FTX

Tlux0

Your source on the illegal uses is? Most trades are definitely investment related. Bitcoin is literally the stupidest way to pay for something illegal. Perhaps it made sense years ago when law enforcement weren’t wiser. Now? No. Bitcoin having zero protection is literally the whole point. Your responsibility, your freedom, your loss. If you don’t get that, that’s your problem. FTX isn’t Bitcoin or a decentralized exchange. It’s a shady criminal syndicate centralized exchange that has nothing to do with Bitcoin. Although it’s true it probably contributed to the price going up last cycle. Your talking points have minimal applicability tbqh.

mrpoops

Most trades are investment related by sheer volume. Most actual purchases or transactions between two humans are for illegal shit. Kiddy porn, drugs, transferring money out of Russia, cryptolocker payments, etc. Investing in bitcoin has zero regulation. Show me some regulations that protect someone trading bitcoin from common investment scams. There is no protection from things like fraudulent reporting (cough…FTX…). A stock investor is protected from that. There are no insider trading regulations for cryptocurrencies, there are no market manipulation regulations, fucking nothing. Quantum safe cryptography won’t save bitcoin, its crypto algorithms are set in stone. The day it’s cracked it’s done.

Kallen501

FTX had KYC. QuadrigaCX had KYC. MtGox had KYC. Cryptopia had KYC. Notice the trend here?

one_way_ticketz

FDIC insurance makes it a lot easier to recoup money if a bank fails compared to the fiasco that we've seen for Mt Gox, FTX, and others.

KiritimatiSwan

Oh shit, my bad dude. I actually like regulation. Sorry :/ but if you like the kind of market action that you get from *checks notes* the collapses of Vircurex, MtGox, Coin.mx, Crypsty, Einstein, Youbut, Bitgrail, QuadrigaCX, BTC-e, Bitgrail, *turns page* Cryptopia (Fuck me…), FTX, Blockfi, Celsius, then no wonder you think I have no bearing on what’s going on. Ffs. I also like to pay taxes. We are not the same.

AmbitiousAd9320

nah, fam... its all FTX all the way! pinky promise THIS time!

satoshisystems

What does clawback in regards of FTX mean?

Huskan543

Yeah, as with any centralised entity, except if there’s a clawback such as with FTX… hence use at your own risk…

_Adrian_Morris_

See this? This is called conversation, I can work with this. Now to your point: "He does say his model shouldn't be used to try to predict the price in the long term. He also says a "break" in the power law may be caused by an unpredictable event..." If I could attach screenshots I would, he made this claim to me directly and on a spaces on Xwitter. Parts 1 and 2 of my articles had links to all of his posts making this and other claims, he started deleting them. Just like you I have experimented with Bitcoin price data, for years now actually. I mentioned that briefly in the article and gave resources for people to be able and go out and test this theory themselves. First: I'm not saying the conclusions from data would be wrong out of hand, I'm saying that the conclusions he attempts to validate based on that data is wrong. The data is secondary to the framework you are operating out of. If he's operating off of a false premise re: Bitcoin \[which he is\] and he has also contradicted himself over and over again with me directly and with others \[which he has\] this entire theory of HIS and how HE applies it HIS understanding of Keplers 3rd Law, Time Series, Power Laws, etc and how he applies them to his theory is in question. NOT how they can or could or would be applied. Giovanni is the one making these grandiose claims and I am showing the inconsistencies in his claims. Second: the application of Power Laws to financial time series data is troubling and full of issues. The application of processes and rationales from other disciplines are not some universal corrolaroy, there will be nuance. But based on my conversations with him and the other conversations I have seen, this dude is intellectually dishonest, at best. Look, take theory out of it for a second, everyone is entitled to their opinion, but when you start going on YouTube with influencers, pushing Patreon groups, getting connected with Unchained Capital and spread this untested unvetted theory of yours to many new high net worth individuals I cannot call you anything but a smart guy that's looking for a cash grab. The Bitcoin space has survived BlockFi, FTX, Mt Fox, 3ac, Celcius, The China Mining Ban, I can go on. We need to root out bad actors. If he's right, time will tell, until then attacking anyone that challenges your assertions only casts more doubt on what you are saying. With that, I am good. I got the conversation going again and that's all I wanted. Everyone can feel free to attack me and accuse me of projection or semantics, it is what it is.

Existing_Chemist2075

Sorry to hear about your investment. I was down on mine around 7x when FTX happened and I ve waited more than one year after that just to break even and get a some small profit!

sandworm87

Taking over from LUNA and FTX in the previous bull run, this season's big bad is Grayscale, crashing the market with no survivors at 9am every weekday morning. https://dune.com/hildobby/btc-etfs

Amber_Sam

>Can anyone explain why Research what happened to FTX, Quadriga, mtgox... >and how to transfer what I have Visit r/BitcoinBeginners, look for step by step guide. >to what you would consider a safer option? Make sure the wallet is open source and Bitcoin only. Being air gapped and hardware wallet gives you even more points.

Haunting-Student-756

TF does this even mean? Celsius? BlockFI? FTX Earn? Are you a 🧌 or just a regular slow 🦥 bro?

irisuniverse

They don’t loan out your coins and at least for Swan I know that your coins are held in a legal trust account in your name, whereas FTX and most exchanges you just have an IOU.

bbiittccooiinn

No. Don't give up your Bitcoin chasing crappy digit yield with those "earn interest" companies. There are a lot of shills churning referral bonuses or these companies using bots to farm new customers. It's like picking up pennies under a steamroller. The highly likely ending is where you'll be next in line during a lengthy bankruptcy process and receive cents in the dollar back. If the below companies didn't exist, BTC would have reached over $100K last cycle. Instead all these companies did was suppress real price discovery by converting Bitcoin people transferred to them to shitcoins in order to generate the yield to pay you, before pulling the rug right under their clients. Don't think this couldn't happen again. Who will be next? Nexo? Buy Bitcoin and withdraw to your cold wallet. Don't keep it on an exchange either. - 2021 - ACX - 2021 - Mycryptowallet - 2021 - Cobinhood - 2021 - Bitgrail - 2021 - Coindelta - 2021 - EXX - 2021 - VCC Exchange - 2021 - WEX - 2021 - COSS - 2021 - Bithumb - 2021 - BTCEXA - 2021 - Liquid - 2021 - Nova Exchange - 2022 - Three Arrows Capital (3AC) - 2022 - Alamada Research - 2022 - BlockFi - 2022 - Babel Finance - 2022 - CoinFlex - 2022 - Celsius - 2022 - Zipmex - 2022 - FTX - 2022 - Freeway - 2022 - Hodlnaut - 2022 - Ikigai - 2022 - Vauld - 2022 - Voyager - 2022 - West Realm Shires Services - 2022 - Genesis - 2022 - Myconstant - 2022 - Digital Surge - 2022 - Mine Digital - 2022 - Atom Asset Exchange (AAX) - 2022 - Midas Investments - 2023 - Liquid Global - 2023 - The Rock Trading - 2023 - Silvergate - 2023 - Silicon Valley Bank - 2023 - CoinLoan - 2023 - BKEX - 2023 - Patricia - 2024 - who's next?

WeakLab4828

FTX can gamble with your money.

SpicyMealOutside

What makes Swam and River different from FTX?

daarhi

Although CB is not immune to a downfall but they are one of the OGs and a publicly traded company, thus should not be compared with the likes of FTX.

Adius_Omega

Getting FTX flashbacks with all of these pushes for ads....

AmbitiousAd9320

im big on FTX and BBBY

blindao_blindado

at this point I can safely store it on celsius/FTX or similar platform offering sweet 8% on my stack

peaceAdmirer

It is not about the revenge of SBF's parents but that of the US. Because they not only lost one of the few US based crypto exchanges, but they also lost their reputation and reliability. Otherwise I am pretty sure the US is doing much shadier transactions with terrorists and illegal organisations than Binance did and they would not care about Binance if they did not cause FTX go insolvent.

AnonTheGreat01

You weren't around yet, so let's take a trip down memory lane. 3 years ago, at the first 63k top, nobody did expect it to go below 30k when China banned Bitcoin for the 8th time. Then, it rose to 69k. Everybody was calling for 100k minimum. You would not have sold at \~60k. Then came the bear market as a result of interest rate hikes. It seemed to stabilize again around 20k. Then, on top of that, FTX and other firms that went bankrupt. I don't think anybody had thought the price would drop from 69 to 16k over the course of a year. Now we are at \~65k. What will the ATH be of this cycle? How much will we drop from the ATH? When? And, are you good buying at 65k now or will we drop perhaps to 40k before the real bull run begins? It's not so easy, and especially when there's a lot of $$$ on the line, your emotions are going to fuck you over when the price goes parabolic or implodes.

Sharlach

There's been a lot of selling from GBTC due to their substantially higher fee's and the lack of "in kind" transfers for BTC ETF's, yes. They just launched a subsidiary fund with lower fees that their current customers can transfer into though, so that should reduce the outflows. I think FTX held a lot Grayscale shares too though and they're going through bankruptcy proceedings now, so that's been another source of sell pressure for them as well.

blue419

Bybit feels like a future FTX to me. Maybe the owners dont do an SBF, but I'd be very cautious. I downloaded that app, and within a minute, i uninstalled it. It felt wrong in so many ways. My scam sense was through the roof. I can't quite put my finger on it, but it was not pleasant. I just was like, nope, im out. Sometimes, you just have to go with your gut feeling.

biba8163

From 2020 to the end of 2021, there were over 90 stocks tokenized for trading on BNB/Binance chain and FTX/Solana until the regulators stopped Binance and FTX exit scammed. These included APPL, TSLA, GOOGL, MSFT, etc. No shitcoins or shady exchanges partnered with 90 companies to make this possible. And there was virtually zero interest or liquidity in owning and trading these assets on crypto platforms. The whole point was to shill your exchange and your coin to dummies. https://www.coindesk.com/markets/2020/10/29/ftx-launches-bitcoin-pairs-for-top-stocks-like-amazon-apple-and-tesla/ https://blockworks.co/news/facebook-google-paypal-and-tesla-tokenized-stocks-coming-to-ftx https://bravenewcoin.com/insights/binance-stock-tokens Stop falling for the same shitcoin scam narratives. - Run a shitcoin node on Google/AWS/Azure. Shitcoin partnerned with Microsoft, Google, Amazon. - Some McDonalds franchise in Venezuala accepts shitcoin. Shitcoin partnerred with McDonalds. - Shitcoin pays some company to do POC. Shitcoin partnered with a major bank or financial services company.

biba8163

> Don't be so naive Stop with your scam shilling. From 2020 to the end of 2021, there were over 90 stocks tokenized for trading on BNB/Binance chain and FTX/Solana until the regulators stopped Binance and FTX exit scammed. These included APPL, TSLA, GOOGL, MSFT, etc. Nobody partnered with 90 companies to facilitate this. And there was virtually zero interest or liquidity in owning and trading these assets on crypto platforms. The whole point was to shill your exchange and your coin to dummies. https://www.coindesk.com/markets/2020/10/29/ftx-launches-bitcoin-pairs-for-top-stocks-like-amazon-apple-and-tesla/ https://blockworks.co/news/facebook-google-paypal-and-tesla-tokenized-stocks-coming-to-ftx https://bravenewcoin.com/insights/binance-stock-tokens

BrocoliAssassin

I always love the part where every case is like "you should have read the TOS!!!" . FTX has it in their TOS that the crypto wasn't theirs. All of a sudden TOS doesn't mean shit. This isn't a CEX issue, it's more of a rich people never get punished so they will use any business to keep robbing people.

biba8163

Scam shills always try to pump dead/dying shitcoins whatever way they can. - BNB/Binance already had 55 stocks available on their exchange and chain. Solana/FTX already had like 90 stocks available on their exchange and chain. These included APPL, GOOGL, TSLA, MSFT, etc. I think regulators blocked Binance and FTX exit scammed. Now, Hedera "partners with Blackrock" is the first to do this...pump it. There was virtually zero interest or liquidity in this in the first place. - ICON and other shitcoins already had Python available as a programming language for their shitcoin smart contracts. Algorand has been spamming itself as the 1st blockchain to have this so it'll moon.

GarbageHiro

My 2 cents. CZ was perfectly safe and fine until he got in bed with SBF. CZ is the one who brought attention to the issues FTX was having on twitter. SBF then losses the exchange, CZ gets to pick up the market share but now SBF goes to trail and ultimately ends up in prison. I wonder how SBF’s rich ass parents feel about that? The answer is salty as fuck and as such retaliated against CZ. Thoughts? TLDR: I think SBF’s family retaliated against CZ for exposing SBF and sending him to jail.

flarept1

This dude out here seriously comparing Binance to FTX and Mt fox. Lmao

gr8ful4

Dumb people using CEX are to blame. Dumb people also pay their taxes. Dumb people do all sorts of dumb things.Dumb people also vote for the lesser evil. As much as I despise CZ, as he suppressed prices of Monero for years. Jail time is an ancient tradition that is often abused to proclaim power in times of collapse, enforcing compliance and fear in the population. I say: Let them run free. Let them scam people. So people get the chance to become wiser. Thank people like CZ for showing you your own mis-takes. No one forced you to use FTX or Binance or Mt. Gox. You did it all to yourself.

FenwickDTR

FTX wasn't MtGox

piggleii

For someone to have done that in the last cycle, they would have had to: - Buy highly volatile low cap coins/tokens. - Buy near the bottom when nobody knew about them. - Only buy those that pumped and didn't get rugpulled, or have scammy "rebase" fees. - Not panic at 50% (or more) drawdawns. - Time the top near perfectly. - Not have put any UST into Anchor protocol. - Not have used FTX, Celsius, BlockFi etc. Of course, the vast majority of crypto participants did exactly the above in the last cycle which is why almost everyone of them are now millionaires. /s

noncognitive

He played a character who, in the ad, was skeptical of FTX. It doesn't matter how he was paid, he was doing an acting spot and never gave an endorsement or testimonial.

Hot_Difficulty6799

I suspect that if Larry David tried to claim, under penalty of perjury, that he was not using his fame to endorse the idea that FTX was safe, he'd be destroyed by the evidence. For example, that [he was paid in FTT tokens](https://www.independent.co.uk/arts-entertainment/tv/news/larry-david-crypto-super-bowl-advert-b2489141.html). The idea that David *wasn't* endorsing FTX in the ad, is outright sophistry.

kinkyintemecula

Hardware wallet. Use exchanges as on and off ramps for fiat. After seeing FTX, BlockFi and Celsius fold. I'm not trusting anyone. That said it's a huge responsibility.

coinjaf

Yes, it is. In a lot of ways it's surprising it didn't blow up long before FTX went. It certainly deserved as much.

Background_Salary_18

FTX also wasn't FTX

CointestMod

#Crypto.com(CRO) Con-Arguments Below is a Crypto.com(CRO) con-argument written by a deleted user. > Crypto dot com (aka **CDC**) is a multi-purpose crypto platform known for its extravagant marketing campaigns such as purchasing its namesake domain name and the naming rights for the former Staples Center. It also has an exchange that's still not available in the US (though finally open for waitlist). > > I was their customer for 1.5 years, but left a month ago. It's frustrating seeing how much they spend on marketing and influencers instead of improving their platform. > > ## CONs > > - **Better competitors**: CDC's has many competitors with more features, lower fees, or better and easier-to-navigate websites/apps. CDC's platform tries to do many things, but it does everything subpar. The only thing that makes it really stand out is their debit card, which offers higher APY benefits for CRO and its earning platform if you stake large amounts of CRO. Though given how they've been slashing rewards across the platform, we don't know how long they can maintain their popularity through those rates. I've always suspected that these are promo rates that are only being maintained through their higher fees being charged everywhere else on their platform. (May 1st edit - CDC completely slashed their rewards for their cards: https://crypto.com/product-news/crypto-com-visa-cards-update. Except for the 2 highest and most risky tiers of staking, there's no point to using this card anymore. They've destroyed the best part of their platform.) > - **Focuses on marketing, not product** - CDC relied on marketing strategies that were designed to attract as many customers to their platform. Many basic features have been neglected. ACH transfers (specifically pulls) from banks did not exist until recently. Nearly all of its CeFi competitors (Gemini, BlockFi, Celsius, Nexo) have a desktop app for their main platform. CDC's platform is mobile-only and has been for years. I suppose its Exchange has a desktop site, but that isn't available in the US, and most of CDC's features are not related to its exchange. Instead, they focused on buying up tons of advertising (Stapes Center, Matt Damon's "Fortune Favors the Brave" campaign, LeBron James campaign) when they could've improved their products. > - **No US exchange**: Every couple of months, CDC's owners state that the US platform is coming in 1-2 months. I've been waiting since the start of 2021. They dropped multiple hints of a summer 2021 release, later delayed to Q4 2021. Now it's finally been released, but there's a waitlist for institutional investors, and we don't know if it'll be ready before the end of the year for the rest of us. > - **Massive spread and fees**: Those fortunate (or unfortunate) enough to have access to the exchange end up paying massive spread and fees compared to its competitors. It'll depend on what you buy, but the fees/spread are often 5x larger than those of Binance. It's not uncommon for fees to end up costing 3-5% of the transaction. > - **Lack of app security** - There is no password protection or 2 factor authentication for login on the mobile app. When you sign in, it sends your email address a link to use, making email the single point of failure. It was only after the Jan 18th hack that 2-factor was forced on, and even then it is only used for withdrawals and for bank-related settings changes--not for login. They need to take security more seriously. > - **Poor handling of the Jan 18 hack** - 400 accounts were hacked [by bypassing 2FA on Jan 18, with $33M stolen](https://cryptobriefing.com/days-after-alleged-33m-hack-crypto-com-still-silent/). Even worse, CDC forcefully-disabled 2FA on all accounts without warning. Barely any customers received emails about CDC crippling their 2FA. People only found out through social media or logging into their apps. They do have ISO IEC 27701 certification, but that's for privacy, and it's a joke to market it as security certification. > - **Poor handling of MCO swap** - Before CRO, CDC used a different ICO token to fund their platform called MCO. They cannibalized MCO to fund CRO, forcing everyone to swap to CRO at a fixed rate without adequate warning. > - **Too many large US banks block CDC**: My banks and credit cards work perfectly fine with Coinbase, Gemini, BlockFi, Binance US, Kraken, and FTX US. The only one they block is CDC. I don't know why so many large banks block it, but I suspect it was due to too many reports of shady activity or upset customers. The only way around this for many banks is to perform an ACH push from the bank side. Using CDC was the first time in 20 years I had to do an ACH push. > - **High withdrawal minimums** - Many of CDC's popular coins require a [minimum withdrawal of $25-50](https://crypto.com/exchange/document/fees-limits), and they still charge you a large withdrawal fee. Most ERC20 withdrawals are $25, and the BTC withdrawal is currently $20. Minimum withdrawal for fiat is $100. You're going to see high withdrawals unless you use their congested Cronos network or BEP20. > - **Cronos network often congested** - Since launch, their Cronos network has often been congested. It can take anywhere from a couple minutes to a full day to transfer any token. That's exceptionally bad for a mostly-centralized network that's modeled similarly to Binance Smart Chain. There was massive congestion in early April 2022 due to some coin launches. If they're getting congestion this early on, they're not going to be able to handle anywhere near BSC-levels of network activity. > - **Larger rewards require staking and locking CRO for 180 days** - Too many rewards require staking CRO for 180 days, during which it is completely locked. Many users bought CRO above $0.90 and couldn't sell when it halved in value. This is a huge risk. > - **Loot boxes** - CDC has gamified their platform and introduced loot/gacha boxes that provide trivial rewards for completing small tasks or making purchases. The rewards are embarrassingly small (nickle to dime values), and they're eclipsed by the higher fees paid to reach those rewards. You're better off using a cheaper platform for trades. > - **Cultish social media community** - Fortunately, this is no longer a big issue now that CRO has fallen 60% from its all-time high price. CRO investors who joined late 2021 have now had time to experience the massive flaws of CDC's platform and woken up from their drunken stupor. But rewinding to around the time CDC bought the naming rights to the former Staples Arena, CRO went viral and shot up 5x. For the next 6 months, their community went from slightly cultish to absolutely and unbearably irrational (similar to the Loopring and SafeMoon communities). There are still many CRO shills and way too many pictures of people's debit cards, but the community is much more balanced now. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_crypto.com.28cro.29) to find submissions for other topics.

TroutFishingInCanada

Being in an advertisement is different than endorsing a product. You’re not acting. You’re putting your name on it. That has consequences. It’s *supposed* to have consequences. They were paid with money from customer’s deposits because that’s where FTX got its money.

ObnoxiousTwit

>the celebrity endorsers endorsed the product and were paid for their work. Period. That's the end of their affiliation with FTX, and cannot be held responsible for the wrongdoing of the higher-ups. >the celebrity endorsers were paid with funds from customer deposits. That may actually have merit. If true and verifiable, then I would agree with the need to repay. >the product endorsed turned out to be very bad and a lot of people lost a lot of money The same could be said re the tobacco industry in the age before warning labels, despite everyone on the inside knowing the dangers of their products. That still doesn't mean anyone who was ever in an advertisement should be sued. And for the record, it's not that I don't want the victims to get their money. Of COURSE I want for end users (true victims) to be made whole FIRST, then FTX/Alameda investors after that. It's not that I think Shaq or Larry David deserves to keep their money, but unless it can be proven that they were paid directly from user wallets, that doesn't sit right with me, and goes against set precedent. That said, if there is proof that this was how they were paid, then by all means it should be pursued. However, I don't think this would cover 100% of the losses, as a lot of that wealth disappeared when SBF was playing fast and loose and tanked everything that they had built. That money just doesn't exist (save for the assets that have been frozen and started climbing back up again).

monkeydoodle64

What could go wrong? MSTR could end up being the next FTX.

TroutFishingInCanada

There. I think that’s reasonable. But try not to draw lines. Sometimes you focus too much on the lines and you can’t see outside them or read between them. It’s good to know where the lines have been drawn, but that doesn’t mean you shouldn’t approach each situation on its own merits. This is especially true for novel situations I try to break things like this down into small facts and I think these are the main ones: * the celebrity endorsers endorsed the product and were paid for their work. * the celebrity endorsers were paid with funds from customer deposits. * the product endorsed turned out to be very bad and a lot of people lost a lot of money It’s hard for me to say, since I’m not a millionaire, but I’m going to speculate. If had your-children-don’t-have-to-work kind of of money I got paid a couple million of dollars to endorse a product that ended up financially ruining thousands of people, what would I think would be the right thing to do? I don’t think that I would deserve it. Endorsing isn’t the same as acting in a commercial. You’re putting your name on it. That has consequences. I just find it kind of odd that this sub suddenly doesn’t want FTX customers to recover anything they lost because… Shaq earned it.

No_Release6675

Please, stay away from loaning your crypto for fiat loans. I got burned big time in 2021 with Nexo. I got too greedy and instead of selling some of my BTC at the 2021 highs for buying a house I instead decided to loan my BTC to buy the house with loaned fiat and had to liquidate at the bottom of the FTX collapse 50 BTC. This day still haunts me and still have sleepless nights. It's a crushing feeling

tbkrida

Here’s my Bitcoin journey… First bought BTC in late December 2020 at around $24k, rode the bull market all the way up to $69k and did not sell. Bitcoin dipped hard and I doubled my stack at $16.4k around the time of the FTX scandal. I’ve been buying here and there when I have extra money as well. Now we’re sitting at $66.7k and I’m waiting to see how far this run takes us. We don’t know the future. Once you get into the idea of “I’m gonna outsmart and time the market”, that’s when you get wrecked! I bought with the intention of holding at least 4 years and only selling for a necessary asset like a home or for some life threatening emergency. I believe in the metrics of Bitcoin and it’s trajectory seems to have a lot of upside from here.

PhilBeckter

She was responsible for FTX

bought_high_sold_low

What reliable lender offers this? I stress "reliable" because so many saw their collateral vanish that was held with lenders that failed during the contagion from the FTX scandal.

Disastrous_Gift_2003

Citadel’s 13f which states 65 billion in “sold but not yet purchased securities” Than search his ties to Brett Harrison who was Citadels Chief Engineer, than jumped to FTX, now back to Citadels subsidiary to operate their next crypto scam. It’s a pretty in depth rabbit hole man

Vegetaman916

I guess it would be fraud, then, to advertise a fruadulent exchange as non-fraudulent? LOL. I guess we will see how the lawsuit goes, and that will spell out who is right here. Still, promoting unregistered securities for FTX and enticing investors into a Ponzi scheme in exchange for a fee... seems like fraud to me.

jwz9904

# Sam Bankman-Fried Is Ratting On FTX Promoters. EFFECTIVE ALTRUISM.

HarrisonGreen

BNB is backed by Binance, the world's largest crypto exchange by far. Think of BNB as unregulated Binance stock. When crypto goes up, so do the value of crypto companies. But if Binance gets into trouble, or worse, collapses like FTX, so will BNB's price.

uncapchad

I definitely do and every penny should be pursued. He gets the class-action dropped and immunity from any future claims, for possibly recouping $1.3million. Who wouldn't jump at such a deal! I understand why the FTX investors did it. Best to get what you can before all the money disappears. Still galling though

only_merit

> knowing that the event WILL occur at some point does seem to be concerning but you don't know that anyway, to answer your question, it has been discussed many times and like 10 years ago. there are softforks that can be implemented to prevent spending dead coins by requiring proof of derivation from the mnemonic seed (of course this has myriad of problems on its own, but not entirely unsolvable) but even if it happens that the dead coins are attacked like that and dumped on the market, it would just crash bitcoin by 85% like we've seen numerous times in a history, making it a normal event, not unlike implosion of MtGox, FTX (you know these), Binance and Coinbase (future events) so you'd just DCA through the dip and you'd be fine

hamlesh

"I don't have crypto anymore, I lost it all when FTX crashed" They don't need to know what you have, no one does. You do you. Just remember to wave and smile back at them when you're taking your moon rocket one day.

deftware

If you don't have the keys it isn't your coin. Move everything to a proper address that only you have the private key for. Owning coin on an exchange is not owning real coin. Anything can happen - they could get hacked, have some kind of FTX scandal, etcetera. Get your coin off of exchanges like your life depends on it. Crypto will always exist, even as exchanges come and go. After all, it existed *before* exchanges ever did in the first place. You don't need an exchange to own crypto, but they need you, and they need everyone to keep coin on their exchange or they couldn't exist - but that just makes you and everyone else using the exchange vulnerable. You're creating a single point of failure in your ability to own coin that is not necessary, or smart. There are plenty of bitcoin clients to create a wallet and then you can withdrawal your coin from the exchange to that wallet. Just don't lose everything you need to continue accessing whatever wallet(s) you create.

TroutFishingInCanada

I get where you're coming from, but don't you want the people who lost big in FTX to recoup some of it? Isn't that ultimately the most important thing?

TroutFishingInCanada

Every dime they got paid was customer deposits. Do they really deserve their payout for endorsing a shitty product? I mean really, they got paid probably a stupid amount of money to, as you said, just be in the ad. And then the product they endorsed lost a bunch of people a lot of money. I'm just surprised to see so many people here get all huffy about people trying to recoup their losses from the FTX fraud because... Shaq earned their money.

noncognitive

Yes, an endorsement or testimonial is different than an actor being in a commercial. Perfect example is Larry David. He specifically played a character and did not endorse FTX. His character was against FTX.

TroutFishingInCanada

No, I don’t think that taking legal action is the same as mugging someone. You know the suing someone is completely legal and in fact even takes place inside of a courtroom. FTX paid those celebrities with funds it got from customer deposits. It turns out that those celebrities were endorsing a bad product. Do you think that it’s better if the celebrities keep that money, or that some of it goes to reimbursing what customers lost? Please don’t give me an answer about how it’s their money and America and blah blah blah. What would be better?

Job_man

Similar thing happened to with FTX, they were so slow at confirming identity verification that I eventually gave up and just moved to another exchange.

swdee

Remember when FTX first went down, Kevin was on the mainstream news still protecting FTX for the following week and talking about how wonderful SBF was. Whilst bad mouthing Binance and CZ. Of course that cool $15m FTX paid him prevented him from seeing that SBF was a fraud and could never pass a BS detector test.

DreadnaughtHamster

Exactly this. NO one knew. SBF and a few cronies were the only ones. This is laid out in the book Going Infinite. I was researching FTX as a potential place to put some crypto. Tons of people were. No one knew what was happening on the backend. That’s *specifically* why SBF is in prison: he kept it secret that he was turning USD > FTT token and then shuttling the FTT to Alameda and re-exchanging it for USD. He kept that secret from everyone. Don’t know what the feds are trying to do here.

DreadnaughtHamster

They wouldn’t have known. According to the book Going Infinite almost no one knew. There was no way to do “due diligence” on this. It wasn’t until CZ tweeted that FTX was doing this that people had even an inkling.

DreadnaughtHamster

Also, let’s make a hypothetical and say they used Snoopy to endorse it (I’ve seen Peanuts characters endorse other things). Who are you gonna go after then? The estate of Charles Schultz? SBF and a few of the other higher ups at FTX are the problem here, not endorsers.

petertompolicy

People who benefit from scams should be liable to pay back their benefits. Not saying Larry David or Steph Curry should've known but they should need to contribute their pay from FTX to the restitution of the scammed.

efadd

I agree and "each halving...less dramatic" is my base case, but I do think there is a non-zero chance last cycle was an outlier with just how large the fraud and subsequent blow up was. We had multiple multi-billion dollar frauds blow up in a relatively short time period (LUNA, FTX, Celsius, etc). I do think that may have muted the cycle, and with an already small sample size to try and build a pattern on, I'm not completely sold on trying to extrapolate from the data we have. I'm not saying "this time is different", but I do think "every time is slightly different", and just wonder how much last cycle's above average overt fraud played a role in the underwhelming price movement.

ImmortanSteve

They aren’t in trouble for what FTX did. The SEC is going after the promoters for violating laws and disclosures required for advertising securities and other investments. And I’m not saying I agree, but that’s what they are doing.

Narrow_Elk6755

The customers too. Anyone that used FTX supported a fraud, so send the defrauded to jail.

SurprisedByItAll

F that clown. Capital punishment is too good for him. HE destroyed the lives of investors and now he seeks to deteoy the life of the celebrities he CONNED into thinking FYX was legit. How in the world would Tom Brady or Shaq knows the guy was a total FRAUD when he's in congress geasing maxine waters palms, gary SEC's palms, Democrat and Shady RINO plams. G that guy and FTX shad government tool for further seeking to damage crypto credibility and freeze all celebrities from having anything to do with crypto again. Fing clowns.

Vegas_42

In my understanding it's about civil claims. Investors try everything to get some money back. They know that Scam Bankrun Fraud is broke and they will never get anything back for the next 25 years from him. They are looking for people with money and a connection to FTX. Et voilà, the celebrities come into play. It fits the US justice system.

coinfeeds-bot

tldr; Sam Bankman-Fried, the former head of FTX, has agreed to cooperate with investors suing the company's celebrity endorsers, such as Tom Brady and Shaquille O'Neal, for their role in promoting FTX. In exchange for his cooperation, investors will drop civil claims against him. This cooperation could potentially reduce his legal exposure while he appeals his 25-year prison sentence for defrauding FTX customers. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

ModernLifelsRubbish

Key Provisions Dual Banking System: The Act preserves the current dual banking system, ensuring parity between state and federal charters without imposing new policy preferences. Regulatory Authority: State non-depository trust companies are authorized to issue payment stablecoins up to $10 billion. Limited-purpose state/OCC depository institutions are authorized to issue stablecoins without a specified cap. The Federal Reserve or state/OCC can take independent enforcement action against a depository institution issuer. Custody and Risk Management: Non-depository trust companies must use a sub-custodian that is a depository institution for custody, similar to SEC Qualified Custody. Comprehensive third-party risk management is imposed on service providers, except for self-hosted wallets. The Federal Reserve is granted supervision authority, except when the service provider is already supervised by another federal or state financial regulator. Receivership: A receivership regime is established under the FDIC for all payment stablecoin issuers, including order of priority, validity of claims, and classification of payment stablecoins as customer assets. Consumer Protection: The consumer protection title has provisions designed to prevent another FTX, including disclosures, proof of reserves, advertising standards, and limits on lending. Specifies mandatory notice requirements for customers, allocation of forks and airdrops, and requires a mandatory CEO compliance attestation each year. Combatting Illicit Finance: Provides focused guidance to Federal agencies to combat the use of crypto assets in illicit finance and to support law enforcement. Prohibition of Unbacked Algorithmic Stablecoins: The legislation prohibits unbacked algorithmic stablecoins and mandates one-to-one reserves for issuers.

Browniano

If FTX money is not enough, ex-clients will chase celebrities' pockets https://images.app.goo.gl/1avfVL1EuYBr7kfi6

John_Crypto_Rambo

This sounds lame, do we sue celebrities in commercials when the product sucks?  They were just paid for their services.  The real monsters are still at FTX, Sam, Caroline, Trabucco who has got absolutely nothing yet…

sQtWLgK

WTF when did this sub become a bcash refuge? I see bitcoiners discuss the fee situation just fine. It's coming from a well organized spam attack, orchestrated by resourceful, well known ex-FTX orbit conmen. They'll run out of money soon. Meanwhile, we keep working nonstop on utxo sharing and channel factories, to circumvent any harm from high fee issues.

suninabox

>They can also be given a million then mint a million. Why would they be given so many billions more than any other stablecoin, including during times when it was made public knowledge they were defrauding their own customers and printing Tether's with no deserve, losing nearly a billion dollars in money laundering raids, etc "the most blatantly sketchy and fraudulent stablecoin in the industry that made all of its money doing sketchy and fraudulent things just also happened to become the most profitable legit stable coin and seamlessly transferred from one to the other" is not a credible assumption > They can also be given a million then mint a million The classic "just keep running the scam until you have enough money to go straight" strategy. Famously never ends up them digging themselves deeper and deeper. Just look at FTX, Celcius, Bitconeeeeeeeect etc etc

KateR_H0l1day

That’s a fair analogy or question 😊. I started when working full time, have a husband, but just one out of 4 still at home. I did change from full time to consulting a few years ago, but last summer I started taking less consulting work and changed to concentrating more on my crypto portfolio. As part of my work and then consulting, I’ve read many many white papers and written quite a few. All mainly on business improvements and starting new businesses in remote/harsh locations. This of course gave me a good head start and more importantly I am very interested in the application of new businesses and crypto. Therefore, the “hard work” of research was for me, entertaining, but the home and family life hasn’t really been effected IMO at least lol. I will say two/three years ago I was talking a lot about crypto and banks to hubby and my sister. Both of whom have no interest whatsoever, so it took me a while to recognize I was boring them. To me it was new and somewhat revolutionary, but they couldn’t see it and I was intent on making them see, but I gave up over a year ago. Hubby asks occasionally on how our crypto investments are going, I stopped trying to explain the rationale and just smile and say, yes it’s fine. He’s obviously asked a little more when FTX collapsed and when Bitcoin is on the news. My sister is a big investor in stocks & shares, she’ll occasionally ask in passing if anything is in the main stream news, but she still believes that Bitcoin is the only crypto there is! I’m not checking crypto every minute, but certainly every day and I’d say a quick look several times a day. However, some of my locked crypto I don’t look at for months and others for weeks and days. However, I do look at the market and certain crypto’s everyday, mainly to see whether to buy or not. I don’t DCA, but I do buy dips and concentrate on my average price, plus read the news in regard to how the market itself might be effected. I recently finished my taxes, 4,000 plus line items, however I only sold two lots of crypto, and they totaled a loss of $204. But, I did have over $1,000 of interest to account for, I’ve sold more in Q1 than the whole of 2023, So, next year will definitely be worse and I’m going to pay forward some taxes in anticipation for mid June and mid September, before I get to 2024 taxes.

uncapchad

25 Years on Federal Charges. He was facing numerous Civil cases which were postponed under Federal case was done - the Securities and Exchange Commission, the Commodity Futures Trading Commission, class action from FTX customers. I am assuming the class-action from FTX is the one which has gone away. Not sure about the rest

coinfeeds-bot

tldr; FTX investors have reached a settlement with the company's former CEO, Sam Bankman-Fried, to end their legal disputes in exchange for his cooperation in lawsuits against celebrity endorsers of FTX. This agreement, pending court approval, would absolve Bankman-Fried from further civil charges following his 25-year prison sentence. He will assist in the class action against FTX by providing testimony and documents, particularly concerning celebrity promotions that allegedly misled investors, contributing to significant financial losses. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Nutmasher

Then there's FTX fraud which is the have of Bitcoin for many. Hard to go mainstream when you hear of things like this and other wallet stories.

noviwu97

OP has been FUDing every european and asian exchanges. Meanwhile the one that dramatically collapsed is his beloved FTX, an American exchange

iterativ

Asian or European exchange ? That's bad ! Especially after those ETFs, these post are getting out of hand. To remind everyone, those are exchanges that suffered massive runs, especially after FTX. There is no way a bank, any bank, to stand such bank runs, they don't have the funds. The big brother is going to bail out the big ones (and most small) with your money, instead. Of course, always due diligence, but to me it appears there is an attack on crypto exchanges by the traditional finance. Also, those exchanges made from crypto, they prosper or not along with crypto. The likes of Blackrocks and bank ? They come, they benefit, later they move on to other fields.

croissant_auxamandes

Tether collapsing is worse than FTX? Sounds good to me, let's let it happen and have Bitcoin price rise naturally so we can finally get rid of the shitcoin that is Tether.

dannygladiolas

All degens use it, and as Vitalik says Tether collapsing is worse than what happened to FTX.

UpvoteForLuck

I’ve withdrawn crypto from their exchange a number of times without any issue (including increments of over $5000). There is likely a reason why your account is restricted. Robinhood is not FTX, they have stated that they don’t lend out or leverage any of the crypto on their exchange. Maybe calm down and actually contact customer service to understand why your account is restricted. It could be something as dumb as a pending trade, if you’re on margin, or pending deposit. We should remember that almost all brokerages ceased trades and forcibly closed positions on GameStop in 2021, along with other meme stocks too.

MineETH

Maybe it's just today and this is an excuse to delay withdrawals like FTX? Speculation aside, it's completely inappropriate for a "Crypto Exchange" to not allow users to self custody. Hope other users learn from this lesson and use a real exchange instead of the Robinhood brokerage.

electricspresident

Lmao says the guy with FTX in his name Guys keep your coins off the CEXs unless ur level trading and swing trading in which case cash out profits regularly !

MoneroFox

So far, everyone who delisted had a long-term problem with XMR withdrawals. Also withdrawals closed for many months or years ... a regular exchange has max 24 hour maintenance. What more proof do you need? Only proof of the FTX style will come.

Houstman

Everyone knows Tether is a giant scam. No one wants to be the one to point to a balance sheet and prove it because the entirety of the crypto market collapses to near zero when that happens. The vast majority of BTC purchases are bought using Tether, and there is a 271% correlation to BTC gains when Tether mints new USDT. When the feds went looking for Tether's cash reserves, they only found 3 cents on the dollar in off-shore accounts. The scam is simple: mint billions in Tether that you claim is backed by cash, then buy billions in BTC. We saw in the FTX filings that Tether was minting billions in un-backed coins and sending them to Binance, FTX, and others. If you have the power to essentially counterfeit USD and get away with it on a technicality, you're going to do it.

73-80

SBF with FTX, he manipulated its price with many other tokens

Physical_Gold3844

Mt. Gox, FTX... Fidelity?

seanmg

That's like the best case scenario.... The worst case scenario is FTX x10

shostakofiev

I see you are heavily invested in CRO so I don't expect you to think rationally about this. Yes it was good practice by Crypto.com to reduce the rewards they couldn't sustain. But it continues to be bad practice to "invest" in a rewards program whose value is based on how much a private company can pay to prop it up. I didn't have a Crypto card, or Pluto, FTX, or Celsius. Wouldn't want one. I wasn't one of the people complaining about them lowering rewards, I was one of the people criticizing those people for not realizing that was inevitable, and with it, the crash of CRO. CRO is about a good an investment as Dunkin' Rewards points.

KateR_H0l1day

You actually know but choose to ignore and turn it against them for whatever reason. The market was obviously, to anyone, that it was dropping and only going further down. In that scenario it was very much unsustainable to keep the rewards, they were the early mover at the time! Good business practice, but so many like you were crying and shouting about how much the grass was greener elsewhere, Pluto cards, move to FTX, Celsius, etc. It worked out so well for all those people I’m sure! CDC adapts to market conditions well in advance of many others, they’re willing to spend on advertising and numerous offerings to attract new users. I don’t believe there’s a better card program out there still today, plus their new Earn program. But I’m confident you’re going to tell us all where we should be investing, hopefully with some semblance of a rationale.

asmileforyou

The FTX exchange itself was doing fine, it was FTX giving Alameda customer funds to cover their trading losses that caused their downfall.

efadd

I don't think this is a correct comparison. FTX spent way outside their means to promote in an already competitive market and used customer's funds to finance the company, and became apparent when the market started to turn. Tether on the other hand has been around forever, survived multiple bear markets, is the overwhelming leader in their sector already, and has a business model that basically prints money. They can just throw all that money in safe low yielding cash like instruments and make an absolute fuck-ton off the interest. Say they've got $50 billion sitting in US treasuries earning on average 3%, that's $150 million in profit for like a <100 person company. I've never used Tether since I've never had a use for it, and definitely wouldn't feel comfortable storing money in it long term, but at least from how their business makes money there is nothing overtly fraudulent that I can see.

Smiling_Jack_

> but I think there is a big probability we enter a multi year severe bear market. They said that for Mt Gox, and the FTX collapse. We'll only enter a prolonged bear market if the global economy enters one a la 2008.

Intercellar

FTX wasn't that long ago, people were saying the same

KateR_H0l1day

Nobody got burned, the market turned they reacted correctly, communications were rubbish. Lots of people crying like babies and giving advice on how much better FTX, Celsius were, that worked out great didn’t it. Those people got really burned, really burned, I don’t believe there’s a better card out there, plus there rewards system is outstanding!