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CZ knew about the bad leverage to begin with, which is why he tweeted about selling all of the FTT What are the chances he never intended to buy FTX, just to d

by shmatt 4y ago

CZ knew about the bad leverage to begin with, which is why he tweeted about selling all of the FTT What are the chances he never intended to buy FTX, just to destroy it after their public back and forth? It's almost like a reverse Musk - he sent a purchase offer with an option to back out no matter what CZ knew from day 1 all he needed to do was crash FTT just enough, and the rest would happen organically

twblalock 4y ago
The results of his actions will hurt him too, by causing severe damage to the market his business participates in.
miohtama 4y ago
Probably the gap in FTX balances, $10B, was much more than anyone estimated. Maybe even FTX themselves did not know.
eddsh1994 4y ago
I called it and saw many others call it too. Cause a run on FTX, get due diligence and say it’s F**ed, and get their user-base for free. My concern is how much funding FTX and SBF in particular were giving to EA/AGI Safety research labs and charities. There’s going to be some significant knock on effects there when the money is no longer available.
- miohtama 4y ago
  This would not have happened unless Sam had gambled with customer deposits. Hard to blame CZ here.
  - eddsh1994 4y ago
    I'm not blaming CZ! I'm thinking about knock-on effects from this due to SBF's donations being cut off
- bhouston 4y ago
  > AGI Safety research labs If they are not part of a university, it is probably pretty sketchy anyhow.
  - eddsh1994 4y ago
    They fund a huge number of serious initiatives in the space via EA funds - 9, maybe 10 figures.
    - benjaminwootton 4y ago
      Unfortunately it sounds as though it was never their money to give away.
    - blitzar 4y ago
      Just because I have an EA fund with $1 doesnt make it ok to defraud and steal $10 from other people.
    - bhouston 4y ago
      Who is serious? A lot of that spam is snake oil salesman.
- okhobb 4y ago
  > My concern is how much funding FTX and SBF in particular were giving to EA/AGI Safety research labs and charities. Did a malicious AI orchestrate this downfall?
- Animatronio 4y ago
  What user base? FTX is unable to process withdrawals right now (and who knows if they ever will be), so the money's gone meaning users won't simply migrate to Binance.
  - eddsh1994 4y ago
    Basically any r/cc user who was in FTX and wants to invest part of their next paycheck?
    - Animatronio 4y ago
      As the saying goes "Fool me once ..."
      - eddsh1994 4y ago
        Regardless of opinions it's a sizable user base! And, assuming there's another bull run at some point, it'll grow again.
        headsoup 4y ago
        That's a big assumption at this point.
        xwolfi 4y ago
        Who do you think kickstart a bullrun ? SBF was a huge part of the last one...
      - spiantino 4y ago
        I think the point of that saying is that when you get fooled a second time you have nobody to blame but yourself
      - jallen_dot_dev 4y ago
        There are plenty of users who get fooled again and again on shitcoin rug-pulls so I'm sure they will try again on Binance.
kuratkull 4y ago
Seems pretty likely. The moment FTX publicly accepted the buyout idea they were doomed as a company, it wouldn't have mattered if Binance actually bought them after that.
rr808 4y ago
CZ seems like a genius, but I'm sure he's panicking now, he doesn't benefit from killing the whole alt-coin world - which increasingly looks like happening.
- can16358p 4y ago
  I think FTX was a very big threat to Binance AND the whole crypto ecosystem. After making sure everything was or could become (practically, at any other event where FTT would crash) insolvent under the hood, CZ went on and killed FTX and actually saved a MUCH, MUCH bigger industry collapse that was impending as FTX went bigger and bigger. Not to defend him and I also agree that Binance benefited by killing its biggest enemy while still suffering himself as industry collapsed, but if this event didn't happen today, much worse would have happened in the future affecting literally everyone much worse.
  - rippercushions 4y ago
    This seems hysterically optimistic. The current crash is not going to stop with FTX, it's already crashing Solana, BTC, etc. And if Binance themselves and/or Tether come tumbling down, there will be absolute carnage in the markets.
- tim333 4y ago
  CZ says it wasn't planned by him and hurts binance by shaking confidence in the whole system: https://mobile.twitter.com/cz_binance/status/1590351182513729544 https://mobile.twitter.com/cz_binance/status/159035118251372...

by shmatt 4y ago

twblalock 4y ago

The results of his actions will hurt him too, by causing severe damage to the market his business participates in.

miohtama 4y ago

Probably the gap in FTX balances, $10B, was much more than anyone estimated. Maybe even FTX themselves did not know.

eddsh1994 4y ago

I called it and saw many others call it too. Cause a run on FTX, get due diligence and say it’s F**ed, and get their user-base for free. My concern is how much funding FTX and SBF in particular were giving to EA/AGI Safety research labs and charities. There’s going to be some significant knock on effects there when the money is no longer available.

miohtama 4y ago
This would not have happened unless Sam had gambled with customer deposits. Hard to blame CZ here.
- eddsh1994 4y ago
  I'm not blaming CZ! I'm thinking about knock-on effects from this due to SBF's donations being cut off
bhouston 4y ago
> AGI Safety research labs If they are not part of a university, it is probably pretty sketchy anyhow.
- eddsh1994 4y ago
  They fund a huge number of serious initiatives in the space via EA funds - 9, maybe 10 figures.
  - benjaminwootton 4y ago
    Unfortunately it sounds as though it was never their money to give away.
  - blitzar 4y ago
    Just because I have an EA fund with $1 doesnt make it ok to defraud and steal $10 from other people.
  - bhouston 4y ago
    Who is serious? A lot of that spam is snake oil salesman.
okhobb 4y ago
> My concern is how much funding FTX and SBF in particular were giving to EA/AGI Safety research labs and charities. Did a malicious AI orchestrate this downfall?
Animatronio 4y ago
What user base? FTX is unable to process withdrawals right now (and who knows if they ever will be), so the money's gone meaning users won't simply migrate to Binance.
- eddsh1994 4y ago
  Basically any r/cc user who was in FTX and wants to invest part of their next paycheck?
  - Animatronio 4y ago
    As the saying goes "Fool me once ..."
    - eddsh1994 4y ago
      Regardless of opinions it's a sizable user base! And, assuming there's another bull run at some point, it'll grow again.
      - headsoup 4y ago
        That's a big assumption at this point.
      - xwolfi 4y ago
        Who do you think kickstart a bullrun ? SBF was a huge part of the last one...
    - spiantino 4y ago
      I think the point of that saying is that when you get fooled a second time you have nobody to blame but yourself
    - jallen_dot_dev 4y ago
      There are plenty of users who get fooled again and again on shitcoin rug-pulls so I'm sure they will try again on Binance.

kuratkull 4y ago

Seems pretty likely. The moment FTX publicly accepted the buyout idea they were doomed as a company, it wouldn't have mattered if Binance actually bought them after that.

rr808 4y ago

CZ seems like a genius, but I'm sure he's panicking now, he doesn't benefit from killing the whole alt-coin world - which increasingly looks like happening.

can16358p 4y ago
I think FTX was a very big threat to Binance AND the whole crypto ecosystem. After making sure everything was or could become (practically, at any other event where FTT would crash) insolvent under the hood, CZ went on and killed FTX and actually saved a MUCH, MUCH bigger industry collapse that was impending as FTX went bigger and bigger. Not to defend him and I also agree that Binance benefited by killing its biggest enemy while still suffering himself as industry collapsed, but if this event didn't happen today, much worse would have happened in the future affecting literally everyone much worse.
- rippercushions 4y ago
  This seems hysterically optimistic. The current crash is not going to stop with FTX, it's already crashing Solana, BTC, etc. And if Binance themselves and/or Tether come tumbling down, there will be absolute carnage in the markets.
tim333 4y ago
CZ says it wasn't planned by him and hurts binance by shaking confidence in the whole system: https://mobile.twitter.com/cz_binance/status/1590351182513729544 https://mobile.twitter.com/cz_binance/status/159035118251372...