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Among its other endeavors, FTX created FTT, a token that had a peak notional market cap just under $10B, and that value seems to have been used to paper over ma
by femto113 4y ago
Among its other endeavors, FTX created FTT, a token that had a peak notional market cap just under $10B, and that value seems to have been used to paper over massive holes in the FTX balance sheet. Massive, unexplained movements of FTT between FTX and Alameda Research[1] presaged the imminent collapse of both companies, and Binance dumping their FTT holdings was the precipitating event. FTX is about as "crypto" as you can get.
[1] https://cointelegraph.com/news/alameda-research-ftt-token-transfer-from-september-fuels-wild-speculations https://cointelegraph.com/news/alameda-research-ftt-token-tr...
- adastra22 4y agoA self-issued asset is an unregistered security and has nothing to do with decentralized cryptocurrencies like bitcoin or Ethereum.
- JKCalhoun 4y agoNice when you get to define what Real Crypto is. I had been lead to believe that anything goes.
- kayamon 4y agoThen you're part of the problem. Bitcoin is real, the rest are scams. What part were you struggling with here?
- nl 4y agoWhat property of Bitcoin make is less of a scam than ETH?
- kayamon 4y agoThe rules of Bitcoin are fixed in place, and no one party can adjust them in future. ETH has core developers who can make any changes they wish whenever they wish.
- nl 4y agoWell that's untrue. The rules of both BTC and ETH are enforced by miners. At the moment ETH miners are generally amenable to changes by the core dev team. But there is no reason why future BTC miners could not do the same. In particular, some of the same groups mine both BTC and ETH so it is clear they are amenable to changes. Secondly, it's unclear why your presumption that change is bad is correct. The change to proof-of-stake for ETH is clearly a good thing environmentally for example.
- nl 4y agoFTT was an ERC20 token on the Ethereum blockchain. If it's "nothing to do with decentralized cryptocurrencies" then neither is DeFi which is built around trading ERC20 tokens.
- adastra22 4y agonow you’re getting it.