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

[Andreas B.]

https://twitter.com/x/status/1590967576217391105

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.

 

[Ostrados]

When will people wake up and realize that crypto currencies, NFTs and similar trends are not investment but just a series of bubbles with pyramidic scheme where 1% will make money and 99% will lose money! personally I never invested a penny in crypto currency or NFTs.

Much better is to invest in real assets such as: real estates, lands, stocks.. even domains can be considered real assets because they are resilient and have stable market.

 

[clarkemarketing]

Glad I invested in domains not crypto

 

[Digital Nomad]

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.”

That commercial is very ironic now.

 

[bmugford]

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.”

 

[silentg]

https://twitter.com/x/status/1591132398497845248

 

[jhm]

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

 

[enterscope]

When are people going to learn not to leave crypto on exchanges?

 

[silentg]

SBF has been arrested
https://nftnow.com/news/breaking-sam-bankman-fried-was-just-arrested-over-ftx-collapse/

 

[bmugford]

https://twitter.com/x/status/1591132398497845248

Is this the "decentralization" that people want?

Brad

 

[silentg]

https://twitter.com/x/status/1591393334475513858

Looks like he had everything planned out:

https://twitter.com/x/status/1591365581550551043

https://twitter.com/x/status/1591310594862452738

 

[ramkumaritrvs]

after mtgox, I started using dex and wallets instead of cex...

people should learn from failure and move on.

most of the cex's are insecure, and any time our money will be gone.

 

[Andreas B.]

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!).

 

[jhm]

They have filed for bankruptcy

https://twitter.com/x/status/1591071832823959552

 

[silentg]

Next one might be BlockFi

https://twitter.com/x/status/1590906085510385664

 

[Vivere]

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.

 

[TangoTango]

"Fortune favors the bankruptcy attorneys."

 

[Embrand]

What a story... I am not surprised to see that ftxthemovie.com was registered two days ago.

 

[Acroplex]

Must read!

 

[xcloud123]

yes, i think
ftx.xyz may be crying

 

[silentg]

They have filed for bankruptcy

https://twitter.com/x/status/1591071832823959552

 

[Andreas B.]

Show attachment 226798

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?)

 

[silentg]

Celsius
FTX

There's more to come.

 

[jhm]

When are people going to learn not to leave crypto on exchanges?

Not your keys, not your crypto. People will get it one day

 

[bmugford]

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