domains Are you one of the Million People Owned funds by FTX?

[Robbie]

Let me start by saying I am no crypto expert, I dipped my toe in the water a little over the past few years with a few gains but nothing that you would talk about, however, some domain name investors went big in Crypto as well as other digital assets such as NFT's and reported some amazing returns, however fast forward 12 months and a lot of the cryptocurrency are now worthless or lost a huge amount of there one time highs.

That doesn't mean Crypto is dead or the values won't come back and also some would say if you are long into crypto then now is the time to buy and hold...

FTX of course is a little different being an exchange vs an actual token, however, I suspect the failure of FTX might impact domain names more than we realize not just from domain name investors with funds tied up in the Million+ people who are owned money but also businesses in that space too many of them were buying high-value domain names with some of the cash they were generating from crypto choosing to upgrade to a premium dot com but with capital tied up in the exchange it might hurt the domain industry in the short term, would you agree?

For those who aren't familiar with FTX here is a brief synopsis of them and the current situation.

FTX is a Bahamas-based cryptocurrency exchange. The exchange was founded in 2019 and, at its peak in 2021, had over one million users and was the third largest crypto exchange by volume. As of 11 November 2022, FTX has been in bankruptcy proceedings in the US court system following a liquidity crisis and accusations of fraud.
While details of the crisis are still being revealed, the public concerns began when a 9 November 2022 CoinDesk article stated that FTX's partner firm Alameda Research had a significant portion of its assets in FTX's native token FTT. Following this revelation, rival exchange Binance's CEO Changpeng Zhao announced that Binance would sell its holdings of the token, which was quickly followed by a bank run, collapsing the value of the token. This left FTX in a liquidity crisis in which depositors could not withdraw their funds, and Binance signed a letter of intent to acquire the firm with due diligence to follow, but Binance withdrew its offer the next day. FTX filed for Chapter 11 bankruptcy protection on 11 November 2022

Answer the Poll: Are you one of the Million People Owned funds by FTX?

Read more on Robbies Blog: https://robbiesblog.com/are-you-one-of-the-million-people-owned-funds-by-ftx/11864

 

[Kingslayer]

I've never been involved in crypto, i don't really understand it if I'm being perfectly honest.

I've always followed a rule if don't understand something, i won't invest, but i have been tempted to go against that and buy 1 bitcoin in the last week, it went under £13,500 a couple of days ago, i missed the boat a few years ago but right now it feels like a good time to come in.

I was thinking about buying it through PayPal (trustworthy/stable company).

 

[Keith]

If you don’t understand why btc is important, stay away.

It’s all about you holding your money in a wallet you control, not a bank or shitty exchanges like ftx.

 

[Robbie]

Yeah, Paypal you assume your money/wallet would be safe but I am no pro on crypto so might best to hear what others say many say you need to store it in a cold wallet offline for best protection, etc but the price if you are going long might be the time to get into the market...

 

[NickB]

I did well on Eth - for me it was always a better bet than BTC as I missed the boat......

 

[bmugford]

As much as many people in the space like to trumpet the "decentralization" talking point, what is actually needed when it comes to safety and security is some level of reasonable regulation.

The field is not that likely to reach normal people until/unless that happens.

The truth is you just need some level of centralization and regulation for things to operate in the real world.

Brad

 

[Keith]

As much as many people in the space likes to trumpet the "decentralization" talking point, what is actually needed when it comes to safety and security is some level of reasonable regulation.

The field is not that likely to reach normal people until/unless that happens.

The truth is you just need some level of centralization and regulation for things to operate in the real world.

Brad

The exchanges actually have fucked everything up. The goal is to hold funds, aka btc, in a wallet only accessible by you.

Centralization is not the goal and people are really confused by this concept. Decentralized is you holding your assets where only you can access them. Exchanges hold your crypto for you which is no good.

Take your btc, eth, or whatever into a private wallet. If everyone did that these exchanges like Coinbase would be gone. They are worthless!

 

[Keith]

The exchanges want to offer trading and storage which is wrong. These services need to be independent.

 

[bmugford]

The exchanges actually have fucked everything up. The goal is to hold funds, aka btc, in a wallet only accessible by you.

Centralization is not the goal and people are really confused by this concept. Decentralized is you holding your assets where only you can access them. Exchanges hold your crypto for you which is no good.

Take your btc, eth, or whatever into a private wallet. If everyone did that these exchanges like Coinbase would be gone. They are worthless!

I wonder what percent of early bitcoin investors would even still have their assets now if they kept them at an exchange.

Pretty much all the early exchanges went under either via poor management, hacks, nefarious actions, etc.

Some others have over the last few years.

The exchanges themselves need to be highly regulated, like banks. It seems some of these crypto heroes leading exchanges kind of lucked into their positions. They don't seem all that qualified or vetted to be in these positions, especially with limited safeguards in place.

Brad

 

[bmugford]

Centralization is not the goal and people are really confused by this concept. Decentralized is you holding your assets where only you can access them. Exchanges hold your crypto for you which is no good.

Well, that might be the case but the confusion is because of the marketing from the companies involved. All these companies use "decentralization" in the marketing campaigns, even when they are exchanges holding your funds.

Also, it happens with a "domain" company like Unstoppable Domains. They use "decentralization" then actually argue in court against that. Their entire argument for .wallet is basically for having a centralized monopoly.

You can't blame people for being confused. Companies really have no actual interest in "decentralization". It is just an advertising pitch to them.

Brad

 

[Keith]

Well, that might be the case but the confusion is because of the marketing from the companies involved. All these companies use "decentralization" in the marketing campaigns, even when they are exchanges holding your funds.

Also, it happens with a "domain" company like Unstoppable Domains. They use "decentralization" then actually argue in court against that. Their entire argument for .wallet is basically for having a centralized monopoly.

You can't blame people for being confused. Companies really have no actual interest in "decentralization". It is just an advertising pitch to them.

Brad

It’s very confusing and that’s why people are losing their ass.

Unstoppable is probably the biggest scam in the domain biz and I believe Rosener is an investor in that shit show.

 

[xcloud123]

where will the founder go ?

 

[bmugford]

where will the founder go ?

Prison.

 

[alcy]

I always find it hilarious how folk say btc is safe.. govt freedom etc... when odds are 99percent its govt who created it.

 

[wallet2it]

I never trust or believe in Crypto….it’s purely hype or is not backed by financial statements like a company and it’s not backed by FDIC and it’s not backed by a government like a country’s currency….ftx just an example people will start losing more trust…..I expect btc.x to go much much much lower and dollars will continue to be strong
Economy is no where near good

 

[kor]

I never trust or believe in Crypto…

“If you don't believe it or don't get it, I don't have the time to try to convince you, sorry.”
Satoshi Nakamoto​

 

[wallet2it]

“If you don't believe it or don't get it, I don't have the time to try to convince you, sorry.”
Satoshi Nakamoto​

I get it and understand it obviously I don’t believe it’s valuation …..1 btc should not be worth even $10 usd ….in case of default or bankruptcy no one will protect you good luck …I will be gladly holding my Benjamin….cash is king and it will never change

 

[JanWillem1]

Whilest crypto has some cool technology. Still doubt how good of a currency it is. When nobody monitors it's easy to create more bitcoin out of thin air without anyone knowing it. I did some research on some (not so legal) websites for this. And there is more possible than we know. Conclusion: I think there is currently getting bitcoin (or any cryptocoin) created without any mining or some transactions can be manipulated.

 

[DanSanchez]

Bitcoin is the answer, like @Keith said, decentralization means having individuals take responsibility for their funds. Crypto itself is mostly vaporware, vanishing value to steal fiat so that centralized exchanges can gamble with it in traditional markets.

One of the concepts that helped me understand why bitcoin matters is the idea of "hard money." Assets that cannot be diluted by anyone. Sadly many people have lost their shirt in this discovery process, take the lessons and stop letting your capital being drawn out of your vault unless you are exchanging it for goods or services.

 

[domvault]

there is a definite need for some sought of regulation

 

[DanSanchez]

there is a definite need for some sought of regulation

Respectfully disagree, regulated markets are structured the same exact way FTX was. In fact he was the poster-boy for regulation because his parents are Stanford compliance lawyers, he is also related to people in the SEC. The fact is the dollar has been printed endlessly, total money in circulation is not even accurately measured. The US central banks printed 22 trillion dollars and will continue to print until the currency becomes a "digital dollar" with price controls and expiration dates.

 

[Andreas B.]

FTX's estimated worth was: $32 billion
The whole/gap they have is: $8 billion

Kevin O'leary, investor in FTX, told:
There had been numerous investmend funds that were interested in acquiring FTX.

If only half of the clients would have withdrawn, that would have made ~$4 billion.

Hedge Funds would have likely bought all of FTX for this sum.

However, once the SEC stepped in and made comments on the case, all hedge funds were deterred.

(from min. 32 forward)

 

[Josytal]

Voted. NO.
'Ve never been involved in it.

 

[bmugford]

FTX's estimated worth was: $32 billion
The whole/gap they have is: $8 billion

Kevin O'leary, investor in FTX, told:
There had been numerous investmend funds that were interested in acquiring FTX.

If only half of the clients would have withdrawn, that would have made ~$4 billion.

Hedge Funds would have likely bought all of FTX for this sum.

However, once the SEC stepped in and made comments on the case, all hedge funds were deterred.

(from min. 32 forward)

Please. They were clearly doing things that were against the law, regulations, and with corrupt intent.

A legit company does not backdoor billions of dollars to their girlfriend's company Alameda Research and use client funds to buy personal real estate, among other things.

Legit companies don't have almost 2 billion dollars simply disappear.

It was a house of cards that was going to collapse sooner or later. Don't try to blame anyone else for this predictable collapse.

I expect SBF and others to be extradited and likely face lengthy prison sentences for their actions.

Brad

 

[Alop]

I always find it hilarious how folk say btc is safe.. govt freedom etc... when odds are 99percent its govt who created it.

I’m definitely interested in how your mind works