/biz/ - Business & Finance

[Anonymous No.52298652]

How the fuck did FTX become insolvent? So what if they "lent" FTT to Alameda Research, they can just print more. This doesn't explain how they went into fractional reserve. What am I missing.

[Anonymous No.52298665]

they were leverage trading

[Anonymous No.52298668]

impermanent loss that in the end was permanent, just like celsius

[Anonymous No.52298698]

don't know if they used user funds for trading, they said no but who knows.
alameda might have been caught with losses from earlier this year too.

[Anonymous No.52298710]

>>52298668
maybe we need a Central Exchange that makes sure bank runs and over-leveraging can not happen anymore

[Anonymous No.52298714]

>>52298665
>they were leverage trading
were they? Where does anyone say that? Alameda Research is a separate business owned by SBF taking loans against FTT, which again can just be printed into oblivion by FTX, FTT isn't backed by anything, it doesn't matter if FTX's FTT "loans" turn into bad debt.

[Anonymous No.52298717]

They took your money and donated it to Biden. Unironically. That is what happened.

[Anonymous No.52298726]

>>52298652
Where did you see anywhere official say FTX is insolvent? Literal who's on Twitter don't count. I've got 100k GRT on FTX and I think *I* would know if my coins weren't safe. Someone would have let me know.

[Anonymous No.52298735]

Fried bankman literally used the shitcoin ftt to get loans to leverage trade crypto like an absolute degen. Now that ftt is worth fuck all he's completely fucked on his uncollateralized loans.

[Anonymous No.52298736]

3ac, do kwon, celsius. didn't phase me one bit. my assumption is everyone is a scammer.
i fell for the SBF/FTX/Alameda hype though so definitely had cognitive dissonance on this one. proof of what good marketing can do

[Anonymous No.52298739]

>>52298652
They were using their own shitcoin as collateral to take out loans. When FTT drops, they get margin called.

The only way to raise funds were to sell more FTT (leading to even lower prices) or sell other holdings (tanking the market). They did a bit of both. Many giants get wrecked this way.

[Anonymous No.52298753]

>>52298726
This post implies that they were unable to cover assets 1:1 without CZ bailing them out. Again, even if they "lost" the FTT they can just print more. This statement would only make sense if it were assets other than FTT.

[Anonymous No.52298759]

they used their token and other tokens as collateral to take on debt they couldnt pay back.

[Anonymous No.52298761]

>>52298735
Does this mean Solana is getting shutdown forever now?

[Anonymous No.52298765]

>>52298652
The FTT was being used as collateral. When the price of FTT falls,it makes loans undercollateralized. This makes Alameda get margin called, they lose the assets they borrowed for, and now FTT is unable to get required assets to return deposits to users.

[Anonymous No.52298779]

>>52298753
Sam was lying in this post.

[Anonymous No.52298788]

>>52298739
>>52298759
1 FTT = 1 FTT even if they have to cause hyperinflation through minting. It sounds like 50% of FTT was at Alameda Research, so a 50% drop in value. Well they got bailed out and it still dropped over 50%. The exact same thing would have happened if they had minted, assuming they were lending out customer FTT which isn't clear.

[Anonymous No.52298793]

>>52298761
Who knows. But since it's solana it will probably do so all on its own anyway.

[Anonymous No.52298808]

>>52298761
Source

[Anonymous No.52298843]

>>52298761
not as long as someone pays for the discord where all validators always have to meet when the chain goes down.

[Anonymous No.52298853]

>>52298652
FTT is illiquid and they owned too much. If you make 1 bilion tokens and you sell 1 token for one dollars to yourself it doesn't mean you own 1 billion dollars.

[Anonymous No.52298855]

>>52298779
can't tell if serious

[Anonymous No.52298899]

>>52298652
Is there any actual evidence FTX is fractional reserve? Everyone normal exchange is fully backed. Or is it just retards thinking a withdraw backlog means they are fractional reserve?

[Anonymous No.52298905]

>>52298853
FTT is worthless and infinitely printable from the perspective of FTX. If FTX loses their loan of FTT to Alameda they realize a loss of $0. It is literally impossible for FTX to not be able to back FTT 1:1. The implication of being insolvent means it was assets other than FTT.

[Anonymous No.52298923]

>>52298899
see >>52298753

[Anonymous No.52298926]

>>52298736
Agreed. I def felt like Sam knew what he was doing and would never fail. Its pretty crazy seeing this.

[Anonymous No.52298968]

>>52298923
>covered 1:1

This implies the opposite of fractional reserve

[Anonymous No.52298972]

>>52298968
The implication is that it wasn't 1:1 until Binance stepped in and made it 1:1.

[Anonymous No.52298973]

>>52298735
The question is who or why started a rug pull on FTT?

[Anonymous No.52298991]

>>52298788
what is 50% of zero?

[Anonymous No.52299001]

>>52298652
>How the fuck did FTX become insolvent?
>So what if they "lent" FTT to Alameda Research, they can just print more.

You literally answered your own question dumdum.

[Anonymous No.52299015]

>>52298991
0, and it was always 0. FTT isn't backed by anything and printed on demand. Like I've said in this thread, from the perspective of FTX, FTT is worthless.

>>52299001
read the thread before replying in one my threads ever again

[Anonymous No.52299017]

How did Scam Bankrupt Fried become a (((billionaire))) by just having an app that other people put their money on. Obviously it's some jew con shit.

It's like (((USDC))) and (((tether))).
>Yeah I have 100 billion dollars
>what am I going to do with it?
>just put it on the block chain and let other people use it!
>this is a great business plan

This whole market is a scam and is going to collapse lmao

[Anonymous No.52299048]

>>52299015
Your thread is gay and taking precious real estate. Be thankful I even bothered to bump it

[Anonymous No.52299052]

>>52298973
you can guess twice. imagine fucking around and not finding out.

[Anonymous No.52299053]

>>52298926
yes especially since Alameda raped me many times, he and Arthur took many of my corns on the bitmex leaderboard. it's that personal respect of being outplayed as well.

[Anonymous No.52299066]

>>52298652
they "lent" FTT to Alameda, but the loan was actually real money of users with the value of FTT
so if the FTT becomes worth less relative to the real money, a hole emerges. probably some margin too

basically:
you give me 10 dollars
Now I give those 10 REAL dollars to someone else (alameda for example) and tell them they can pay me back in fake dollars
alameda prints 10 fake dollars and gives them back but they promise me at one point they will swap them for real dollars
alameda does things with the REAL dollars, maybe lose them or lock them or whatever for "gains"
meanwhile, the FAKE dollars become worth less because people don't trust that they are backed by REAL dollars or nobody wants them
you want your 10 dollars back
i can't swap my 10 FAKE dollars for REAL dollars
i can't pay you back :(

[Anonymous No.52299103]

>ITT everyone describing how the FTT/alameda scam works (also how tether works).

Tether is next..

>too big to fail
>impossible
>never going to happen

Oh rly

[Anonymous No.52299130]

>>52299066
Yes, FTT would hyperinflate. FTT holders would lose value, and whoever was retarded enough to lend Alameda Research actual assets against their FTT. All assets would be covered 1:1, no fractional reserve, no liquidity crunch. Alameda Research and their FTT does not explain this situation.

If the whole point was to prevent FTT from losing value, well it wasn't successful, and it clearly wasn't the point.

[Anonymous No.52299140]

>>52299066
basado explanacione

[Anonymous No.52299143]

>>52298736
Look up Kevin Murcko and how he does things. Move to Coinmetro

[Anonymous No.52299156]

>>52299052
and many others... LUNA was bankmans job too.

[Anonymous No.52299189]

>>52298973
Everyone did, everyone from small retail to big sharks could smell blood in the water. SBF was a forced to be reckoned with but once the cat was out the bag the market put him in the grave the kike belongs in.

[Anonymous No.52299202]

>>52298710
Kek

[Anonymous No.52299232]

>>52299130
are you just pretending to be retarded?
read my example again and especially the point where alameda (or FTX or whoever) starts trading with the real dollars and loses them
the 1:1 goes away and people will be left holding the imaginary FTT (fake dollars)

[Anonymous No.52299267]

>>52299232
Alameda isn't trading with real dollars from FTX, those assets came from retards who thought it was a good idea to to lend Alameda assets based off their FTT (worthless when taken into context). That has nothing to do with FTX, we don't even know what exchange Alameda was trading on if any (possibly OTC only, who knows).

[Anonymous No.52299320]

>>52299066
That is an extremely long and overly complicated way to explain a loan. But you haven't proved at all FTX used user funds instead of FTX's own funds to lend to Alameda.

[Anonymous No.52299330]

>>52299267
so you agree Alameda is giving FTT in exchange for REAL ASSETS
meaning at someone point Alameda gets REAL DOLLARS and the counterparty (be it retards or FTX) get FAKE DOLLARS

if the real dollars are gone, WHOEVER is left holding the FAKE DOLLARS bag and that's what happened. you are basically answering your own question

at some point real assets were pulled from FTX, fake assets (FTT) were given back and when people wanted their real assets back, FTX couldn't pay them

[Anonymous No.52299379]

>>52299330
>so you agree Alameda is giving FTT in exchange for REAL ASSETS
FTT collateralized a loan of REAL ASSETS using FAKE ASSETS (FTT)
>if the real dollars are gone, WHOEVER is left holding the FAKE DOLLARS bag and that's what happened.
Yes the bag holder in this case would be whoever decided FTT was real collateral, not FTX
>at some point real assets were pulled from FTX
Wrong, FTX never gave Alameda real assets and we don't even know if Alameda traded on FTX which itself is irrelevant.
>fake assets (FTT) were given back and when people wanted their real assets back
Yes, whoever lent Alameda real assets would get the FTT which has now massively deprecated in value lmao
>FTX couldn't pay them
FTX has nothing to do with this other than they lost a bunch of worthless fake assets that they can just replace arbitrarily if they had to. That doesn't make them insolvent or cause a "liquidity crunch".

[Anonymous No.52299381]

>>52299320
yes, but the collateral of the loan was fake dollars

what is there left to prove lol? FTX is insolvent so at some point the real dollars were taken from the books and swapped for fake dollars. when the fake dollars crash AND people want their real dollars back, you are instantly insolvent and that's what happened

it doesn't matter where the real dollars went. even if they went into the personal account of sam bankman. user funds were swapped for fake dollars, hoping to some day swap them back before people notice

[Anonymous No.52299387]

>>52299156
jew bankman went against a lot of big fish. including blackrock, WEF & bezos. it was just a matter of time before he got BTFO'd

[Anonymous No.52299401]

>>52299381
What are babbling about? FTX can be insolvent while still having user deposits. A normal exchange doesn't take ownership of user deposits. They aren't considered to be property of FTX.

[Anonymous No.52299419]

>>52299267
read alameda's own fucking shit you mongrel. they're market makers providing liquidity with a daily volume of over 5 billion dollars. They trade everywhere, and do not do otc, as there's no fucking need for market making otc. They have made thousands of bitcoins on bitmex in the earlier days, and now they operate wherever people buy their market making service. There are no proofs of using retail funds, there never are, and will never get out, that's how it is. But, when an exchange fails to meet user demands of withdrawals, like celsius, it's obvious that the funds are being used to something else

[Anonymous No.52299434]

>>52299419
way to ignore everything except the one part that I said was irrelevant.

[Anonymous No.52299442]

>>52299379
did you check the leaked balance sheet? FTX had FTT on their sheet pretending it was real money
the whole thing is that FTT was their own illiquid fake dollars, the real dollars weren't even there
so at some point they sent the real assets away (wherever, alameda or whoever got them), replaced them with fake dollars and said they have the same value

whoever has the real assets will obviously not give them back to FTX... either because they lost them or they have been siphoned away (in a bad trade or whatever). the whole reason they are insolvent

[Anonymous No.52299493]

>>52299401
>They aren't considered to be property of FTX
yeah you are just trolling at this point
if they had the user deposits they would have given them back (given they want to keep operating as an exchange and aren't a rug pull by definition)

the whole point is they DID take ownership, fucked over user funds and are now insolvent

[Anonymous No.52299505]

>>52299442
Alameda lost the real assets, on the market, like anyone else. Where does it say FTX gave real assets to anyone outside the normal course of trading. Where does it say they used non-FTT customer assets. Now you're just making stuff up.

Where did Alameda get the real assets? Not FTX. Where did the real assets go? To the counter party on the exchange. What's the result of this? Alameda's collateral is seized, specifically fake assets (FTT). What did FTX lose? Fake assets (FTT).

[Anonymous No.52299517]

>>52298652
>how
jews

[Anonymous No.52299521]

>>52298652
>they can just print more
get a load of this retard

[Anonymous No.52299528]

>>52299419
>when an exchange fails to meet user demands of withdrawals, like celsius, it's obvious that the funds are being used to something else
In the short term, no. they could simply be overwhelmed with volume - especially if there is a ton of fiat requests and they have to make transfers that can take days. Or if they have to access crypto from cold wallets or multisig wallets and literally have key holders fly around to meet in person.

[Anonymous No.52299543]

>>52298717
Wasn't this fucker just in the news for donating 100 million dollarydoos to influence the election like Zuckberger

[Anonymous No.52299555]

>>52299505
Slow down, it doesn't matter what FTX did with its own funds.If they did what you say. That doesn't prove they don't have user funds.

[Anonymous No.52299560]

>>52299555
see >>52298753

[Anonymous No.52299583]

>>52299505
>Where does it say FTX gave real assets to anyone outside the normal course of trading
you really think SBF will go on record and say "yeah i used user funds for trading, thought i would make a profit but got fucked and now i can't pay them back"

even if they didn't gave the user funds to anyone, they could have used them in a hundred ways to lose the 1:1 balance sheet
- referal bonuses paid by user funds hoping fees can fill the gap
- some ponzi API scam with yields coming from user funds
- (leveraged) market making with user funds hoping to make a profit
- ...

[Anonymous No.52299587]

>>52299528
ofc short term might be due to an overload, but the jew literally fucking sold his company 1 day after ¨everything is fine¨. THE FUNDS ARE OBVIOUSLY BEING USED FOR SOMETHING ELSE. Or else the jew kike wouldn't need a fucking bail out and he could try and drag the show on for a wee bitt longer, but all he could was last 1 fucking day. he was in deep shit

[Anonymous No.52299617]

>>52299583
Now you're just goalpost moving. There's a missing piece and the current explanation of FTX loaning Alameda FTT doesn't explain the "liquidity crunch".

[Anonymous No.52299692]

>>52299617
they can loan out FTT with the value being denominated in real assets

if you still don't understand how they became insolvent idk what to tell you man you might be a bigger retard than you pretend to be

[Anonymous No.52299718]

>>52299692
>they can loan out FTT with the value being denominated in real assets
literally meaningless. 1 FTT = 1 FTT when it comes to the concept of a "liquidity crunch". We're not talking about capital gains/losses taxes here.

[Anonymous No.52299722]

Good thing that nobody here was stupid enough to have anything on FTX.

[Anonymous No.52299741]

>>52298753
The used the FTT to borrow stablecoins. Once FTT crashed in price their loans were undercollateralized with basically no hope of recovery. They now have massive debt to the entities they were borrowing stables from and that takes priority over users' exchange balances. No assets on FTX are safe for this reason.

[Anonymous No.52299747]

>>52299617
You are retarded. "Liquidity crunch" is just financial jew way of saying "no one wants to buy this shit". No one actually buying FTT for 22. Once there was ANY reason to sell it fell down the cliff like wile e coyote looking down.

[Anonymous No.52299764]

>>52299587
We'll see, I highly doubt FTX literally embezzled user funds. Why the CEO be suck a public figure if he was going to rugpull the entire time? Anything is possible, true.

[Anonymous No.52299767]

>>52299741
Alameda isn't FTX.

>>52299747
SBF said he needed Binance to help them make assets 1:1, literally fractional reserve. This isn't explained away by a loan of FTT to Alameda.

[Anonymous No.52299776]

>>52299543
He donates to everything fake, gay, or retarded. He's literally lord bugman

[Anonymous No.52299800]

>>52299767
>1:1
>literally fractional reserve

Literally, the opposite.

[Anonymous No.52299811]

>>52299800
SBF is literally saying he wasn't 1:1 until Binance made up the difference.

[Anonymous No.52299818]

>>52299718
are you a literal fucking nigger or what?
>be ftx, have FTT tokens at 20 usd each
>get loan based on FTT value at 20 usd each
>ftt drops in price, his 10bill worth is now 5 bill
>creditors want their loan back
>5 bill vanished from the balance sheet
>he has no real money, as it was all based on the value of ftt
>it gets leaked, withdrawals en masse
>Cz starts the nuke on FTT, nuking FTX's ENTIRE valuation
>no more money to do anything
>Cz buys them out

[Anonymous No.52299827]

>>52299818
Alameda Research is not FTX. FTX is insulated from Alameda's liquidation.

[Anonymous No.52299878]

>>52299811
I don't get that impression at all. Before that tweet, FTX said previously all deposits are 1:1, and it sounds like that never changed.

[Anonymous No.52299899]

>>52298761
SOURCE

[Anonymous No.52299918]

>>52299878
THEN WHY DID THE JEW HAVE TO CRAWL TO THE CHINAMAN TO GET HIS ASS SAVED? FUCKING DUMBASS

[Anonymous No.52299951]

I'm done arguing with this retard
Ftx is actually solvent and cz buying them is fake news. Nothing is wrong. All funds are intact. 100x long FTT because the guy in this thread says they are whole and it's just a big misunderstanding.

Goodnight

[Anonymous No.52299967]

So what lesson can we learn from this incident?

[Anonymous No.52299972]

>>52299951
based

[Anonymous No.52299983]

>>52299967
To trade boomer stocks instead of crypto and to never use a CeFi again.

[Anonymous No.52299984]

>>52298652
>How the fuck did FTX become insolvent?
greed. the jew's achilles heel.
remember - with jews you always lose

[Anonymous No.52300001]

>>52298652
Fractional reserve tricks.

[Anonymous No.52300112]

>>52299918
Because FTX is going bankrupt? That doesn't mean they don't have user funds.

[Anonymous No.52300128]

[Anonymous No.52300155]

[Anonymous No.52300164]

>>52300128

[Anonymous No.52300172]

>>52300112
bankrupt from what? why do they need help to meet liquidity demand if they have all their user funds available? stupid jew

[Anonymous No.52300182]

>>52300128
funds are safu

[Anonymous No.52300192]

>>52300172
see >>52299528
If its been a week and withdraws are still paused then its more likely they rugged.

[Mr. Gaming No.52300227]

>>52298788
Dude the loans are collateralized in FTT but not denominated in it. If FTT drops that causes a huge margin call because the creditors want hard cash and not your worthless vaporware printed to oblivion rug coin aka FTT

[Anonymous No.52300231]

>>52299718
fucking retard KYS

[Anonymous No.52300303]

>>52300128
I doubt a bankruptcy court would find users creditors because ownership of user funds is never assumed by FTX. Now if FTX lost or stole user funds then it would be restitution which would then be similar to unsecured creditor. But if FTX has user funds then its just returned to the users because its not FTX's property to be sold to cover FTX's debt.

[Anonymous No.52300318]

>>52298652
They can print FTT but their debts aren't in FTT. So as they print FTT and FTT devalues, they still can't pay their debt

[Mr. Gaming No.52300338]

>>52299379
See
>>52300227

[Anonymous No.52300343]

>>52300155
CEX bitches got to learn somehow, this is how they learn. I'm all on chain all the time, CEX is merely an on-ramp

[Anonymous No.52300444]

>>52299827
>FTX is insulated from Alameda's liquidation.
in theory. not if they actually lent the user funds to alameda to gamble with, which is what people think happened

[Mr. Gaming No.52300501]

>>52300444
Checked

[Anonymous No.52300571]

>>52300303
in the event of a bankruptcy user's funds are declared as the exchange's assets to cover creditors and liabilities first, see celsius and coinbase. Users get shafted and they get what, if any, that is left of the mess. however, that's where binance supposedly comes in, to cover the remaining mess

[Anonymous No.52300644]

>>52300444

I refuse to believe Sam wouldn't mix FTX and Alameda business. He would not have that level of restraint.

If it smells like shit, it usually is shit.

[Anonymous No.52300742]

>>52300571
Nope. Celsius is a completely different setup, their terms say a deposit is a loan. FTX terms say a deposit remains property of the user. The coinbase thing is just some legal disclaimer they added because technically this has never been decided in a court, but it would be like a 99.99% chance that deposited crypto that everyone agrees is the property of the user, not FTX, would simply be returned the owner, not used to pay FTX's debt which wouldn't make sense at all.

[Anonymous No.52301014]

>>52300192
>>52300112
you are a fucking nigger 100%% you are from some third world shithole with no education

[Anonymous No.52301036]

>>52300742
not your keys not your coins. if the coins are literally gone, who's gonna pay their users?

[Anonymous No.52301045]

>>52300444
i heard that alameda blew up back in q2 of this year when 3ac blew up and they sent a fuckton of funds from ftx to alameda to cover it and thats why they didnt have enough to cover the user funds

[Anonymous No.52301101]

>>52299017
Scam Bankrupt-Fraud is the most generous, altruistic (ex) billionaire

[Anonymous No.52301105]

>>52301036
True but you have to want recognition of property rights for crypto, why would you be against that. Using an exchange shouldn't mean giving up all property rights.

[Anonymous No.52301410]

>>52301105
that's just how it is. same with stocks in bankrupt companies. The creditors get what's left of the company and the shareholders are left with a gaping ass wound. i am not supportive of this at all, it's just how these things play out because (((they))) reign supreme

[Anonymous No.52301487]

>>52298652
>how they went into fractional reserve
that was the business model since day 1 retard

[Anonymous No.52301537]

>>52301410
Stocks are defined as ownership in net equity. That has nothing to do with this.

[Anonymous No.52301600]

>>52301537
it's the same fucking shit when they go bankrupt. you're not getting anything back at all if there are creditors in line

[Anonymous No.52301669]

>>52298652
>what am I missing
apparently, a chromosome.

[Anonymous No.52301695]

>>52301600
Completely different, retard. User funds are property of the user, FTX agrees in their terms, they are not converted into FTX stock or whatever the fuck you think is going on. FTX can't steal property they don't own to pay FTX debts. FTX having physical access to the property changes nothing.

[Anonymous No.52301709]

>>52298717
>They took your money and donated it to Biden.
Even on that trade they lost.

[Anonymous No.52301814]

>>52299103
plz explain anon . . .

[Anonymous No.52301816]

>>52301695
it literally changes everything you fucking mongoloid. YOUR FUNDS ARE NOT THERE FOR YOU TO WITHDRAW, THEY ARE GONE, BECAUSE YOU TRUSTED THEM WITH ¨YOUR¨ FUNDS. how are you gonna get ¨your¨ funds back?? yes, they are yours, but they are liquidated and gone

[Anonymous No.52301832]

>>52301695
they can do whatever the fuck they want because they're an entity registered in bum fuck nowhere with no oversight, barring their special US ftx section. Who are you going to cry to? your funds are literally not there anymore, doesnt matter what their terms say. them going against their own terms doesnt change the fact that your money is gone and you're not getting it back

[Anonymous No.52301882]

>>52298652
they didn't lend FTT to alameda...alameda deposited FTT as collateral on a massive loan. FTX lent alameda usd or whatever to pay voyager $200M+. now CZs covering the debt.

[Anonymous No.52301892]

>>52301832
Normally you'd have a point, but you are suggesting FTX criminally embezzlement billions of dollars. Antigua or w/e the fuck is going to mess around with that and not play ball.

[Anonymous No.52301921]

>>52301814
this image is retarded
you need to be 18+ to post here

[Anonymous No.52301940]

>>52298717

[Anonymous No.52301964]

>>52301921
huh? it's a joke retard. Which one are you in the pic kek, that caused you to get triggered

[Anonymous No.52302054]

>>52301892
celsius did it, what's so hard to think ftx did the same? they have alameda, the fucking trading right arm of ftx, founded by sam himself as well. Of course they would embezzle user funds and market make through alameda

[Anonymous No.52302071]

>>52298736
>trusting that slimy kike because you fell for a shill campaign
disgusting NPC

[Anonymous No.52302100]

>>52301695
>User funds are property of the user

Not your keys not your coins, maybe your start to pay attention after you get scammed a couple more times.

[Anonymous No.52302110]

>>52298753

You keep talking about FTT as if the price didn't crash 80% over the last week and it's actually worth anything. Printing more of a worthless coin isn't going to do anything other than push the price down even more.

[Anonymous No.52302220]

>>52302054
Celsius terms says deposits were a loan. The entire point of Celsius was that they traded and invested your funds like a hedge fund, and paid you yield. For normal exchanges, like FTX, deposited crypto remains property of the user so it is very different.

[Anonymous No.52302278]

>>52302220

Then please tell me why Celsius custody users (ie. who just held crypto on the platform and didn't have it in an earn account) are fighting for their funds back during Chapter 11 the same as every other unsecured creditor.

The ToS mean jack shit if the exchange mixed and used custodial funds in ways that they shouldn't and the funds no longer exist. But unlike Celsius, it's looking like FTX will get bailed out by Binance and fortunately customers will get to avoid the bankruptcy process.

[Anonymous No.52302304]

>>52299330
>According to Open Secrets, a platform following the money in politics, SBF is the sixth largest political contributor. The platform reports that he has made a total contribution of $39.8 million for the 2021-2022 cycle.

BAHAHAHAHA

[Anonymous No.52302312]

>>52301964
>huh? it's a joke retard

[Anonymous No.52302376]

>>52302278
Because all deposits were loans.

[Anonymous No.52302476]

>>52302376

Wrong. The ToS stipulated that for Earn accounts you handed over ownership of funds to Celsius for them to loan out or do whatever with. But for Custody accounts, according to the ToS, users retained ownership of funds. Yet, somehow, they're still fighting to get their money back along with Earn users. There's a good chance custody won't get back anywhere close to 100% of their money either, because it literally doesn't exist anymore. It's almost as if a crypto business can say whatever the want in their ToS, but then do the opposite behind closed doors. Hmm, big think.

[Anonymous No.52302511]

>>52302476
>Yet, somehow, they're still fighting to get their money back
heh

[Anonymous No.52302589]

>>52302476
It doesn't exist or that custody account had money withdrawn from earn accounts and so then subject to the bankruptcy? In the end even if you withdrew money from celsius to your own private wallet, you can be court ordered to return the funds. The lesson of celsius is don't use fucking cefi. Those problems don't apply to simple crypto exchanges.

[Anonymous No.52302666]

>>52298668
>people buy pretend money that exists only in their imagination
>surprised when they find out it existed only in their imagination

Every single thing about crypto and a lot of financial stuff is nothing but obfuscation, you obfuscate it and pointlessly complicate it so much that it starts to seem like there's something to it.

[Anonymous No.52302669]

>>52302589

And FTX is not a simple exchange, it offered CeFi products as well like loaning/earn. Meaning it's just as possible for user custody and earn user funds to have gotten mixed like they did on Celsius. I mean clearly FTX doesn't have the funds to support all user withdrawals, otherwise they wouldn't be getting bailed out by CZ. The proof is in the pudding anon, I don't get how you're still trying to argue otherwise. You were posting the same thing in an FTX thread a couple days ago before SBF admitted insolvency.

[Anonymous No.52302684]

>>52298652
Who the fuck knows what happened to FTX. Anyway,

I am launching a CPU/GPU mineable (ASIC resistant) Bitcoin fork. We're thinking that a lot of former ETH miners will come to our network to collect block rewards with their GPUs over time.

We're launching in two weeks, so you still have time to learn more about the project.

DM the username in the photo (TG) for more details

> This is a Coin on its Own Chain, Not an ETH or BNB Chain Token
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> Over 350 Telegram Members
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> Many 4chan Bros Are in the Group, and are Utilizing their Bizraeli Networks
> 4chan Soft Fork in Development (4chan fork with our native coin as payment method for adspace)
> Each Social Media Page is Up and Running
> See Our Specs for More Details, Mining Pool and Block Explorer are Live November 21st 2022
> Our Website Will be Online by November 14th 2022
> We Have a Small CEX Listing Underway 7 Day After Launch
> Airdrops are Negotiable, Please Discuss with the Admins or Owner for More Details

[Anonymous No.52302749]

>>52298652
>FTX
An exchange shouldn't even be making any investments at all. baka. They are supposed to be just an exchange. If they're making investments, with leverage, they are nothing more than a public crypto funded hedge fund with an exchange on the side.

[Anonymous No.52302750]

>>52302669
And? If you didn't lend, that doesn't apply to you. Not being able to satisfy massive withdraws in 24 hours doesn't really mean they don't have the funds. I honestly don't know why I argue with retards on 4chan endlessly. I have a lot of free time from crypto.

[Anonymous No.52302788]

>>52302749

ya, ftx's problem is sam used ftx's reserve to bail out his own hedge fund Alameda resaerch.

[Anonymous No.52302810]

>>52302750
>Not being able to satisfy massive withdraws in 24 hours doesn't really mean they don't have the funds.

Anon, the CEO of FTX literally announced on twitter than FTX.com does not have the funds to support withdrawals, that's why Binance is bailing them out.

He said FTX.us does have funds 1:1, though, and never halted and is still supporting user withdrawals. Probably because they were under heavier regulatory scrutiny and maybe didn't offer loan/earn products in the US, I'm not sure, honestly I never used and wasn't super familiar with the platform before this whole shitshow.

[Anonymous No.52302828]

>>52302788
I bet you wish you didn't have money on that platform.

[Anonymous No.52302840]

>>52299617
We will probably never know the real reason but it's a pretty good bet that SBF pissed off the wrong people and got dealt with. I wouldn't doubt that he had something to do with the Luna crash, for example. CZ got fucked pretty hard on that deal too.

[Anonymous No.52302844]

>>52302810
Nope. He said he didn't have the liquidity, whatever that means, but said repeatedly now and the in the past its 1:1. All exchanges should be 1:1.

[Anonymous No.52302864]

>>52302844

Yeah, and it's called bankruptcy when you're illiquid lmao. It means you don't have the money/funds to support your payments and obligations, which includes to customers.

[Anonymous No.52302963]

>>52301045
interesting. in that case this looks like a deliberate move on FTX by people who knew that they were insolvent after that earlier 3ac debacle. by whom tho?

[Anonymous No.52302973]

>>52302864
Not really. It means you have problems making payments. It could just be overwhelming volume of withdraws like I said >>52299528 you can't really say that until its been at least a week or so.

[Anonymous No.52303125]

>>52302973

Like talking to a brick wall man. FTX will probably be fine in a week because Binance is providing them with liquidity. Without CZ's money, they would have been fucked. If you have funds on FTX.com, just thank your lucky stars that Binance is bailing them out and you don't have to deal with the bankruptcy shitshow like us Celsius bagholders.

[Anonymous No.52303158]

>>52298710
>maybe we should centralize the decentralization
Fuck off.

[Anonymous No.52303180]

>>52303125
lol ok so its a brick wall but you agree in the end. w/e

[Anonymous No.52303224]

>>52299017
Most exchanges make their revenue from transaction fees. Short Bankrupt Funk made his from leveraged loans to his own shell company. Stupid games stupid prizes

[Anonymous No.52303391]

>>52298905
Holy shit you are dumb, shut the fuck up already.

[Anonymous No.52303528]

Indemnity clause not in ToS? Really?

The product was a fugazi

[Anonymous No.52303830]

>https://www.reuters.com/technology/hackers-steal-around-100-million-cryptocurrency-binance-linked-blockchain-2022-10-07/
>Sam exploits bsc bridge with $580 million bnb
>CZ figures out it and tries to take revenge with $580 million FTT
>https://twitter.com/cz_binance/status/1589329217874931712?s=20
crytpo is a shit show.

[Anonymous No.52303846]

>>52299103
the biggest shock will be when usdc implodes next year

[Anonymous No.52303972]

>>52303846
usdc is more likely to be the official fed cbdc than collapse

[Anonymous No.52303991]

>>52302788
Unbelievable. He should go to jail for that.

[Anonymous No.52304008]

>>52298652
FAMEEX will never rug. I love fameex

[Anonymous No.52304015]

>>52299442
>or they have been siphoned away (in a bad trade or whatever).
shorting GME lol

[Anonymous No.52304030]

>>52299878
>Before that tweet, FTX said previously all deposits are 1:1
That was specifically for FTX US lol.

[Anonymous No.52304064]

>>52298652
>So what if they "lent" FTT to Alameda Research, they can just print more

That is exactly the problem OP.

Taking loans and using your magic money you can just print more as colateral is a huge risk for investors. Worse than that,once people start selling to reduce risk,their debt may create price spiral.

[Anonymous No.52304103]

>>52303972
Yes circle is too big to fail

[Anonymous No.52305288]

>>52298710
Lol this is the next 7th generation warfare acceleration doctrine.
Give kikes the false idea that we are clamouring for regulation, then let the repeatedly go bankrupt.

[Anonymous No.52305371]

>>52298736
>i fell for the SBF/FTX/Alameda hype though so definitely had cognitive dissonance on this one. proof of what good marketing can do
I hate normalfag NPCs so much

[Anonymous No.52305383]

>>52301101
oh don't worry, he will walk away a billionaire, riding into the sunset, I promise

[Anonymous No.52305426]

>>52298736
>>52298926
>trusting a jew
>ever
good goy

[Anonymous No.52305485]

>>52305383
i read his networth is already under $1bn

[Anonymous No.52305534]

>>52305485
it doesn't matter what his networth is reported to be kek

[Anonymous No.52305589]

>>52298717
I am sure the bastard shorted BTC and FTT just before his announcement

[Anonymous No.52305773]

What does FTX stand for?

[Anonymous No.52305794]

>>52305426
this
goyfinance is such an obvious scam but no one ever seems to latch on (except for pol incels)

[Anonymous No.52305814]

>>52305773
faggots, trannies xer

[Anonymous No.52306021]

>>52298652
the not-needed, not-real semitic token was used as a collateral for a bunch of loans, on-chain and off-chain. Now that it went to zero, someone's got problems with their balance sheets (oopsie)

[Anonymous No.52306048]

>>52299767
The loan to alameda does not explain why FTX lost real money, you got that part right.

What the loan to alameda *does* explain, is how people lost trust in the value of FTT. Because they realized it was printed by FTX for collateral for desperate loans to alameda (by whoever, irrelevant).

How this comes back to FTX is that they *also* used FTT on their balance sheet as an asset. Now if FTT drops, their assets drop and liabilities become relatively bigger. To the point they go from net positive to net negative. Essentially you could say FTX also used FTT as collateral. Directly or indirectly, doesn't matter.

[Anonymous No.52306082]

>>52306048
*nigger* *faggot*

[Anonymous No.52306295]

>>52306048
Bankman jew gave your deposit to Biden jews to win the election and buy Ukraine
Putin de-valued Ukraine and cancelled that transaction
Biden jews will lose election but keep your deposit
Bankman jew is now out of money
CZ superior han master race is having fun

[Anonymous No.52306312]

>>52298726
Your money is gone.
They were literally gambling with customer funds.

[Anonymous No.52306569]

some retard kept saying to buy sol eth btc and xrp so i went with that and now its all down
retards
you morons

[Anonymous No.52306623]

I used to talk shit about BitDAO but after what happened yesterday they are BASED
the way they cucked Alameda was a very chad move of them

[Anonymous No.52306981]

>>52306569
Yes, everyone else is a moron. You are a genius kek

[Anonymous No.52307365]

>>52305371
sit back and enjoy

[Anonymous No.52308613]

https://www.youtube.com/watch?v=_-FQqo46CJQ

>what goes around comes around

[Anonymous No.52308635]

>>52298973
The whole market did when Caroline let everyone know that FTT below $22 meant Alameda getting margin called on their loans

[Anonymous No.52308694]

I guess even the amazing and powerful Jews lose sometimes

[Anonymous No.52308705]

>>52305589
Why do you think it spiked before the dump?

[Anonymous No.52308715]

>>52299967
with jews, you lose

[Anonymous No.52308731]

>>52305589
I bought into the pump, realized 2 minutes later that Sams only option would be to open leveraged shorts on everything he was holding and then dump it all hard

[Anonymous No.52308744]

>>52298736
>I trusted to a jew named bankman

[Anonymous No.52309081]

I BOUE MIR MINI TRÖIM
UF RUND UM DI
U MALE SE SCHARLACHROT A

I BRÖNNE MIR DI NAME
ZMITZ I MIS HÄRZ
CHÖNNT SCHWÖRE DASI EWIG BLIBE
WENN ÜS NÜT
DRZWÜSCHE CHUNNT

[Anonymous No.52309098]

>>52299967
the same as usual:
NOT YOUR KEYS, NOT YOUR COINS

[Mr. Gaming No.52309857]

>>52305773
Fucking the xirs

[Anonymous No.52310769]

>>52298652
They lent it to themselves they have(had) a vertical integration into the ecosystem.

https://cryptoleaks.info/case-no-1