mudrockbestgirl

9 ms·

61.
by mudrockbestgirl 4y ago
I don't know about FTX, but Binance has been shady from the very beginning. They got large quickly because they listed all kinds of **coins, had negative trading fee promotions, and in general did lots of shady growth hacking marketing
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by mudrockbestgirl 4y ago
Okay, but... how? How did they manage to lose so much money by running a popular exchange that should bring in tons of fees? Even if they were gambling with part of the deposits, how can they lose 90% of all assets? You'd have to be ac
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by mudrockbestgirl 4y ago
> The worst thing is the human talent and energy resources wasted on crypto. Imagine if the billions were invested in useful products and services You mean like Twitter, Meta, and TikTok? Even though 99% of crypto is scams, I prefer peop
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by mudrockbestgirl 4y ago
Both gate.io and crypto.com look like total scams to me. Never heard of them before, but they are just more centralized exchanges, right? Just a matter of time before they go under. I don't understand how people still fall for this stu
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by mudrockbestgirl 4y ago
FTX, the corporation, is worth that amount mostly because of the FTT tokens on the balance sheet and the ability to print FTT tokens. If you take tokens out of the equation you'd probably arrive at a 10-20x lower valuation.
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by mudrockbestgirl 4y ago
To be fair, 16 billion in wealth in mostly FTX tokens is not 16 billion of wealth in USD. These tokens aren't liquid enough by any means and even a tiny dump of that would've crashed the price. It's very different from someon
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by mudrockbestgirl 4y ago
While it's true that VCs are acting mostly based on FOMO and herd mentality, there's also another incentive at play here: Tokens. Crypto VCs get paid in tokens, and thus they have the additional incentive to create as much fluff P
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by mudrockbestgirl 4y ago
Yeah I get what you're saying and there's something to it. It's just difficult to imagine to become disillusioned to the point where you're not realizing your criminal actions. I think something like Theranos is a differ
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by mudrockbestgirl 4y ago
> If that Coindesk article never was released Alameda could've eventually paid back the loan to FTX and no one on the outside would've been the wiser. I don't know about that, the loans were huge. Billions of dollars. It&#
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by mudrockbestgirl 4y ago
I'm wondering the same thing. He must've known for a long time it'll come crashing down eventually and made proper arrangements. Perhaps the sources are fake and he has already fled. If I were to find myself in the middle of
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by mudrockbestgirl 4y ago
> In an April interview with Bloomberg, Mr. Bankman-Fried accused venture capital investors of doing deals based on a fear of missing out, rather than financial models. “Like all the models are made up, right?” he said. In hindsight it&#
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by mudrockbestgirl 4y ago
No, because the number of tokens doesn't matter, the trade volume does. It's not the case that 98% of trade volume/value is scams. The same applies to your USD analogy. It doesn't matter if 98% of transactions are scam
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by mudrockbestgirl 4y ago
If you are a scammer, you would typically do wash trading (or hire someone to do wash trading) for your own token to make it look like there is legitimate activity. Just because these tokens have been swapped doesn't mean this was done
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by mudrockbestgirl 4y ago
Sure, because anyone can create and list a token on Uniswap. The only cost are the gas fees. That doesn't mean those tokens have any real liquidity or are being used. Just like anyone can create a website and put it online. The only co
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by mudrockbestgirl 4y ago
According to the latest reports, SBF is potentially on the run on a private jet [0] from the Bahamas to (probably) Argentina. He hasn't been confirmed to be on that plane, but it seems likely. This stuff is straight out of movie. [0]
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by mudrockbestgirl 4y ago
Here is a view of the assets on-chain for anyone that's interested: https://debank.com/profile/0x59abf3837fa962d6853b4cc0a19513a... Currently at ~$390M. It looks like they're trying to swap most of the tokens
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by mudrockbestgirl 4y ago
FTX is a centralized entity, just like PayPal is. There is no such difference. As a centralized company, they are supposed to hold all customer funds in their own bank/wallet/whatever account(s).
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by mudrockbestgirl 4y ago
> Reports on crypto Twitter are that this is a hack It's really unfortunate to get "hacked" with such bad timing. You steal customer money and file for bankruptcy but now the bad hackers, probably from the Bahamas as well,
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by mudrockbestgirl 4y ago
There was this article [0] from a week ago. It was based on this [1] information which apparently was a leak of a private balance sheet. I don't think any of this was related to using customer funds though, that's a separate issue
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by mudrockbestgirl 4y ago
It happens all the time for me, and the videos are clearly titled as "XX part 1", "XX part 2", etc. I'd say YouTube gets the order wrong more than 50% of the time.
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by mudrockbestgirl 4y ago
Tell them to buy a Ledger hardware wallet. It's not that difficult. My grandma probably wouldn't know how to use it, but if they're tech-savvy enough to trade crypto on those exchanges they'll be fine. It comes with a ni
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by mudrockbestgirl 4y ago
The funniest thing to me is YouTube's autoplay. I usually watch videos split into multiple parts (Lecture Part 1, Lecture Part 2, etc), but YouTube's algo is too smart to figure out that after part 1 I would probably like to watch
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by mudrockbestgirl 4y ago
I think so, yes. I believe that if you go into a typical tech company, let's say Google, and survey people above 30 about crypto, the majority will be against it, and it will be positively correlated with age, i.e. older people are mor
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by mudrockbestgirl 4y ago
Except that you may not be able to because those can be banned by the government. For example, from 1933 to 1974 it was illegal for people in the US to hold gold because the government needed to raise money from its citizens. Holding gold d
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by mudrockbestgirl 4y ago
Yup, I fully agree. That's why HN is so anti-crypto. It's dominated by American males in their 30s and 40s who don't understand the value proposition because they never had to deal with malicious governments, banks, or hyperi
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by mudrockbestgirl 4y ago
Unless there is a bug in the source code. But of course that can't happen, and definitely can't happen intentionally. /s It looks like you need to pick your poison. Trust social structures or trust in code security audits. Of
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by mudrockbestgirl 4y ago
What I'm curious about is: Will he go to jail? Is he on the run like Do Kwon and the A3C founders are? He's a billionaire with plenty of resources and he must have been aware of the situation and that it'll all come crashing
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by mudrockbestgirl 4y ago
> the entire concept is starting to destabilize Nothing other than the price, which is just random people gambling like they are on Robinhood, has destabilized. Quite the opposite actually. All entities that are in trouble have been comp
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by mudrockbestgirl 4y ago
HCL isn't even a language. It's a tool to create languages. From the official docs: > HCL is a toolkit for creating structured configuration languages that are both human- and machine-friendly, for use with command-line tools.
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by mudrockbestgirl 4y ago
People are selling on exchanges, so the price goes down. That's unrelated to what it's backed by. You can officially redeem USDT 1:1 for USD. If you believe that it's fully backed and that the company honors all redemptions

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