FTX: Poof!

[rbstern]

This is my basic argument against crypto: There is no underlying worth. You can go from $X to near zero in 24 hours.

Yes, there is value in the privacy and lack of government regulation. But that's not enough to keep any of these coins from freefalling.

 

[TheGman]

This is my basic argument against crypto: There is no underlying worth. You can go from $X to near zero in 24 hours.

Yes, there is value in the privacy and lack of government regulation. But that's not enough to keep any of these coins from freefalling.

 

[Fatal_Bert]

Yawn, high risk high reward, low risk low reward, what else is new.

 

[Outlier]

Rule 1: Not your keys, not your crypto.

FTT isn't easily accessible in the states so the damage from that should be limited. With time the rest of the market will recover.

SBF has been a bad actor in the crypto space and in US politics for some time now. Seeing him kicked off his pedestal is a good thing in my eyes.

 

[Glock 21]

Looks like buying opportunities to me. Yes crypto is taking a beating right now but I am not aware of any stock that hasn’t had a pull back from all time highs. The market both stock and crypto are rigged to the upside but shake outs happen frequently. Don’t play with money you can’t afford to lose but if you don’t play you’ll never win.

Scared money don’t make money YMMV

 

[Hogdaddy]

.....poof...

 

[joel2000]

Buy’em cheap and stack’em deep

 

[rbstern]

Now being reported that Binance, who was going to acquire FTX and provide needed liquidity to prop up FTX, is walking away.

FTX plummeting in after hours trading, bankruptcy now looking likely.

 

[moosensquirrel]

This is my basic argument against crypto: There is no underlying worth. You can go from $X to near zero in 24 hours.

Yes, there is value in the privacy and lack of government regulation. But that's not enough to keep any of these coins from freefalling.

As OP says, I would add that it may be a great speculation, as long as you have a chair when the music stops.

 

[rbstern]

FTX has filed for bankruptcy. The filing involves 140 entities. The Bahamas are freezing FTX assets that were under a different corporate umbrella that was not part of the bankruptcy.

I hope the exchange depositors can recoup some of the their money, but my guess is they'll get little to nothing.

BTW, this cuts off a huge source of money for the Democrat party. CEO was the second largest Biden campaign contributor, and had dumped a lot of money into the midterms as well.