4 ms·
Celsius argued that depositors were actually lenders. I wonder if FTX will try the same angle. It's gonna be harder to justify because while Celsius was all abo
by rafale 4y ago
Celsius argued that depositors were actually lenders. I wonder if FTX will try the same angle. It's gonna be harder to justify because while Celsius was all about yield, FTX was a traditional exchange doing custody on behalf of its clients.
- zoklet-enjoyer 4y agoFTX was giving 8% interest on the first $10k deposited. I definitely considered myself a lender and I gtfo before shtf
- TremendousJudge 4y agoWhat I don't understand is how this kind of stuff doesn't qualify them as a bank
- labster 4y agoCrypto: reimplementing the financial system, poorly.
- trophycase 4y agoFTX is not crypto. If you had a bank that accepted ears of corn and bushels of apples for deposit, and trading between them, you wouldn't blame farmers when that bank stole everyone's deposits.
- Sebguer 4y agoBarely a year ago, you were telling someone they were ridiculous for claiming that FTX might go under if Tether had a major event: https://news.ycombinator.com/item?id=28797080 https://news.ycombinator.com/item?id=28797080
- trophycase 4y agoI said it was ridiculous to claim that Tether collapsing would cause "most major exchanges to go under". Congratulations on totally twisting my words though. "Most major exchanges" don't have much exposure to tether.
- deleted 4y ago[deleted]
- ceejayoz 4y agoIf a whole bunch of banks trading in corn/apples did that, though, things start to be a bit different.
- zoklet-enjoyer 4y agoYeah I would. Why wouldn't you blame the thief?
- andirk 4y ago> FTX is not crypto And a bank is not the ears of corn in the analogy. The thief here is FTX which is like the bank. You don't blame the corn for being stolen. Yes, blame the thief.
- zoklet-enjoyer 4y agoOops. I somehow read that completely opposite of what it said
- JamesianP 4y agoCertainly that's true of the overall sector. But crypto as a technology has some advantages and some disadvantages, same for traditional banking. People were arguing even before the crash that FTX was combining disadvantages of both.
- lazide 4y agoWell, first the regulators would need to grow a pair.
- deleted 4y ago[deleted]