zeven7

23 ms·

271.
by zeven7 4y ago
Right, traders flocked to FTX because it was lucrative, and it was lucrative because Alameda was bleeding money as FTX's market maker.
272.
by zeven7 4y ago
Thanks for linking that thread. Looking through the comments is a trip. As it turns out doing things the right way like Coinbase looks "boring" sometimes, while fraud might look more exciting.
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by zeven7 4y ago
There are some exchanges that have offered interest on deposits. Also some offer staking rewards. That draws in some people. The bigger reasons many people keep money on exchanges is: - Self custody can be hard to do securely for less techn
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by zeven7 4y ago
I don't know the real answer to your question, but a lot of products "aren't available in the US", which means the marketing site blocks by IP to try to avoid getting in trouble
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by zeven7 4y ago
Oct 21 - Crypto.com sends 320k ETH to Gate.io Oct 28 - Gate.io posts proof of reserves report Oct 25-30 - Gate.io returns 285k ETH to Crypto.com The timing is suspect. More context, including some elusive replies from Crypto.com: https:&#x
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Gate.io audited 7 days after “accidentally” receiving 320k ETH from Crypto.com(twitter.com)
8 points by zeven7 4y ago|8 comments
277.
by zeven7 4y ago
I would consider the moral failure of SBF to be worse than the incompetence of Karpeles. Also, SBF was a billionaire hobnobbing with politicians and celebrated by Forbes. Karpeles was some confused dev on his computer who loved his cat and
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by zeven7 4y ago
Parent mentions decentralized anonymous asset exchange being the goal and 51% attacks being the biggest concern. That tells me he's talking about Satoshi. Those topics don't apply to SBF.
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by zeven7 4y ago
Are you sure? The numbers I saw that were a draft of the balance sheet showed ~$1 billion in liquid assets, and ~$9 billion in very illiquid, mostly very low volume crypto assets, such that it would likely be hard to even get an additional
280.
by zeven7 4y ago
He's going to prison anyway, his reputation is tarnished, maybe he figured: Why not make a run for it?
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by zeven7 4y ago
I reworded things to separate the first hand information (FTX_Official indicating they don't know what's going on) from speculation (app hacker rumors).
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by zeven7 4y ago
> Investigating abnormalities with wallet movements related to consolidation of ftx balances across exchanges - unclear facts as other movements not clear. Will share more info as soon as we have it. From FTX's general counsel[1], r
283.
by zeven7 4y ago
It can't be done on Bitcoin. It can be done on Ethereum.
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by zeven7 4y ago
That article is miniscule and mostly just links to the tweets. After the 3 sentence preview which is visible to anyone it has 1 more sentence (a quote from SBF) then "Other highlights from his series of tweets" followed by 5 short
285.
by zeven7 4y ago
To add to that: Chase tells you what they're doing. FTX told its customers it wouldn't lend it out, and then it did. Additionally, customer accounts at Chase are insured by FDIC up to $250k. Chase tells you they're going to b
286.
by zeven7 4y ago
dang was responding to me, and I get it. FWIW the thread was reinstated/merged here: https://news.ycombinator.com/item?id=33535161
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by zeven7 4y ago
It won't happen. They have nothing to gain from doing that.
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by zeven7 4y ago
To add to that, this tweet from CZ seems to be a confirmation of the story: https://twitter.com/cz_binance/status/1590351182513729544
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by zeven7 4y ago
They don't need to short FTT. They can short BTC. This is having a big impact on the whole market, and is going to continue to.
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by zeven7 4y ago
Translation: CZ (Binance CEO) has had enough time to liquidate volatile assets and set up shorts.
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by zeven7 4y ago
Case D is what we are seeing over and over again, including this circumstance
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CoinMetrics: Evidence FTX bailed out Alameda in Q2(twitter.com)
2 points by zeven7 4y ago|0 comments
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by zeven7 4y ago
Exchanges aren't banks, and crypto exchanges especially shouldn't be banks. Crypto is liquid and can be redeemed in its own denomination instantly if you hold it in a simple wallet. That's what exchanges should be doing.
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by zeven7 4y ago
But cold storage and locked funds lead to you taking out a loan or just saying "sorry, it's going to be a while, our funds are locked". You know what you don't do if your funds are illiquid? Sell to your competitor over
295.
by zeven7 4y ago
The only thing you're missing is that some people lost the plot and think it is all about copy left.
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by zeven7 4y ago
This comment is 1 minute old and I only see a plain black profile picture. Or is your comment itself the joke?
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by zeven7 4y ago
My guess is it's for packages where you get Netflix included with something else. For example, you sign up for Verizon and get Netflix for 6 months. Now they have a cheap version of Netflix to give you.
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by zeven7 4y ago
It prevented 7/15 pretty damn well
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by zeven7 4y ago
I'm sure that's true, while at the same time it could help answer some of what the parent was asking "Why am I hearing this term more and more?"
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by zeven7 4y ago
> how much dead weight the team was carrying in students who participated in the middle school Lego league, who did not have even the basic coding/engineering skills to make any contribution to the high school team other than paying

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