Ya that is what I was referring to. Binance bailing FTX out.
Waiting impatiently for the next Matt Levine article.
2 Likes
One not terrible thing about this is that weeding out the scames and bad/incompetent actors is actually a good thing in the long term if crypto survives overall. This same type of thing happens in just about ever gray market type industry. Think about the internet poker industry now vs. 2004. Barely any of those entities still exist and basically none of them exist in their original forms. We had literal criminals and scam artists running most of the sites like Dutch Boyd, Russ Hamilton and the FT crew. Anurag Dikshit was one of the only legit ones.
Or FTX can potentially deleverage or look to other funding sources, though that seems not that likely. Elon has a lot of free cash to spend on a bargain, right? Nonbinding LOI in legal speak means, “I don’t mind the look of this used car, but I ain’t buying (or selling) without a real bargain.”
1 Like
Ok reverse what I said earlier. Glad I have been a net seller recently. That is one hell of a drop.
Swongs itt
Possibly but I’m not convinced there are any good actors, they’re all scammers in my eyes
1 Like
3 Likes
TBH I kind of think the same but that doesn’t mean good actors won’t appear. The poker analogy kind of holds in that way.
anyone buying the dip?
100% true. Eventually adults like Blackrock and Citigroup will be big players as this asset class evolves.
Not yet 
10 Likes
My guess is that FTX is busted.
CZ basically has to decide whether he wants to spent a few billion dollars to fund deposit withdrawals so he can absorb FTX customers.
FTX is worth effectively 0 right now. An exchange where every single user will withdraw all their funds is an exchange with 0 value.
The amount of scrolling I have to do to see FTT on CoinGecko has been noticeably increasing as the day goes on.
I don’t know whether being susceptible to a bank run is the same as being busted. Perhaps it is.
https://twitter.com/ReutersBiz/status/1590052812406366208?s=20&t=cNLUD925ktX9Ycz7dS2_4Q
Business genius=over-leveraged when the market goes up.
Business clown=over-leveraged when the market goes down.
1 Like
BTC down 17% and ETH 23% now 
this market reminds me of wow auction house, such weird things can move it like crazy
They’re not a bank! They’re supposed to custody assets and execute transactions, not use customer funds to make investments. The word for that is embezzlement.
3 Likes