/biz/ - Business & Finance

>>52297563
>BITDAO
can you explain
id love a full depth story of all of thid

>>52297600
Same nigga

Kek, imagine breaking trust over $1.6m to let it snowball into total liquidation.

>>52297600
okay so basically Alameda owns around $100m in BIT tokens and they made an agreement with BitDAO that they wont be selling any of these tokens before 3 years.

Alameda the (being Alameda) decided to break the agreement in order to cover losses from their FTT venture, and thus sold BIT tokens

The game changer here is that BitDAO owns a shitload of FTT tokens and they basically threatened to sell their entire FTT holdings if Alameda doesn't show proof of them holding BIT tokens

Needless to say, Alameda instantly started buying millions of dollars worth of BIT tokens back.
I'm not the biggest BitDAO fan but i have to agree with OP, I seriously underestimated them and the power they wield

>TL;DR: Alameda tried to sell BIT tokens. BitDAO threatened to sell their FTT holding and forced Alameda to do what BitDAO wants to happen

>>52297826
so basically kinda like whats happening with FTT and Binance

>>52297857
except that this is a DAO meaning not one single entity is controlling decisions unlike the whole binance ftt issue

>>52297563
Invest in anything supported by ByBit right now. FTX went to shit. Binance now has to deal with FTX's debt and obligations.
This leave the field for ByBit and its supported organizations like BitDAO

>>52297945
whats happening right now is ruining the entrire crypto market. the last thing i really care about is this

>>52297969
on the contrary. liquidity is arguably the most important thing in this scenario and the way i see it, anon has a point. let the other exchanges duke it out, and invest in a big exchange that isnt affected (at least directly)

>>52297945
>Binance now has to deal with FTX's debt and obligations.
A non-binding letter of intent doesn't obligate Binance to jack or shit, they can just balk and leave SBF to shrivel up and die in the mess he created for himself.

i hope everyone on this board is waking up to how inorganic the shills are of anything FTX is involved in
the bit shill threads and posts on this board are absolutely fucking laughable

>>52298013
yeah but CZ isnt going to do that. CZ wont miss out on the chance to acquire FTX no matter what

>>52297563
Mirana still sold though

>>52298252
mirana didnt sell you dumb faggot. they just moved their bit tokens from ftx to a different exchange/wallet
if anything they were smart as fuck for doing that because they knew ftx was going to die

>>52298229
depends on how big is hole in ftx's pocket.
Then there are anti-monopoly regulations...

>>52298305
this
its really not that hard to check wallets and transfers. literally a couple of clicks

>>52297563
based and checked

>>52297826
i was surpised as to how fast they made alameda fold

>>52297826
People really dont understand how big and powerful Alameda is
The fact that bitdao was able to subdue them this easily speaks volumes

>>52298137
Thank god it’s over for Solana then. If anything else crashed as many times as SOL it would be a laughing stock.
>RIP SOL NFT baggies

>>52297563
ive always seen bitdao on biz but never really looked deeper into it until today

>>52298823
maybe alameda was a paper tiger consisting of bluff the whole time, ever thought of that anon

>>52298137
biz never fell for any of it, hence why the sam scam tokens were barely shilled here
this is the reason why for 1.5 years stragiht retards have been posting biz missed everything this cycle, well because everything was a scam as it turned out
how many times did solana simply stop and got restarted via proof of discord and nobody seemed to care at the gross lose of function at all

>>52297826
bitdao was getting cucked by the jew. imagine making a forum agreement instead of signing a smart contract. also bitdao only had 1% of the FTT supply which is basically nothing

Dumpdao (ticker: BIT) is gay

>>52297826
>Needless to say, Alameda instantly started buying millions of dollars worth of BIT tokens back.
>I'm not the biggest BitDAO fan but i have to agree with OP, I seriously underestimated them and the power they wield
No it wasnt the fact that FTX got scared of BIT dumping FTT kek, It was the fact that Bit called them out in public about their sketchy shit and that would just throw more fuel to the whole insolvency fire thing. This panicked FTX which then decided to buyback Bit in order to show that they didnt sell anything and that they were in control of things. Obviously it didnt work out

not gonna lie they were quick as fuck to do something before it all went to shit, i unironically thought it was over for bitdao but i guess i was wrong lmao