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People are ascribing brilliance and cunning to something that was simple self interest. FTT was risky, so they dropped it. What would they have done if FTT was
by beaned 4y ago
People are ascribing brilliance and cunning to something that was simple self interest. FTT was risky, so they dropped it. What would they have done if FTT was risky and they didn't intend to acquire FTX? The same thing.
- lend000 4y agoI think broadcasting the intent to sell the FTT was the big mistake. It isn't in their interest to announce to the market their trading plans so, and to my knowledge they are not beholden to any regulation to do so, so why do it? Just slowly offload the risky asset.
- hanklazard 4y agoExactly. It was an attack and it worked.
- unmole 4y ago> FTT was risky, so they dropped it. Instead of quietly selling off their holdings over time, the CEO tweeted their intention to sell and triggered a death spiral.
- beaned 4y agoCould've, sure, but then they'd be accused of insider trading, or trading against their users or something. With their volume would a death spiral not have happened anyway after all the downward force? You could also see it as them giving their users a chance to get out first. Binance didn't benefit by announcing it either. The token dumped before they liquidated, and they didn't scoop up their competitor.