FTX

harvested

Mate, there's nothing to address here, really. This low effort post sounds like it could be made during the FTX lows. I have no idea what stadiums and ads you're referring to. 5.5 million coins changed hands above $100K, that's over 600 billion capital inflows. This is basically the opposite of what you describe. We're entering a new era for bitcoin. A rotation away from OGs and into, well, whoever is accumulating. It could not be more bullish. You're just not paying attention. You also speak as if adoption will stop, but all evidence suggests the opposite. Also, how many asset classes cause someone such as yourself to write 10 paragraphs of criticism on the weekend? ;) what are you trying to achieve? That alone is bullish. Further reading: https://river.com/learn/files/river-bitcoin-adoption-report-2025.pdf https://epochvc.io/pdf/Epoch-Bitcoin-Ecosystem-Report-2024.pdf

Illustrious_Way3898

OP: Why was CZ sent to prison? What did he do wrong? Did they just go after him because he refused to bail out FTX?

aminok

It's ironic that you call me brainwashed when you are believing these despicable propagandists who wage an exclusive war against crypto and attacking their enemies so that they can come back to power and keep destroying crypto. And of course, like a blameless lemming, you believe all the propaganda about Trump as well. They are the most corrupt party in history and here you are buying every single hit piece that they put out on Trump. Their goal is to draw all attention to him and wait for themselves. She is extremely anti-crypto. You believe all of her ridiculous propaganda. • [Sen Warren Calls DeFi the ‘Most Dangerous’ Part of Crypto at Senate Hearing](https://www.pymnts.com/cryptocurrency/2021/sen-warren-calls-defi-most-dangerous-part-of-crypto-at-senate-hearing/) • [The Digital Asset Anti-Money Laundering Act is an opportunistic, unconstitutional assault on cryptocurrency self custody, developers, and node operators](https://www.coincenter.org/the-digital-asset-anti-money-laundering-act-is-an-opportunistic-unconstitutional-assault-on-cryptocurrency-self-custody-developers-and-node-operators/) — "Nothing about the bill would prevent the next FTX. In fact, it puts users at more risk." She also celebrated the indictment of the Tornado Cash developers. This was the first time in US history that open-source developers had been held criminally liable for other people misusing the code they published. It was unbelievably dangerous and universally condemned by everyone in the crypto space and many people outside of it. And here you are claiming she's not anti-crypto. She even publicly posted on Twitter that she was assembling an anti-crypto army and you're still trying to gaslight people here claiming she wasn't anti-crypto? The shamelessness of the Democratic Party has no limits.

aminok

She is extremely anti-crypto. You believe all of her ridiculous propaganda. • [Sen Warren Calls DeFi the ‘Most Dangerous’ Part of Crypto at Senate Hearing](https://www.pymnts.com/cryptocurrency/2021/sen-warren-calls-defi-most-dangerous-part-of-crypto-at-senate-hearing/) • [The Digital Asset Anti-Money Laundering Act is an opportunistic, unconstitutional assault on cryptocurrency self custody, developers, and node operators](https://www.coincenter.org/the-digital-asset-anti-money-laundering-act-is-an-opportunistic-unconstitutional-assault-on-cryptocurrency-self-custody-developers-and-node-operators/) — "Nothing about the bill would prevent the next FTX. In fact, it puts users at more risk."

pop-1988

Trust FTX more than Coinbase Write your seed phrase on paper. See the FAQ at the bitcoin beginers sub for more advice about seed phrases, passphrase, cold wallets Inheritance is a separate question. There are third parties who offer multisig schemes: Casa, unchained, and a few others. Also read Pamela Morgan's book https://www.amazon.com/Cryptoasset-Inheritance-Planning-Simple-Owners/dp/1947910116

Coolala2002

Down less than 5% the same month we had a $19 billion wipeout, exceeding the FTX collapse. Have some perspective.

AccomplishedView4709

He still does not understand he is in Jail now because he misused customers funds without approval (i.e stealing) and comingled the customers fund with FTX's to be used as piggy bank for Alameda Research while lie about the links between the two firms.

Archophob

when i started buying in 2021, it kept oscillating between 30k and 50k. I didn't buy on a fixed schedule, but like every time i had spare money to invest. Assume, the last time it hit the 30k mark, i would have dared to think "it can only go up from here, i'll try 2x leverage" - and then comes november 2022, and the FTX dip gets the price to 15k. Only a "small" leverage, but it would have been a total loss. Instead, i still have my coins, and i bough a little more when it was cheap. Leverage is for gamblers. Also, buying with leverage is not buing the real thing. Buying the real thing means, you can take your Gold Coins home and you can withdraw your BitCoins into your wallet. Both doesn't work with leverage.

Flowa-Powa

You have far too much trust in Coinbase. There are so many stories of them arbitrarily freezing accounts. Also, and more catastrophically, they could go bust. If any of the big exchanges are going to do a FTX, it's Coinbase. There are a colossal amount of online resources describing how to safely manage your own custody, and the whole not your keys not your coins thing is 100% accurate and you've surely heard it literally hundreds of times. You're setting yourself up to be a victim, sort it out

Ikki_The_Phoenix

"People ACTUALLY NEED gold and real estate" Bruh, nobody needs gold. You can't eat it, live in it, or burn it for heat. It's a shiny metal that sits in vaults doing nothing. Its primary value is as a store of value and jewelry both driven by collective belief, not utility. Real estate has utility shelter, sure. But the investment value of real estate is speculation on future prices the same "next person paying more" dynamic you criticise BTC for 🥴 People buy investment properties they don't live in purely to sell later for profit. That's speculation, not "need" "They don't need useless code to make a transaction" Your bank account is code. Your credit card is code. Stock certificates are code. The entire modern financial system runs on "useless code." The difference is BTC code is transparent, auditable, and can't be changed by a CEO or politician and yeah, people do need censorship resistant transactions. Canadians who had bank accounts frozen for donating to truckers Russians who can't access SWIFT Argentinians watching their currency collapse anyone trying to send money internationally without paying 10% fees and waiting days you don't need it because you live in a stable country with a functioning banking system. Billions of people don't have that luxury. "Just because they aren't making more of it doesn't make it worth more" Scarcity + demand = value. This is basic economics. They're not making more Manhattan real estate either that's why it's expensive. Gold is valuable partially because we mine very little new supply relative to existing stock. Scarcity matters when there's demand. "Then why wouldn't the other ten million cryptos be worth the same?" Because they don't have BTC network effect first mover, most adoption security most hashpower, hardest to attack liquidity deepest markets globally Proven track record 15 years, survived everything there are ten million altcoins because any scammer can copy code. But they can't copy network effects, trust, or infrastructure. That's why BTC is 60%+ of crypto market cap while 99% of alts die. This is like asking "why isn't every search engine worth the same as Google?" Because network effects and adoption matter. "Most obvious bubble of all time inflated by president trump" BTC existed 15 years before Trump gave a shit about it. It survived the following scenarios: 2013 crash (down 80%) 2017 crash (down 84%) 2022 crash (down 77%) China banning it multiple times Mt. Gox collapse FTX collapse Endless "btc is dead" articles Trump launched meme coins in 2024 to 2025. BTC hit $69k in 2021 before he cared. You're confusing recent grift with a 15 year old asset. "Congrats on making his son rich lol" I don't own Trump coins. I own BTC. Trump's family grifting with shitcoins has nothing to do with BTC fundamentals just like Enron committing fraud didn't make all stocks worthless. Trump is a grifter using crypto for personal gain. That doesn't invalidate the concept of decentralised money any more than corrupt politicians using dollars makes fiat worthless. "Honestly not even worth arguing" Translation, "I have no actual rebuttals so I'll declare victory and leave." You haven't addressed the following. "Why inflation stealing purchasing power is good for savers" "Why trusting institutions with unlimited money printing is smart" "Why people in unstable countries shouldn't have financial alternatives" "Why a 15 year old network surviving multiple 80% crashes is a "bubble about to pop" You just keep repeating "it's useless code" while defending a system that's robbed you of 95% of your purchasing power over a century!! 🥴

coinfeeds-bot

tldr; A post from Sam Bankman-Fried's X account claims FTX was never bankrupt, asserting the exchange faced a liquidity crisis, not insolvency, during its November 2022 bankruptcy filing. The 15-page document argues FTX had sufficient assets to repay customers, highlighting stakes in firms and crypto holdings worth $136 billion. The post briefly boosted the FTT token's price and reignited debate over FTX's collapse. Critics dispute the claims, and speculation surrounds potential political maneuvers ahead of SBF's sentencing on Nov. 4. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

liquid_at

The whole thing was shady from the start. SBF definitely had terrible bookkeeping practices and did shady stuff, but that does not mean that the forceful closure of FTX and locking every customer out of their accounts was legitimate either. It is possible to consider both sides as the enemy. You do not have to pick one to support, just to have the right to criticize the other. Retail got between the cogs of wallstreet moneys game of thrones. Big boys fought for power and retail paid for it.

GreedVault

1 "**Disgraced** FTX founder Sam Bankman-Fried (SBF) has claimed in a new report that his bankrupt cryptocurrency empire was never insolvent." 2 the article ends eith **ZachXBT’s rebuttal** If you read the article, you will see that it is against SBF, not in support of him.

KIR_Finance

That’s a complicated question… For reference, read ‘Going Infinite’ by Michael Lewis which chronicles the collapse of FTX. Sam received terrible legal advice but also had terrible accounting and was extremely disorganized which sums him up pretty perfectly. At the time of the bank run they thought FTX had a huge hole in their balance sheet but in reality once the Enron bankruptcy guy was appointed by the bankruptcy court it turned out that all the money was there all along - just not accounted for. The funneling back and forth between FTX, Alameda and their various political contributions, sponsorships, etc. is where it got lost. Took a while but they found it all and then some. If you ultimately look at the bankruptcy settlement, the creditors all made money above their initial investment which is completely unheard of in a bankruptcy settlement. (That means they were profitable). Additionally, FTX US was also profitable and a separate entity and was still rolled into the bankruptcy via bad legal advice along with signing the FTX and Alameda over. Truly the whole thing was rushed and he received awful advice. Now ultimately, was it his own fault for hiring unqualified people that were in way over their heads - yes. Was it his own fault the money couldn’t be found because of how disorganized they were - yes. Did the creditors get paid back their investment and then some - yes. So, does he deserve to spend his life in prison? He screwed up for sure but I would say no. Edit: Here is a link to the book if anyone is interested. It follows him from Jane Street through the collapse - Going Infinite: The Rise and Fall... https://www.amazon.com/dp/1324074337?ref=ppx_pop_mob_ap_share

coinfeeds-bot

tldr; Sam Bankman-Fried, the founder of FTX, claims in a report that the cryptocurrency exchange was never insolvent and blames its collapse on bankruptcy lawyers and mismanagement by the legal team. He argues that FTX had sufficient assets to repay customers and alleges that $138 billion in value was lost due to asset sales at low prices and legal fees. Critics, including blockchain investigator ZachXBT, refute these claims, stating FTX faced a liquidity crisis in 2022 and that Bankman-Fried is attempting to shift blame for the collapse. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Future-Bet4783

Binance is a straight criminal organization. It should have been them and not FTX

Suspicious_Compote56

I personally think crypto was being manipulated far before Trump entered the market. People will wake up and realize institutions entering the market was never a good thing. They have been gaining ground ever since the FTX crash.

crowdext

And the BOLD get fucked by FTX 🤣

KiNg-MaK3R

We followed the same path for the same reason. The FTX crash was tough man, but we came out the other side 🫡

hollmarck

The audacity is actually impressive in a depressing way. Anyone associated with FTX should be radioactive in this space but here we are with another platform launch. This perfectly captures the problems with crypto where past failures dont matter if you have connections and capital. The fact that anyone would trust funds to someone from that organization shows we havent learned anything from the FTX collapse. Due diligence matters more than ever which is why Im more careful about researching team backgrounds and actual product viability. Projects like Battle SOL at least have transparent teams and verifiable on chain activity which should be the bare minimum standard in 2025.

Simke11

They'll be next bear market's Luna / Celsius / FTX

coinfeeds-bot

tldr; Former FTX US president Brett Harrison is launching a new venture, Architect Financial Technologies, to introduce crypto-style perpetual futures contracts (perps) to traditional finance. The platform, called AX, will offer trading in stocks, forex, indexes, and commodities, with plans to expand into AI-related assets. Operating under Bermuda's regulatory framework, the platform allows collateral in fiat and stablecoins. Regulatory challenges remain, as U.S. authorities have yet to approve perps for traditional or crypto markets. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

MaseInUrFace16

Has the former FTX President tried to put a girl on?

Savi321

Dang, is FTX next in line to be pardoned after CZ? Life is coming full circle for even the most notorious individuals.

copyofa_

Remember FTX? A lot of people got burned, that’s why I think Costco gold was so popular last year

Happy-For-No-Reason

it's been a few years since FTX, I'm sure there's loads of new morons ready to be parted from their cash who has no clue. if they call it FTX again, well that's even funnier

HSuke

It's FTX US's president, not FTX's US president Lol

rjm101

FTX, Celsius, Voyager, Blockfi, Hodlnaut, Coinloan, Haru invest went bankrupt and undoubtedly took some of these people down.

normnormno

how we paying the extortionate interest? "just get another...larger loan next year" you don't see the problem there that's great for their business models. One fuck up with repayments or you get liquidated and you suddenly have a massive tax obligation on your hands to add insult to the injury. Then there's the counterparty risk of someone stealing your collateral (FTX, etc) or someone locking your access until you prove some things to them. It's funny because we've actually seen people do this to buy more bitcoin and end up with nothing. There are too many risks behind the scenes to be flippantly recommending it.

Chrysalis1111

It is limited, duh. It runs out at some point, and exchanges always sell more than they have, see FTX. It will run out once and only once, and then avg Joe gets sidelined forever. You who say that there will always be BTC for sale, you sideline poor avg Joes deluding them that there's still time. Shame on you.

Longjumping-Row-6147

That liquidation earlier in the month was even bigger than FTX collapse. As much as we hate that it “derailed” October - in another sense it may have reset the market in a way that allows a more sustainable uptrend from here. If things had kept screaming upward who knows - perhaps we would have had an earlier conclusion to the cycle given how unsustainable it (may) have become. I hope this has shaken our weak hands and tons of leverage for a great move upward in the next few months. 

slvbtc

Yes perpetual and inverse perpetual positions. He uses a few exchanges to trade but i assume that is because he gets a kick back for promoting them. However the main one and the best one is bybit. Bybit has withstood every downturn and every hack (like FTX) and itself has been hacked yet flawlessly stayed up and running while making sure every user was unaffected. It is based in Singapore and is extremely highly regulated under Singapores financial regulations.

Laakhesis

When did you start trimming it? I’m already up almost 5x from DCA-ing since the bottom of the FTX collapse, and I’m thinking of trimming it since it holds about 90% of my total net worth.

LocalLive2264

Yes, he is a noble person who once exposed the crimes of FTX. I forwarded him the Binance Matching Engine issue I found on X today, and I hope he sees it.

harvested

8 years? It's over 6x from FTX lows buddy. Are you cherry picking blow off tops? 😂

Odd_Sir_8705

Just like Tom Brady and others “backed” FTX? They dont mention his full involvement nor financial contribution. He could just be the face card..,

Objective-Ring7630

FTX ?

PrinceAkeemofZamunda

You can get your Celsius CSV by emailing Stretto, tho it's not immediate. There's prob a similar option for FTX. Next step is uploading /using API when possible onto Koinly. There's a CPA on the Celsius sub who made a video course on how to account for the Celsius losses and transfers who can help. It'll take some money and time but you should be fine

jponline

Check the timeline. CZ with Bnance almost acquired FTX, then no. check FTX SBF funding to tokenize GME and AMC on Terra Luna, pumped to 40B MC then dumps as liquidity is needed. 🤔 they’ve distracted you these last few years, weak.

AutoModerator

Post is by: Clear_Medium_5858 and the url/text [ ](https://goo.gl/GP6ppk)is: /r/CryptoMarkets/comments/1ogu2m8/exchange_collapsed_irs_still_wants_proof_im/ So I'm in a situation that probabbly some of you can relate to and honestly I dont know what to do. I had accounts on FTX and Celsius before they collapsed. Lost a decent amount of money when they went under. But heres the problem... I cant access any of my transaction history now. No CSVs, no records, nothing. Those platforms are just gone. I also moved crypto around between exchanges constantly. Bought ETH on Coinbase, sent some to Binance, traded for other tokens, moved stuff to cold wallets. I wasnt keeping detailed records because I figured I could always download transaction history later. That was stupid. Now tax season is coming and I'm panicking. Coinbase sent me a 1099 K form showing my "gross income" as way higher than what I actually profited. Because they count every single transaction... deposits, withdrawals, trades... as income on that form. So on paper it looks like I made $120,000 when I actually made maybe $8,000 after accounting for losses. The IRS doesnt care that FTX collapsed with my records. They dont care that I cant prove my cost basis for half my trades. They just see that 1099 K number and expect me to explain it or pay taxes on the full amount. I tried reaching out to FTX bankruptcy administrators to get transaction history. No response. Celsius has a claims portal but its a mess and doesnt give you proper tax documents. Meanwhile the clock is ticking and I'm sitting here trying to reconstruct months of trades from blockchain explorers and random screenshots I took. Its basically impossible. If you're trading crypto right now, download your transaction history regularly. Export CSVs monthly. Screenshot everything. Because if that exchange goes under tomorrow, you're on your own and the IRS will still come knocking. How would you handle missing records from collapsed exchanges? *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoMarkets) if you have any questions or concerns.*

AutoModerator

Post is by: dumble_hold_the_door and the url/text [ ](https://goo.gl/GP6ppk)is: /r/CryptoMarkets/comments/1ogtzmw/exchange_collapsed_irs_still_wants_proof_im/ So I'm in a situation that probabbly some of you can relate to and honestly I dont know what to do. I had accounts on FTX and Celsius before they collapsed. Lost a decent amount of money when they went under. But heres the problem... I cant access any of my transaction history now. No CSVs, no records, nothing. Those platforms are just gone. I also moved crypto around between exchanges constantly. Bought ETH on Coinbase, sent some to Binance, traded for other tokens, moved stuff to cold wallets. I wasnt keeping detailed records because I figured I could always download transaction history later. That was stupid. Now tax season is coming and I'm panicking. Coinbase sent me a 1099 K form showing my "gross income" as way higher than what I actually profited. Because they count every single transaction... deposits, withdrawals, trades... as income on that form. So on paper it looks like I made $120,000 when I actually made maybe $8,000 after accounting for losses. The IRS doesnt care that FTX collapsed with my records. They dont care that I cant prove my cost basis for half my trades. They just see that 1099 K number and expect me to explain it or pay taxes on the full amount. I tried reaching out to FTX bankruptcy administrators to get transaction history. No response. Celsius has a claims portal but its a mess and doesnt give you proper tax documents. Meanwhile the clock is ticking and I'm sitting here trying to reconstruct months of trades from blockchain explorers and random screenshots I took. Its basically impossible. If you're trading crypto right now, download your transaction history regularly. Export CSVs monthly. Screenshot everything. Because if that exchange goes under tomorrow, you're on your own and the IRS will still come knocking. How would you handle missing records from collapsed exchanges? *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoMarkets) if you have any questions or concerns.*

Denver-Ski

Shouldn’t even be in BTC if an 8% drop would shake you out. **Major Crashes:** **June 2011: -99%** Bitcoin surged from $2 to $32 before Mt. Gox was hacked, flooring the price to $.01 in a day. **August 2012: -56%** A Ponzi scheme from Bitcoin Savings and Trust (BST) promised 7% weekly returns, but stole 700,000 BTC. **April 2013: -83%** Mt. Gox crashed was hacked, dropping Bitcoin from $260 to $50. **December 2013: -50%** China banned Bitcoin, crashing BTC’s price overnight. **Dec 2017–Dec 2018: -84%** After peaking near $20k, Bitcoin corrected below $12k as investors sold off and hacks hit Asian exchanges. **March 2020: -61%** COVID market panic crashed Bitcoin from over $10k to under $4k over a few weeks. **May 2021: -53%** After hitting $64k, Bitcoin crashed as Tesla dropped BTC payments, China cracked down, and energy concerns spread. **Nov 2022: -77%** FTX collapsed amid fraud by Sam Bankman-Fried (SBF), triggering a massive crypto sell-off and Bitcoin dropped to $15k. Keep in mind that major corrections of 20%, 30%, 40% didn’t even make the list.

KharKhas

This reminds me of the FTX days. 

arioch376

Little to close to the FTX Super Bowl ad [https://www.youtube.com/watch?v=hWMnbJJpeZc](https://www.youtube.com/watch?v=hWMnbJJpeZc)

randomnomber2

at least he betrayed FTX, that was his original gift to the world

juhsten

This is the lazy AI ripoff of Larry David’s Super Bowl commercial, made for FTX, a company that ripped off its customers. Sam bankwomanfried would be proud.

JohnTitorAlt

The next largest donor to the Biden admin was Sam Bankman Fried. You know, FTX, the crypto exchange that stole billions of users funds?

DeusBob22

fuck, this is the same as the FTX ad that went out just before the crash. Is this a sign that we're doomed?

theansweristhebike

Why switch? If it ever does an FTX, this ~~administration~~ crime family would just use taxpayer money to bail it out. How can you lose with Binance? Can't wait for the Superbowl commercial.

ubermensch1001

I made a post on here recently basically stating that I could see the actual top go into Q1 of 2026. A lot of the crypto bros this cycle seem to really be obsessing about the 4 year cycle having a top that is within a very specific time from, I've seen it from both the halving AND from the bottom. Based on this, we would have topped by now, which I think is highly unlikely. Last cycle, we actually peaked spring of 2021, which did not invalidate the 4 year cycle. We recently had the biggest liquidation even in crypto history not too long ago, which would have been an equivalent of the COVID scare March 2020 and the collapse in the market after the collapse of FTX in November of 2022. There was heavy fear in the market, yet BTC is/was still trading above 100k. In addition to this, we have a wave of ETFs that will soon be approved, more rate cuts and the start of QE sometime in the near future. It just doesn't make much sense for us NOT to have another leg up or for us to have already topped and be in the early stages of the bear market. I think BTC has already had the vast majority of it's gains for this cycle, but I think the huge action will be with the alts, which still really haven't been doing much overall. I think the reason why people are so fearful/bearish is because they were overexposed to alts, most likely bought at incorrect moments in this cycle, while being underexposed to BTC.

coinfeeds-bot

tldr; Polymarket bettors have increased the odds of former FTX CEO Sam Bankman-Fried (SBF) receiving a pardon to 12%, following Binance CEO Changpeng Zhao's (CZ) recent pardon. SBF, convicted of fraud and conspiracy for misappropriating billions in customer funds, is serving a 25-year sentence. Comparisons have been drawn between CZ's compliance-related violations and SBF's more severe crimes. While SBF has filed an appeal, a pardon from Trump is seen as his only realistic chance for early release, though experts doubt its likelihood due to his political affiliations and the nature of his crimes. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

rsha256

FTX has more than returned investors capital with their Anthropic investment. CZ caused a bank run on them causing the mass panic. Their only wrongdoing was holding ftx tokens as backing in alameda but imo that’s an issue of the hedge fund as far as I understand it

GreedVault

wow, I didnt know that. After digging a bit, it is clear she’s really double-standard. She has so much patience with SBF. Here’s some of the news I found: [Maxine Waters Criticized for Praising SBF — Lawmaker Says 'We Appreciate That You've Been Candid'](https://news.bitcoin.com/maxine-waters-criticized-for-praising-sbf-lawmaker-says-we-appreciate-that-youve-been-candid/) [U.S. Rep. Maxine Waters Insists SBF Attend FTX Hearing on Capitol Hill](https://decrypt.co/116489/maxine-waters-insists-sbf-attend-ftx-hearing)

throwaway2676

This is unironically a good thing. CZ was politically targeted because he tanked FTX, an actual fraud ring. He was overcharged for something no one else has ever been jailed for

Misher7

She hates crypto criminels because she had to distance herself from them after SBF / FTX and now isn’t in a position to personally profit.

Appropriate-Cable732

SBF stole customer funds from FTX to cover losses and make personal and political investments, committing actual fraud to the tune of BILLIONS CZ failed to implement proper anti-money-laundering controls, resigned as CEO and pleaded guilty

CapitalIncome845

I was watching the True North podcast this morning. Jeff did a great backtest of what would happen if one borrowed money and paid it back under different scenarios, such as paying back out of capital. Even buying at the worst period ever (just prior to FTX blowup 2022), you'd still be ahead, while paying back 1% a month. That translates well to the OP's question.

Simke11

I'd argue it didn't happen much less, but they tried to hide it as much as possible. People forget all the shady dealings from last cycle which brought down Luna, Celsius, 3AC, FTX, etc when the music stopped, causing a lot of people to lose a lot of money. Now though no one is even trying hard to hide anything.

CryptoFan85

You saw what happened with FTX when regulation wasn't in place, right?

bizaroo933

You can say everything you want but owners of FTX and LUNA are in jail now. CZ would be shitting his pants if he would act like this while Gary Gensler would still be in charge

Plus_Extension_6200

Brings me back to my ol’ FTX card

canadianragweed

You can store BTC at Fidelity. If they mess up crypto is done. Same with Coinbase and Binance. This is not FTX and Celsius. Nobody will ever trust crypto again. I'm not saying that cold storage isn't another perk of crypto. In today's world, you need private keys like you need stock certificates. If crypto stands the test of time itself then most of it will be stored with brokerages and exchanges. That's just the way the world works.

ScrewTheBanker

I'll tweak the model and add in some factors that people have mentioned. I think FTX, Celsius, BlockFi and Voyager really left some scars. But we have to remember that they were unregulated. I'd even say it was in the Governments interest to allow them to be shady. Times are changing. I'm in my 50s. At the moment, bitcoinis property. It'snot yet money. It needs to increase its market cap massively before it plateaus/settles, loses some of its volatility. That could take decades which i might not have. I would like to use my bitcoin within 10 years and leave some for my kids. Borrowing against my property/bitcoin is likely the best option. But I'm still 5 years out from doing that. Plenty of time to figure out the safest way.

Heclalava

Never trust any exchange, not your keys not your crypto. FTX was the second largest exchange at the time (after Binance), and we know how that went. Treat exchanges like public toilets; go in, do your business and get out.

Blixx96

Don’t forget that on Saturday, November 1st Kraken has a scheduled maintenance for pretty much the whole day (8 hours) or until the job is completed. During this time you will not have access to your coins/money, will not be able to make trades or transfers, nor will be able to have any limit orders executed until it comes back online. Big yikes for me. Also, isn’t November 1st supposed to be the effective date for new Tarrifs and export controls for China? 🤔 Never forget what Robinhood did in 2021. Never forget FTX.

Dzappo

Don't keep your crypto on an exchange. People thought FTX was safe. People thought Quadriga was safe. People thought Cryptopia was safe. The list goes on and on and on. Kraken is arguably safer than those, but why take the chance?

DigitalHierophant

Keep your tokens off centralized exchanges. they can be hacked, they can go down in times of volatility, they can just up and block your account because they feel like it. If your tokens aren't in a wallet you generated, you don't have ownership/control of it. Ask people who left their 6 and 7 figure portfolios on FTX last cycle if you should leave your funds on kraken.

KiNg-MaK3R

Me and ONE friend have been stacking since he mined some in 2019 and introduced me to bitcoin. Honestly it took until the FTX crash for me to really understand bitcoin and believe it fully. I talk to my other friends and cousins (who I think are smart enough to get the concept) and many understand the idea but don’t think bitcoin will ever take off. It’s probably like 15-20 of them that I’ll lightly bring it up, maybe once a year. They talk about AI and Nvidia and things like that. Most people say they understand it but don’t believe people will ever adopt bitcoin as a currency. I think this is most “smart people’s” take on bitcoin: Sure it makes sense, capped supply, you can send it over the internet. But what if it’s hacked? But what if the government suddenly shuts down bitcoin because it’s a threat to the dollar? Most of their thinking is that it’s too good to be true and someone will destroy it because the USD and bonds must continue to do what they’ve done forever. It’s a good point, but these aren’t people that take big risks. They invest in what everyone else is investing in and that’s good enough for them.

Ghost_In_The_Ape

2017 crypto bro here. Parabolic alt seasons seem to be gone. Retail is gone. What you're left with is the huge players like micro strategy etc which only really support the top 10 cryptocurrencies. Until you see telegrams and discord buzzing so fast that you can't even follow the conversation, alts are dead. Retail is done and washed. This time I don't think they're coming back because everyone who's an adult already knows what crypto is and anyone interested already gave it a shot and got rekt. So there are ni new people on earth left to rugpull on alts. So that leaves you with BTC and ETH pretty much. But here is my prediction: ALTs will not return. And by the end on Trumps presidency, he will rugpull bitcoin itself. Bitcoin is in a Trump bubble right now. When he's done, it will be a black swan event that will be 10x worse than FTX.

coinfeeds-bot

tldr; Coinbase has spent $25 million to acquire an NFT to revive the UpOnly podcast, which was popular during the 2021 crypto bull market. The podcast featured interviews with prominent crypto figures and was sponsored by FTX before its collapse. UpOnly's last episode aired in December 2022. Coinbase's purchase makes the NFT one of the most expensive in crypto history. The podcast's host, Cobie, humorously commented on its return, suggesting a rebranding to 'Unc Only.' Memecoins related to the news saw significant price spikes. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

D6BL

Best answer, still traumatized by FTX lol

rgnet1

But is there a higher chance the ETF custodian will suffer a hack, insider theft, or negligent loss and then not make good to its shareholders? Or, like FTX, you'll wait for 10 years to only get back the market value of the ETF at the time of the loss and miss out on the gains in that period.

Rich-Dimension8810

But we’re talking about Binance here right. I get that FTX was one of the biggest and it happened. But, what if I want to change it to Fiat. Can I do that after moving into cold wallet?

CanadianCompSciGuy

Many years ago, people left their BTC in an exchange called Mnt. Gox. One day they woke up and found out they couldn't access their BTC anymore. It took years to recover *some* of what they had lost. Many years ago, people left their BTC in a different exchange called Quadriga. One day they woke up and found out they couldn't access their BTC anymore. It took years to recover *some* of what they had lost. Many years ago, people left their BTC in yet another different exchange called FTX. One day, they woke up and found out they couldn't access their BTC anymore. It took years to recover *some* of what they had lost. So should you move your crypto into a cold wallet? Frankly, I don't care what you do. Just don't come crying once I add Binance to this list. The warning has been WRITTEN IN BIG FUCKING NEON LETTERS FOR YEARS NOW!

GettingFasterDude

Yes. Haven't you heard of FTX? Mount Gox? BlockFi? Voyager Digital? Bittrex? Until you get your 1 BTC to private custody you risk losing all of it. These exchange collapses happen suddenly and without warning. By the time a person is aware, it's too late.

andyszal

Some folks don’t have the capacity to learn the importance of self custody without personally experiencing being rugged by an exchange. Like many learned with FTX, BlockFi, and Celsius last cycle. And Mt. Gox many years ago. Many people must be burned to understand that a big part of Bitcoin’s value prop is that you can custody it yourself and don’t need a broker/third party.

PsychologicalBit803

I self custody also. Never going to argue going that route but fact is Coinbase isn’t going down like that without plenty of notice. They are publicly traded with quarterly audited financials. I understand anything can happen but this isn’t FTX. The longer we go the better mainstream exchanges will be. CB is holding crypto for a lot of governments and some of the biggest companies. I feel safe with them. As many people can argue this point I’ve heard stories where someone died unexpectedly and the family stuck trying to figure out where the guy had all the holdings and managing seed phrases. I’d hate to think my family was having to trust someone with seed phrases to help recover anything. Much easier just having access to my phone.

Noahzer

Generally people say “not your keys, not your coins”. Basically if the app you bought it on got hacked or stole your bitcoin, all the bitcoin you had in there would be gone. Think Mt. Gox or FTX. There’s no regulation requiring the government to cover that like they do up to 250k cash for banks in the USA. Same goes to ETFs of course, but since those are generally administered by big big big companies like Fidelity who usually store with Coinbase (a few do self-custody) that they’re less likely to get hacked or have funds stolen.

Subject_Ad3837

In the 2021 bullrun, crypto had the benefit of being completely forgotten by the general public in the preceding bear market, making it easier to generate excitement. Now there is too much negative overhang from FTX, crypto bros, Trump memecoins, and NFTs overshadowing the bullish news like ETFs and skewing the perception of crypto as being a scam.

HGDuck

It wasn't a 30% drop, but there has also not even been a 20% upside compared to the halving year top, we're lower now 9 1/2 months into post halving year than the top in December during the halving year, when did that happen last time?Even the covid and FTX crash in 2020 didn't manage that.

Zyzz2179

Brother, stop with this people are panicking and sell too soon post. For the same people who you think sold too soon, there are also those who never sold and ended up holding the bag for years while missing out bunch of other opportunities in the stock/gold market. This time there are legit HUGE concern on crypto. We just had the biggest single day liquidation (10x more than FTX collapse), a President hell bent on tariffs war using his tweets as market manipulation, regional banks stock collapsing due to potential subprime crisis (which is one of the reason why crypto didn’t soar even though stocks did). So no this is not simply selling too soon. This is the case of seeing multiple warning signs and acting rationally.

Legitimate_Cry_5194

First of all buying SOL at 40 and selling at 170 isn't "stupid", it's an amazing success move. Secondly there is no "technical analysis" to bring the market up or down. There is a China trade war situation, inflation, interest rates etc. Thirdly, everything is overpriced right now and in a bubble period. The market is certainly going to crash, when it will do so, no one knows. Make no mistake that it will though and be sure to have the dry powder to buy when it does, because that's when someone can make substantial profits, not by getting in the market due to fomo in the late stages of bull markets. In my humble opinion, the first big catalyst we'll get, there will be a huge sellout. A real catalyst that will affect the markets fundamentally, not Trump yoyo policies and tweets where we have pumps and dumps based on the temporary fear and uncertainty they produce. When we get a real reason though, things will get very ugly, very fast and it will stay like that for quite some time (won't be a flash crash that we'll recover in 1 day/week/month etc) No one knows how low BTC will fall and that depends not only on the financial markets in general, but also specifically about the crypto industry (like the FTX situation made the BTC drop lower than where it would fall if the FTX bankruptcy didn't take place). If i had to make a call though, my prediction is that 95% we'll get a 40% retrace from ATH'S, 70% that we'll get a 50% retrace, 25% we'll see a 60% drop and 5% we'll see a 70%+ drop.

fintecho

If this is your 1st foray into crypto, congrats, thats a pretty strong portfolio. A good mix of everything, maybe take a position in Doge just for the lols but the lols cover the fact it is the biggest POW chain excluding Bitcoin. Dnot be expecting 100x returns in this bull run in and be happy for 3-5x, sell as close to the top as you are comfortable with, stick it in a stablecoin, sit back and relax to buy the dip starting next year. Just be aware next year will be a bloodbath as 4 year cycle finishes and it all resets. Many cryptos will be decimated becoming worthless. (worthless anyway, but thats a different discussion) An exchange like Kraken or Crypto/com could go bust ala FTX or a stable coin issuer could derail causing panic. Also learn to self custody and dont trust exchanges

kiwiblue8

Dont forget 2022 when it crash real hard because of FTX and LUNA

OrcOgi

End 2022 during FTX implosion.

KyFly1

Top ain’t in. This is a flush. Perfect time to dump it since stock market dumped and it’s like exact days last cycle peaked but keep in mind that cycle shoulda went longer and higher if you ask me and was truncated early by FTX collapse. Well but 150-175 in next few months then we’ll get the real pullback. That’s how I see it at least. Stock market green today. Might be red weekend but we fly Monday.

Buydipstothemoon

I think people forgot FTX wasn't the only problem. We had LUNA around who were so genius to start backing their Stablecoin with BTC. What could go wrong.

TexasBoyz-713

He will be the LUNA/FTX of the next bear market

Sigmasc

I think FTX robbed us of proper run. They did sell their holdings after all. That's a ton of sell pressure when there shouldn't be. 

CoffeeAlternative647

Understand everything you said, but 2022 was a series of peculiar events, or black swans if you like it. USA was running hard on the chokepoint, Covid, China ban, FTX. How couldnt it just bleed till the last drop ?

Romanizer

The end of September 2021 had a correction of $59k to $39k before running up to the ultimate high of that cycle. The largest liquidation events after last Friday were the collapse of FTX, which marked the end of the bear market and the lowest point with about $15k. The second largest Liquidation after last Friday was COVID with a low of $3.5k with a huge run-up afterwards. Both of these liquidation events before were generational buying opportunities. Last Friday was 5x as big as the FTX collapse in USD terms and didn't even manage to put us out of the bull channel. Anyone not bullish now is delusional and lost.

OkZucchini5351

Previously the crypto market collapsed due to FTX and LUNA collapsing, inflation, nonstop rate hikes, China banning Bitcoin for 5000th time,... In 2025 crypto collapsed because of a tweet about cooking oil and soy beans.

bizaroo933

Yep, I miss Gensler. Atleast when he was the chef of the SEC there was no manipulation like this. Thieves from FTX and LUNA went to jail, should also happen to misareble people like CZ and Trump’s son.

Captain_Fredl

In 6 years ive never seen such a shit. Not even FTX with 2B $ compared to the president of tards with a 19B $ rug

sgtslaughterTV

I want to be as brief as possible on the topic of the Trump family. What's happening in the white-house is comparable to a kleptocracy. There's actual footage of donald trump casually admitting to insider trading and making his friends rich from the first wave of tariffs he tried implementing a few months ago. If you're a scammer living in developing countries, then it's one of the few ways to get (at least comparitively) rich quickly. The pig butchering scams have been identified as run by the Chinese mafia based in Cambodia. As for not getting caught, as shitty as it sounds (and I do not support this activity), rug-pulling is at best a grey area. For the casual user of this subreddit, FTX was malicious accounting compounded with failing to adhere to fiduciary duty. The real rug pulls (Hawk Tuah, Libra and Milei, etc.), is market manipulation in an unregulated market, and I strongly believe that legislation should be made in American to specifically address this kind of undeniable theft. I have remain -mostly- unaffected by all of this by sticking exclusively to investing in bitcoin and a bit of Ethereum. Quick note: I said "mostly" unaffected. A mobile app that I worked for was supposed to integrate a method to allow users to buy and sell crypto in our application. A company that we were supposed to work with to make this happen had over-invested in FTX, then FTX collapsed. That company we were supposed to work with went under and then we had to change our business model. The new business model did not work, so everyone except the lead developer got slowly but surely laid off.

PudgyAxolotl

Yeah, educate yourself on why Lehman brothers collapsed. The whole mortgage crisis. Thats “something crazy” FTX is crypto. fidelity has over 15 trillion in total assets and not all of those assets are crypto.

Awkward_Potential_

"Something crazy" like FTX, Gox, Lehman Brothers, Washington Mutual, AIG....

Pan_opticom

Upside for alts requires a falling btcd, so that alts rise faster than btc. So far this hasn't happened and might not happen this cycle. Last cycle was manipulated by FTX in favor of alts. This cycle is directed by Blackrock and Microstrategy in favor of btc. Downside for alts was 80-99% last cycle and the recent alt shock showed how thin alt liquidity is on exchanges.

Numerous_Ruin_4947

Regarding CZ: Binance / CZ’s case wasn’t really about market manipulation or anything ETH-specific. The U.S. went after him for compliance failures - mainly not having proper anti-money-laundering and sanctions controls while serving U.S. customers. There was no fraud charge. He pled guilty to a BSA violation, paid a $50 M fine, stepped down as CEO, and served 4 months. **Binance itself paid $4.3 B to settle.** The “FTX bailout revenge” theory is popular, but the DOJ investigation into Binance started years before FTX collapsed. What FTX’s implosion likely did was accelerate the crackdown - Binance was the next big target. It’s fair to say U.S. laws were vague and applied extraterritorially. This was more about regulatory control and extracting a massive settlement than proving some criminal conspiracy. CZ wasn’t treated like SBF because these were compliance violations, not theft. Whether you see him as a villain or a victim depends on your view of U.S. financial regulation, but the prison time was short because the crime wasn’t that serious.

sk8trix

I know that this crash is nothing compared to those other crashes, but that's what they say every time. When FTX happened people were jumping off balconies. Oh my God. This is the worst thing ever. Nothing like this has ever happened. Now that this flash crash happened, people again are on suicide watch and guess what? There will be more crashes that are probably going to be even worse and you're just going to have to toughen up and survive them all. Diamond hands bro