Official Cryptocurrency Thread: Skepticism to Speculation to FIGHT! FIGHT! FIGHT!

Discussion in 'The Mainboard' started by Nantucket, Jan 29, 2017.

  1. Gallant Knight

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    not going to save him from getting sued into bolivian
     
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  2. Harrison Beck

    Harrison Beck Bailout Bro
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    Well aware Trabucco bought a boat. He wasn’t the only adult in the room.
     
  3. Gallant Knight

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    there was an adult in the room? that would be a first for crypto
     
  4. Harrison Beck

    Harrison Beck Bailout Bro
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    On the bright side, not a better time to purchase a digital race horse :awesomeface:
     
  5. Arrec Bardwin

    Arrec Bardwin La Araña Discoteca
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    Guy who left and girl who was still CEO.

    [​IMG]
     
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  6. Gallant Knight

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    lmao forgot that was a thing
     
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  7. Gallant Knight

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    jesus christ
     
  8. TAXTAXTAX

    TAXTAXTAX Well-Known Member
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    Alameda is a separate company from ftx, although sbf owns them also. They are a crypto hedge fund, and operated as a market maker on ftx, providing liquidity for the exchange.

    They also did a lot of VC stuff funding other crypto projects.
     
  9. brolift

    brolift 2sweet
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    1,2
     
  10. Arrec Bardwin

    Arrec Bardwin La Araña Discoteca
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    “Separate”
     
  11. Harrison Beck

    Harrison Beck Bailout Bro
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    Inversebrah
     
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  12. user15000

    user15000 Well-Known Member

    Looks like a few people responded already. Here's a youtube or podcast that will probably go into a bit more detail too. Nobody knows all of the details, but it's easy enough to make some educated guesses based on what we know so far. They were an exchange that wasn't content just making tons of money charging people for trades. Instead, they got into the game of issuing their own tokens, using those tokens as collateral, taking out leverage, etc. Best I can tell, CZ sniffed out that they had some serious balance sheet issues tied to their own FTT token (which he held some of), and he decided to announce a public sale (might as well be an attack) of that token. If they used that token as collateral, then the price dropping below certain thresholds really fucked them up. Combine that with people generally rushing to move money off FTX as this was happening, and they were in serious trouble. Put simply, their assets couldn't cover their liabilities.

     
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  13. brolift

    brolift 2sweet
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    dont tag him here
     
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  14. user15000

    user15000 Well-Known Member

    Also btc people I follow have been talking about proof of reserves for exchanges for years so that customers don't have to worry about FTX being insolvent. Kraken does it. Maybe a few others too. And Binance threw its hat in the ring today.

     
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  15. brolift

    brolift 2sweet
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    Kraken & Gemini i think are the only ones
     
  16. Gallant Knight

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    sup natalie
     
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  17. user15000

    user15000 Well-Known Member

    Shorter summary that I'd guess is good too.

     
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  18. Gallant Knight

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    Nah y’all explained it. Didn’t realize they had a trading arm. Dummies
     
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  19. Arrec Bardwin

    Arrec Bardwin La Araña Discoteca
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    He claimed they were completely separate entities, but that has clearly been revealed to not be the case the last couple days.
     
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  20. user15000

    user15000 Well-Known Member

    He must've been quite excited once he learned what FTX and Alameda were doing.

     
  21. letan

    letan Just looking for the gator board
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    so he fucked around and found out then?

    number 1 seems like it should be common sense
     
  22. user15000

    user15000 Well-Known Member

    Celsius would like a word.
     
  23. TAXTAXTAX

    TAXTAXTAX Well-Known Member
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    CZ coming for Tela now...

     
  24. soulfly

    soulfly Well-Known Member
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    1. Buy drugs
    2. Plant them
    3. Bust people
    4. Do some of the drugs
    5. Repeat steps 2-4 until they run out
    6. $$$$$$$$$$$
     
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  25. user15000

    user15000 Well-Known Member

  26. brolift

    brolift 2sweet
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    Panic of 1907 for crypto
     
  27. user15000

    user15000 Well-Known Member

    June 22

     
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  28. Whammy

    Whammy Donde es
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    The final straw for many

     
  29. Whammy

    Whammy Donde es
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    These paragraphs sum it up well on why this is so bad

     
  30. Harrison Beck

    Harrison Beck Bailout Bro
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  31. danny2430

    danny2430 Well-Known Member
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    Really interested to see what kinda due diligence could’ve been done in that amount of time. Unless they just looked at financials and saw basic ratios for liquidity, working capital, and leverage.

    Must’ve been really ugly, or this was all just a publicity stunt for them to get the market to settle for a period of time while they got stuff in order.
     
  32. Arrec Bardwin

    Arrec Bardwin La Araña Discoteca
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    If they can nuke the market that hole becomes a lot more affordable for them to fill.
     
  33. Baseballman86

    Baseballman86 Well-Known Member
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    I am straight up not having a good time right now
     
  34. Gallant Knight

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    Is this the 52 week low for btc? For some reason I thought it hit like 15k a few months ago but my 2 minutes of research in the google chart doesn’t correlate with that recollection
     
  35. brolift

    brolift 2sweet
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    One such case of the new low for the year, being today.
     
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  36. Where Eagles Dare

    Where Eagles Dare The Specialist Show On Earth
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    Down a solid 75% in the last 52w
     
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  37. Harrison Beck

    Harrison Beck Bailout Bro
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    6 billion dollar hole bad
     
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  38. LuPoor

    LuPoor I wanted to do something good before alcohol class
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    Congrats to the people of El Salvador
     
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  39. Gallant Knight

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    Is that confirmed
     
  40. Harrison Beck

    Harrison Beck Bailout Bro
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    Just rumors but that’s the number that keeps popping up
     
  41. user15000

    user15000 Well-Known Member



     
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  42. Harrison Beck

    Harrison Beck Bailout Bro
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    Congrats to the people who hold literally any stock
     
  43. brolift

    brolift 2sweet
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    it went down more. wow.
     
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  44. Gallant Knight

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    Sounds like Binance officially said no thx
     
  45. Harrison Beck

    Harrison Beck Bailout Bro
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  46. Whammy

    Whammy Donde es
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    Hoooo boy this is not going to be fun
     
    Gallant Chad Morris likes this.