FTX

Significant_Owl_716

If feel like people overreacted to the correlation between FTX and Solana and reduced to project on it. From this perspective the recent price activity is understandable as it was absolutely oversold. But in retrospect you are always wiser. Personally I can’t really find a stand on it’s realistic value so I keep some healthy distance and keep watching from the sideline. Happy for the people that made good returns on it.

coinfeeds-bot

tldr; A list of the creditors owed money by the bankrupt cryptocurrency exchange FTX has been released, revealing a myriad of companies and government entities wrapped up in its collapse. The list includes airlines, hotels, charities, banks, venture capital firms, media outlets and crypto companies along with US and international government agencies. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

samzi87

Really seems that everybody and their mom got hit by the FTX fiasco, there was some serious money involved and I hope Sam get's punished for his fraud.

pizza-chit

Reminds me of Kevin O’Leary complaining that in the collapse he lost the $15 million he was paid to be an FTX spokesman

Primary_Technical

Almost everything out there that had exposure to Crypto unfortunately lost something in the FTX fiasco . The bad thing is they now associate Crypto to the fraud that was executed by SAM the fuckup . These investors should. DYOR before dumping there money for profits . SAM has been a real bad advertisement for Crypto lately . It'll take time but good things will be associated with it to and required regulations will clean the system if done properly.

Primary_Technical

At this moment i somehow have an exposure to FTX . Scared

coinfeeds-bot

tldr; The FTX collapse makes it obvious why self-custody should be protected. The bill would prohibit any federal agency from implementing a rule that would impair a person’s ability to act as a self-Custodian, and thus their ability to conduct peer-to-peer transactions without the need for a third-party intermediary. FTX is the exact opposite of Bitcoin creator Satoshi Nakamoto's vision. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

coinfeeds-bot

tldr; Crypto-versed lawyers will play an increasingly important role in Web3 firms, particularly after the implosion of FTX and the industry braces for regulatory turbulence, two legal academics believe. This is because they'll be faced with the tough task of helping firms navigate through legal and regulatory uncertainties. This will ultimately determine how fast firms can take their products to market. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

coinfeeds-bot

tldr; BlockFi has over $800 million in loans to Alameda Research and $416 million in assets connected to bankrupt exchange FTX, according to a leaked financial report. The report differs from the latest redacted version, but BlockFi claims it has always been transparent. Senator Elizabeth Warren called on Congress on January 25, 2023 to give crypto oversight agencies greater enforcement power. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

coinfeeds-bot

tldr; Financial advisors for the bankrupt cryptocurrency exchange FTX have revealed the full list of the company’s institutional creditors in a court filing late Wednesday. The list does not include specific dollar amounts as to what each business in the creditor matrix is owed, nor specified information involving individual customers, over 9.6 million of which were redacted from the document. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

inteliboy

Those bailouts are payed back. Bailout FTX? Gov would never see that money again.

Zeytgeist

Those scammers are murderers. Many scammed folks kill themselves, like after the FTX scandal.

Invest07723

No wonder CVS has been raising the price on my meds. They lost their crypto to FTX scam.

Lone_survivor87

It's clear that she's been salivating over being able to use this event to push her agenda. A lot of people are clueless of the difference between Defi and Cefi and she will lump everything under the FTX is bad crypto is bad category. Which is ironic coming from someone owned by the banks.

Baecchus

Welp. I guess it will take 84 years before we finally leave FTX behind and move on.

TurtlesBeSlow

I think I got 80 or 90. Much more than I was expecting. I was on FTX overload and didn't participate as much.

Fuzzyfoot12345

I'm torn... It's nice to see my investment go up, but I'm really sad that the FTX firesale is over :( That was some good DCAing every paycheck for awhile.

ImnotasuglyasIlook

So Gensler is the right man to tackle crypto, because he failed to provide regulatory clarity for years, which allowed bad actors to get away with scams more easily, and didn't notice anything wrong with FTX despite meeting with SBF several times while FTX was pushing to get laws placed that would favor them in the US?

ImnotasuglyasIlook

That whole personal connection, plus just how badly run FTX actually was really does make it easy to believe there's truth to the conspiracy theory that it was all intentionally done. Then there's all the "donations" SBF did in the last election, plus how softly the press has treated him...

TomatoTownEvent

FTX = Fake Trading Xchnage

aminok

Elizabeth Warren is a petty tyrant. It was the regulatory prohibitions aggressively touted by Warren that left people with no choices except shady offshore exchanges. FTX took no US customers and thus was not subject to US regulations. It attracted capital precisely because over-regulated US based ones couldn't offer the range of services it did. Unregulated, US-based exchanges like Coinbase would have been far safer than any offshore one. Coinbase tried to provide interest bearing accounts but the centralized regulatory gatekeeper, the SEC, issued a threat that forced it to cancel the service, and the result was that users were forced to go to less reputable parties like BlockFi, which in turned exposed depositors to FTX.

aminok

It was the prohibitions aggressively touted by Warren that left people with no choices except shady offshore exchanges. FTX took no US customers and thus was not subject to US regulations. It attracted capital precisely because over-regulated US based ones couldn't offer the range of services it did. Unregulated, US-based exchanges like Coinbase would have been far safer than any offshore one. Coinbase tried to provide interest bearing accounts but the centralized regulatory gatekeeper, the SEC, issued a threat that forced it to cancel the service, and the result was that users were forced to go to less reputable parties like BlockFi.

witcherycro

BlockFi’s initially said that Alameda’s loan was worth $671 million, with an additional $350 million of crypto assets on FTX that were frozen after the company filed for bankruptcy. Rallying crypto prices are likely responsible for the increase in the value of both amounts.

iamaredditboy

All bag holders wanting other to hold their worthless piles of trash…..What has changed since FTX unfolded? Really?

MayorAnthonyWeiner

The overhang in the industry caused by 3AC/FTX/Others needs to be resolved, and macro conditions need to stabilize or improve before we start seeing *real* upswings imho

NivekIyak

Can't say for certain but what i do know is that FTX still has APT](https://twitter.com/adamscochran/status/1615448032325034026?s=20&t=Sif-TVbRVUGy4wjxGObqBA) . Hence why it could be interesting for them to see it rise. All in all, i'm just avoiding anything that has been touched by FTX/SBF/ALAMEDA

thatonedude1604

She isn’t wrong. This is a time to be paying extra attention. A lot of important people and things are being exposed. Maybe the collapse of FTX will lead to a cleansing the crypto market needs, to get rid of the crooks like SBF. 🤞

ImnotasuglyasIlook

Sounds like part of the problem is being impatient. Sometimes you need to move quickly, like knowing when to sell if there's a major issue, like selling Sol right at the start of the FTX crash would've been a pretty good move, then buying back when it was way down to something like $10 usd. But sometimes you just need patience, especially in a bear market imo, when there might not be a lot of price action. It's a time for accumulation, not looking for the next quick price pump. What I am trying to do is identify assets I believe will survive the bear market and have long term potential. I'm not too interested in taking quick profits now. I'll accumulate things I believe in and wait to sell when we're clearly in the next bull market and I'm hopefully way into profits. Doing short term trades is very difficult unless you are a really experienced trader (or ridiculously lucky). I think a lot of new people get too excited and try their hand at that and get wrecked because they don't know what they're doing lol. Recognize your own skill level, educate yourself as much as you can, and maybe focus more on long term investments, only playing with a small percentage of your portfolio if you just can't help yourself.

TheCassiniProjekt

Not great, I was just about to accumulate and then the price shot up. Now I read all these bull posts attacking anyone who didn't buy the last dip after FTX (admittedly a great buy zone).

AJMbet

Do you know if there’s still ties? I thought I read somethings about a settled lawsuit in regards to FTX and Aptos

EatMaTesticles

Have you heard of NVIDIA's new crypto graphics card? >!It’s the 4090 FTX!<

ReverendBlue

Korean exchange, 2nd biggest. Was the biggest back in 2018 but got hacked pretty bad and surpassed by Upbit, which is one of the biggest in the world now. I use Bithumb (my wife's account as foreigners aren't allowed to use local exchanges) and it's whatever. There was a rumour that FTX was going to buy it back before it's big oopsie, so it can't be in that great of shape if it's being shopped around to potential buyers.

Fulkerson1776

She is just pissed their FTX money laundering campaign machine imploded.

Odysseus_Lannister

WARREN BAD, CRYPTO GOOD. If anyone actually read the article, what she’s proposing, it’s cracking down on fraud by giving regulatory agencies more resources and examining cryptocurrency’s impact on the environment. These aren’t exactly controversial points considering many PoW things are massive uses of energy and the space is absolutely RIFE with projects that were either outright scams or took advantage of customers (FTX, LUNA, 3AC, voyager, Celsius, Nexo, etc.) However it’s much more easy to just regurgitate whatever nonsense gets upvotes around here.

JERMYNC

I bought some after crash from FTX. Since sold most. Not holding this bag for long.

josef3110

After all that's not true. It uses Tendermint and its consensus mechanism. BSC and ETH chains have nothing in common. Tendermint is inferior to ETH because is cannot scale and therefore decentralization and handing over control over the chain is not possible. Or in other words - BSC is not much different to a general ledger of a regular bank, just trying to give believers the illusion of being a crypto. But in opposition to a regular bank Binance is not regulated at all. They do with their customers money whatever they want. The same way FTX did. They are just a bit smarter to survive their recent money outflow. EVM is not a consensus mechanism but an API. One can execute transactions and smart contracts the same way as ETH, but the blockchain and it's blocks are entirely different. The same way as ETH1 was PoW and ETH2 is PoS. Same API different validation.

szerted

Just like hackers did with FTX when board eventually "misaccounted" 8 billions, I assume

bingorunner

She must’ve been all in with Mt Gox, Celcius, and FTX

a1579

Nothing changed, we are slowly recovering from all the FTX bullshit. 25k sounds about right.

Flimsy_Brilliant_239

In the end the biggest losers would be retail. I don't know how far reaching a crash would be though to be honest. El Salvador would be pissed, as would BitBoy. But most of the whales (I'm thinking corporations, hedge funds, etc.) would just lose a big bet, not more, not less. The FTX crash didn't really cause a big stir outside of our crypto bubble imo.

nusk0

Imagine the absolute degenerate shitstorm that would have happened if they held their Bitcoin on FTX. I don't know how much they had and if it was enough to take down Tesla but im glad it didn't happen.

KnackeredParrot

> the firm purchased $10 million worth of FTX Token (FTT) only to sell it for $9.6 million a short while later. Talk about dodging a bullet

Mr_Bob_Ferguson

> Ethereum price wiped out its losses from the FTX exchange collapse and made a comeback above the $1,600 level on January 20. This is incorrect. ETH is still currently valued at less than the pre-FTX collapse prices. It hasn’t wiped out the losses.

coinfeeds-bot

tldr; The SkyBridge Capital founder said he got "burned by Sam" after putting millions into the FTT token following a big investment by FTX. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

coinfeeds-bot

tldr; In the wake of FTX's collapse, a new idea for regulating crypto has begun to take form: Let's regulate crypto like we regulate gambling. At its core, crypto consists of a bunch of programmable databases, which means they can host all sorts of applications – not just gambling applications. Regulating crypto as gambling isn't very helpful, and it'll take more nuance than throwing it all into the gambling category. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

coinfeeds-bot

tldr; Crypto exchange FTX has filed for bankruptcy, becoming the fifth major crypto firm to do so after the collapse of Luna and TerraUSD. The Bahamas-based exchange had started the year with a $32 billion valuation, hired celebrities including Larry David and Tom Brady for flashy Super Bowl ads, and put its name on the home arena of the Miami Heat. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Mr_Bob_Ferguson

The main thing in my opinion is that we have reached a point where we likely have an understanding of the full impact of the FTX collapse. Talk of the collapse of other major exchanges has largely finished. It was always going to take some time for this to happen. We are just working towards the “pre-FTX” price, rather than this being some start of a bull run, in my opinion. But anything can happen in crypto. So who knows.

Outrageous_Drive1813

My name is Zoe and I'm an associate producer at XTR, an Oscar-nominated documentary production studio. We're currently working on a documentary about the FTX collapse. I'm reaching out to see if you would be interested in doing an interview? Best, Zoe Pratt XTR

CointestMod

#USDC Pro-Arguments Below is an argument written by Blendzi0r which won 1st place in the USDC Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [30.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og2jo1/comment/hewg10a/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: 31.03.2021 > > # Intro > > USD Coin (USDC) is a digital dollar – a stablecoin pegged to US dollar. Stablecoins are a type of cryptocurrency with a value fixed to other assets (usually assets outside of the cryptocurrency space, e.g. fiat currencies, precious metals, etc.). Their main purposes are: 1) help investors escape the volatility of the cryptocurrency market and 2) allow investors to buy cryptocurrencies on exchanges that do not offer fiat deposits. USDC is currently the second largest stablecoin. ^(\[1\], \[2\], \[3\]) > > # Pros > > **It’s backed mostly by cash and cash equivalents** > > It must be admitted that Tether has improved its reserves a lot since their first report and their latest breakdown looks much better as USDT is now backed by cash and cash equivalents in around 85%, but USDC is still ahead as its **reserves are backed by cash and cash equivalents in 92%**. There are also many more questions in regards to the credibility of Tether’s reports. ^(\[4\], \[5\]) And USDC may soon leave Tether far behind as Circle, the company that issues and backs USDC, stated that it wants the reserves to consist only of cash, cash equivalents and U.S. Treasury bonds in the near future. ^(\[6\]) > > What the stablecoin reserves consist of is extremely important for liquidity. If a lot of people decided to cash out at the same time and there was no liquidity it could end in a disaster for the whole market. > > &#x200B; > > **It’s partnered with Coinbase, Visa and others** > > Circle has partnered with Coinbase and together they founded a consortium named Centre that governs USDC. Circle has also partnered with banking institutions, including Signature Bank and Visa. The companies that invested in Circle include **Goldman Sachs**, Digital Currency Group (**Grayscale** Investments), **Fidelity** and **FTX**. > > It is also worth mentioning that Circle wants to follow in the footsteps of their partners (Coinbase) and also become a publicly traded company, which would add even more credibility to USDC. ^(\[7\]) > > &#x200B; > > **It’s transparent** > > USDC is transparent in terms of its financial operations. It follows the US laws closely. It is also **audited by Grant Thornton, LLP every month** and monthly reports can be found on the [Centre Consortium’s website](https://www.centre.io/usdc-transparency). The reports, of course, include information on USDC reserves. > > &#x200B; > > **It’s growing rapidly** > > At the beginning of the year, USDT had a 5 times bigger market cap than USDC ($20B vs. $4B). In March2021, this difference is much smaller and USDC has almsot 2/3 of the USDT's amrket cap. One can argue that this difference is still significant but be aware that **between April 2021 and April 2022 market cap of USDC grew by 400% while Tether’s market cap grew by 100%.** > > Also, while USDT’s daily volume decreased, USDC’s volume is on a rise. > > &#x200B; > > **Coinsmart replaces Tether with USDC** > > On September 15, 2021, Coinsmart, Canadian cryptocurrency exchange, delisted USDT and adopted USDC instead ^(\[8\]). As regulators take a closer look at stablecoins, this trend might continue and **more entities might drop Tether in favor of a more transparent stablecoins.** > > &#x200B; > > **USDC is centralized. But is it so bad in the case of a stablecoin?** > > Those who criticize USDC and other centralized stablecoins often give the example of DAI which in their opinion is decentralized. There is no question about USDC being dependent on Centre, but it must be said that DAI, on the other hand, is heavily dependent on USDC - more than half of DAI is generated by USDC collateral and collateralizetion against Centre’s stablecoin is more than 25%. ^(\[10\]) > > Decentralization is essential for cryptocurrency. But so is replacing fiat. So, is decentralization that important in the case of a stablecoin anyway? > > \_\_\_\_\_\_\_\_\_\_\_ > > **^(Sources:)** > > ^(\[1\]) [^(https://f.hubspotusercontent30.net/hubfs/9304636/PDF/centre-whitepaper.pdf)](https://f.hubspotusercontent30.net/hubfs/9304636/PDF/centre-whitepaper.pdf) > > ^(\[2\]) [^(https://en.wikipedia.org/wiki/USD\\Coin)](https://en.wikipedia.org/wiki/USD\Coin) > > ^(\[3\]) [^(https://en.wikipedia.org/wiki/Stablecoin)](https://en.wikipedia.org/wiki/Stablecoin) > > ^(\[4\]) [^(https://www.centre.io/hubfs/pdfs/attestation/2021%20Circle%20Examination%20Report%20August%202021%20Final.pdf?hsLang=en)](https://www.centre.io/hubfs/pdfs/attestation/2021%20Circle%20Examination%20Report%20August%202021%20Final.pdf?hsLang=en) > > ^(\[5\]) [^(https://tether.to/wp-content/uploads/2021/08/tether\\assuranceconsolidated\_reserves\_report\_2021-06-30.pdf)](https://tether.to/wp-content/uploads/2021/08/tether\assuranceconsolidated_reserves_report_2021-06-30.pdf) > > ^(\[6\]) [^(https://www.cnbc.com/2021/08/23/crypto-usdc-stablecoin-to-change-reserves-composition.html)](https://www.cnbc.com/2021/08/23/crypto-usdc-stablecoin-to-change-reserves-composition.html) > > ^(\[7\]) [^(https://fortune.com/2021/05/28/crypto-startup-circle-fidelity-ftx-stablecoin-usdc-coinbase-funding-spac/)](https://fortune.com/2021/05/28/crypto-startup-circle-fidelity-ftx-stablecoin-usdc-coinbase-funding-spac/) > > ^(\[8\]) [^(https://nitter.net/CoinSmart/status/1433472681626722309)](https://twitter.com/CoinSmart/status/1433472681626722309) > > ^(\[9\]) [^(https://www.coinsmart.com/blog/what-is-usdc/)](https://www.coinsmart.com/blog/what-is-usdc/) > > ^(\[10\]) [^(https://daistats.com/#/)](https://daistats.com/#/) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2mln/top_10_usd_coin_proarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_USD_Coin) to find arguments on this topic in other rounds.

Mr_Bob_Ferguson

Yep, this comments section is a cesspool jumping onto the “anti Warren” bandwagon without even reading what she has said. Protections to help investors from getting screwed over by another FTX or Celsius.

zoomercoomer9000

She's talking about FTX and the crypto exchanges that took big risks by storing their assets with them. I tend to agree. Too much money and trust was placed in the Bahamas orgy crew.

Beyonderr

I generally am not a fan of conspiracy theories but I have to admit that FTX fucked up so hard that its almost difficult to imagine how that was not intentional. Also so weird that Michael Lewis, the writer of popular novels like The Big Short, was following Sam Bankman-Fried for months already when the fall of FTX happened.

Odysseus_Lannister

Is bitvavo that big to the global crypto economy? I get FTX was worldwide, but how big is this in comparison?

kirtash93

Thanks to this sub warning about SBF and FTX saved a friend of mine. I warned him, he withdrew and few hours later they stopped withdrawals.

Bongressman

BTC will retain dominance. It is the only guaranteed commodity and the only one the largest institutions are interested in. If there is some nebulous future commodity asset that will overtake BTC, it doesn't exist yet. All others you can currently invest into will inevitable be deemed securities, and most of those won't survive the registration process after that. And will crash almost immediately once deemed as such. Using BTC as at least the long-term store for now, for the vast majority of your portfolio is necessary, until after regulation guts most of the space and you can see what survives or springs anew. The gamble space won't last forever and can't sustain itself continuously. FTX sped up the regulation hammer as well. We might have 1 more half cycle before that happens. If someone is thinking ONE, SAND or CRO are good 10 year holds... as if they will still be around in any way, that is a little wishful and delusional in its thinking.

Huge_Yak6380

I was also down bad like everyone, but aggressively bought the recent dip after FTX collapsed and now I'm up about .27%

Nohoula

FTX 4 Life

Nohoula

That’s true, it would be much easier just to store it at FTX.

Giga79

The price of a coin is what the last coin sold for. When you put a coin up for sale it goes into an order book of all coins for sale on that exchange. When you 'market buy' a coin you're filling one of those existing sell orders.. A 'limit buy' is creating a new order for a seller to fill. If you 'market buy' when BTC is $20,000 and no one in the order book is selling theirs for that much, it will fill the next order instead say at $20,001 and you'll have paid $1 in the 'market spread'. In a perfectly liquid asset your 'market buys' would always execute at the live price. Since crypto is notoriously *illiquid* any 'market buys' will eat *into* the order book, which is why using 'limit buys' is always good practice. That means if you market buy 10 BTC at $20,000 and there are sell orders for 10 BTC at $20,001 that's the price your trade will execute at. But if there are only sell orders for *1* BTC at $20,001, then no orders until a 100 BTC wall is for sale at $25,000, you'll get hit with $5K in spread trying to buy 10 BTC, and you'll also increase the price by $5K by doing so. Then next time someone buys 10 BTC they are still only 90% through that big sell wall so the price wouldn't move at all. Eventually someone will break past that wall, and there might not be another 100 BTC wall until $30,000, so that last person buying 10 BTC might push the price up by another $5000 even though the last *ten* people couldn't. Realistically people see the price jumped 5K and start selling, adding liquidity to the order book, so it will be harder to increase the price with all those new extra orders to fill between 25-30. Except people usually sell at round numbers and at predictable resistance lines, so outside of those that rule isn't very strict. We've had vertical lines from one resistance to the other many times before. The same thing happens if there's no one buying - you can try and market sell yours at $25K but if the next order is $20K you'll fill that order instead, and BTC will lose $5000 from your one trade even if it took 1000s of trades to get it up there the first time. Liquidity is everything in crypto. FTX has something like $700M in SOL still, but by trying to sell even 1% of them they'll eat through every market order all the way to $0 making the price of SOL $0, so it's not the same as having $700M. Some coins are so illiquid you can't trade $1000 without impacting the price +/- 50%. I hope that explains it better than what I said originally! We aren't quite at that point even regarding BTC that the order book spread is minimal, so whales or institutions are turned away knowing they won't be able to sell or buy without huge impact. Liquidity begets more liquidity as they say. The more liquidity there is the more stable the price becomes.

CointestMod

#USDC Pro-Arguments Below is an argument written by Blendzi0r which won 1st place in the USDC Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > First published on: [30.09.2021](https://www.reddit.com/r/CryptoCurrency/comments/og2jo1/comment/hewg10a/?utm_source=share&utm_medium=web2x&context=3) > > Last edited on: 31.03.2021 > > # Intro > > USD Coin (USDC) is a digital dollar – a stablecoin pegged to US dollar. Stablecoins are a type of cryptocurrency with a value fixed to other assets (usually assets outside of the cryptocurrency space, e.g. fiat currencies, precious metals, etc.). Their main purposes are: 1) help investors escape the volatility of the cryptocurrency market and 2) allow investors to buy cryptocurrencies on exchanges that do not offer fiat deposits. USDC is currently the second largest stablecoin. ^(\[1\], \[2\], \[3\]) > > # Pros > > **It’s backed mostly by cash and cash equivalents** > > It must be admitted that Tether has improved its reserves a lot since their first report and their latest breakdown looks much better as USDT is now backed by cash and cash equivalents in around 85%, but USDC is still ahead as its **reserves are backed by cash and cash equivalents in 92%**. There are also many more questions in regards to the credibility of Tether’s reports. ^(\[4\], \[5\]) And USDC may soon leave Tether far behind as Circle, the company that issues and backs USDC, stated that it wants the reserves to consist only of cash, cash equivalents and U.S. Treasury bonds in the near future. ^(\[6\]) > > What the stablecoin reserves consist of is extremely important for liquidity. If a lot of people decided to cash out at the same time and there was no liquidity it could end in a disaster for the whole market. > > &#x200B; > > **It’s partnered with Coinbase, Visa and others** > > Circle has partnered with Coinbase and together they founded a consortium named Centre that governs USDC. Circle has also partnered with banking institutions, including Signature Bank and Visa. The companies that invested in Circle include **Goldman Sachs**, Digital Currency Group (**Grayscale** Investments), **Fidelity** and **FTX**. > > It is also worth mentioning that Circle wants to follow in the footsteps of their partners (Coinbase) and also become a publicly traded company, which would add even more credibility to USDC. ^(\[7\]) > > &#x200B; > > **It’s transparent** > > USDC is transparent in terms of its financial operations. It follows the US laws closely. It is also **audited by Grant Thornton, LLP every month** and monthly reports can be found on the [Centre Consortium’s website](https://www.centre.io/usdc-transparency). The reports, of course, include information on USDC reserves. > > &#x200B; > > **It’s growing rapidly** > > At the beginning of the year, USDT had a 5 times bigger market cap than USDC ($20B vs. $4B). In March2021, this difference is much smaller and USDC has almsot 2/3 of the USDT's amrket cap. One can argue that this difference is still significant but be aware that **between April 2021 and April 2022 market cap of USDC grew by 400% while Tether’s market cap grew by 100%.** > > Also, while USDT’s daily volume decreased, USDC’s volume is on a rise. > > &#x200B; > > **Coinsmart replaces Tether with USDC** > > On September 15, 2021, Coinsmart, Canadian cryptocurrency exchange, delisted USDT and adopted USDC instead ^(\[8\]). As regulators take a closer look at stablecoins, this trend might continue and **more entities might drop Tether in favor of a more transparent stablecoins.** > > &#x200B; > > **USDC is centralized. But is it so bad in the case of a stablecoin?** > > Those who criticize USDC and other centralized stablecoins often give the example of DAI which in their opinion is decentralized. There is no question about USDC being dependent on Centre, but it must be said that DAI, on the other hand, is heavily dependent on USDC - more than half of DAI is generated by USDC collateral and collateralizetion against Centre’s stablecoin is more than 25%. ^(\[10\]) > > Decentralization is essential for cryptocurrency. But so is replacing fiat. So, is decentralization that important in the case of a stablecoin anyway? > > \_\_\_\_\_\_\_\_\_\_\_ > > **^(Sources:)** > > ^(\[1\]) [^(https://f.hubspotusercontent30.net/hubfs/9304636/PDF/centre-whitepaper.pdf)](https://f.hubspotusercontent30.net/hubfs/9304636/PDF/centre-whitepaper.pdf) > > ^(\[2\]) [^(https://en.wikipedia.org/wiki/USD\\Coin)](https://en.wikipedia.org/wiki/USD\Coin) > > ^(\[3\]) [^(https://en.wikipedia.org/wiki/Stablecoin)](https://en.wikipedia.org/wiki/Stablecoin) > > ^(\[4\]) [^(https://www.centre.io/hubfs/pdfs/attestation/2021%20Circle%20Examination%20Report%20August%202021%20Final.pdf?hsLang=en)](https://www.centre.io/hubfs/pdfs/attestation/2021%20Circle%20Examination%20Report%20August%202021%20Final.pdf?hsLang=en) > > ^(\[5\]) [^(https://tether.to/wp-content/uploads/2021/08/tether\\assuranceconsolidated\_reserves\_report\_2021-06-30.pdf)](https://tether.to/wp-content/uploads/2021/08/tether\assuranceconsolidated_reserves_report_2021-06-30.pdf) > > ^(\[6\]) [^(https://www.cnbc.com/2021/08/23/crypto-usdc-stablecoin-to-change-reserves-composition.html)](https://www.cnbc.com/2021/08/23/crypto-usdc-stablecoin-to-change-reserves-composition.html) > > ^(\[7\]) [^(https://fortune.com/2021/05/28/crypto-startup-circle-fidelity-ftx-stablecoin-usdc-coinbase-funding-spac/)](https://fortune.com/2021/05/28/crypto-startup-circle-fidelity-ftx-stablecoin-usdc-coinbase-funding-spac/) > > ^(\[8\]) [^(https://nitter.net/CoinSmart/status/1433472681626722309)](https://twitter.com/CoinSmart/status/1433472681626722309) > > ^(\[9\]) [^(https://www.coinsmart.com/blog/what-is-usdc/)](https://www.coinsmart.com/blog/what-is-usdc/) > > ^(\[10\]) [^(https://daistats.com/#/)](https://daistats.com/#/) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/ru2mln/top_10_usd_coin_proarguments_january_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_USD_Coin) to find arguments on this topic in other rounds.

Charon751

FTX

iterativ

Those trades are by their users. You can't trade with these funds, anyway. Sure, CZ can do some trading with his own funds, but probably elsewhere. Otherwise, you trade against your customers. Something that FTX accused.

the_infiniteYes

If they had good and deterministic tech, then large electronic market makers would have liked trading there. But they also would have had to post, and subsequently lose lots of capital. I understand no one around these parts sympathizes with the utility that hft firms provide, but I personally can understand they might have been a bit gun shy after FTX losses. And then they slowly come back after re-thinking risk controls.

Odysseus_Lannister

“A recent CoinDesk report showed that a jaw-dropping one in three members of Congress received donations from FTX-related entities alone.” FFS who wasn’t effected by ftx

ovetta

Hey Binance, can you please put a little distance between you and the collapse of FTX.before doing dumb stuff with people’s money? Lol. Thank you.

milonuttigrain

Good, let them speak and shed more lights on FTX. Get SBF to jail asap, the earlier the better.

forceworks

People owed money by Alameda/FTX are going to be telling all the insider information.

zoomercoomer9000

The leak came from M3 Partners, which is a firm made up of people owed money by Alameda. So you're probably right in this being intentional. https://i.imgur.com/wasbRRC.png The leak highlights that BlockFi underreported its exposure to Alameda/FTX by over $200 million.

Izzeheh

I do. Think about their staking programs and their quarterly burns. It's to me no doubt that BNB while being a bad coin is a good investment. The only thing in my point of view that could bring BNB down is if Binance goes the FTX way

Significant_Owl_716

I see your point but I don’t really think the FTX token correlates straight with the beginning of the bull market. I think there where just some people pumping the price and enough fools FOMO’ing in as always. It’s sad so many people haven’t learned in the last year.

coinfeeds-bot

tldr; Prosecutors seized just under $50 million belonging to FTX founder Sam Bankman-Fried held in Farmington State Bank. The bank specialized in agricultural loans to farmers and had only three employees when SBF deposited this amount. It also didn't offer online banking services or credit cards and had a net worth of $5. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

bored_android_user

>But when Gemini Earn fucks off with a couple of grand, I'm out on the street as far as the government is concered. Not sure where you live but in my country, I will be able to claim my lost coins from FTX as a capital loss. That is according to my accountant. This is in Canada. I would imagine if you speak to a CPA, he would probably advise you the same.

kirtash93

LUNA 2.0 and FTX 2.0 vibes.

mesutdmn

If I remember right, FTX has 100 million BIT ($46.6 million), so I wouldn't keep it.

coinfeeds-bot

tldr; Crypto Bitcoin futures open interest at the Chicago Mercantile Exchange (CME) has surged to near all-time highs at 21%. This indicates growing institutional participation in BTC futures. Bitcoin futures contracts have started trading at a premium to the spot market, the first time this has happened since the fall of FTX. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Blooberino

FTX was like a plague. It infected so many other crypto spaces.

LivingFondant1419

The patterns are not the same each time, but you cant deny the similarities. Barring black swan, wider societal events or a big scam like FTX being outed I can see the bullrun being quite similar to the last few, maybe some extra whale games this time where everyone is trying to outtrade the others. It still seems a bit too soon though, like I want it to keep going upwards but if I woke up tomorrow with 18k btc or 25k btc I wouldnt be surprised in the slightest.

hcollector

Sent from BlockFi to my inbox on November 22: [https://imgur.com/a/ZZutTve](https://imgur.com/a/ZZutTve) *"The rumors that a majority of BlockFi assets are custodied at FTX are false."* Outright lying to their customers.

CIAHerpes

I put like $10 or $20 a week into BNB. My thoughts are that with FTX and other major competitors out of the way, Binance is guaranteed to keep growing and remain a top company. In the USA Coinbase is its only real huge competitor and in ten years I expect it to get even more centralized. Since Coinbase only has a stock but no centralized crypto coin, the only centralized token is BNB, which is mostly just a bet on the company

kirtash93

This is how it should be. Banks and exchanges should be required to hold a euro of their own capital for every euro they hold in crypto. This is a good way to avoid FTX cases.

Barchelonio

This whole FTX situation is such a mess, there're gonna be tons of bomb documentaries in a few years about it.

Odysseus_Lannister

I like how the accident is revealing that they were tied up in FTX lol. Not actually doing it, just letting people know