Reddit Posts
Don't Get Rekt in This Bull Run: Remember the 2017 "Earn" Scams?
Don't Get Rekt in This Bull Run: Remember the 2017 "Earn" Scams?
Why BTC will be sideways or downward for months..
FTX Is Unloading Crypto to Raise Cash and Pay Back Customers
FTX Becomes Major Bitcoin Shorter Amid Efforts to Recover Customer Funds
Repayments Incoming? Movement on Mt. Gox, Celsius. Nothing from FTX
ELI5: GBTC and dumping from FTX and other bankruptcies
FTX Bankruptcy Probe Is Now Being Pushed By Judge
FTX Sells Entire $1B GBTC Shares, Drops Grayscale Lawsuit
FTX sold about $1B worth of GBTC ETFs to pay creditors
FTX Allegedly Behind Nearly $1 Billion GBTC Outflows, Contributing to Bitcoin Price Decline - Daily Coin Post
Global interest in Bitcoin at December 2020 level.. What shall come next?
FTX Sold About $1B of Grayscale's Bitcoin ETF, Explaining Much of Outflow: Sources
Daily chart, BTC buy signal. Last time this printed was 9 Nov, 2022 – FTX crash.
FTX sold nearly $1 billion of Grayscale spot bitcoin ETF shares: report
This market gets very emotional into extremism. With extremism in anti-crypto narratives during bear markets, and vice versa during bull markets. But don't blink, there is potentially a brief period of objectivity and balanced narrative in between the extremism.
FTX Sold About $1B of Grayscale's Bitcoin ETF, Explaining Much of Outflow: Sources
FTX Community Ponders Sam Trabucco's Disappearance
I’ve been studying hard wallets and wrote what I have learned. I would appreciate corrections if I was inaccurate, pls.
Dismissal Looms for FTX’s Clawback Lawsuit Against Sam Bankman-Fried’s Parents
Blockchain Quiz - Intermediate/Advanced Level
After FTX collapsed, scornful critics widely ridiculed Caroline Ellison's approach to stop losses: 'I just don't don't think they're an effective risk management tool,' she infamously told an audience during FTX's heyday. But did she have a point?
Celsius Ethereum Strategy Unveiled: $125M ETH Shift to Repay Creditors Amidst FTX and Alameda Sell-Off
FTX was permitted to sell assets back in Sept, "$560m" in BTC, is that enough to drop the price now?
What happens if bitcoin ETF gets hacked ? Who is responsible for the financial loss ?
Soon people will start again to tell you not to FOMO, the same they did at 20k,24k,30k,35k,40k...
All the news of the ETF approval is nice and all, but the point still stands… buy actual Bitcoin
SEC approves rule changes that pave the way for bitcoin ETFs
Me, waiting for SEC announcement about ETFs…to buy that juicy dip in ALT coins.
1 popular DEX is becoming more like a centralized exchange but worst actually
How Justin Sun used his TRX and BTT coins to exploit and Rugpull and already Rugpulled and desperate FTX customers.
FTX Bankruptcy Battle Could Last Years, Expert Says
Are We on the Cusp of a 6th Green Monthly Candle for BTC?
Anonymous poll: If you had losses from the 2022 bear market, how much have things improved in 2023 for your crypto portfolio?
"FTX faces backlash after proposed estimation of customers’ Bitcoin at $16k, ETH at $1258, and SOL at $16. FTX debtors argue that its estimate reflects the "fair and reasonable" prices of these cryptocurrencies".
Were attacks on ICP initiated by a master attack - multi-billion dollar price manipulation on FTX?
FTX Creditors In Shock As Court Paper Priced BTC At $16,800
Ex FTX CEO Sam Bankman-Fried Unlikely to Face Second Trial, U.S. Prosecutors Say
FTX debtors propose $16,871 Bitcoin price for creditor claims
Bitcoin's 2023 Odyssey: Navigating the Peaks and Valleys of BTC Price Dynamics
The so-called “experts” are starting to sound like the 2021 100k predictions
FTX Debtors Propose Independent Agreement with SBF on Embed Acquisition Deal
This sub's most hated blockchain is now top #4 of the crypto marketcap
Why I would never invest in SOL, but happy for the people who made their gains.
What had me convinced to sell Solana at $14 in March
Any recommendations for fiat loan backed by bitcoin collateral? (US)
So is Solana still considered a shitcoin?
Guys, I don’t want to be rude or anything but not a single place or forum on Earth has trashed and hated Solana more than this sub. SOL is now number 4 by market cap and nearing a price of 100$ . What’s actually going on?
Bitcoin was the #1 Best Performing Asset in 2023, and at the beginning of 2023, they all said equities and bonds were the way. They thought I was crazy for buying bitcoin.
Another 218K Stolen in a Phishing Scam . Maybe a Person of Interest?
FTX Files Plan to End Bankruptcy, Creditors To Collectively Lose Millions
Best way to explain self custody to non-coiners
FTX Unveils Amended Reorganization Plan Amidst Legal Cost Concerns
FTX holdings got published - 15.445 mil SOL, 21K BTC, 113K ETH, 225 mil XRP, 23 mil APT
FTX Debtors’ Alarming Chapter 11 Plan Sparks Outcry Over Valuation
Solana Rally Sees FTX's Holdings Grow to $4.2B, Setting Claims Market on Fire
Why Bitcoin ETFs now after years of declining of the applications?
Actual Question and Potential Public Service Announcement
Legitimate Question Here (100% Scammer Bot)
What is there to ensure that something similar to China mining ban or manipulation by FTX will not happen in 2025 bull cycle? Followup to earlier thread to disclaim all predictions since BTC didnt hit 100K in 2021.
FTX Set to Present Updated Reorganization Plan by Mid-December
Block Market Index Debut! | Bitcoin Surge, Qatar's $500B Move, FTX Collapse, & GTA 6 Crypto Rumors!
Crypto comes out on top after yet another round of fear and doubt. Here's a look at just the last 18 "end of crypto" and "look out below" panics we had in the last couple years. And after all that, crypto is still no closer to vanishing.
MicroStrategy is just more FAKE Bitcoin. Don't buy it.
Going Infinite the book about FTX and SBF by Michael Lewis
Mentions
Was it legal under Chinese law to own/trade Crypto at the point of FTX bankruptcy or at the point of settlement?
tldr; The US Bankruptcy Court in Delaware is set to rule on a motion allowing the FTX bankruptcy estate to freeze payouts to creditors in 49 'restricted jurisdictions,' including China. Critics warn this could set a global precedent, enabling crypto exchanges to withhold repayments in future bankruptcies. The motion has sparked objections, particularly from Chinese creditors, who account for 82% of affected claims. Concerns include unfair discrimination and potential damage to trust in the crypto ecosystem. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Exactly! People who think nothing will go wrong should look into Mt Gox, FTX, Celsius, and Voyager. Banks can have the same problem, but will always be bailed out based on recent history.
Sensible people do not trust exchanges to store their cryptocurrency. The FTX bankruptcy is too quickly forgotten Some hardware wallets have a distress feature which locks the wallet. There's also a method for setting up a decoy wallet containing a nominal amount. Give the thief the seed words, and let him steal $200 As for bank accounts - who pays for the bank's labor cost of restoring access to the account?
Throwback to when I bought a whole coin and FTX crashed then when it hit all time highs refunded me the original 17k
my son turned 19 in march. 3 years ago, he started his apprenticeship. when the FTX dip happened, he asked me to put some of his money in BTC, because "it will never be that cheap again". This year, he asked me to sell it so he can use the money for his car. Before it hit 100k again. Bitcoin is savings. Put money into it when you have some, and take it out when you want to spend it. Compared to my son, you might be 3 years late. Might feel like missing the boat. But talking about missed opportunities, i learned about BTC when it was at 300 and didn't stat buying until after the pandemic. I could have easily afforded 20 BTC and i'm still not a wholecoiner now. Missing opportunities does happen. Don't get too emotional about it. Stay humble and stack sats.
Why you asking then. All you’ll get is shilled alts that people are bag holding. BTC “should have easily” hit 100k last cycle when it was 69. But the then oopsie FTX came along and sent it to 16
Do not stress. I bought 2 BTC in January 2021 and watched it go right down to 15k after the FTX collapse. WHAT A RIDE. I am not selling, for I am utilising it as my second superannuation account for retirement. (Australian version of a ROTH. Best of luck. If you held for so long, I'm not sure why you sold when ETH is no doubt gaining momentum over BTC. Great learning curve, perhaps.
(1) when FTX blew up and was bankrupt it had to repay it’s defi loans before everyone else. Also read up on Mt. Gox That is the answer to (1). But it means you have to trust you can manage your own wallets and your own keys. Not for everyone.
'Ozark' star Julia Garner to portray CE in 2025 drama about FTX
I firmly believe for what happened with so many thinks like Celsius, FTX, the major correction crypto got and how many alt coins died, that many retail / normie investors lost a shit ton in the space. And so many of these guys who were literally on government hearings , helping create laws, provide info etc are now in jail or just out of the scene. I think crypto seriously got a bad wrap in the 2021-2023 years.
I don't understand why people keep going CEFI after all that has happened. When you can do the same in aave, compound and other reputable open source DEFI Apps... why go CEFI? Nexo is another FTX waiting to happen.
I completely understand that! I stated towards that goal, i lost my first big nut with FTX, 20k. Lesson learned. Had to start over, that was brutal! I should have been paying 50 to 60% of monthly mortgage with my return today. Nope, not even back up to the 20k i lost yet. So i get it. Hopefully soon there will be a safe way to "loan " crypto and or btc for a solid safe return.
That was just a the crazy bounce back of the top of the cycle ahah. Who knows where the price would be if FTX was gonna do the things in the right way and not scamming people ahha.
If Saylor breaks - then maybe we have an FTX-like event and drop to $70k. But MSTR would need to implode. So not impossible, but I don't see it.
Especially seeing as FTX has locked in that 16k price for me for 3 years...
The last cycle low was triggered by the FTX collapse. It could happen again if a major stable coin collapses or an ETF becomes insolvent.
200k is very possible. FTX and the rest stunted last bull run either paper bitcoin.
Making sure I'm not using FTX again...
Historically, bitcoin doesn't go below the previous cycle high. That said, the last cycle it went to 15 K when theoretically it should've bottomed at 20 K, but there may have been some circumstances surrounding FTX and others.
You don't earn interest on bitcoin, and be skeptical of any institutions offering such. There used to be a few...BlockFi, Celcius, Voyager, FTX, etc. You might've heard of them...if not, they went under and took most people's bitcoin with them. If you are new to bitcoin I'd advise you to look into cold storage and get it off coinbase. Look up Bitcoin University on YT for how to do that, and many other bitcoin related topics.
Have always been a bull. My best Bitcoin purchase was to buy 0.5 BTC for $10k at $20k BTC price right around the time FTX imploded in 2022. Alas, now $14k only gets me 0.12 BTC. How times have changed …
The bitcoin and buttcoin front pages are merging. They post Saylor quotes and hope people react the way they hope when they read them, then complain about shitcoins and centralized scams. If these two groups were in a dark room together, they'd be whispering sweet nothings to each other about how much FTX sucks before the lights came on and they realized what had happened. Poor buttcoin, so close, yet so far.
I wonder at what price the excitement starts. It feels like 120k was last cycles target and got stopped by FTX
It's amusing, and credit where credit is due. They were the first exchange to slash CEX "stake" rewards, the first exchange to slash card rewards and the first exchange to start laying staff off. The amount of people that took their funds off of Crypto.com (Fair enough, get crypto of CEX) but then moved them onto other exchanges, like FTX which then went bust... CDC survived a bank run, they survived the winter, they some right business decisions at the right time.
If FTX could not kill Solana it’s not going nowhere , watch it pump when people jump on the hype train of crypto. Meme coins will always be around and people will always gamble when the market trends switch to more risky assets .
Wow! Just a matter of time until this goes the FTX route
virgin FTX vs chad bitconnect
TRX is shady, so is huobi and fucking Justin.. not a surprise the most USDT was minted on TRX…and if you’ll remember…Alameda research at one point held a massive amount of USDT..Aka, FTX and our boy SBF…totally cool though…
I wonder if this will create a bunch of "paper" bitcoin IOUs on the exchanges and then another FTX style crash...
Only if a similar combination of fuck wittery occurs, LUNA, FTX, Ukraine.
You’re absolutely not prioritising financial education if you’re lending your Bitcoin to a centralised party. See Celsius, FTX, BlockFi. Nexo has been around for a while but that doesn’t mean that it doesn’t come with the exact same risks as those other lenders: ie complete loss of funds while still holding liability for the loan (ie any debt on file) should they go into liquidation. The risk of a complete loss of funds all for a few % in return and/or ability to access debt via a CC. If people are really prudent and long on BTC then self custody is the only thing that makes sense. If you’re using an centralised party it should be as a hot wallet at best.
Maybe buy a physical device like Ledger to store it on in case anything happens (something like FTX)
Never sell your bitcoin. Leave some cheddar on the side for bear market dips. Don't stress. Avoid FTX.
Saw it run from $550 to 20k USD then down to 3.4K and back on up to 69K, FTX peak, then back down to 17k ish, now back up to 116K. What he advised against is why I am divorced and still working my 9-5. Fuck leverage, futures, shit coins and scammers. What OP said is sage advice from all of us whom have spent time in the crypto trenches, don’t be the dumb money that gives it up to old moneyed Johnny come lately. Taking profit on the way up is wise. I wish I had the hindsight and discipline that OP is displaying.
The FTX crash of 22 comes to mind lol
Bro, you literally bought at $17k during the FTX crash and now you’re out here giving sage wisdom like you’re some crypto OG who survived multiple bear markets. That’s like buying a house in 2008 and then lecturing people about real estate cycles lmao. “I’ve been in crypto way earlier” but also “acquired @ $17100 in 2022” - so you were in crypto earlier but didn’t buy any Bitcoin until 2022? Make it make sense my guy. Also love how you’re selling at “peak euphoria” and then immediately posting about how there’s no upside potential - sounds like you’re trying to convince yourself you made the right call 💀 Thanks for the financial advice though, really needed to hear from you
Lmao I have mid 7 figures in crypto and I been sleeping like a baby post FTX
Hardware wallets are physical & not exactly cheap but well worth it for 4 digit investment sums & more. Unlike funds in your bank account, the crypto in Robinhood has no (or very limited) insurance. Google Mt. Gox or FTX or BlockFi or Celsius & you'll understand the risk your taking.
FTX selling fake coins ruined the bull run. that is a fact.
I’d pay front row seats for that. Sometimes I forget about how Celsius and FTX users got no vaseline too. Terra Luna as well.
I was thinking about how the Luna incident precipitated the previous winter, followed by the collapse of Celsius and then FTX. In 2017 we had the fork, and in 2013 the mt gox hack. The pattern being that there’s always been some major shock which triggered the crypto winter. It’s nice this cycle is focused on the financial use case of blockchain. It feels like less can go wrong. However, I’d agree the greatest existential risk would be that a highly leveraged firm such as microstrategy might wind up needing to liquidate huge amounts of bitcoin because x, y, or z… tbh I don’t see it happening, I think we are on more stable ground.
I got nothing. SbF, FTX. Blockfi. Robbed by all. So you have .35 more than I do and ever will again. They stole my child's future. I have nothing now and probably never will
FTX called. It wants its sarcasm back.
I recommend buying from [Strike](https://strike.me/), [Swan Bitcoin](https://www.swanbitcoin.com/), [River](https://river.com/), or [Cash App](https://cash.app/bitcoin). They all charge low fees and they don't peddle shitcoins. I recommend you to withdraw your bitcoin from the exchange once you have accumulated 0.01 BTC on the exchange. If you would have done this when you were using FTX, then you wouldn't have had a problem. If you want to move bitcoin from one exchange to another exchange, then you should not transfer bitcoin directly from exchange-1 to exchange-2. You should first withdraw the bitcoin from exchange-1 to your own wallet that you control and then you send the bitcoin from your own wallet to exchange-2. Some good hardware wallet options are Coldcard Q, BitBox02 Bitcoin-only edition, Blockstream Jade Plus, Trezor Safe 5 with Bitcoin-only firmware, Foundation Passport Core, and SeedSigner. These six hardware wallets are all good hardware wallets that have publicly available source code that can be reviewed. There are some older & cheaper versions of some of these wallets that are still safe and those are the Coldcard Mk4, Trezor Safe 3, and Blockstream Jade Classic.
FTX crashed well in to 2022...
i think if FTX wouldnt have blown up, we would have gotten 100k 2021; it still would have crashed to similair lows we had. perhaps 20k would have held. 200k i dont think we should have had last year. ETFs always needed time. the GBTC winddown (genesis bankrupcty) was also a major drag. perhaps 100k reclaim should have could have happend eventually around 2024 yes. now we are the cusp of next supply shock and we cleaned up all those bad players. we are onboarding new scammers though and some of them will blow up in the next bear again. but i think first we squeeze to 500k.
Short term bullish. Until they all start blowing up and we get a bear market worse than the FTX collapse. Don’t forget to take profits.
It's not about collapsing... It's about the institution and the ones who controls it. Remember FTX? >Binance has been the subject of lawsuits and challenges from regulatory authorities throughout its history. As a result, Binance has been banned from operating or ordered to cease operations in some countries, and has been issued fines. In 2021, Binance was put under investigation by both the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses. The UK's Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021. That same year, Binance shared client data, including names and addresses, with the Russian government. >In November 2023, the company pleaded guilty in a US federal court to money laundering, unlicensed money transmitting, and sanctions violations. >In April 2024, Zhao was sentenced to four months in prison after pleading guilty to violating US money laundering laws.
Nah. We are not on 2014 anymore. (FTX collapsed after a year and was much smaller than binance). Of course nothing beats self-custody, but a reputable exchange with track record is good enough for the average person nowadays.
If you can afford to lose your BTC and you trust Binance, store away. But lemme tell you, they can disappear out of the blue at any moment, and your money will be gone. It happened with Mt.Gox, it happened with FTX, Bitfinex, Bitstamp. One day you wake up, your money is gone, and no one is able to give it back to you. Not your Keys, Not your Coins. [NYKNYC](https://blog.theya.us/not-your-keys-not-your-coins/). Check Wikipedia's Page for Binance, not exactly the cleanest of the records. It's a ticking bomb, in my opinion.
I thought Teather was pegged to USD not gold? Isn't this them double dipping, which could leave them over leveraged just like FTX? Say we discover a huge gold deposit and it crashes the price of gold, now their investments no longer match the issued teather, and it all falls apart.
yeah so... I'm not a lawyer, but if the company isn't a DAO, that means the CEO can make any decision on his own, no matter what the token says. So if tomorrow the CEO goes crazy and decides to sell everything, he can. Of course it would have legal repercussions, but this type of implementation doesn't inspire confidence in users to buy the token. I mean, why would they? Just another FTX situation waiting to happen. There is no real garantee.
Agree. The market is working. This is not FTX obscuring their bookkeeping. Everything Saylor is doing is open. He issues stock and debt and people are buying it. I want to know what these naysayers think he should be doing as a person who believes bitcoin has no bottom. He has an obligation to himself and now his shareholders to buy as much as possible with every legal financial tool he has available. It’s insane no one else is picking up his playbook at this stage. It’s not like there’s a competitive advantage or secret sauce here. The market wants this bitcoin proxy clearly.
It was thanks to FTX manipulation that we actually had an altseason 😔 No more now
Shout out to those who avoided Terra Luna and FTX.
tldr; The article revisits key figures involved in the 2022 crypto winter, a period marked by major collapses in the cryptocurrency industry. Sam Bankman-Fried (FTX) is serving a 25-year sentence for fraud, while Caroline Ellison (Alameda Research) received a reduced 2-year sentence for cooperation. Do Kwon (Terraform Labs) awaits a 2026 trial for the Terra-Luna collapse, and Alex Mashinsky (Celsius Network) is serving 12 years for fraud. Su Zhu and Kyle Davies (Three Arrows Capital) face legal disputes after their firm's collapse. The industry has since partially recovered, but these individuals continue to face repercussions. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Bitcoin was doing anything *but* rallying when the Fed raised interest rates back in 2022, and the 2020-2021 rally enjoyed a Fed interest rate of practically zero, at 0.25-0.50 percent. Rates climbed 4%, from 0.25-0.50 up to 4.25-4.50 before 2022 was over. During that time, BTC fell from around 40k in March down to a 16k low. Of course it doesn't explain the full story of BTC's bear market, as it began to regain ground in 2023 even though interest rates climbed another 1%. So the 2020-2021 rally had basically zero interest rate, and suffered while interest rose drastically in comparison for 2022? Doesn't sound terribly "decoupled" at all. But 2022 also saw other macro events as damage to the economy lingered on from the Pandemic, Russia invaded Ukraine in February, Terra Luna collapsed in May, and FTX collapsed in November. While 2013 and 2017's BTC crashes had no S&P correlation, they absolutely correlated towards the end of 2021. The stock market basically topped-out towards the end of November, tried & failed to rally beyond those highs in December, and had dropped ~25% by October 2022. That correlates very succinctly with BTC topping out in November and also suffering through all of 2022. So imo, the 4-year-cycle theory has just two data points relating specifically to crypto (2013 and 2017), and a global black-swan of a pandemic that showed up in 2021 to throw a wrench in *every market* for 2022-2023.
I'm still a firm believer that the 4-year-cycle theory was simply coincidental timing, and basically required a global pandemic and high interest rates to thwart inflation just to trigger the next cycle. If the underlining theory is simply "something extremely shitty happens every 4 years or so and causes a cascading market degredation", that's one thing. But those who believe "Crypto is due for another huge crash simply because it's been about 4 years since the last one" are entrenched in a baseless theory. If you exclude the forces that negatively affected the global markets (Pandemic, economic slowdown, high inflation, high interest rates, the re-ignition of the Russian/Ukrainian war), Crypto might very well have just continued chugging along upwards. Though specifically relating to crypto, the FTX / Terra Luna collapses would have still done some nasty damage on their own, and easily could have triggered a less-intense bear market downturn.
> What do you mean by it’s not a reputable exchange? It is one of the biggest exchange as far as I know right? For what you're trying to do, I would think it's fine. A lot of people are upset by the manipulation of the "CRO" token and the fact that the rewards for their crypto debit card seemingly get reduced quite often. Think of it like this: when a hotel in Las Vegas charges you $8 for a can of Coca-Cola from the hotel room's minibar, have they committed a crime? It's a hilarious upcharge and takes advantage of some people who don't know better, but the prices are actually advertised and they aren't actually breaking any laws. The exchange that you mention might have done many douchy things that are unsavory, but no one has yet been able to prove that it's a blatant fraud like FTX or Bitconnect.
>We live and we learn buddy, or we don't 🙂 You're no different than the millions of other young men who hope for life changing moments to happen to them for free It's funny that you view it as "free" gains. I was buying Bitcoin after the FTX collapse. I was buying Bitcoin when I was down bad. I was buying when I absolutely wanted to puke. Knowing it would probably go down more before it went up again. >Remember, most life changing moments don't happen, they creep up on you for many, many years I'm not sure why you think I'm a youngster who needs your sage like wisdom on how to be a Luddite. Do whatever you want to do. But no one's going to come save you. I didn't buy Bitcoin for short term gains. I bought to hold for years.
OTC is over the counter. Common in tradfi. You hear it all the time. Not pleebs. You call OTC and say you have 5 million coins. You get quoted a price. If you take it they send you the money. Some cases you transfer coins to another wallet. Sometimes people just dump the wallet. OTC can then sell to another buyer. SOL had a lot of action around the last unlock and dump because the coins were from the FTX auction and you knew the price paid. You are buying big blocks. Not doing a DCA. OTC can then unload to a customer. Sell of in chunks. Loan out for a price if someone needs inventory. This is all stuff that has happened in tradfi for years. But if I’m selling at scale, you get a TWAP price and it gets sold down gradually. The reason again OTC. Not going to crash the price. Going to get the price range I want. They have a network of buyers they are going to sell to. This is their business. It’s like high end real estate that sells and never lists. Same with art. The money world is different.
Most people don't know the difference between FTX, Bitcoin, and Doge. When they hear Bitcoin they think about a hack that happened to an exchange or a meme coin or NFTS that took people's money. They haven't used it so they don't know the difference. They just know it is something to stay away from.
tldr; FTX has frozen over $500 million in distributions due to global crypto restrictions, with China accounting for 82% of the affected funds, or $435 million. The FTX Recovery Trust cannot proceed with payouts in 49 jurisdictions where crypto activity is restricted, citing potential legal complications. Many claims from Chinese residents are in limbo as FTX was never authorized to operate in China. Additionally, nearly 400,000 customer claims were disqualified due to KYC violations, further complicating the recovery process. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
True true. :) It's is fun wondering how high it might go and then what will end the cycle. I wonder what narrative it will be this time. FTX was the last cycle crasher.
November 2022 after FTX, traded all of my alts for bitcoin. Best trade ever.
tldr; FTX has proposed a plan to block creditor payouts in 49 countries, including China, citing legal risks. This move could disproportionately affect Chinese users, who represent 82% of the impacted claims. The plan involves designating these countries as 'Potentially Restricted Jurisdictions,' with claims treated as 'disputed' unless legal opinions allow payouts. If deemed restricted, funds will be forfeited. The proposal has sparked backlash, with critics calling it unfair and unethical. Some suggest transferring claims to allowed jurisdictions as a workaround. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
The FTX saga simply not ending...
Converting to an LLC IRA so you can own your own keys…it takes some time but then you eliminate the risk of CEX failure (FTX, BlockFi)…don’t ask why I know….
Moving my funds from Binance to FTX
There is no media and social hype like before because retail and altcoiners were left behind. I know some people working in traditional finance that somehow still think that BTC never recovered after the FTX crash. As a BTC only guy, seeing Bitcoin over 100k is just crazy enough, I don't need to be entertained, I have had enough these last cycles.
I bet you are not able to trade your tokens against the stock whenever you want. you have to sell the token and then buy the stock, hence its NFTs or FTX 2.0
I would need to know more about your personal finances and your life to give you an answer. But I’ll tell you that I continuously borrow money to buy BTC and it’s worked amazingly well for me. First time I did it was following the FTX/SBF scam so BTC dropped bad down to $17k. I took out a $17k personal loan and bought a whole coin. Then I took out zero % credit cards and put life expenses on those while investing the cash I would have spent on life. So those are basically BTC backed credit cards. I roll over after the 0% period is done. 3% each rollover so as long as BTC gains 3% a year, I’m winning. Easy math. Lastly, a couple months ago I found out I could take a line of credit against my BOA credit card. So I did. Borrowed another $18k and threw it all in BTC. The strategy works but you can’t bitch up and start fearing the debt. If you sell your BTC to pay the debt off, then you failed. So my personal finances & budget comes down to this… make enough money to service the debt and if I never have to touch the BTC then I can’t lose.
You want to do this when FTX collapses not near all time highs.
The good ol days of Celsius imploding just like FTX...
They probably will soon, but I used to blockfi back in 2021 and almost got a liquidated a couple times when btc was in a bear market. I kept having to add more collateral. Eventually bought out my position and got my btc back before blockfi froze assets. Don’t worry I moved it somewhere safe… FTX 😎
Part 2 >Actual users are benefitting from the things that I've noted because they do matter. USERS 👏 WILL 👏 SHOW 👏 YOU 👏 WHAT 👏 THINGS 👏 ARE 👏 BENEFICIAL 👏 BY 👏 USING 👏 THEM Just saying it's a benefit because you say it matters means absolutely nothing. Tell me specifically when a user goes to make a transaction on Litecoin and Solana, what things will they notice? And how would they actually notice them? At least in my experience, no matter what type of transaction you make, you'll notice the speed and the cost. How is a user going to notice the things you think matter? >If the VCs and others promoting new chains validated this narrative, they couldn't dump their insider bags on the market at a profit. If it was a real narrative, you wouldn't need people to validate it for you, it would come about naturally. Also, you need to stop treating VCs as anything other than early stage investors. This sub seems to think VC is a code word for some type of inherently nefarious group, rather than just a group of connected investors who have a lot of funds to employ... >I'm trying to understand your criticism of Litecoin - I could not care less about selling you on it. It all seems to boil down to: I don't believe number will go up as much If you haven't figured it out by now, there isn't much hope, but I'll spell it out as simply and plainly as I can for you: Blockchains need to sustain themselves -> they use block rewards to bootstrap the network and subsidize network operator pay temporarily -> generally block rewards asymptotically approach zero(aka they get smaller and smaller due to things like halving for LTC or in Solana's case disinflation) -> if the network does not have enough users paying for blockspace then the network operators won't get paid enough to keep operating -> chain dies. I don't know how many times I have to repeat this, but far less people use LTC than Solana, so when I say users aren't benefitting from those, it refers to the lack of usage on LTC, despite it having those qualities. If it has those qualities and users choose something else, they likely see no benefit in those things, or higher relative benefit elsewhere, like Solana (or in the case of payments, often Tron). You also haven't been able to quantify how a user would have any indication of which networks had a fair distribution, while it's extremely easy to quantify how a user would have immediate indication of what network is cheaper or faster. Litecoin *used* to have a fundamental advantage when it came to the area of payments or transfers, now it objectively does not with respect towards blocktimes(speed) and fees(cost). If Litecoin isn't the best coin for payments or transfers anymore, then how is it going to sustain itself? Where is litecoin going to generate it's revenue from? >Market doesn't have to care about what I see as fundamental in the short term. Current stats suggest that 99% of crypto investors not buying BTC will be bagholders and lose over the long term. The odds are worse than a slot machine at a casino. Winners in the short term must time their exits and avoid emotional attachment to their investment. Most won't be capable of doing this and it will leave a bad taste in their mouth about crypto. ok? My point was just that price movement, although an imperfect measure, is often an indicator of fundamentals and also future expectations. Because it seems like you have trouble identifying what is and isn't getting traction from more direct indicators, so instead of being confident in an inherently limited view thinking "Am I wrong? No it's the market who is wrong!" you might have a bit of reflection. But if you just dismiss all price movement it can lead people to assume their thesis is fine despite it being the opposite. >Seems like we agree that these new chains are not really sustainable. Bit of specificity needed here. They are sustainable, they generally aren't self-sustainable at launch though, but they can become self-sustainable over time. Keep in mind this is why I'm bearish on Litecoin, it hasn't proven a good path towards self-sustainability. And obviously Litecoin also subsidizes block production as well to provide a better chance at long term sustainability. >They require marketing to grow and every person who buys a memecoin on the chain and proceeds to lose most of the value of their investment is not going to come away with a flattering outlook on that chain or the market it provides access to. In the case of Solana, there are thousands of projects that call it home, they market for themselves which in turn acts as marketing for the chain they use. Solana is the \#1 chain for revenue generating apps and has been for 14 straight weeks now. As it is, Solana does need to grow, but is on a good pace. Seems like growth is going fine for them, but what is Litecoin's plan for growth? Litecoin generated ~500 blocks a day and ~$500 worth of LTC every block, for a total of $250,000 worth of minted LTC per 24H but it only generated ~$700 in fees in that same time. ([source](https://bitinfocharts.com/litecoin/)) How do they increase that number when people seemingly don't value the things that you think are so important? >So do you see Solana through a "better Ethereum" narrative? Not necessarily, I just see it as a blockchain that can facilitate enough transactions to sustain the network while keeping individual fees low. I see it as better for certain purposes, but they really only compete in the sense that both of them are head and shoulders above everyone else when it comes to the activity of their respective ecosystems. >Long term, I think the market has always been triangulating on the story of value + scarcity and when BTC becomes too expensive for the smallest fish, there will be very few blockchains with a narrative that can sustain the demand without getting dumped by bagholders who have been trained to watch and wait for their exit signal. Yeah, and judging by usage, by the proxy of revenue, Solana seems to be one of the few that will sustain. You've now vaguely referenced "dumping" as a threat to Solana, not sure how tangible that threat is, especially considering the 2022 bear market and FTX fallout are lows that will likely never be reached again, as well as considering that making it through that inspired a lot of confidence in Solana. So I'm really not sure what you're insinuating here. Considering the supply is 99.99% unlocked I'm not sure what "bagholders who have been trained to watch and wait for their exit signal." is in reference too. Do you somehow think Solana is more vulnerable... to people selling coins? >I agree that the narrative for short term speculative gains is easier to understand and believe in than the fundamental long term value proposition of a coin towards its designated purpose. I think every blockchain with a rational long term narrative does not require timing the market or a marketing team to continue growing. Like I already mentioned, I'm a long term holder and every investment inherently requires timing the market to some degree, you have to enter and you have to exit and that is the only timing my long term narrative requires, just like literally any other type of buy and hold investment.
I was playing around with ICO and sold at the bottom in 2018. Thought I would go back in 2020 right before COVID and just aimed for 1 BTC. Slowly it was 1 BTC for each family member (5 of us) Then I aimed at accruing 10 BTC. Lost some of it with FTX and Celsius about. Picked myself back up and slowly added back in in 2023 and now I am at 25 BTC. Goal for 2025 is to be at 30 BTC. Hopefully 50 BTC by 2030.
I think this is highly unlikely. Sure, we may top out below 200K if we really do continue the 4-year cycle trend (which itself seems less likely today). But barring some extreme situation a la FTX, BlockFI, Celsius etc. we may not go below 100K ever again. It we "top out" at 180K we could see a strong retrace to 120-150, or we could break the 4-year cycle and continue a modest increase for the next year or so.
Yeah, all of this talk about how BTC is never going to see a bear market again and how it is going to 500k this year convinces me otherwise. I'll genuinely be surprised to see BTC break 200k this cycle, thinking something around 140-170k or so, maybe 180k in a very bullish scenario. I think the bottom for the next bear market will be in the 70-80k range, basically the lows we had earlier this April. We could get into the 60k range or even the 50k range if things got insanely scary, like after the collapse of FTX in late 2022.
I would not want to keep my money in a bank in the old west. Similar risks exist in the early day exchanges for BTC. As time moves forward the risks will minimize. Crypto.com for example keeps the majority in cold storage so almost no chance of theft. They also insure up to $600,000. A lot of people that yell, not your keys not your coins are group think smooth brains. Many might not have done their due diligence and got burned in the past. If you just took a moment to look at the pimply teenagers running FTX without even studying their books, any sane person would have seen giant red flags. I have my stack split between my tradfi bank in a tax free savings account, a secure well know exchange and cold storage. One goes down I only loose a third. Be wary of people simply repeating a catchphrase without any substance to follow it up.
People will bring up MtGox and FTX as exchanges that failed like you’ll lose everything, but both of these went through bankruptcy courts and customers did get a lot back paid out to them (not 100%). It did take years though. Reputable exchanges are gonna be fine, like Fidelity isn’t going anywhere.
I think you're either very trusting, or have a short memory. Exchanges can get hacked, go bankrupt, carry out outright fraud (e.g. FTX), go down when you most need them (e.g. Coinbase and its numerous "outages") . They're also a honeypot for future confiscation/restrictions. I really wouldn't hold anything substantial on them. If you think an exchange will always replace your BTC you just need to look back at what actually happened to investors that held on the numerous failed ones.
I see your FTX account, and I’ll raise you a Voyager account
Mt. gox, Celsius, blockfi, FTX, Quadrigacx, crytopia, BTC-e, Voyager digital, genesis global capital, 3ac. Just some of the collapses that resulted in customers getting screwed over. Some of these were very "reputable" exchanges.
There is a long history of bitcoin exchanges going out of business. Sure you might get your some of your money back years later, but maybe not. Look up Mt Gox, QuadrigaCX, Celsius, FTX, etc. I prefer to hold my own to eliminate that risk.
That is an interesting perspective. Definitely buy the dip, buy the top, UTXO management, send to cold storage with you there. I think we will have some sort of Corporate Survival of the fittest coming in play. The weak companies that cannot keep up with inflation will cease to exist and the strong companies that either can grow their way up or use BTC treasuries will survive. Those who entertain the idea of BTC IOU’s will again cease to exist. Example being FTX. And youre right there are still companies out there doing stuff like that too and we never find out in the bull market. Just like in the Big Short. No one noticed the corruption on a mass scale until home prices were stagnant or declining. That is when the hell broke loose. Same with the BTC IOU companies of last cycle. Once that becomes more mainstream i think that countries will follow. I dont think that the world has the patience or a hard enough head or strong enough morality to get rid of any country backed fiat currency but i do believe there to be a day when BTC is the main world reserve currency. Its the main corporate reserve currency. Its the main personal reserve currency. Its the measure to success with regards to value added. Will be used for most major purchases like homes, businesses, cars. It will be the currency that is used with interplanetary travel. Those are my beliefs
FTX, Celsius, Voyager, BlockFi, Genesis etc. There are multiple examples of centralised platforms failing One of cryptos main value proposition is self sovereignty and self custody, using smart contracts to eliminate trust with third parties
Noone money is safe. They don't have your money. Study fractional reserve banking. You loaned them money as part of a ponzi scheme they don't pay you any interest on, or very little, and if you and more than a few other "customers" want your money back at the same time, they are fucked. What's any different about that than the FTX collapse?
You absolutely can, although not forever. FTX literally did this in 2021. They rehypothecated customer assets and naked short sold bitcoin to suppress the price
The single best investor in BTC I know set up a DCA in 2017 and then forgot about it. They had someone who was paying them a small sum each week. They didn’t need the money at the time so they said “pay me in this bitcoin thing”. The wallet was set up and the automatic payment loaded, and then they forgot about it and moved on with life. When others thought altcoins would beat BTC they didn’t notice. When BTC soared they didn’t notice. When BTC crashed they didn’t notice. When Celsius said they would pay interest they didn’t notice. When FTX blew up they didn’t notice. When Bitconnect promised endless wealth they never even got the email. That stable regular buy was all they needed.