You are dismissing the possibility of both could have happened together. They were bankrupt but somebody had to draw the curtains open, to show that the king had no clothes.
Kevin O'Leary on FTX
- Thread starter The_Krakenite
- Start date
You are dismissing the possibility of both could have happened together. They were bankrupt but somebody had to draw the curtains open, to show that the king had no clothes.
Nearly all cryptos follow the pump and dump scheme too. So what will happen to the Binance coin then ? Here is a table sheet with more info (from May '22):
There is a Canadian fund in the list, Ontario teacher pension fund if I remember correctly. I looked it up and it's a 220bn fund who had one or two hundreds mil in, not big deal
5 million people screwed by SBF ? He may need some bodyguards ?
Exactly! Totally agree. Not saying that there was no problem with FTX that it was the perfect company but it still doesn't negate the fact that Binance directly caused FTX's downfall with what it did and to the innocent investors of FTX. Binance might have gotten rid of a rival to satisfy his own ego, but what about the investors who invested in FTX? Binance's all about being crypto's saviour and creating industry recovery fund and regulations and shit, but the first thing that it should do is to make the investors of FTX whole. It's not fair that they lost their money because of the shit that Binance did. There were pension funds involved (completely imprudent on those pension funds' part in dabbling in such risky assets that are completely incompatible with the risk tolerance that it should have imo), money that retirees are going to be relying on now gone because Binance's ego to settle a personal score and establish itself as the "god" and with no regards for people.
At the end, like I said before, this Zhao SOB is just another opportunistic piece of shit that cons other people for his own personal gain, no different from FTX's Bankman-Fried and Bernie Madoff. Since he wants regulations, the first thing that we should do is open up Binance's book to see how well his customer funds are segregated from the company's operating funds, how well its customer funds are backed up, what's its asset-to-liability ratio and where the keys to the cold storage wallet resides and maybe find out how he got his seed money of $15 million in ICO for Binance.
One regulation that I would actually like to see with these crypto exchanges is that the keys to those cold storage wallets of customer coin holdings should not reside with the owner or founder of the exchange. If the exchange is to be open to the public and be used by the public, the keys to those cold storage wallets where the customers' funds are should reside with the government or the regulatory body overseeing crypto's currently I believe the CFTC. So when shit hits the fan, there would be no more of those "mysterious hackings". It's only a matter of time when the same thing is going to happen with this Zhao POS if cryptos are just a ponzi. And when shit happens, that regulation will make sure he himself won't be able to scram with customers' funds.
Binance has more than one actually. But being as it's a ripped version of the Ethereum code, but with CENTRALIZED instructions coded in... it will out-last both Solana and FTT. This is because Ethereum is still king... always has. It's like the Fed. Don't bet against the Fed.
Solana was one of the many new 'Etherem Killer's that popped up while ETH was taking too much time to complete its Proof-of-Stake transition, Sharding, and other bridging upgrades. It was a bet against the Fed (Ethereum). There were some developments (by SBF and others) for sure... but... nowhere near enough to be a rival.
The problem, is Solana despite it's slow improvement, did not even come close to competing with Ethereum before the Merge was finished.
Also, much of the price-rise for Solana was due to SBF... Well, the poster-child of Sol is gone now. And last I looked today at coin360, Solana was already either de-listed from the heat-map, or its market-cap shrunk so little the last few days that it's not even visible on it by the naked eye anymore. I'll do more looking into it later on tonight.
There is a Canadian fund in the list, Ontario teacher pension fund if I remember correctly. I looked it up and it's a 220bn fund who had one or two hundreds mil in, not big deal
$96 million to be exact. It will have "limited impact" on the fund as the administrator who fucked it up said but it's still money. What's a pension fund doing with crypto in the first place? That investment was extremely imprudent on that pension funds' part imo.
More like he stripped the King naked of the last albeit tattered clothes that he had. LOL
I think you are confused. Solana has nothing to do really with Binance. Solana was SBF's choice of development for a lot of his shit... One of those reasons in theory was to try to get better prices on trades.
SBF was the CEO of FTX.
SBF was the CEO of FTX.
Exactly!! If cryptos are all ponzi scams with no real tangible value then the same thing that happened with FTX today will one day happen to Binance as well. That's probably why this Zhao shit is desperate trying to put in some "regulations" to make sure no one else can fuck him over like how he fucked FTX over. LOL If he's going to fall, he wants to make sure he's going to fall on his own. LOL