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Is there anyone in this forum actually facing a potential loss due to this FTX episode? I have a couple honest questions: Were you already familiar with Mt. G

Is there anyone in this forum actually facing a potential loss due to this FTX episode? I have a couple honest questions: Were you already familiar with Mt. Gox? Do you see the irony of losing your so-called decentralized cryptographic currency because you trusted it to a centralized third-party?

benjaminwootton 4y ago
I haven’t heard of anyone on this forum or any other personally exposed to FTX. And yet everyone in crypto seemed to have money in LUNA. Seems weird, as though retail wasn’t heavily exposed.
csomar 4y ago
I personally know one guy who was just using them to deposit money in his bank account (it seems they have good banking connections with Singapore). The timing was just very bad.
ar_lan 4y ago
Yes-ish. Not FTX, but Celsius (very similar situation on a smaller scale). I was aware of Mt. Gox, and I do see the irony. I invested 25% of my crypto portfolio with Celsius. The rest was, and is, in an offline wallet (though after Celsius I felt burned by the crypto space so I sold all but one Bitcoin - basically I’ve broken even on my crypto investments in total, and have a single BTC left over). Crypto investing amounted to never more than 3% of my investing portfolio entirely. Basically - I view crypto with a lot of doubt, but still wanted my hand in it. In total, I have lost .75% of my portfolio from this fiasco - I’m willing to say that it was a greedy play on my part knowing it was unsustainable, and it was effectively gambling. I’m very happy I kept the amount I gambled low, but it still sucks, and I still feel like an idiot. I do hope the lawsuit brings something back, but I’m not holding my breath.
- amirhirsch 4y ago
  Thanks for answering. It seems like everyone who lost money knew that they were acting against the raison d’etre of cryptocurrency and should have known better based on industry history. Sounds like you are properly diversified and just having fun with it and I wouldn’t have the same schaudenfreude if you lost your life savings.

benjaminwootton 4y ago

I haven’t heard of anyone on this forum or any other personally exposed to FTX. And yet everyone in crypto seemed to have money in LUNA. Seems weird, as though retail wasn’t heavily exposed.

csomar 4y ago

I personally know one guy who was just using them to deposit money in his bank account (it seems they have good banking connections with Singapore). The timing was just very bad.

ar_lan 4y ago

Yes-ish. Not FTX, but Celsius (very similar situation on a smaller scale). I was aware of Mt. Gox, and I do see the irony. I invested 25% of my crypto portfolio with Celsius. The rest was, and is, in an offline wallet (though after Celsius I felt burned by the crypto space so I sold all but one Bitcoin - basically I’ve broken even on my crypto investments in total, and have a single BTC left over). Crypto investing amounted to never more than 3% of my investing portfolio entirely. Basically - I view crypto with a lot of doubt, but still wanted my hand in it. In total, I have lost .75% of my portfolio from this fiasco - I’m willing to say that it was a greedy play on my part knowing it was unsustainable, and it was effectively gambling. I’m very happy I kept the amount I gambled low, but it still sucks, and I still feel like an idiot. I do hope the lawsuit brings something back, but I’m not holding my breath.

amirhirsch 4y ago
Thanks for answering. It seems like everyone who lost money knew that they were acting against the raison d’etre of cryptocurrency and should have known better based on industry history. Sounds like you are properly diversified and just having fun with it and I wouldn’t have the same schaudenfreude if you lost your life savings.