10 ms·
Ftx.com Has Probably Collapsed
- sn0w_crash 4y agoIs this effective altruism or ineffective altruism?
- paulpauper 4y agomore like a very effective way of losing all your money
- vba616 4y agoIf I had a billion dollars, I'd ignore what the billionaires are doing with philanthropy and the EA crowd alike. I'd go here and in seconds it would be gone: https://www.pay.gov/public/form/preview/pdf/103 https://www.pay.gov/public/form/preview/pdf/103 For a moment, inflation would run backwards. That is effective altruism. It saves all of the overhead in distributing your assets - like an index fund for philanthropy.
- superchroma 4y ago
- draw_down 4y ago
- sgammon 4y ago> FTX is currently unable to process withdrawals. We strongly advise against depositing.
- rabuse 4y agoThis is good for Bitcoin! \s
- faangiq 4y agoMeh. Zuck has altru’ed a lot more market cap this year on his VR punt.
- earthboundkid 4y agoUtilitarianism makes it impossible to make a credible promise. Duh, the utilitarians were lying for the greater good. What did you expect?
- eru 4y agoThat's a very naive view of utilitarianism. See eg https://en.wikipedia.org/wiki/Rule_utilitarianism https://en.wikipedia.org/wiki/Rule_utilitarianism
- AccountAccount1 4y agoSBF was a very positive force for EA, now that he's down everyone piles on him? shameless
- adam_arthur 4y agoWell, he apparently hoodwinked his customers by abusing and losing their deposits. I don't think people who made billions by scamming well meaning customers should be held in high regard. In fact, I wouldn't be surprised if he ends up in prison
- 7e 4y agoI believe it's the common folk who had money with FTX who are down. All the way to zero. One wonders if EA is could be considered a guilt-compensation mechanism.
- colinmhayes 4y agoEa probably isn’t super worried about crypto gamblers tbh.
- returnInfinity 4y agoWhat was SBF upto? Regulatory capture? this is going to make nice Netflix drama. Probably played high stakes poker and lost.
- 4y ago
- jsemrau 4y agoThat was incredibly fast. Interesting to note is that the failures are growing and FTX contagion is real. I am weirdly positive about this because I like the tech but I don't like the "degens" Having spent the last 20 years in Finance, the last thing you want is fuck around with other people's money.
- arkis22 4y agoI've been waiting for this for years.
- TedDoesntTalk 4y agoYou’ve been waiting years for people to suffer? Lookup “ schadenfreude”.
- jshen 4y agoMany of us have been warning people for years that this would be the outcome. We were ridiculed for it.
- TedDoesntTalk 4y agoI understand. but an “I told you so” response is not your best. Be your best self.
- sacrosancty 4y agoNobody was ridiculed for advising people to keep their coins in their own wallet. You were probably ridiculed for saying crypto is a ponzi. But Bitcoin's and Ethereum's prices are consistently higher now than they were 2 years ago. What's the bad outcome you've been warning about that actually happens?
- Nursie 4y ago> Bitcoin's and Ethereum's prices are consistently higher now than they were 2 years ago Which is something that will be true until it's not. Bitcoin dropped around 25% in the last week (though is rebounding a bit this morning). It only needs to drop around 33% from the current price to break your 2 year thing. Anything is possible here (in any direction), because it's an insane market propped up by all sorts of shady bull****
- MuffinFlavored 4y agoand yet Bitcoin is off 4.5% off of lows $15.6k -> $16.3k
- ilamont 4y agoSerious question: how long can it last at these levels. Where’s the support for this asset?
- outside1234 4y agoDrugs, Money Laundering, Money Hiding, etc. etc. There is utility in a black currency for all sorts of illegal things
- daveguy 4y agoBut bitcoin is the absolute worst black currency. Every single transaction has a permanent public record.
- rubatuga 4y ago> absolute worst black currency Yeah, Visa is much better.
- adam_arthur 4y agoWhy not prepaid debit cards? (Bought with cash)
- hanniabu 4y agoCheaper fees, more portable, no limits, transactions can't be blocked
- wruza 4y agoYou seem to imply something here, what it is?
- grensley 4y agoThe good times made crazy people look smart and the bad times are making crazy people look like idiots.
- Animats 4y agoYes. Go find the video "Line Goes Up", which covers this issue at length.
- djbusby 4y agoThe Video https://m.youtube.com/watch?v=YQ_xWvX1n9g https://m.youtube.com/watch?v=YQ_xWvX1n9g
- dylan604 4y agoI keep seeing these headlines, and I keep really trying to feel sorry for these people that are potentially loosing their arses. However, I just can't get there. NFTs are the ones I'm really LOLing about vs the currency plays, but since the currencies are failing too, it just kind reveals the house of straw the whole thing truly is.
- TedDoesntTalk 4y agoEmpathy for people worse off than you, even for people who you think make bad decisions, is not hard. Think of someone you care for unconditionally, maybe your child, and imagine that person suffering through this because of poor decision. Would you castigate him or try to soothe him?
- hanniabu 4y agoI would say that sucks but you were warned multiple times and still did it anyways so now you must deal with the repercussions
- TedDoesntTalk 4y agoYes, true. But If can still feel empathy for that person you love, for what he’s going through.
- sillysaurusx 4y agoDoes anyone know how Coinbase avoided this fate? I really thought it would be them to fall, but they proved everyone wrong. There’s some key difference between Coinbase and an exchange like FTX. Is it because FTX had a token, and then leveraged themselves using their own token? Binance has a token too. Are they in similar danger? It would be an interesting contrast to know why one exchange is safe vs another. Here’s SBF testifying in front of congress in Dec 2021 that FTX is completely transparent and therefore safe: https://www.tiktok.com/t/ZTRxC7XrT/ https://www.tiktok.com/t/ZTRxC7XrT/ Consumers need to be able to research claims like these. Is there a way to make a “Warning: this exchange is over leveraged” indicator? Or is it just impossible to know?
- zoklet-enjoyer 4y agoBinance has a token, but it is a lot more useful than FTX's coin. Binance has their own blockchain with a lot of applications. Their coin, BNB, is used to pay for fees on that network. As far as I know, FTX's coin FTT was used by FTX customers to get cheaper trading fees and for price speculation.
- RC_ITR 4y agoCoinbase makes money on fees and doesn’t lend out deposits. Seriously look at their balance sheet! They have zero risk of this kind of insolvency, their only risk is people stop using them to trade. Say what you will about that being a weird/dumb model but here we are.
- deleted 4y ago[deleted]
- woodruffw 4y agoThis is maybe tangential of me to say, but since this post is coming from an EA forum: I think the cozy relationship between EA and FTX has done immense damage to the public image and standing of the EA movement. I've never been an EA person (much less a utilitarian) but I can appreciate the meat and potatoes of applied ethics, especially when those ethics are applied consistently. The infusion of cryptocurrency funny money into that world has completely perverted both aspects: much of EA now seems focused on speculative concerns (AGI) rather than real ones (world hunger or civic integrity), and all sorts of perverse rationales are offered for wealth extraction in service of future utils rather than just doing morally good things.
- dullcrisp 4y agoIIRC lots of people had issues with EA even before they went all in on MTX.
- LudwigNagasena 4y agoAGI nonsense was always at the forefront of the EA movement. You can thank Eliezer Yudkowsky for that.
- JonahSussman 4y agoI'm a bit behind on the times, but I'm failing to see how the philosophy of effective altruism and cryptocurrency are related. Do you know how the two got intertwined?
- loeg 4y agoSBF participates or participated in the EA movement.
- woodruffw 4y agoMy (outsider's) understanding is that the "longtermist" sub-school of EA has grown over the years, and has developed increasingly convoluted and speculative rationales for behavior that would otherwise be considered unethical. The example I'm most familiar with is calculating utils in terms of the expected total human population of the galaxy, were we to achieve interstellar travel: it's not inconceivable that orders of magnitude more humans would be alive in the distant future than are alive now, which makes their combined future interest more important than the interests of any (or even all) living human beings. Consequently, we should divert money away from the welfare of people living today and towards efforts that maximize the likelihood of a galaxy filled with colonized planets. If that sounds ridiculous, it's because it is.
- deleted 4y ago[deleted]
- ww520 4y agoThe collapse of FTX will impact the whole crypto space negatively. Nothing is spared. 1. All the alt-coins in FTX/Alameda Reasearch holding will be liquidated. E.g. Solana has been down >40% already. 2. The value of the FTT tokens issued by FTX valued at billions has evaporated. The value of FTT were used to buy other coins, directly and indirectly inflated all of them, including Bitcoin and Ethereum. When the value of FTT evaporates, it can be thought of as billions have been sucked out of the crypto markets. The prices of all coins will drop, including BTC and ETH. 3. The cascading falling of the alt-coins. Some alt-coins will fail. Just now there's an incoming $1B+ Solana tokens being unlocked and will be released to flood the market. Other alt-coins will be impacted in a similar way. One can argue some of these coins are created out of the thin air just like FTT. Their value can simply vanish just like FTT.
- canoebuilder 4y agoHaving watched the MtGox, Mark Karpeles, Willy Bot saga, and then see that same pattern repeat over and over really is almost surreal. What’s funny, in a tragic kind of way, is that initial market manipulation from Karpeles is what drove the initial wave of VC interest who thought they were seeing an indication of genuine widespread demand. And then they couldn’t be left holding the bag and it just snowballed where we’ve seen this ongoing pattern of ever bigger scams and market rigging.
- piva00 4y agoSame for me, and it's the whole pattern, down to the same talking points being shared by people in cryptocurrency forums. There's a level of hope and coping with cryptocurrencies that is hard to see outside of gambling addiction.
- Briggs958 4y ago[dead]
- Ambolia 4y agoMany young people had the hopes of maybe getting rich through crypto when all other avenues to a comfortable life that were available to boomers had disappeared. Now this will be a bucket of cold water to those hopes.
- ipsum2 4y agoFTX was obviously a ponzi scheme, as described half a year ago here: https://www.bloomberg.com/news/articles/2022-04-25/sam-bankman-fried-described-yield-farming-and-left-matt-levine-stunned https://www.bloomberg.com/news/articles/2022-04-25/sam-bankm... by a very well-respected financial columnist (Matt Levine) > I think of myself as like a fairly cynical person. And that was so much more cynical than how I would've described farming. You're just like, well, I'm in the Ponzi business and it's pretty good. If effective altruists with their superior analytical abilities can't figure out that the money they're getting is fraudulent, how do you expect them to make rational decisions on what charities are most effective?