FTX

Bagholder-3000

Brooooo! thank you for making this picture. He hasn't changed. Recetly a new guy, Russ, joined. I feel he's worth getting opinions from, but this guy - perma bear. I think he is a momentum trader, but he waits so much that my small earnings won't be able to capture most of the gains. Lost by not capitalizing on the FTX collapse, as I was a retard listening to him

partymsl

FTX saga will go one for years...

ElPeroTonteria

I'm with you on this... I'll be looking for my exit sometime early/spring 2025. I'll have some $ left in USDC and leave it be till we're deep into winter next cycle. I got rekt during the doge/elmo thing... bought in early 2021 ahead of FTX... I averaged down, compounded staking rewards, slid some MOON over into BTC. I'm pretty much bags packed at this point w a little dry powder if we come back to the 50s again... I'll be BTC only after this cycle

robotwizard_9009

After sec met with FTX, sbf started lobbying the hill and ran to the CFTC. Even I knew sec was sending warnings out to brokers. It was very public. Sec told them they were securities and the industry tried to deny it, fight it. They don't want clarity. They want a free pass. They know they're breaking securities laws so they're trying desperately to fight it. We have laws. They are breaking them. Nothing "good faith" about it. Sec and cftc both publicly stated that bitcoin and eth were commodities but not everything else. But that was before the eth update. You aren't going to the source. You're regurgitating crypto propaganda. Guess who owns those news sites.

asml84

How come FTX users get the value of their portfolio at the time of the collapse and Mt. Gox users get the value of their portfolio today?

robotwizard_9009

Dems took FTX donations through legal channels. We now know that sbf and Rian salame sent the same amount of money to republicans through dark channels. Salame just pleaded guilty to these charges. Also, ftx talked to sec and was told they were violating securities laws so FTX immediately started lobbying(bribing) the hill and negotiating with cftc. That's when the crypto industry at large tried to argue that their assets weren't securities. Cftc has 3 trump appointees as opposed to sec with 2. CFTC quite literally almost gave FTX full keys to our commodities. Weeks later FTX crashed. This would have crashes our markets. Things humans actually need like food, lumber, metals.. We have regulations for good reasons. Great depression, 2008, FTX... Only crooks on wallst want to bypass them. We get fucked every single time.

Mountain-Ad326

I did this last run. I sold 75% of my stack in the early to mid 60's. Primary reason being the whole NFT thing looked to be this pathetic self feeding monster that was destined to blow up. 300k for a picture of a monkey was laughable. I also sold a vintage Japanese sports car for 150k and bought another one almost as good at about the same time as the BTC low for 75k. I bought back into BTC at the FTX collapse. So sold most at 60k-64k and loaded back up at 17-22k

P2PTrades

This is the first cycle where circulating supply has been in a downward trend. There is less Bitcoin available for purchase now than at the beginning of the last cycle. Last cycle supply was trending up and this cycle it’s trending down. There is no fucking bitcoin. Period. There’s also more demand from ETFs and there’s “burning” of the supply in the ordinals/ tokenization market. The price is decided by the last price paid and since there’s so little bitcoin to buy it’s never been easier to move price. Furthermore on the note of FTX, when FTX went down they held zero bitcoin so there were not servicing the market demand. That’s what I mean when I say stifled.

P2PTrades

Oh, but this is where you’re wrong market cap is not a reflection of dollars put into the asset. The price is decided by the last price paid. Since bitcoin has never experienced a down trend in supply for any cycle it’s in a unique position to perform every other cycle. If the same amount of liquidity that came in from last cycle ( which was a stifled cycle due to FTX, not actually purchasing bitcoin) it would achieve a price of over $400,000. Like I said, I have checks and balances to prevent downside risk for my bias. But I am very bullish on the price of bitcoin this cycle.

Cryptotiptoe21

Fake news kamala has been running the show this whole time along with Biden and they have attacked the crypto sector in so many different ways especially by allowing the SEC do covertly manipulate everyone. Remember FTX? Bankman donated millions of dollars worth of crypto to Biden and ftx got away with scamming people for way to long until the truth caught up. Just like all the other lies the democrats are facing the truth is catching up. Don't fall for the fake news. Kamala = Biden.

JynsRealityIsBroken

Crypto is not "incredibly safe". There are scams everywhere. It's trivially easy to fuck up a transaction address and lose ALL your money you sent. Like I said, grandma sending her life savings to Kroger for a bushel of apples at the grocery store. Life is not safe without regulation. People would absolutely MURDER each other if it wasn't illegal to murder. That's a political stance. Regulating any kind of currency that is widely being used by people is monumentally important to the security of a nation that uses it. Corruption comes from not properly regulating a system and/or enforcing that regulation. For example: [https://www.ftc.gov/news-events/news/press-releases/2022/12/ftc-orders-end-illegal-mastercard-business-tactics-requires-it-stop-blocking-competing-debit-card](https://www.ftc.gov/news-events/news/press-releases/2022/12/ftc-orders-end-illegal-mastercard-business-tactics-requires-it-stop-blocking-competing-debit-card) The price was not the point. Growth was the point. Growth means investment opportunities in businesses that support the ecosystem. Regulation reduces risks that those ventures will end up like FTX. Regulation is what will ultimately stop the doomsday scenario of Tether causing a giga bear market crash if it ever collapses (if it's not already too late). This is literally how our economy works. The bigger the market cap of a sector gets, the more investment opportunities lie in that space. The more investment opportunities there are, the more features that system will offer to people. The bigger it gets, the more people will try to cheat it and the more regulation will be required to reign that in, if existing catch-all regulation doesn't work on its own. It's asinine to me that you don't understand that even your peer to peer crypto transaction is very political. The number of other people who would even trade with you is a direct result of growth. Many people are only in crypto now BECAUSE of TradFI. That means the other person you trade with may be a politically inclined user. A user you would've never been able to trade with if politics hadn't allowed for institutions like Blackrock to get involved. And you will never know if that's the case. Therefore, it's now impossible to make a trade that hasn't been politically influenced. I never said banking was crypto. If you hold your coins, you are your own bank. They are separate entities. Crypto is simply a form of currency. A bank is a place to store currency. You can absolutely store crypto in a bank and have it still be crypto. You are fundamentally not understanding the difference between banks and money and for some reason equating the two. You are wildly taking my points out of context. I don't think you managed to understand a single point I was trying to say. Nor did you really respond in any meaningful way. This is all I will say on the matter. If you still disagree, so be it. Can't fix stupid.

Lemon_Club

"SEC sent multiple warnings" This is so dishonest, the SEC couldn't even tell Coinbase what tokens they considered to be unregistered securities even after the Well's notice was sent and refused to answer their rules making request back in 2022. How was Coinbase ever possibly going to satisfy the SEC under these circumstances? Especially when some tokens like Eth aren't securities under the SECs eyes, but some are with very similar characteristics. I find it funny that you didn't respond to that part. Do you think obfuscating what is and isn't a security is protecting investors? And of course, this applies to the Ripple case as well. It's documented that their executives asked people high up at the SEC multiple times if they believed that they were selling unregistered securities, and they refused to answer. "Securities fall under the Howey Test" Wow what a stellar insight, you must practice securities law/s Assets can be packaged and sold as an investment contract(security), but that doesn't mean that the asset in of itself is a security(unless that you think orange groves are securities). The SECs broad legal theory that a token can be "the embodiment of an investment contract" is legally preposterous, and has already been succesfully challenged in court multiple times, rightfully so. "CFTC and FTX" Brother give me a break. You don't get to stand on your high horse and defend Gensler over the CFTC when Gensler miserably failed to stop FTXs collapse even after meeting with SBF multiple times and doing nothing. If anything Gensler and the SEC has proven time and time again that they are woefully unable to regulate crypto and that power should be delegated instead to the CFTC, especially since most crypto assets are commodities and not securities.

robotwizard_9009

Sec sent multiple warnings both privately and publicly. Securities fall under the howey test. They warned coinbase, rh, and all the brokers. After they were told. They refused to comply and are claiming it should be under cftc which has deregulators powering it 3-2. Thanks for merely repeating the propaganda from crypto company news sources. Btw, FTX tried to run to CFTC too and cftc was days away from giving ftx full control of our commodities markets mere weeks before it collapsed. Cftc and ftx nearly collapsed our financial markets.

Secure-Rich3501

This is from CNBC: FTX estimates that it owes creditors around $11.2 billion. FTX said that it has between $14.5 billion and $16.3 billion to distribute to creditors.May 8, 2024 That's pretty crazy that there's such a wide range and if you go by the high-end the payback would be almost 1 1/2 times the original loss at the point of bankruptcy

Secure-Rich3501

Nearly All FTX Creditors Will Get 118% of Their Funds Back in Cash, Estate Says in New Plan The new reorganization plan must first be approved by a Delaware bankruptcy court. By Cheyenne Ligon AccessTimeIcon May 8, 2024, 2:49 AM Above is a coin desk article

flog_fr

You're telling me this will be the next FTX or Mt Gox ?

Ok-Associate-8799

This largely depends on the market ratio. Spot generally leads derivatives when speculation is low and derivative volume evaporates. You'll usually see this at the top & bottom of a cycle. This is rare. Lots of academic study on derivatives leading price discovery - especially recently, now that that derivates have an estimated notional value exponentially larger than the global economy. Good read here if you can access it: https://onlinelibrary.wiley.com/doi/10.1002/fut.21973 (Or just google derivatives leading price discovery). Last I checked, exchanges like ByBit are offering 100x on **perpetual** futures contracts. I assume Binance, Kucoin, are equally insane. Considering what was revealed with FTX, we can assume that that ratio (spot vs. derivative) is even more extreme in crypto. Which means derivatives will always determine price until that scenario changes (regulation perhaps).

OppositeBumblebee914

TFFT finally! Let’s not post about this ever again and move on to something new and shiny like FTX refunds…

Every_Hunt_160

FTX didn't frame it as anti-crypto, they were just anti-competitor (so they were trying to crush Binance etc) If you realise the government only became a lot more aggressive against crypto AFTER the fall of FTX. Presumably because FTX was giving a lot of money not to go against their crypto business.

TheLordBear

Consumers are protected in regulated banks. They are not on unregulated ones. Would you rather have had $100,000 in Lehman Brothers in 2008 or in FTX in 2022? In the regulated bank, you would not have lost a dime. Regulation is not the boogeyman that crypto purists think it is.

TheLordBear

Anyone that believes Trump is good for crypto is kidding themselves. Trump was famously anti-crypto in his term, and will say anything for a vote. He lies as much as he talks. Any pro-crypto sentiment Trump may have will more than be offset by the global financial instability that will happen due to his incompetence and protectionist tariffs. The dumbass sunk Nvidia stock this week without even being president by saying Taiwan should pay for protection (Nvidia, and everyone else, gets chips from Taiwan). This sort of chaos is the norm under Trump. Last time I checked, crypto did very well under Biden/Democrats, and most of the crashes were from China, or self inflicted (FTX, Luna and others). Biden had some supposedly anti-crypto lawsuits happen, but they were not strong cases and they lost. Those lawsuits needed to happen eventually to legitimize the space. Regulation of crypto is also the legitimization of crypto, as much as libertarians want to disagree.

robotwizard_9009

Dems are pro-regulations.. you know, because finance giants keep trying to fuck us. FTX, Terra, ect.. If crypto companies are framing our laws and regulations as anti-crypto then that's a big red flag. Tbh.

Yodel_And_Hodl_Mode

I'm glad you asked. Ledger can't be trusted. Here's a summary, with links to cite sources. 1: Ledger's word can't be trusted. The following was a lie: > Your keys are always stored on your device and never leave it > SOURCE: [btchip, Ledger Co-Founder, on May 14th, 2023](https://np.reddit.com/r/ledgerwallet/comments/13gs0xn/using_ledger_with_3rd_party_wallets/jk34kcn/) ...that's a lie because they added key extraction firmware to users devices. 2: Ledger's code can't be trusted. It can't be verified: > There's no backdoor and I obviously can't prove it > SOURCE: [btchip, Ledger owner & co-founder](https://np.reddit.com/r/ledgerwallet/comments/13itm7u/is_there_a_backdoor_yes_or_no/jkbvys7/) ...they can't prove it because their code is closed source. 3: Ledger can't be trusted with your privacy. Their CEO said so: > "If, for you, your privacy is of the utmost importance, please do not use that product, for sure." > SOURCE: [Ledger CEO Pascal Gauthier, on video](https://youtu.be/M3VjQUcyZSY?t=2342) ...Ledger's CEO said that about Ledger Recover. "For sure." 4: Ledger's security can't be trusted. They've been hacked: > Ledger wallet users face mounting home invasion and other scareware threats as hacker dumps private customer information online. > SOURCE: [Cointelegraph, December 24th, 2020](https://cointelegraph.com/news/ledger-data-leak-a-simple-mistake-exposed-270k-crypto-wallet-buyers) ...they can't even keep *their* data secure. Don't trust them with your coins. 5: Ledger's code has been hacked. > Ledger exploit makes you spend Bitcoin instead of altcoins > "A vulnerability in Ledger’s hardware wallets enables hackers to prompt someone to spend Bitcoin instead of an altcoin." > SOURCE: [Decrypt.co](https://decrypt.co/37651/ledger-exploit-makes-you-spend-bitcoin-instead-of-altcoins) Ledger took a year to fix it, only after it was reported in the media. 6: Ledger's hardware has been hacked. > In this post, I’m going to discuss a vulnerability I discovered in Ledger hardware wallets. The vulnerability arose due to Ledger’s use of a custom architecture to work around many of the limitations of their Secure Element. > An attacker can exploit this vulnerability to compromise the device before the user receives it, or to steal private keys from the device physically or, in some scenarios, remotely. > I chose to publish this report in lieu of receiving a bounty from Ledger, mainly because Eric Larchevêque, Ledger’s CEO, made some comments on Reddit which were fraught with technical inaccuracy. As a result of this I became concerned that this vulnerability would not be properly explained to customers. > SOURCE: [Saleem Rashid](https://saleemrashid.com/2018/03/20/breaking-ledger-security-model/) Ledger's bounty payments prevent those who've discovered vulnerabilities from reporting them so Ledger can lie and say they've never been hacked. More lies. 7: Ledger has been phished. > A Ledger employee just got phished. DeFi users lost over $600k > Ledger confirmed the attack was the result of a hacker compromising one of its employees via a phishing attack. After gaining access to Ledger’s internal systems, the hacker planted malicious software within the Ledger Connect Kit. > SOURCE: [DLnews, December 14th, 2023](https://www.dlnews.com/articles/defi/a-ledger-employee-got-phished-defi-users-lost-thousands/) Ah, but then Ledger changed the story, admitting it was a former employee who got phished: 8: Why did an ex-employee still have access to the codebase? Ledger won't say. > How a Single Phishing Link Unleashed Chaos on Crypto: "Ledger has confirmed the attack began because “a former Ledger employee fell victim to a phishing attack.” > Source: [Decrypt](https://decrypt.co/209838/single-phishing-link-unleashed-chaos-on-crypto) How many former Ledger employees still have access to their codebase? Ledger won't say, not that we could trust any answer they'd give. 9: Ledger's been hacked multiple times, and yet... > "The bombshell here is the explicit confirmation that Ledger themselves hold the master decryption key for all Ledger Recover users." > SOURCE: [@sethforprivacy](https://twitter.com/sethforprivacy/status/1671532787294191618) ...what could possibly go wrong, eh? Yikes. 10: Ledger Live tracks everything you do and the coins you have: > "Ledger Live is phoning out data on assets you hold in your hardware wallet the moment you access Ledger Live. It’s also sending out tons of other information about your computer and device." > The app apparently transmits data to an external endpoint at “https://api.segment.io/v1/t”, identified as an outsourced data collection service. > SOURCE: [BitcoinNews.com](https://bitcoinnews.com/ledger-live-app-accused-of-collecting-user-data/) 11: Ledger lies are even on the boxes for their hardware. > "WE ARE OPEN SOURCE" > SOURCE: [Their own packaging.](https://i.redd.it/dysdk6j9516b1.jpg) The box for Ledger hardware running closed-source firmware says Open Source. That's intentionally misleading if not outright fraud. **12: Ledger refuses to answer questions.** They [delete questions](https://np.reddit.com/r/ledgerwallet/comments/13itm7u/is_there_a_backdoor_yes_or_no/jkbvys7/) in comments on their sub. They [shadowban](https://np.reddit.com/r/ledgerwallet/comments/144439c/ledger_please_answer_this_question/) users who ask them. They [scrub their website](https://np.reddit.com/r/ledgerwallet/comments/13z1yew/ledger_updates_academy_articles/) to remove claims they made for years. **The worst part is, this is only a partial list!** For example: [Ledger was still promoting FTX after FTX collapsed.](https://np.reddit.com/r/ledgerwallet/comments/z5rxw8/deleted_by_user/ixy5uc0/) I could go on and on. Ledger is inept. Ledger is dishonest. Ledger. Can't. Be. Trusted.

baconcheeseburgarian

No, it wasnt clear at all. You made a reference to attacks on FTX competitors that you didnt really spell out. Before he was head of SEC he was teaching blockchains at MIT.

9999999910

Well he’s been in office since Feb 2021. FTX collapse end of 2022. Drop the “s” off years. You clearly know what I’m saying are taking a tack exactly like the people I’m talking about lol.

Oheson

Yea, because a $10 trillion Fund Manager is going to risk shady activity with asset class has a total market cap that is a fraction of their business to make a few dollars. Do you really think Blackrock is on the same level as FTX? Coinbase? Binance? I don't think you people realize the scale of Blackrock and what they are.

DeadL

More like increased regulation so bitcoin can be integrated into society without abuses like FTX.

InclineDumbbellPress

Isnt it insane that its been 2 years since the FTX fiasco and we are still seeing the consequences

coinfeeds-bot

tldr; The administrator of bankrupt crypto lender BlockFi has submitted a plan to a U.S. court for final distribution to make customers and unsecured creditors whole. This follows the monetization of $874.5 million in claims against FTX, allowing for a significant recovery for those affected by BlockFi's bankruptcy. The plan, which marks the final chapter in BlockFi's wind-down, aims to commence the final customer distribution as soon as practicable. BlockFi filed for Chapter 11 bankruptcy in November 2022 after halting withdrawals due to the collapse of crypto exchange FTX. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

9999999910

From that angle it almost looks OK, but if you were in crypto from the beginning, getting an ETF 6 months ago is a complete fuckjob by the SEC, and sanctioning FTX and SBF only after his catastrophic blowup took down most of an industry, was also a fuckjob. Gensler’s attacks on FTX competitors were occurring for years beforehand.

mccormack555

I sold an advertising contract and the company failed. I had no idea it would fail or that their deal with FTX would mean Sam stole their money. You don’t get into this level of detail when you sell contracts. I didn’t lose Bitcoin with BlockFi as when they cancelled their contract, Ledn asked to sponsor so I moved my coins from BlockFi to Ledn, it was just luck. If BlockFi had stayed as a sponsor until the end I would have lost coins too. I don’t think I’ve ever bragged how much money I have, you know I was close to bankrupt during the Craig Wright case?

Yodel_And_Hodl_Mode

> There's nothing wrong with Ledger I strongly disagree. Ledger can't be trusted. Here's a summary of why, with links to cite sources. 1: Ledger's word can't be trusted. The following was a lie: > Your keys are always stored on your device and never leave it > SOURCE: [btchip, Ledger Co-Founder, on May 14th, 2023](https://np.reddit.com/r/ledgerwallet/comments/13gs0xn/using_ledger_with_3rd_party_wallets/jk34kcn/) ...that's a lie because they added key extraction firmware to users devices. 2: Ledger's code can't be trusted. It can't be verified: > There's no backdoor and I obviously can't prove it > SOURCE: [btchip, Ledger owner & co-founder](https://np.reddit.com/r/ledgerwallet/comments/13itm7u/is_there_a_backdoor_yes_or_no/jkbvys7/) ...they can't prove it because their code is closed source. 3: Ledger can't be trusted with your privacy. Their CEO said so: > "If, for you, your privacy is of the utmost importance, please do not use that product, for sure." > SOURCE: [Ledger CEO Pascal Gauthier, on video](https://youtu.be/M3VjQUcyZSY?t=2342) ...Ledger's CEO said that about Ledger Recover. "For sure." 4: Ledger's security can't be trusted. They've been hacked: > Ledger wallet users face mounting home invasion and other scareware threats as hacker dumps private customer information online. > SOURCE: [Cointelegraph, December 24th, 2020](https://cointelegraph.com/news/ledger-data-leak-a-simple-mistake-exposed-270k-crypto-wallet-buyers) ...they can't even keep *their* data secure. Don't trust them with your coins. 5: Ledger's code has been hacked. > Ledger exploit makes you spend Bitcoin instead of altcoins > "A vulnerability in Ledger’s hardware wallets enables hackers to prompt someone to spend Bitcoin instead of an altcoin." > SOURCE: [Decrypt.co](https://decrypt.co/37651/ledger-exploit-makes-you-spend-bitcoin-instead-of-altcoins) Ledger took a year to fix it, only after it was reported in the media. 6: Ledger's hardware has been hacked. > In this post, I’m going to discuss a vulnerability I discovered in Ledger hardware wallets. The vulnerability arose due to Ledger’s use of a custom architecture to work around many of the limitations of their Secure Element. > An attacker can exploit this vulnerability to compromise the device before the user receives it, or to steal private keys from the device physically or, in some scenarios, remotely. > I chose to publish this report in lieu of receiving a bounty from Ledger, mainly because Eric Larchevêque, Ledger’s CEO, made some comments on Reddit which were fraught with technical inaccuracy. As a result of this I became concerned that this vulnerability would not be properly explained to customers. > SOURCE: [Saleem Rashid](https://saleemrashid.com/2018/03/20/breaking-ledger-security-model/) Ledger's bounty payments prevent those who've discovered vulnerabilities from reporting them so Ledger can lie and say they've never been hacked. More lies. 7: Ledger has been phished. > A Ledger employee just got phished. DeFi users lost over $600k > Ledger confirmed the attack was the result of a hacker compromising one of its employees via a phishing attack. After gaining access to Ledger’s internal systems, the hacker planted malicious software within the Ledger Connect Kit. > SOURCE: [DLnews, December 14th, 2023](https://www.dlnews.com/articles/defi/a-ledger-employee-got-phished-defi-users-lost-thousands/) Ah, but then Ledger changed the story, admitting it was a former employee who got phished: 8: Why did an ex-employee still have access to the codebase? Ledger won't say. > How a Single Phishing Link Unleashed Chaos on Crypto: "Ledger has confirmed the attack began because “a former Ledger employee fell victim to a phishing attack.” > Source: [Decrypt](https://decrypt.co/209838/single-phishing-link-unleashed-chaos-on-crypto) How many former Ledger employees still have access to their codebase? Ledger won't say, not that we could trust any answer they'd give. 9: Ledger's been hacked multiple times, and yet... > "The bombshell here is the explicit confirmation that Ledger themselves hold the master decryption key for all Ledger Recover users." > SOURCE: [@sethforprivacy](https://twitter.com/sethforprivacy/status/1671532787294191618) ...what could possibly go wrong, eh? Yikes. 10: Ledger Live tracks everything you do and the coins you have: > "Ledger Live is phoning out data on assets you hold in your hardware wallet the moment you access Ledger Live. It’s also sending out tons of other information about your computer and device." > The app apparently transmits data to an external endpoint at “https://api.segment.io/v1/t”, identified as an outsourced data collection service. > SOURCE: [BitcoinNews.com](https://bitcoinnews.com/ledger-live-app-accused-of-collecting-user-data/) 11: Ledger lies are even on the boxes for their hardware. > "WE ARE OPEN SOURCE" > SOURCE: [Their own packaging.](https://i.redd.it/dysdk6j9516b1.jpg) The box for Ledger hardware running closed-source firmware says Open Source. That's intentionally misleading if not outright fraud. **12: Ledger refuses to answer questions.** They [delete questions](https://np.reddit.com/r/ledgerwallet/comments/13itm7u/is_there_a_backdoor_yes_or_no/jkbvys7/) in comments on their sub. They [shadowban](https://np.reddit.com/r/ledgerwallet/comments/144439c/ledger_please_answer_this_question/) users who ask them. They [scrub their website](https://np.reddit.com/r/ledgerwallet/comments/13z1yew/ledger_updates_academy_articles/) to remove claims they made for years. **The worst part is, this is only a partial list!** For example: [Ledger was still promoting FTX after FTX collapsed.](https://np.reddit.com/r/ledgerwallet/comments/z5rxw8/deleted_by_user/ixy5uc0/) I could go on and on. Ledger is inept. Ledger is dishonest. Ledger. Can't. Be. Trusted.

downsyndromeadonis

Had positive experiences with Circle Trade 6 years ago, commission was less than 0.2%, damn near spot when selling BTC, BCH and ETH. Dealt directly with Ryan Salami at one point and interesting that he got nicked in the FTX fiasco. Cumberland was and hopefully still is highly reputable also. KYC was quick and efficient for both back then anyway. Go OTC for sure.

goldenbuyer02

I dont know why there is a misconception about a hardware wallet being safe for newcomers, while its a lot safer to have them on a BIG trustful exchage that can keep their holdings A LOT safer (yeah, I know about the FTX case, that's an outlier).

Crypto__Sapien

Hey man, sounds like you've been on a wild crypto ride! Started in 2017, got rekt, then hit it big with Doge in 2021? Classic crypto story lol Sucks about Luna and FTX tho. That shit wrecked a lot of people Putting xx,000 in now? That's a serious investment. No wonder you're anxious. But hey, you've learned a lot. You're diversified and have a plan. That's way better than most. Being nervous is normal. Crypto's crazy volatile. Just stick to your plan and don't invest more than you can lose. You're not crazy for getting into crypto. Lots of people are into it now. Just be smart about it. Maybe set some price targets for taking profits? Helps with the stress. Good luck dude. Hope this bull run treats you better than the last one!

Super_flywhiteguy

The guy was all over SBF's nuts with praise before the FTX fall. He has no credibility imo.

athomasflynn

Maybe we should stop giving a fuck what Mr. FTX thinks.

OMGThighGap

Imagine the theoretical scenario where BTC crashes to $1 USD and these companies go bankrupt. The way liquidation of a bankrupt companies assets goes, all your bitcoins are valued at $1 and when they eventually pay you back, you are given $1 (not 1BTC). This is exactly what's happening with FTX right now. FTX died at the bottom of the last crash and all us creditors are getting book value at time of bankruptcy.

Secure-Rich3501

You're telling him to short Bitcoin with over $30,000 over however long he would DCA into the future. The only reason you would give that advice is if you expect most of that 30,000 would lower his average cost basis compared to buying right now with all 100,000. Bitcoin has been one of the dumbest things to Short long-term and that's what DCA is about... If you have the money now odds are you will do better by investing it all right now... If he started his DCA at the FTX 16k bottom it would have been horrible compared to all of it going in in that price area... At least there is some room before the all-time high again as that bottom was a low we hadn't seen unless you go back to the pandemic overreaction.

ShinAlastor

Is it a shilling for a certain exchange? Once you get your BTC it is a good idea to transfer your funds to a cold wallet as soon as possible. It looks like certain people forgot what happened with Celsius, FTX and many other exchanges in the past.

Nearby_Recover3587

If BTC continues its bull bear cycle, i suggest just keep DCA until this bull peak. sometime late 2024 early 2025 excluding any black swan events "Major news, regulation or a significant rise in retail adoption {still low btw}" with BTC being pushed by Black Rock and big players right now is something to consider, the hope is for mass retail adoption but people are understandablly sceptical about crypto still. Current price $67-68k this bull peak might look something like $200-300k excluding black swan, likely near the end of 2024 early 2025. Things to consider for yourself. Tax and your specific tax bracket depending on where you live how long you intend on holding, typically the longer you hold and less trades you make the less you will be taxed. Making your money is one thing keeping it is another. You really want to understand your specific tax obligations and how to make the most of them if you intend on off ramping that money at some point in the future. There is no avoiding tax unless you intend on breaking the law and risking fines or worse. (I've seen people try their best to avoid crypto tax and receive real jail time). Wallets are too easily tracked, and money entering and exiting banks is unavoidable. If you are just holding BTC your approach might be different to someone trading it, for example. Either be able to hold during bear phases or be able to get a sense of and manage its cycles Here is an example of cycle management. Without DCA, let's assume the value of BTC in 10 years is around 1mill. Your 0.01 ($570) Todays price 67-68k. First bull cycle peak (late 2024 early 2025) Swap your BTC for USDT sable coin at around 250k 0.01 BTC would now be $2,500 USDT Next bear market low (late 2026 early 2027) Buy back with USDT at around $100k $2,500 USDT to 0.025 BTC and hold until next bull peak. Next bull peak 5 years later (2028-2029): swap for USDT around $500k mark 0.025 BTC to $12,500 USDT and wait for next cycles low The following bear market low (2030-2031): Buy back at $200,000 $12,500 USDT to 0.0625 BTC and hold until next bull peak. 10 years at an expected 1mill in final valuation your 0.01 BTC would be 0.0625 BTC = $62,500 Compare this to holding your initial investment without DCA and cycle management for 10 yrs: 0.01 BTC at an estimated $1mill value = only $10k in 10 years This is just a thought experiment based on my own biases and models of BTC price that I've seen, this is an average of expexted highs and lows based on past cycle prices and an expected future valuation of 1 mill in 10 years. theoretically, with 10 yr cycle management, 0.01 BTC could be around $62,500, vs $10,000 if you were to just hold. this does not include any additional DCA i plan on cycle management for my own portfolio, swapping BTC for USDT at peak bull in hopes of avoiding value loss during expected bear cycles. Always DYOR (Do your own research) and take responsibility for your money, be careful of scams in this space they are everywhere and move whatever you hold long term onto cold wallets like Trezor, do not keep a significant amount of money on exchanges like Binance or Coin base unless you enjoy the risk of being in another FTX scenario. I got a bit carried away, but to answer your question. The best thing you can do to protect your BTC is to move it onto a cold wallet like Trezor.

terp_studios

Both? FTX, mt Gox, many social engineering scammers, IRS whenever you make a purchase with it.

analogOnly

MtGox FTX Blockfi Celsius QuadrigaCX Cryptopia Bitgrail Youbit Einstein Cointed Bitcoinica Vircurex Coin.mx BTC-e Cryptsy ...to name a few (there's more)

Eatmystringbean

Because you don’t actually own it. Also I’m sure the FTX users thought the same. I won mine. I have control of it. I don’t have to worry about some company going under and my btc with it. I bought a leger which apparently aren’t popular for 60 bucks

Zealousideal_Ad3774

They seemed likely to become the next FTX for a while, I still don't trust them, but if you transfer to self custody right after buying they are probably the best option at the moment.

udmh-nto

Mt. Gox and FTX looked good, too. You need to have a backup anyway.

FutureLooksBrighttt

Have you forgotten about FTX already?

petragta

Glad I bought a lot during the FTX drop…

BradVet

Reading prob my fav ever crypto book at the moment, called ‘Numbers go up’ by zeke faux. Based on the 2017-21 cycle and talks on tether and FTX. Interesting details and pretty funny, highly recommend for anyone that likes crypto books

thapussypatrol

Why would the VP nominee hold *that much* bitcoin on an exchange? That is beyond belief after the FTX/MtG scandals

badman66666

Yeah its perfect. While trying to buy BTC just put your savings into unregulated crypto exchange and wait until its stolen, and then cry about not being to get it back because "Bitcoin main advantage is that its unregulated". I swear, people DONT learn. Google Sam Bankman Fried and FTX

Nyanzerfaust

Retail, aka "normies", family and coworkers, still think that the Bitcoin CEO run away with the money during the FTX collapse.

Diamond_Brains

its about time in the market, not timing the market. ETF's have gone from 0 to holding over 1 million bitcoin in the span of a year. blackrock , fidelity and friends are averaging about 200-350million per day and still going. you can learn about onchain metrics and see that the HODL rate is increasing, supply is decreasing and at all Time low while demanding is increasing exponentially, number of user increasing, number of everything literally increasing and the rest of the world still has to come. FTX is giving back 12 billion to all the people who were into crypto at the end of year, all that moneys coming back in, fed rate cuts coming soon, trump and congress / senators becoming pro bitcoin / positive legislation coming into effect such as FASB accounting rules. don't be short term trying to time a buy when the road ahead is long and prosperous, why risk missing out when your already going to make more than enough

dontblamemeivotedfor

Didn't we learn anything from Celcius, FTX, and all the rest over the last three years?

HurricaneHarvey7

Most likely: Person posting the picture doesn't understand the difference between Bitcoin and FTX.

Scorthe

Long story short, you can't. Just like FTX and the Terra crash. There is no real way of knowing, thus past top 10 crypto is high risk, with some projects worse than others. (Example: FTM is somewhat safer than WIF/PEPE in my oppinion)

humblevladimirthegr8

Of course you can create fractional reserves of Bitcoin. As long as your balance isn't visible on chain, they can make as many IOUs as they want (not your keys, not your coins). That's what some of the lenders like BlockFi were doing (FTX didn't have any BTC reserves at all so wouldn't call it fractional reserve). They just don't get bailed out when shit hits the fan like it did for crypto in 2022.

nickoaverdnac

FTX got my butt in gear.

Kanaloa1958

After the SBF FTX scam and a few months to recover while licking my wounds.

Somebody__Online

There’s examples of that happening with Celsius and FTX. They said they had their clients balances but didn’t. When the bill came due those huge exchanges collapsed and took their clients funds down with them. It did not result in a squeeze on the lost assets as this sort of event is not comparable to a short squeeze in a regulated market where an amount of accountability exists to creditors that does not exist in crypto. You can beg to differ but you should understand your comparing a short squeeze in an established and regulated domestic equity market with an isolated exchange insolvency event in an unregulated international market.

coinfeeds-bot

tldr; South Korea has enacted its first law aimed at protecting cryptocurrency investors, the Virtual Asset User Protection Act. This legislation targets unfair trading practices and mandates crypto exchanges to deposit users' funds in financial institutions, pay interest on these deposits, and keep some virtual assets in cold wallets. It also requires exchanges to monitor and report abnormal transactions. The law comes in the wake of incidents like the Terra-Luna crash and FTX's collapse, aiming to enhance market integrity and investor protection. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Tryingtodoit23

I HODL. Great question: I always told myself I would double down if it went to $20k. I kept dcaing and buying dips. I remember Cathie Woods saying "its supporting at 29k" then it dumped. Hard. So what did I do? My major asset left was I had a trophy property with a lot of equity. It went up a lot since I bought it. It was a very hard to replace property and I would never have the income again to qualify. I had an investor purchase a lot of the equity in exchange for $. I signed loan documents. I distinctly pushing them back to the notary and thinking "that's that". It was my most terrifying decision ever besides buying that house which at the time people told me I was insane for doing (2016). After I sign, the investor stopped doing deals due to market conditions. I waited 2 months. I remember all this vividly. My parents were really the only ones who believed in this for me. During this time, my dad was very sick. I lived with him and my mom. The day after he died the investor resumed and I nearly doubled down (maybe it was another 33%, but nearly everything). I bought a fair amount of doge at a .075 cent average. Bought a lot of Sol at 19-20, was too afraid to buy it during the FTX crash. I remember when CZ said he would possibly bail out ftx and it went from 20-24. Then he said no and it went to 16k. I remember buying 1,000 at 15800. Over time, I had to sell some btc for a move/life decision. Overall though I never sold any doge, eth, sol, and kept the majority of my btc. Before this I rode luna to zero. I won't sell because while I greatly benefited from real estate, I think crypto is the real chance most young people have to get out and for the majors of btc/eth/sol there is much less risk and more upside than real estate. There is a certain dollar figure I have in mind-i hit that, 60% is sold, and I disappear from 90% of people. If Btc flash crashed to 30k I would sell the property and triple down. Crypto changes quickly. One of the guys I knew who is quite successful got into it when btc was $6k after the covid crash. He traded out if and made quite a bit of $. However he will never re-enter with size relative to net worth. I view crypto as a one way bet. It's either a very important technology, and bitcoin which I view separate is something that will be looked at as powerful as the printing press was an invention (no pun on printing money). Or, in 5 years, it doens't get the traction to work. The binary nature of it is what attracts me. I've never seen anything like crypto. I don't know if I ever will.

Lower_Minimum4796

Research what happened with FTX, Celsius, Mt Gox, there’s at least 5 more examples out there. Look at the part about their customers getting their BTC back.

partymsl

There will be a ton. Same as with FTX and MtGox.

kulikitaka

Celcius, Terra Luna, and FTX were literally multi-BILLION scams. All based in the US.

coinfeeds-bot

tldr; Bankrupt crypto lender BlockFi announced it will start distributing funds to clients via Coinbase this month, marking a significant step in its repayment efforts. The first interim distribution will begin in July and continue in batches over the coming months. Eligible clients will be notified via email, but those outside the US will not receive funds due to regulatory restrictions. BlockFi, which filed for Chapter 11 bankruptcy in November 2022 after the collapse of FTX, has already refunded over $500 million worth of crypto to clients earlier this year. The company is also pursuing claims against FTX and Alameda Research to increase repayment values for clients. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

pop-1988

The foolish actions of people lining up to lend money to FTX, to be part of the action, are their own fault

ProfitableCheetah

Looking back at FTX and everything else it is no wonder that seasoned investors don’t want to gamble their money away. I’m also in favor of entities like MultiBank opening up to crypto. We sure need more well-regulated players in the space.

Financial_Design_801

So id sell & get your money out from this FTX sounding situation and find a place you can self custody

Filo_ITA

Why only"one man"? There were multiple people involved in the FTX crash. 

brando2131

>They dont understand that sentence so they resort to saying bitcoin must be a scam. Or they don't understand that sentence and say, well shit I need a piece of that, let me buy and hold it on FTX/Binance...

ulptthrowaway2016

It's Binance. I'm 100% sure they have a market maker on the side like FTX did with Alameda

dankappledrank

I’m not Indian but come on my guy… FTX?? Same Bankman Fried ring a bell ?? Scammers have existed since the inception of society and will continue to until its end, regardless of race.

DivyLeo

Not true. Been on COIN since 2017 - never had problems depositing or withdrawing. Must be something with your particular situation 🤔 They have millions of clients... If it was so bad, they would go bust long time ago. There are "easy" and convenient alternatives - Binance, FTX... MT Gox. Coinbase is alive and kicking. PS... Keeping coins on exchange is not a good strategy 😕... So move them to a reliable wallet. Problem is - too much scam out the in crypto, and proverbial "grandma" don't know which wallet is safe

HSuke

You can get slashed for double-attestations and double-proposals on Ethereum, or for being inactive. But OP probably means loaning and yield farming, not actual staking. FTX, Celsius, Crypto.com, BlockFi, Hodlnauts, Voyager, and Nexo are all lending and yield-farming platforms where you loan them crypto, and they gamble with it.

LargeSnorlax

You stake on a platform that promises you yield, then they go bankrupt because they yolo your money into unsafe investments. Not your keys, yadda yadda. See: FTX, Celcius, Voyager, Quadriga, dozens of others.

ponyo_fromglue

So I'd say the biggest benefit the Glue Hub offers is **full control and decentralization.** Users maintain full control over their assets, with no need to trust a central authority, as all transactions are handled by smart contracts. Which obviously is a huge benefit to users in terms of security - no FTX situations here! In terms of user experience, we'll also have a bunch more tools and on-chain analytics which no centralized exchange has currently!

Montana-Safari7

And the FTX lawyers also patting themselves on the back. Another $100M in their pockets. They found a money tree.

Interesting_Ebb9052

It wouldn’t make much sense if you are just a trader but if you want to hodl OF COURSE IT MAKES SENSE! Always remember what can happen to exchanges like MtGox or FTX etc

cms5213

Real question, how/why do you think a country will only buy 1 asset, not to mention a volatile asset, to reduce the national debt? If you’re a nation and investing money, bonds would be the way to go. It’s so much money that they could take 1 or 2% and be so freaking happy. Additionally, why/how did you come to the conclusion that the government has any incentive/desire to reduce the national debt? The government’s spending has increased year over year only 5 times since 2000. Lastly, why would a government buy a currency they can’t control? If USA bought all the Bitcoin, other countries would just create their own standard. It would be the same exact situation as having USD as the global currency which is what BRICS nations are trying to pivot from. Additionally, in your scenario, USD would have to debase and not be the global currency. If it is all in Bitcoin, acting as the backing of the dollar essentially in this scenario, wouldn’t the value of Bitcoin plummet? This is the exact same situation as FTX in my mind. The custodian went broke, so everything is worthless. Just my .02 though. I want $100k BTC before I think about $6Mil BTC

harvested

FTX is getting fiat back I believe. If anything it's buying power not selling power.

ex00ty

They are not market selling like germany the price impact will be minimal. Also FTX cash repayment will start soon which most likely will rotate back into bitcoin.

coinfeeds-bot

tldr; FTX, a collapsed crypto company, has reached a $12.7 billion settlement with the Commodity Futures Trading Commission (CFTC) to resolve a lawsuit. The settlement includes $4 billion in disgorgement fees and $8.7 billion in restitution fees, pending court approval. This agreement comes after FTX went bankrupt in November 2022 due to mismanagement and misuse of customer funds, leading to the arrest and sentencing of co-founder Sam Bankman-Fried for fraud and money laundering. The settlement aims to swiftly move towards resolution and enable prompt distribution to creditors and customers. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Timely-Manner-5747

It does :) preceded Roaring Kitty how many times now. RWA never seen before that’ll revolutionise the blockchain. Exposing the blockchain contracts known for price pinning in stock markets. Cleaning up the streets of the mess left behind by FTX

2LostFlamingos

Please google each of the following to learn about “not your keys, not your coins” - Mt Gox - Celsius - Gemini earn - BlockFi - FTX The list goes on. But that’ll get you started. Bitcoin is up 10% or so this week. You want to risk that and your bitcoins hoping to get another 0.02% this week?

AmongTheElect

Focus on the hopeful bull market first. What you make or don't make in this market can effect what you choose to do with your money going forward. Otherwise, max out your IRA each year. Next time around you'll still at least be able to pick up BTC and ETH inside an IRA. You can be avoiding a LOT of taxes that way, particularly so if capital gains taxes are increased in the future, which wouldn't surprise me at all. There's also crypto-based IRAs where you can trade a lot more than those two. You can also max out your 401k contributions each year. And if you don't mind the capital gains, you can always just put whatever money into a traditional brokerage account and hope for your 10-15% while you bide your time to put it in crypto again. And if you do make good money this time around, it would be wise to spread it around a little, anyway, instead of putting a single large amount on any one asset class. I'm not one to normally sing the praises of diversification, but it would be wise with crypto considering how many people got rekt last time around in FTX and Luna and Celsius. I'm sure we'll discover our next round of crooks next crash. I'll be putting a bunch into stable dividends, maybe annuities and generally the most boring, un-exciting investments one can think of. There's a big value to stable income streams, particularly as we get older.

ualdayan

FTX let you deposit Bitcoin, crypto, numerous currencies including USD, and even had gotten into stocks - yet when FTX squanders all the money and assets somehow it's JUST the Bitcoin and crypto that is a scam. I'd just tell them 'I guess that means because they also allowed USD deposits along with that Bitcoin, and ran off with that too - that means USD is a scam?' They won't agree with that, but it points out the ridiculousness of claiming something is a scam simply because somebody else stole it from people.

HurricaneHarvey7

The other day I had somebody argue that Bitcoin was a scam because of FTX

HauntingBrick8961

I'm still concerned Mt Gox (140,000btc) will have a bigger impact than Germany (50,000). And then FTX on horizon too

NukeouT

And what … may I ask … is the absolute good-tier bullshit that backs tether ‽ My bet it’s some monkeys, a typewriter and a Google spreadsheet; just like over at FTX

bigbarryb

Orrrrrr. This whole dumping stuff actually took the wind out of the bull run just like FTX did last cycle. You know, it could go either way, but here's to hoping.

UtahJohnnyMontana

Well, let's hope that they are not committing tax fraud, But, investment banks have been involved in tax fraud before and the assets that they held on behalf of others were not confiscated. I mean, consider that FTX has been liquidated and the government is not taking their assets, but insuring that they get distributed back to their owners. In a severe enough tax fraud case, that is probably what would happen to CB.

axnoro

Oh dearie, you must be mentally deficient. You see, OP should know that by having bitcoin on an exchange, he is actually forfeiting his sovereignity to that exchange. Therefore it is better to direct his question to FTX rather than to bitcoiners, since this issue has nothing to do with bitcoin itself. GFY.

Extra_Concentrate837

Exchanges are never completely safe. There are no SIPC protections like there are with stocks so there is no guarantee you will get any % back if Cash App goes under or gets hacked.  Another reason you should withdraw is disincentivize exchanges from trading Bitcoin they don't have i.e. paper Bitcoin. For example, FTX only had like 6 Bitcoin or something but were trading billions of $ worth of it. Keep them honest by withdrawing. The price won't go up if exchanges can trade unlimited paper Bitcoin.

road22

Just wait until FTX distributes 16 billion dollars in cash to previous investors. I'm sure a lot of those owned BTC and want to own more. It will offset any Mt. Gox sellers.

Kallen501

Bwahaha FTX was audited and certified and endorsed by every politician in the USA Who said anything about morality? I'm talking about trust and common sense nvrmnd

noviwu97

If they're heavy in alts like MATIC, they will get more in USD refund because most alts are currently even lower than during FTX crash

BeamImpact

This assumes that every person getting back their FTX money in USD puts it right back into the crypto market, no?

bbiittccooiinn

>What happens if I haven’t filed an FTX claim? You don't get anything? Seems pretty obvious. >I have no intention because even if there is money we are under for €100 There is money. More than enough to make everyone whole. >Those who lost money when the exchange collapsed in November 2022 are owed around $11 billion, but the estate been able to recover as much as $16.3 billion

ThePillar_Man

Ah yes just like how FTX tokenized securities were backed by real shares, oh wait…