ftxbagholder123

5 ms·

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by ftxbagholder123 4y ago
I felt really stupid and angry after the collapse of FTX as you know, and truthfully, I could probably have used some professional therapy at the time. But at this point, I'm trying to look forward instead, and to me that is likely hav
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by ftxbagholder123 4y ago
Which contagion though? The average person has between $5-6k in their bank accounts. There was certainly lots of talk on Twitter about this thing spreading -- and it's very possible that it might have -- but it was not a given. The lou
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by ftxbagholder123 4y ago
It seems to me it's a decision that trades off the risk of moral hazard for risk of contagion. To me, the rules were crystal clear -- if you have more than $250k in your account, that excess cash should be seen as "at risk".
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by ftxbagholder123 4y ago
I assume your views in this case are consistent with the views you expressed in our prior discussion related to FTX. That is, it would have been your responsibility to do due diligence on the bank and properly ensure that your assets are
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by ftxbagholder123 4y ago
Interesting. So it may be your view of this constituting an extreme level of greed that drives your sentiment in this case. That makes more sense to me, though we clearly differ in our assessment of "extreme" and "greed"
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by ftxbagholder123 4y ago
Thank you! I'm not very familiar with USDC, though I am familiar with Dai and the MakerDAO ecosystem, and it looks like USDC serves a similar purpose, even though the design between the two looks different (one is centralized, one is n
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by ftxbagholder123 4y ago
Good point. My experience with moving to and from South America to the US is that it has been doable, but always with the feeling of "will the money get stuck somewhere this time" (and I never tried anything near this amount). My
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by ftxbagholder123 4y ago
Thank you for the comment. I hadn't spent all that much time thinking about this from an AML / KYC perspective up until now, but I recall in years past when I wanted to make a bank transfer from Colombia to the US, it felt like I
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by ftxbagholder123 4y ago
Fair enough, and thank you for the response. Reading some of the other responses, it seems people are generally of the view that it probably would have been doable, but perhaps not without some level of hickup, particularly with regards to
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by ftxbagholder123 4y ago
Thank you, that is helpful to know for future reference if I'm ever in a similar situation. I have also moved smaller amounts in the past without much problems (though this was years ago), but you are probably right that this too would
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by ftxbagholder123 4y ago
I wrote about what I see as the difference between gambling and investing in a prior comment, if of interest. But I am genuinely much more curious around the human psyche in situations like these, and I'm seeking your thoughts if you w
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by ftxbagholder123 4y ago
To me, a gamble is something where you go in with the intention of let's say, a 55% chance of winning, and a 45% chance losing it all; or a 10% chance of massively winning, and a 90% chance of losing it all. Whereas investing in things
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by ftxbagholder123 4y ago
Agreed. Well, live and learn. I tried to steer clear of the obviously shady things (like yield farming, etc.) which to me seemed unsustainable all along, but as it turns out, there are ample ways to lose anyway. Thanks for the comment.
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by ftxbagholder123 4y ago
Thank you, I responded to a sibling comment that offered a similar suggestion -- I appreciate any input from you if you are able to opine.
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by ftxbagholder123 4y ago
Maybe this is a naive question with regards to how AML / KYC work in crypto, but would Coinbase (and in the extension, my bank) accept an incoming transfer of that size if they didn't know for sure that either 1) the money was com
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by ftxbagholder123 4y ago
I ended up losing a significant amount of money on the FTX debacle, and I want to demonstrate that even risk-aware people who tried to act relatively prudently can still end up losing money. I also want to argue that while most parties invo