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Binance Is Strongly Leaning Toward Scrapping FTX Rescue Takeover

140 points by jmsflknr 4y ago

dang 4y ago
Edit 2: Ok, you guys win. I've merged the thread into https://news.ycombinator.com/item?id=33535161 https://news.ycombinator.com/item?id=33535161, which is currently on the front page. That article has a bit more background than this one. Edit: Hmm. Having looked at https://www.bloomberg.com/news/articles/2022-11-09/binance-seen-likely-to-balk-at-ftx-deal-after-spotting-deep-hole https://www.bloomberg.com/news/articles/2022-11-09/binance-s... I'm starting to think that this is more of a leak than a rumour, i.e. it's significant information that someone is saying this. It's still a borderline call, but we can call it SNI. --------------- Original comment: A story like this snaps to the AAA grid (https://hn.algolia.com/?dateRange=all&page=0&prefix=true&sort=byDate&type=comment&query=%22announcement%20of%20an%20announcement%22 https://hn.algolia.com/?dateRange=all&page=0&prefix=true&sor...) and therefore isn't a basis for a substantive thread. In other words, there's no SNI here (https://hn.algolia.com/?dateRange=all&page=0&prefix=false&sort=byDate&type=comment&query=%22significant%20new%20information%22%20by%3Adang https://hn.algolia.com/?dateRange=all&page=0&prefix=false&so...). It's better to wait until the next significant thing actually happens - https://hn.algolia.com/?dateRange=all&page=0&prefix=false&sort=byDate&type=comment&query=%22no%20harm%20in%20waiting%22%20by:dang https://hn.algolia.com/?dateRange=all&page=0&prefix=false&so...
- m00dy 4y ago
  hi Dang, I sent you an email and looking for your reply.
  - dang 4y ago
    Please do not post here to tell us that you sent us an email. HN comments are for substantive, curious conversation.
- Animats 4y ago
  FTX is the top story on Bloomberg right now. It's even outranking the US elections over there. "US Probes FTX Crypto Empire Over Handling of Client Funds".
  - zeven7 4y ago
    To add to that, this tweet from CZ seems to be a confirmation of the story: https://twitter.com/cz_binance/status/1590351182513729544 https://twitter.com/cz_binance/status/1590351182513729544
    - dang 4y ago
      By "the story" do you mean the OP of this thread? It doesn't read like that to me.
      - deleted 4y ago
        [deleted]
      - Animats 4y ago
        Current top of Bloomberg.com, not logged into anything: * FTX’s Financial Black Hole Leaves Binance Balking at Rescue Plan * US Probes FTX Crypto Empire Over Handling of Client Funds * Crypto Market Rout Deepens as Binance Seen Balking at Takeover * FTX Fiasco Hits Investors From Tiger Global to Tom Brady
        zeven7 4y ago
        dang was responding to me, and I get it. FWIW the thread was reinstated/merged here: https://news.ycombinator.com/item?id=33535161 https://news.ycombinator.com/item?id=33535161
  - dang 4y ago
    Hmm. Having looked at https://www.bloomberg.com/news/articles/2022-11-09/binance-seen-likely-to-balk-at-ftx-deal-after-spotting-deep-hole https://www.bloomberg.com/news/articles/2022-11-09/binance-s... I'm starting to think that this is more of a leak than a rumour, i.e. it's significant information that someone is saying this.
- mekoka 4y ago
  But an AAA in itself is already an announcement. If I can read this now, I don't need to wait for the next thing. I can just move on now.
  - dang 4y ago
    When a thing actually happens, the story comes with details that are seeds for substantive discussion. That's important because when there isn't significant new information, we end up with generic discussion which (almost by definition) is shallow and repetitive. Also, rumors can turn out not to be true.
- mherdeg 4y ago
  A better link might be to https://www.semafor.com/article/11/09/2022/ftx-legal-and-compliance-teams-quit https://www.semafor.com/article/11/09/2022/ftx-legal-and-com... which has some news: > Most of FTX’s legal and compliance staff quit Tuesday evening, people familiar with the matter told Semafor. > > Their departure will likely complicate a still-tenuous rescue of the crypto exchange, which yesterday agreed in principle to sell itself to a rival, Binance. That deal remains subject to due diligence by Binance.
- lamontcg 4y ago
  Even if this really turns out to just be a false rumor, though, the rumor appears to be moving the crypto markets, and is its own thing that is really happening. And that is worthwhile of discussion. The rumor itself is a SignificantThing. And bitcoin appears to have breached below $17k on the rumor.
deleted 4y ago
[deleted]

140 points by jmsflknr 4y ago

dang 4y ago

Edit 2: Ok, you guys win. I've merged the thread into https://news.ycombinator.com/item?id=33535161 https://news.ycombinator.com/item?id=33535161, which is currently on the front page. That article has a bit more background than this one. Edit: Hmm. Having looked at https://www.bloomberg.com/news/articles/2022-11-09/binance-seen-likely-to-balk-at-ftx-deal-after-spotting-deep-hole https://www.bloomberg.com/news/articles/2022-11-09/binance-s... I'm starting to think that this is more of a leak than a rumour, i.e. it's significant information that someone is saying this. It's still a borderline call, but we can call it SNI. --------------- Original comment: A story like this snaps to the AAA grid (https://hn.algolia.com/?dateRange=all&page=0&prefix=true&sort=byDate&type=comment&query=%22announcement%20of%20an%20announcement%22 https://hn.algolia.com/?dateRange=all&page=0&prefix=true&sor...) and therefore isn't a basis for a substantive thread. In other words, there's no SNI here (https://hn.algolia.com/?dateRange=all&page=0&prefix=false&sort=byDate&type=comment&query=%22significant%20new%20information%22%20by%3Adang https://hn.algolia.com/?dateRange=all&page=0&prefix=false&so...). It's better to wait until the next significant thing actually happens - https://hn.algolia.com/?dateRange=all&page=0&prefix=false&sort=byDate&type=comment&query=%22no%20harm%20in%20waiting%22%20by:dang https://hn.algolia.com/?dateRange=all&page=0&prefix=false&so...

m00dy 4y ago
hi Dang, I sent you an email and looking for your reply.
- dang 4y ago
  Please do not post here to tell us that you sent us an email. HN comments are for substantive, curious conversation.
Animats 4y ago
FTX is the top story on Bloomberg right now. It's even outranking the US elections over there. "US Probes FTX Crypto Empire Over Handling of Client Funds".
- zeven7 4y ago
  To add to that, this tweet from CZ seems to be a confirmation of the story: https://twitter.com/cz_binance/status/1590351182513729544 https://twitter.com/cz_binance/status/1590351182513729544
  - dang 4y ago
    By "the story" do you mean the OP of this thread? It doesn't read like that to me.
    - deleted 4y ago
      [deleted]
    - Animats 4y ago
      Current top of Bloomberg.com, not logged into anything: * FTX’s Financial Black Hole Leaves Binance Balking at Rescue Plan * US Probes FTX Crypto Empire Over Handling of Client Funds * Crypto Market Rout Deepens as Binance Seen Balking at Takeover * FTX Fiasco Hits Investors From Tiger Global to Tom Brady
      - zeven7 4y ago
        dang was responding to me, and I get it. FWIW the thread was reinstated/merged here: https://news.ycombinator.com/item?id=33535161 https://news.ycombinator.com/item?id=33535161
- dang 4y ago
  Hmm. Having looked at https://www.bloomberg.com/news/articles/2022-11-09/binance-seen-likely-to-balk-at-ftx-deal-after-spotting-deep-hole https://www.bloomberg.com/news/articles/2022-11-09/binance-s... I'm starting to think that this is more of a leak than a rumour, i.e. it's significant information that someone is saying this.
mekoka 4y ago
But an AAA in itself is already an announcement. If I can read this now, I don't need to wait for the next thing. I can just move on now.
- dang 4y ago
  When a thing actually happens, the story comes with details that are seeds for substantive discussion. That's important because when there isn't significant new information, we end up with generic discussion which (almost by definition) is shallow and repetitive. Also, rumors can turn out not to be true.
mherdeg 4y ago
A better link might be to https://www.semafor.com/article/11/09/2022/ftx-legal-and-compliance-teams-quit https://www.semafor.com/article/11/09/2022/ftx-legal-and-com... which has some news: > Most of FTX’s legal and compliance staff quit Tuesday evening, people familiar with the matter told Semafor. > > Their departure will likely complicate a still-tenuous rescue of the crypto exchange, which yesterday agreed in principle to sell itself to a rival, Binance. That deal remains subject to due diligence by Binance.
lamontcg 4y ago
Even if this really turns out to just be a false rumor, though, the rumor appears to be moving the crypto markets, and is its own thing that is really happening. And that is worthwhile of discussion. The rumor itself is a SignificantThing. And bitcoin appears to have breached below $17k on the rumor.

deleted 4y ago

[deleted]