I don’t, so ok fair enough. Otoh if that edge was denominated in lolponzicoin your whole game is on the wrong side of the game. I guess it’s more a difference in the perception of, and tolerance for, risk.
Topshot was denominated in good ole greenbacks, the edge there was mostly being quick to buy when people mispriced their moments, and then also anticipating popularity/demand for players etc… The actual price of coins for most of the NFT bubble didn’t matter much either, ppl were happy to get 10x eth whether eth was 1500 or 5000.
Well the good thing is you can take that ponzicoin and exchange it for money. But you’re right the game is not really designed for nits, at least when it comes to nfts. You need to be able to accept that there are times you’ll lose 4, 5 or 6 figures on a play but if you’re doing it right the good plays more than make up for the bad.
1 Like
Plenty of people were just keeping their coins and/or cash on the platform not fucking around with yield scams.
Most exchanges only have a money exchange license which ensures any fiat accounts are kept separate but if they never fully stated what they were going to do with your crypto balances then they can get away with quite a lot. Lending those out to a third party is most likely allowed. It then gets tricky as to who is responsible when that goes wrong and if that is considered fraud or not. Running of with it to buy a house in the Bahamas is fraud. Losing it in a bad investment probably not.
1 Like
I don’t think we know the full story yet on the FTX failure, I think the run on FTT was just the final domino. We saw that CZ from Binance clearly knew about the using FTT as collateral thing, per his tweets, and yet Binance were surprised by the size of the black hole in FTX’s balance sheet. So that black hole is yet to be explained. Here is a likely candidate imo:
https://mobile.twitter.com/WestieCapital/status/1591089073468280832
TLDR is that the author speculates that Alameda was being used as a backstop liquidity provider in FTX’s liquidation engine and that the Luna collapse and subsequent contagion blew a massive hole in Alameda. Since under this theory FTX can’t operate properly without Alameda, that would provide the incentive to start using FTX funds to try to prop up Alameda.
Here’s a Reddit post from 2021:
https://www.reddit.com/r/Buttcoin/comments/pjv86z/ftx_just_brazenly_admitted_to_manipulating/
In the tweet comments traders are saying the price dropped below liquidation trigger price, but they were never liquidated.
SBF then went on to brag about this. “And, as always, way fewer liquidations on FTX than other exchanges.”
Sounds great if you’re a leverage trader, but in reality this is a HUGE red flag.
Having people drop below their liquidation price and not get liquidated seems insane on its face. I don’t know how you accomplish that without backstopping their risk with your own money. So this seems a likely source of the hole in the balance sheet, that they had a super-fancy algorithmic liquidation engine that worked great right up until it didn’t, in the face of the Luna black swan. I would also assume that FTX’s acquisitions of various exchanges during the Luna collapse fallout was essentially forced because of Alameda’s entanglement with their debts.
5 Likes
Said everybody holding them on FTX, is my point.
I don’t want the 2022 crypto news cycle to ever end.
https://twitter.com/pragermetiscpas/status/1591075630581698561?s=46&t=0jfQ512lyXU7yrOfKKlHGA
4 Likes
I don’t think there has been much capitulation in NFTs or crypto, though. NFT’s and shitcoins have come down a lot but there was no shortage in rationalizing pics here of stupid drawings worth zinch, that are still selling for 4+ figs now - other than other folks falling for it so it must hold value. Price fluctuation seems to play a hell of a role in tricking the mind that there is something there that isn’t. If bitcoin crashes, I don’t think it will end up looking like the innovative savior to our currency system that it does now.
1 Like
Thanks! That’s aimed exactly at my level of understanding.
1 Like
NSFW language
https://twitter.com/gabrielhaines/status/1591090014942732289?s=46&t=S-7jSLmmnmr5vZpYnjBcHw
4 Likes
they’re kink shaming too, now
2 Likes
i have one topshot left, and it’s the one i’ll always have.
ISH
4 Likes
Have you sat at a poker table in a casino? Was your nose functioning? My experiences were always awful conversation with awful smelly people, slow action, annoying process of getting to the casino and cashing in / out etc.
Online poker is great
1 Like
I got whooshed didn’t I?
1 Like
So no one here is bag holding NFTs down 6 figures?
i’d find it hard to believe that anyone who more than dabbled in nft’s and was active on the discord was down money overall.
1 Like