Dynadot

information Crypto Crash, FTX (buy $1.5 mio account for $50k)

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Andreas B.

Established Member
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780


As web3 / metaverse projects (& names) are tied quite a bit to the evolution of the crypto market, I think its worth mentioning it.

However, after a massive decline (btc fell under 17k) prices have stabilized again; and even soared after pos. CPI data.
 
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xcloud123

Established Member
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yes, i think
ftx.xyz may be crying
 
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jhm

Top Member
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You can't just sell a verified trading account, and for the platform to be cool with it. What he can do is sell his supposed $1.5M (if it's in fiat on the account) to a crypto, then sell it off at discount. Only reason someone sells $1.5M in value for $50k is because hes struggling or can't make use of the funds, on the account in question. FTX are in a crisis, as the industry knows. Assets frozen by the Bahamas regulator. Maybe even hes taken on leverage and its gone south. In other words, hes about to be liquidated, and wants to minimize his losses, making a sale to cover some of his initial starting stack. I'm a market trader, and I know a s*** deal when I see one
 
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Andreas B.

Established Member
Impact
780
You can't just sell a verified trading account, and for the platform to be cool with it. What he can do is sell his supposed $1.5M (if it's in fiat on the account) to a crypto, then sell it off at discount. Only reason someone sells $1.5M in value for $50k is because hes struggling or can't make use of the funds, on the account in question. FTX are in a crisis, as the industry knows. Assets frozen by the Bahamas regulator. Maybe even hes taken on leverage and its gone south. In other words, hes about to be liquidated. I'm a market trader, and I know a s*** deal when I see one
There are strange stories on the net.

One goes like this:
FTX announced, that it is following bahamian rules (as their hq is in the bahamas).

Customers, who have a bahamian account - local citizens - are strangewise allowed, to withdraw money from their accounts.
While others cannot.

So, what's being told is:
Customers outside of the bahamas try to find ftx customers from the bahamas,
to send them their money (from one ftx account to the other),
so they can transfer it then to them...
with some sort of extra fee.

Don't know if this is true, just read it on twitter (you read a lot on twitter!).
 
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jhm

Top Member
Impact
11,591
There are strange stories on the net.

One goes like this:
FTX announced, that it is following bahamian rules (as their hq is in the bahamas).

Customers, who have a bahamian account - local citizens - are strangewise allowed, to withdraw money from their accounts.
While others cannot.

So, what's being told is:
Customers outside of the bahamas try to find ftx customers from the bahamas,
to send them their money (from one ftx account to the other),
so they can transfer it then to them...
with some sort of extra fee.

Don't know if this is true, just read it on twitter (you read a lot on twitter!).
Wouldn't be surprised, maybe. Wild west
 
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silentg

DomainRetail.comTop Member
Impact
7,127
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Andreas B.

Established Member
Impact
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jhm

Top Member
Impact
11,591
FhOZzXTWQAAi2Us.jpg
 
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jhm

Top Member
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Andreas B.

Established Member
Impact
780
They have the government behind them.
It can produce the required amount, to bail them out...

(the crypto community proofs at least that it won't play by such rules - maybe this is even sth good in the middle of the bad?)
 
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silentg

DomainRetail.comTop Member
Impact
7,127
Celsius
FTX

There's more to come.
 
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jhm

Top Member
Impact
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The timing of the guy selling his trading account today, and today is the day of bankruptcy. Lol, nice deal. Probably won't even correct or take the tweet down, even with the news. Devious little weasel
 
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silentg

DomainRetail.comTop Member
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7,127
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clarkemarketing

Top Member
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Glad I invested in domains not crypto
 
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silentg

DomainRetail.comTop Member
Impact
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Vivere

Established Member
Impact
617
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jhm

Top Member
Impact
11,591
According to some info on Twitter, the fall of Crypto .com may also be on the horizon. Just terrible.
Would be great if people just accepted s*** happens, and didn't run for the exits, like headless chickens
 
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enterscope

Domain InvestmentsTop Member
Impact
1,283
When are people going to learn not to leave crypto on exchanges?
 
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jhm

Top Member
Impact
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Ouch.

I thought we were past the point of large exchanges suddenly collapsing.

Many of these crypto / NFT / Web3 companies are built on extremely poor foundations.

It might work well when all the assets are going up, but many of them seem to be overleveraged and unprepared for a less than ideal situation.

There are likely to be more emperor has no clothes moments coming in the future.

There will probably be a handful of winners, but it is quite the house of cards.

Brad
 
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Vivere

Established Member
Impact
617
Would be great if people just accepted s*** happens, and didn't run for the exits, like headless chickens

Many are seeing just how much smoke these platforms have been built on and how precarious their positions truly are. Naturally, they’re trying to minimize exposure and get out whatever they can from the (imminent) inferno.
 
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Impact
47,810

FTX’s Larry David ad is retroactively the funniest Super Bowl commercial in history​



https://awfulannouncing.com/advertising/ftx-larry-david-super-bowl-commercial-funniest.html

The one that stood out to us at the time, and made our list of the best Super Bowl LVI commercials, was FTX’s ad with Larry David. In it, the curmudgeonly David is seen throughout history poo-pooing some of the most obviously good inventions the world has ever known, such as the wheel, the light bulb, and the toilet. It ends with David being presented with FTX as “a safe and easy way to get into crypto.” Naturally, David scoffs, saying “Ehh, I don’t think so. And I’m never wrong about this stuff.”
 
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Andreas B.

Established Member
Impact
780
Ouch.

I thought we were past the point of large exchanges suddenly collapsing.

Many of these crypto / NFT / Web3 companies are built on extremely poor foundations.

It might work well when all the assets are going up, but many of them seem to be overleveraged and unprepared for a less than ideal situation.

There are likely to be more emperor has no clothes moments coming in the future.

There will probably be a handful of winners, but it is quite the house of cards.

Brad
There are 9 exchanges which declared to disclose a proof of desposits (merkletree).

So, it ain't as if every 2nd exchange is involved in these ponzi schemes, lending out their customers assets;
This washout will filter out the good from the bad.

Good it is happening, while crypto is/ was in bear mode.

Impact would be higher, if it would have happened during bearish times...
 
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Impact
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What FTX did was basically take people's money, e.g. BTC deposits, in exchange for 20% interest in its own token. The operators invested/used the BTC and other established coins all while issuing billions of useless paper money (FTX tokens) that once collapsed, had no value. Greed of investors that believed the FTX token would skyrocket, all while not reading the small print, led to these losses of assets/tokens that have not been devalued through a fault of their own. Moral of the story: don't trade your BTC/Ether/Litecoin for other tokens even if the promises of ROI appear to be peachy.
 
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Vivere

Established Member
Impact
617

It ends with David being presented with FTX as “a safe and easy way to get into crypto.” Naturally, David scoffs, saying “Ehh, I don’t think so. And I’m never wrong about this stuff.”


In the end, he really wasn't wrong. Talk about foreshadowing... Sad.

Here's an ad by Tom Brady that has now aged poorly. Months later, FTX is what's in flames, and CZ of Binance seems to be the one who took a (final) blowtorch to it.

 
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