than before.

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Quote from: Abiky on February 13, 2023, 09:33:26 AM

FTX was known to be the world's second-largest crypto exchange before collapsing in late 2022. Investors were "rekt" and crypto/Blockchain tech got a lot of bad publicity. The company is now bankrupt, but SBF is trying to bring back customers' trust by "making them whole" again. If FTX pays its customers back, do you think it will rise to glory again? Or is it game over for it? I'd be surprised if FTX makes a comeback after so much disappointment from mainstream investors. If it does come back, it's going to need to change its branding just to help gather new investors into it.

What do you think about this? Your input would be greatly appreciated. Thank you very much.

First of all, we need to understand that FTX scammed all of us and the scammers usually do not return our money. So if anyone thinks that SBF or ftx will return all this money , it is not going to happen.

The game plan by the scammers can be that they will want to re-enter in the market with a promise to again make an exchange and later return people money. I hope people do not believe thier false promises if they ever come up with such a plan to regain customers confidence and also again start collecting money from the people.

mk4

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Quote from: bbc.reporter on February 14, 2023, 09:33:29 PM

I very much agree. This exchange was not a service that was created in good faith with an honest intention. It was a already a scam and a scheme to launder money for their backers from the very beginning. The name FTX should be forgotten in the cryptospace. It was a horror show that was happening with or without CZ's dump of FTT that triggered a liquidity cascade.

The chances of the cryptocurrency space forgetting an exchange that caused a cascading bankruptcy event is zero. It's pretty much the 2022 version of the MtGox debacle; and it can even be arguably worse — it was simply just so bad.

bbc.reporter

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Quote from: Lucius on February 14, 2023, 11:58:11 AM

Someone asked a similar question in another board, and no matter how forgetful people are and the possibility of returning some of the funds to clients, returning this CEX in any form would be simply wrong. Allegedly, some funds have been discovered ($5 billion + another possible $5 billion) and all focus should be on how to compensate clients, although I have no doubt that the first in line are "significant clients", and considering that the largest US companies are involved in everything, ordinary clients will wait their turn and hope for some crumbs.

I very much agree. This exchange was not a service that was created in good faith with an honest intention. It was a already a scam and a scheme to launder money for their backers from the very beginning. The name FTX should be forgotten in the cryptospace. It was a horror show that was happening with or without CZ's dump of FTT that triggered a liquidity cascade.

Also agreed on the first in line are the significant clients. They need to do this to avoid prison and also a hope to avoid a trial hehehe. They might not like what Sam Bankrupt-Fried might say if pressured to a corner.

1miau

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Coming back for providing usual operations such as trading or buying /selling coins? Most likely not, I don't know who would still trust FTX any funds after what happened. Who would still advertise FTX as a sponsor? No one... Cheesy

I can only imagine a comeback to refund investors, refund sports teams sponsored by FTX or refund anyone else who's been financially damaged by FTX. Even after that, FTX should better close down.
But providing operations again? Maybe it's just a joke to pump their FTX coin / token. Cheesy

Abiky

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Quote from: pixie85 on February 13, 2023, 04:12:38 PM

Many exchanges fake volume and this was already done by the Chinese like Huobi in 2014, so I bet FTX was messing around with it too.

They had a lot of deposits but mostly from people they lured into the scam by paying them like Tom Brady who got paid to promote it and moved his own money into the exchange thinking it to be legit.

A few days ago I heard they even own money to Netflix. I don't know what that company was doing with FTX but that's apparently a fact. Binance also helped them a lot by investing and promoting them which pumped the exchange more than it should. Many people are guilty here like O'leary and CNBC who kept talking about the generous billionaire all the time.

FTX is dead, it should stay that way and shady people involved in these scams should be avoided like a plague.

FTX should never rise back to glory after betraying its customers. It should stay defunct, paving the way for other crypto exchanges to take over the industry. If it does come back alive, it would be a "miracle" especially when a lot of investors lost trust in it. In crypto land, we should expect the unexpected. Either FTX comes back under a new name, or another crypto exchange or company takes it out of bankruptcy by purchasing its assets.

We can blame Binance for dumping all FTT tokens on the market. What makes you think it won't do the same with other exchange-related tokens in the future?CZ would be capable of doing anything to prevent Binance from losing market dominance. History is known to repeat itself, so I wouldn't be surprised if another big exchange collapses sometime in the future. Just my thoughts Grin

EFS

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I think the probability of FTX returning is the same as the probability of MT.Gox returning, which is absolute zero. They are long gone. It would be naive to think they might come back. I'm sorry for those who lost their money but that's what I think.

DaveF

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There are not enough letters in the word no to give an accurate representation of the no of the answer.
Even if someone came in, paid the debt and made everyone whole again there is no way people would use it.

And to top it off, they would have charge such outlandish fees to make up for the losses there is no way they could be competitive.

And every action they took would be under such scrutiny by regulators that nothing could ever be done quickly.

And then getting other financial institutions to partner with them would be just about impossible.

And so on.....

-Dave

Lucius

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Someone asked a similar question in another board, and no matter how forgetful people are and the possibility of returning some of the funds to clients, returning this CEX in any form would be simply wrong. Allegedly, some funds have been discovered ($5 billion + another possible $5 billion) and all focus should be on how to compensate clients, although I have no doubt that the first in line are "significant clients", and considering that the largest US companies are involved in everything, ordinary clients will wait their turn and hope for some crumbs.

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Quote from: Rikafip on February 13, 2023, 10:51:49 AM

Considering the tendency of an average crypto investor to easily forget about bad stuff from the past

People forget easily but I think that still, scams in crypto worsens reputation for every decentralized platform, even if honesty is their best policy.

Quote from: Rikafip on February 13, 2023, 10:51:49 AM

At least, we could get another exchange by some ex-FTX people, but under new name.

If anything, this is the real thing that is going to happen. If a man builds a thousand bridges and fucks one goat, people don't call him a bridge builder but FTX has never built a thousand bridges, instead, moved on doing of the second one. If FTX wanted to stay in business, they would be more careful.
Firstly, they'll never be able to get their reputation back and secondly - it will cost more than they'll profit.

We will definitely get another exchange by ex FTX people because it's the business where they have experience and know how to operate.

Quote from: yhiaali3 on February 14, 2023, 04:40:11 AM

Even if FTX changes its brand and its entire staff, I don't think it has the potential to return to the market again.

Rebranding is not an option. Can you name a company that scammed people but did rebranding and conquered the niche again? Not rebranding but if some ex FTX members establish a brand new exchange, they'll may succeed because to be honest, people rarely do deep investigation.

michellee

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FTX can come back and open a crypto exchange like before, but it's not easy for traders and investors to trust FTX again after the case that happened to FTX. It's not easy for FTX to build the trust of traders and investors because too many investors and traders have been disappointed.

But FTX may change its name and announce a major overhaul of its company so that it can have a positive impact on traders and investors. But again, FTX's journey will not be easy and will need more work to convince the public.

CoinEraser

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I don't think FTX can win back customers' trust. Certainly many are hoping for FTX to come back, but only to withdraw their coins. Once that is done, most clients will certainly avoid FTX. I can't think of any way FTX can regain customer trust. Even under new management and maybe even a new name, most people won't trust this exchange anymore. So I definitely wouldn't. Wink

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Quote from: Abiky on February 13, 2023, 09:33:26 AM

FTX was known to be the world's second-largest crypto exchange before collapsing in late 2022. Investors were "rekt" and crypto/Blockchain tech got a lot of bad publicity. The company is now bankrupt, but SBF is trying to bring back customers' trust by "making them whole" again. If FTX pays its customers back, do you think it will rise to glory again? Or is it game over for it? I'd be surprised if FTX makes a comeback after so much disappointment from mainstream investors. If it does come back, it's going to need to change its branding just to help gather new investors into it.

What do you think about this? Your input would be greatly appreciated. Thank you very much.

People keep money where they trust that it is safe .No one will be willing to joke with their haed earned money.
If FTX happens to fix their problems and come back to the market many people will be skeptical to join the exchange
This is because the trust they have in this change has already been betrayed so trust can only be betrayed once and not twice that is why many people would not use the exchange

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Even if FTX changes its brand and its entire staff, I don't think it has the potential to return to the market again.

FTX and its CEO SBF have been linked to one of the worst incidents in crypto history, so they will not be able to restore the trust of users who lost millions of dollars and were not compensated.

SBF has hired some very good lawyers and the new team of FTX is doing everything they can to get the exchange back in good shape in the market but I doubt they will succeed.

bbc.reporter

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It would be head shaking if we witness the SEC allowing a comeback for FTX and it would not be shocking also, however. The SEC is a corrupt government department that only cracks down on those who did not pay them their bribes and extortion money.

Also, the SEC has failed to protect FTX users.

mk4

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I think they can easily go back into operation, only if they change leadership. FTX's UI/UX is simply too good for a trader's perspective for them to just disappear completely.

With all said and done though, safe to assume that they wouldn't have the same amount of users before all the fiasco.

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Quote from: Rikafip on February 13, 2023, 10:51:49 AM

Was it ever that big though, or it was just a hype due fake volume and bunch of paid sponsorships? I might be wrong, but somehow I always thought of Coinbase as bigger and more relevant.

Considering the tendency of an average crypto investor to easily forget about bad stuff from the past, I wouldn't be surprised to see FTX coming back if by some miracle all users get their money back. At least, we could get another exchange by some ex-FTX people, but under new name. After all, this is crypto where anything is possible. Wink

Many exchanges fake volume and this was already done by the Chinese like Huobi in 2014, so I bet FTX was messing around with it too.

They had a lot of deposits but mostly from people they lured into the scam by paying them like Tom Brady who got paid to promote it and moved his own money into the exchange thinking it to be legit.

A few days ago I heard they even own money to Netflix. I don't know what that company was doing with FTX but that's apparently a fact. Binance also helped them a lot by investing and promoting them which pumped the exchange more than it should. Many people are guilty here like O'leary and CNBC who kept talking about the generous billionaire all the time.

FTX is dead, it should stay that way and shady people involved in these scams should be avoided like a plague.

BenCodie

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Can you provide some more sources relating to SBF wanting to "make customers whole" that is recent?
This source: FTX Bankruptcy hearing update - SBF says could make customers whole is the only recent article matching the conclusion that you have posted. That was posted in November 2022, 3 months ago.

In more recent news:
Sam Bankman-Fried Needs Tighter Bail Restrictions, Judge Says
"A federal judge said he was not satisfied with a plan that lawyers for the disgraced FTX founder struck with prosecutors to limit his use of encrypted messaging apps."

I don't think SBF is able to make anyone whole at this point. This thread topic is old, outdated and most likely invalid news.

So my answer is no. FTX will not make a comeback. Words of a new CEO were spread in the last few weeks though I don't think that will come to fruition. If there is a new CEO, maybe he will provide some sort of compensation to rebuild some trust and make good face for himself. I don't see why anyone would want to become the CEO of this company though.

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It's a wise thing to return the funds of the affected customers but to think that it will make them comeback and trust FTX again, I don't think so. Even with the new management, it's having hard time recovering. We can have a comparison with those exchanges before that have been at the peak of their popular like bittrex, there's not that much anomaly with them but with just due time, they've lost what they've got.
So, with this issue on FTX, they need tremendous luck if they're thinking that getting back the trust of people will be that easy.

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