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There is a rumour of FTX insolvency

#102
azb1 said:
Seems Drama is just started

FTX Faces Potential Hack, Sees Mysterious Outflows Totaling More than $600M

www.coindesk.com

'FTX Has Been Hacked': Crypto Disaster Worsens as Exchange Sees Mysterious Outflows Exceeding $600M

FTX officials appeared to confirm rumors of a hack on Telegram, instructing users to delete FTX apps and avoid its website.
www.coindesk.com www.coindesk.com
Click to expand...
That wont be a hack. They are draining all the money and run. If that is such a smart move, idk. He still pissed on a broad base of people who gotta be quite upset.

The better move would have been to haircut all accounts equally and issue them a rescue token instead. But he seems immature af and clearly unfit for stressful situations.
 
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#103
JackAlabama said:
That wont be a hack. They take all the money and run.
Click to expand...
LOL, It is pretty obvious......Timing of hack say it all...The timing is way too convenient.....This guy claiming that He did not care about money....he want to donate his all money....now see How greedy he really is !!!!
Such a low life human !!!!!! May NSA having logged all of #FTX's & Alameda Research's blockchain transactions from day one.

FhWNGl5WYAAWU63.jpg

What a time we live in !!!
Can any Bahamas resident put some light on what happening at their HQ in Bahamas ?

BTW
Make sure you enjoy your weekend. Life is short. Money ain’t everything. Go have a good time
 
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#104
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#105
blockskeptic.substack.com

Special Edition: FTX - The Island Orgy Debacle

Oh s**t, something is actually happening in the land of crypto for once! FTX blew up—everyone knows this. Instead of rehashing the story, I’d like to dive into some of the rather ‘spicy’ theories & takes on what exactly is going on down there in the Bahamas.
blockskeptic.substack.com blockskeptic.substack.com
www.coindesk.com

Bankman-Fried’s Cabal of Roommates in the Bahamas Ran His Crypto Empire – and Dated. Other Employees Have Lots of Questions

“The whole operation was run by a gang of kids in the Bahamas,” a person familiar with the matter told CoinDesk on condition of anonymity.
www.coindesk.com www.coindesk.com
https://twitter.com/x/status/1590956205568294912

So many weird things coming out now :eek: feel terrible for the people who had their money on this platform.
 
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#106
Tether is also the same, written on the back of IOU fag packets. Thats why its still "pegged" as they can create tokens out of thin air. For anyone who says otherwise is just blind. They dont hold reserves, nor can they as it costs to operate that business and besides, they already confirmed to hold it in "low risk" investments, right...... as long as not everyone withdraws their money, it will be undiscovered....... sounds like something....what is it....oh a fractional reserve bank. Greed is good, like gecko said..... the world does not change, the people do not change, its the same sotry over and over again. Tulips, bitcoin and other nonsense.

blockchain is a good idea, but it doesnt cost anything much to run it, so god knows why any token for heavens sake even got value. Remember at least gold got utility, and besides, bitcoin cannot run wothout gold as gold is being used in computers and servers.... lol
 
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#107
OffMyBack said:
Tether is also the same, written on the back of IOU fag packets. Thats why its still "pegged" as they can create tokens out of thin air. For anyone who says otherwise is just blind. They dont hold reserves, nor can they as it costs to operate that business and besides, they already confirmed to hold it in "low risk" investments, right...... as long as not everyone withdraws their money, it will be undiscovered....... sounds like something....what is it....oh a fractional reserve bank. Greed is good, like gecko said..... the world does not change, the people do not change, its the same sotry over and over again. Tulips, bitcoin and other nonsense.

blockchain is a good idea, but it doesnt cost anything much to run it, so god knows why any token for heavens sake even got value. Remember at least gold got utility, and besides, bitcoin cannot run wothout gold as gold is being used in computers and servers.... lol
Click to expand...
you have obviously not studied bitcoin, not even for some hours.

Also regarding tether, you cannot just come up with accusations without providing any proof.
You can read this and then attack that article for example, just to add some facts and context.
u.today

Crypto Veterans Praise USDT Highly Amid Market Drama, Why?

"Tether has been ahead of the curve," Bitcoiner Brad Mills says; it looks like Ethereum (ETH) founder agrees with him for first time ever
u.today u.today
 
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#108
Tbh I think that it could be possible for a company like Tether to operate. I believe that they have <50 employees in total and they say they have over 67 bln USD AUM alone. Even at low interest (say ~0.5%) this would still give them an operating revenue of $335 mln.
In my opinion the main risk is more in the fact that they have never been audited, and are seemingly reluctant to do so.
 
#109
azb1 said:
Can any Bahamas resident put some light on what happening at their HQ in Bahamas ?
Click to expand...

No idea.

Simon4466 said:
In my opinion the main risk is more in the fact that they have never been audited, and are seemingly reluctant to do so.
Click to expand...

Exactly. I was screaming for years about Euro Pacific Bank refusing to publish audited accounts and people were knocking me for daring to ask like I had something personal against them...lol. But guess what??? Euro Pacific Bank turned out to be insolvent and went under....lol.

Tether has gone to all the effort to get an attestation done but avoids an audit at all costs ca#"!. I guess they are stalling for time to plug any shortfalls, encumbered funds, clean things up etc ;). If they have nothing to hide an audit could be done at any time and not just an attestation ;). Ask yourself why they have not done so.


azb1 said:
FTX Faces Potential Hack, Sees Mysterious Outflows Totaling More than $600M
Click to expand...

Probably inside job. This is staff members ensuring they have money for Christmas ;). Can't rely on FTX paying your wage or bonus for December.....lol.
 
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#112
JackAlabama said:
you have obviously not studied bitcoin, not even for some hours.

Also regarding tether, you cannot just come up with accusations without providing any proof.
You can read this and then attack that article for example, just to add some facts and context.
u.today

Crypto Veterans Praise USDT Highly Amid Market Drama, Why?

"Tether has been ahead of the curve," Bitcoiner Brad Mills says; it looks like Ethereum (ETH) founder agrees with him for first time ever
u.today u.today
Click to expand...
You may not understand that who holds majority of bitcoin controls its price.
Since when did big banks like JPM accumulated bitcoin ?
 
#113
OffMyBack said:
Tether is also the same, written on the back of IOU fag packets. Thats why its still "pegged" as they can create tokens out of thin air. For anyone who says otherwise is just blind. They dont hold reserves, nor can they as it costs to operate that business and besides, they already confirmed to hold it in "low risk" investments, right...... as long as not everyone withdraws their money, it will be undiscovered....... sounds like something....what is it....oh a fractional reserve bank. Greed is good, like gecko said..... the world does not change, the people do not change, its the same sotry over and over again. Tulips, bitcoin and other nonsense.

blockchain is a good idea, but it doesnt cost anything much to run it, so god knows why any token for heavens sake even got value. Remember at least gold got utility, and besides, bitcoin cannot run wothout gold as gold is being used in computers and servers.... lol
Click to expand...
Can’t agree more.. but of course there will always be believers ready to advocate for the holy grail of bitcoin and blockchain
 
#115
JackAlabama said:
you have obviously not studied bitcoin, not even for some hours.

Also regarding tether, you cannot just come up with accusations without providing any proof.
You can read this and then attack that article for example, just to add some facts and context.
u.today

Crypto Veterans Praise USDT Highly Amid Market Drama, Why?

"Tether has been ahead of the curve," Bitcoiner Brad Mills says; it looks like Ethereum (ETH) founder agrees with him for first time ever
u.today u.today
Click to expand...
just step back for a minute. You got tether that supposively holds 68 Billion whatevers IOU's. Whatever that is its seemingly mostly invested in US treasury bills. Which is wise as it provides some return.
So just in case you cant see it, i will spell it out for you. Crypto is centrally decentralized.

Tether is the central bank of the crypto space. The only difference is, no audit independently, no idea who runs tether ltd, no idea whatsoever, no regulation - could be Gordon Gecko for all we know.

So you are willing to blindly trust some shady people - noone knows - which in turn makes it a slippery slope when someone internally bags their crypto bag from Tether.
In fact the only smart people in this space are the business who either provide an interface (like coinbase) or Tether, who provides an IOU to all these fools like yourself.....

The USD, EUR GBP whatever currency is not the best either, due to inflation, but i know one thing, there is oversight, visibility and a hell lot of regulation, which has come about because "Greed, for lack of a better word, is good...."
 
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#116
OffMyBack said:
just step back for a minute. You got tether that supposively holds 68 Billion whatevers IOU's. Whatever that is its seemingly mostly invested in US treasury bills. Which is wise as it provides some return.
So just in case you cant see it, i will spell it out for you. Crypto is centrally decentralized.

Tether is the central bank of the crypto space. The only difference is, no audit independently, no idea who runs tether ltd, no idea whatsoever, no regulation - could be Gordon Gecko for all we know.

So you are willing to blindly trust some shady people - noone knows - which in turn makes it a slippery slope when someone internally bags their crypto bag from Tether.
In fact the only smart people in this space are the business who either provide an interface (like coinbase) or Tether, who provides an IOU to all these fools like yourself.....

The USD, EUR GBP whatever currency is not the best either, due to inflation, but i know one thing, there is oversight, visibility and a hell lot of regulation, which has come about because "Greed, for lack of a better word, is good...."
Click to expand...
Any entity that wants to avoid an audit as badly as Tether does is not ever going to be something I would want to hold my funds.
 
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#118
OffMyBack said:
just step back for a minute. You got tether that supposively holds 68 Billion whatevers IOU's. Whatever that is its seemingly mostly invested in US treasury bills. Which is wise as it provides some return.
So just in case you cant see it, i will spell it out for you. Crypto is centrally decentralized.

Tether is the central bank of the crypto space. The only difference is, no audit independently, no idea who runs tether ltd, no idea whatsoever, no regulation - could be Gordon Gecko for all we know.

So you are willing to blindly trust some shady people - noone knows - which in turn makes it a slippery slope when someone internally bags their crypto bag from Tether.
In fact the only smart people in this space are the business who either provide an interface (like coinbase) or Tether, who provides an IOU to all these fools like yourself.....

The USD, EUR GBP whatever currency is not the best either, due to inflation, but i know one thing, there is oversight, visibility and a hell lot of regulation, which has come about because "Greed, for lack of a better word, is good...."
Click to expand...
Lol dude, again, you just pull some stuff out without providing any basis/links or any other doc.

Learn about Bitcoin first, then talk.
Bitcoin existed before Tether and will exist thereafter.
 
#119
OffMyBack said:
God knows why any token for heavens sake even got value.
Click to expand...
Short answer: money laundering.

It would have been cool to have a fee-less crypto coin, which would allow you to move capital with basically one click without the eyes of the taxman or the government watching you.

The big problem is that it should have been somehow pegged to fiat, otherwise there's no purpose you move 1M USD to bitcoin and tomorrow you are going to withdraw 800k because it lost 20% overnight
 
#120
bibing said:
Short answer: money laundering.

It would have been cool to have a fee-less crypto coin, which would allow you to move capital with basically one click without the eyes of the taxman or the government watching you.

The big problem is that it should have been somehow pegged to fiat, otherwise there's no purpose you move 1M USD to bitcoin and tomorrow you are going to withdraw 800k because it lost 20% overnight
Click to expand...
Fiat itself is also not stable, this year proofs this.

In your example, maybe you have made 20% overnight? It works both ways ;)
 
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