Sort of hard to answer without details we (or at least I) dont have but they arent necessarily behind lenders. As one anecdotal example, Voyager account holders were projected for 72 cents on the dollar in the last calculation I saw. Mid-October court hearing, not sure what happens with the FTX piece now, and can change with trading levels but if withdrawals are shut off in a timely manner and the distribution of assets is orderly its probably not a wipeout for the account holders.
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Maybe he can get this forgiven as a PPP loan.
The lenders might even be ahead of the depositors if they have collateral!
Oh, yeah. Thats not good
Or he’s lying and now has an excuse to admit he’s busto.
I too had 100% of my crypto on FTX.
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this seems very likely. his reaction was strange for someone who supposedly had 7/8 figures on a crypto exchange. to just say oh well its gone i guess im broke now is not going to be most peoples first reaction.
I think Levine is kind of underplaying the scamminess of this. You can dress it up however you want, but if FTX let Alameda borrow a bunch of money “secured” by FTT, that’s just a lightly formalized variation of taking money out of the till and hoping that you’ll make enough playing the ponies to put it back before anyone notices. Even if the counterparties aren’t FTX, accepting the token as collateral for a loan props up the value of the tokens that Alameda owns.
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Yeah, this might get ugly, might see real capitulation soon. If we hit the pandemic lows will have to give it a hard look.
essentially back to where it was on election day 2020. with a huge upside down v shape so anyone who bought after then without selling is down
If you invested $10K in crypto when you first saw Matt Damon’s “Fortune favors the brave” commercial you’d now have:
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Or he’s not busto and is going to pretend he ran it back up to prove how awesome he is.
Below 16k, damn that’s a heck of a dip even by crypto standards.
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HODDDLLLLLLLLLL
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I no have a the money, I a spent it all on a the Tweety Bird ayyyyyy!
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Down another 300 in 30 min