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Throwback to when HN was praising FTX for running so 'lean' and 'efficiently,' only hiring the bare minimum to be successful.
by whymauri 4y ago
Throwback to when HN was praising FTX for running so 'lean' and 'efficiently,' only hiring the bare minimum to be successful.
- ValentineC 4y agoI couldn't find any such comments, but this one from August 2021 aged really poorly: https://news.ycombinator.com/item?id=28798944 https://news.ycombinator.com/item?id=28798944
- gruez 4y agoAged poorly in what sense? 1. "FTX is very well capitalized" - given that August 2021 was in the middle of the crypto bull market, that statement was probably true at the time. Sure, it became poorly capitalized later, but that wouldn't make the comment age poorly, any more than a statement like "the fed has inflation under control" in 2019 would age poorly. 2. "Can you show me even napkin math that shows FTX going under if USDT blows up in a realistic scenario" - FTX blew up for an entirely different reason
- bluedevil2k 4y agoIt was never well capitalized. They used their own made up token as an asset and assigned a fake inflated valuation to it.
- anotheracctfo 4y agoIt's wild to me that they can basically print counterfeit USD and put it on their SEC filings, and the Treasury is just okay with it.
- shawabawa3 4y agoSEC filings? They never made any SEC filings The vast majority of their business was based in the Bahamas and Antigua to avoid US regulators
- jbverschoor 4y agoSo you're actually saying HN was wrong? Maybe HN will be finally wrong about crypto one day too