FTX

IndependentSpeck

Hey man, I don't want to come off as a jerk but insurance didn't help anyone who trusted their coins with FTX nor Celsius...not your keys not your coins really rings true here. I think people would be much better off learning to take self custody. Sorry if that came off as offensive...

sweetsimplesauce

When people outside of the bitcoin space hear about bitcoin, they think of crypto scams, they think of FTX, they think of Bitconnect, and they just think of "crypto" in general. They don't know what makes bitcoin different from bitconnect or any other crypto scam. It's all the same to them.

kruszekokruszek

Well I though that the bottom will be at $18-20k in 2022 so my liquidation was at $16k and when FTX happened I use my margin of error and put rest of my BTC like 30% and went all in and even used some on 10x. My liquidation on main position was around $13k. From that $16k Im borrowing more and more every time we dip. Trading (selling) like 15%. My game is to get more sats so If I sell and bitcoin goes higher Im at a loss and sometimes I need like a week to get back. But on the other hand every dip is a win. It all comes together when trend is your friend. Every time we dipped bellow $20k I got more. We dipped $30k - more... I got this dip lil early like 50% at $63k and $60k and haven't sold yet. Didn't had the balls at $56k-$58k. I loose everything at $30k. At every big dip (not flash cos Im not that fast) I was feeling the bottom by my emotions. When I was depressed AF, scared we will fall more and I will get liquidated I knew it was time to buy. Sometimes I got to bottom, sometimes I was lil early and we went down some more and I didn't had the balls to buy more. But best bottoms were when I was scared shitless for my financial survival.

bitroll

They locked my old account which I used just for small btc payments to places accepting coinbase directly to avoid network fees, no trading at all. Now these leftover coins have to be worth like 20x, so nontrival. But with nonexistent support I got no way to get them back. Worse than FTX for me.

fverdeja

Exactly the reason why I love Bitcoin. No yield that comes from nowhere, no chances at being rugpulled. Looks like people learned nothing from FTX, BlockFi, Celsius, Gemini Earn, etc...

LazyEdict

That's how some scammers got their victims. Wasn't the "crypto king" featured on some legit looking webpages that propped him up as some genius in crypto trading? SBF was touted as some benevolent force by mainstream media. Even when FTX shit the bed there were articles (featuring sbf shills) trying to move the blame away from him.

melonmeta

CZ seems like the the biggest crook, that helped take out FTX and got bailed out with a relatively small fee.

suninabox

This is a lie Celsius lawsuit : https://www.sec.gov/news/press-release/2023-133 3 separate lawsuits against FTX: https://www.sec.gov/news/press-release/2022-219 https://www.sec.gov/news/press-release/2022-234 https://www.sec.gov/news/press-release/2023-40 If you have to lie to make your point, its probably a shitty point.

Uberhipster

> I don't get it. the picture becomes clearer when you discover that: "The authorities have said Mr. Bankman-Fried and others at FTX used customer deposits to make $90 million in campaign contributions to some 300 political candidates or political action committees. Months ago, prosecutors and bankruptcy lawyers for FTX began asking recipients of those donations to return them" that in the context of: "in a court filing on Wednesday night, the prosecutors said the Bahamas had informed them that the nation’s government had not intended to extradite Mr. Bankman-Fried on the campaign finance charge" and “In keeping with its treaty obligations to the Bahamas, the government does not intend to proceed to trial on the campaign contributions count,” the prosecutors’ filing said https://www.nytimes.com/2023/07/27/business/sam-bankman-fried-campaign-finance-charge.html

piggleii

Oh ok. Here I was thinking that many people got rekt from from the market crash, not to mention Terra/LUNA, FTX, Celsius, etc. But apparently, most made a 100x. Gotcha.

6M66

Then missed on Celsius, voyager, FTX , safemoon who scammed people

robotwizard_9009

Ha.. SEC just got terra.. coinbase, and counting. Judges confirmed them securities. It's like.. our laws or something. Just hit RH with a wells notice.. binance, FTX, terra... ect ect.. Just so many "legit" crypto institutions... it's hard to keep track of any that aren't crooks.

robotwizard_9009

He did. They simply have to abide our finance laws, just like everybody else. Crypto institutions refuse. These are systems made by institutions to bypass the laws we wrote. They don't get to break our laws because they feel like it. It's that stupid simple. We have road laws. Electric cars don't get to break our road laws because they're electric. Finance isn't new. Encryption isn't new. Crypto doesn't get to break our laws. Sorry not sorry. They can lobby and write propaganda all they want. You'll eat it up. Doesn't change a thing. Gg talked to FTX and told them to abide our laws. You know what FTX did? Sam ran to CFTC.. just like the rest of them are trying to do. CfTC is compromised.. not SEC. SEC is just doing it's job. CFTC members are getting bribed with jobs after they leave. Just like Heath Tarbert. CFTC is corrupt, 3:2. PHAM... Mersinger.. Benham. They literally almost aproved afTX to take over our commodities 24/7 right when it blew up. They almost crashed our markets. Things humans actually need like paychecks, mortgages, retirement pensions, food, lumber.. fucking dambasses. Playing with fire so billionaires can rip you off.

Sharlach

Nobody in Crypto gives a shit how they're classified. We just want Gensler to give legitimate companies a way to register if he's going to insist on any of them being securities. It's very obvious he's not doing any of this to protect anyone, he just wants to stall the industry. This guy met with FTX repeatedly and gave them a no action letter and yet he won't even meet to talk with companies like Coinbase or Robin Hood.

robotwizard_9009

They're offering unregistered securities. It's not rocket science. You can't do it. I can't do it. They can't do it. They've been warned over and over again. They cant even play stupid anymore. Robinhood and coinbase were even tokenizing stocks into crypto products and trading them in dark markets and illegal exchanges such as FTX, Terra, and Binance. Way to simp for billionaire companies stealing your money. They aren't your friends. I can be pro crypto and pro regulations. They aren't mutually exclusive. I'm just tired of these fucking crooks fucking over retail and crashing our markets while they run off with billions. They designed these systems to break our laws. That's on them.

robotwizard_9009

They aren't registered... and they won't be approved. Because wait for it... they are illegal enterprises. We have laws. They don't get to break them because they think they should be allowed to. That's not how laws work. We have these regulations for good reasons. Institutions crashed pur markets in the 1930s causing the great depression so we ... the people... started the sec. Institutions crashed our markets again in 2008... and we.. the people.. bailed their asses out and wrote the dodd frank act. Crypto... institutions... think they can just bypass all of it because it makes them a ton of money. That's not how this works. None of you know how close FTX was to getting approval to control our commodities markets through CFTC. They literally almost crashed our shit again. Fuck these goons. They need to abide our laws. If they cant.. they don't get approval. We have anti money laundering laws.. we have KYC. Only criminal institutions want to bypass that. And they are entering the fond out of times. They made billions breaking our laws. Boo fucking hoo. Fuck em.

Awkward_Potential_

If it were likely to collapse, why didn't it during FTX/Luna?

UniqueID89

So just because it was “the first” it’s allowed to ride on that high without accomplishing a single thing when every other cryptocurrency has improved upon its code base? And how do you really define success? Next to no impactful adoption, it’s accepted by tens to hundreds of businesses worldwide in a space of billions. No new innovative tech that impacts and improves the customer base. Best “solutions” are third party solutions that have been proven to be unsafe and unreliable. If you didn’t have corporations like FTX and Microstrategy supporting and hyping it, do you really think it would be doing as well as it was?

Cryptolution

He's 100% correct and I've been saying this since 2016. It's an absolute threat to the ecosystem and I can only hope that an investigation does not happen in the next 12ish months during a potential bull run. Let it happen during a bear cycle *please* so we can instead stack cheap sats. It will be good for the ecosystem in the long run to get rid of cheap/fake paper money out of the crypto ecosystem. Tether is just a different flavor of FTX, it will eventually fail for reasons outside of its current control - the collateral will eventually belly up for various macro reasons. Whether it's a particular recession or some sort of disruptive event, It's just a matter of time. I've personally seen E&Y get something wrong in a valuation on a company that cost me $$$, so remember that these big accounting firms are not in any way perfect. They can absolutely be fooled so don't put all of your confidence into whoever the auditing firm is. I know it's not one of the big 4 but it is a fairly reputable firm. Still, Don't trust them. Trust what you can verify.

XonixIRE

It means that Main Street are realizing they were wrong all along and are now hedging their bets, but they still don’t want the public to know. Retail is still not in on this rally. The public still sees Bitcoin as unsafe after FTX etc. 

Sky_3410

I know all of them and warned people against FTX and Celcius. Well if you are still in crypto after all these incidents, then you’ll have to wait and see what happens to your coins or your newbie logic of “not your keys, not your coins” lol. It is a very, very false statement on many levels but I am not here to educate you.

kajunkennyg

Have you heard of mtgox? FTX, celsious etc? I control the keys to my coins. I already have coins from years ago I cannot cash out that were withdrawn from exchanges that no longer exist. Those coins apparently are blacklisted. A lot of people from my time have these coins. When I retired and setup my crypto ira and cashed out, coinbase rejected some coins as did my IRA. I was told fidelity was behind the whitelisting/blacklisting of some coins. I never did anything shady with btc. I bought and traded to earn my coins, thing is back in the old days, people sold shit on the dark web, the sellers cashed out using mtgox etc. So those of us trading would send coins bought at say coinbase trade and withdraw that plus profits from shit exchange and those coins were randomly sent to us. That being said, I have set my shit up where the last coins I have pending are the coins from gemini earn. Everything else is pretty much in my control.

Eastern_Abalone1406

But they do have to put all the USD they receive into bitcoin. It’s a SPOT etf. Also I don’t think Blackrock got this far acting like FTX lol so no, that is not in the realm of possibility

shanatard

it was never really about the money laundering. do you also believe the invasive surveillance laws were for the children? binance was accused of laundering 900 mil over four (4) years when they do 500 mil volume daily. it's a truly minuscule proportion when put into context, when financial crimes are committed openly without consequence in traditional markets. It's simply an excuse to tighten US control over exchanges, which wouldn't be so bad if the SEC was competent. Instead they let bad actors like FTX run around while "protecting" users from reliable exchanges. All that's left now is coinbase (lol) and kraken (which isn't even available in some states)

Realistic_Olive_6665

I bought as much as I could after the FTX collapse. Anything under 20k, the old ATH, was a steal. I also bought a significant amount when the price crashed from the low 30s to the mid-20s. I assumed that the price would never fall below 20k again and that would be the last great opportunity.

vlamarca

I started buying bitcoin right after FTX collapsed which was the bottom of the market in the last 4 years. It was luck. I was convinced because I watched Lex Fridman interview of Michael Saylor and Saifedean. If I were to listen to the podcasts earlier, I would have bought at whatever price it was at the time, maybe 60k in 2021 and it would be much harder for me to hold :)

AodaFyr

What utility does it have? Does it have any other substantial use, appart from inflating their balance sheet? Do you remmember what happened to FTT, native token of FTX? Do you need a reminder?

DoctorKemp007

Etfs dont have direct ratio for how much bitcoin they have on hand in comparison to how much they are “holding custody of” for investors. Dont think everything they say in public is happening behind closed doors. We seen it already with FTX.

abgtw

No those with crypto at FTX are getting only a fraction back. Your mindset needs to change on what will be worth more long-term. [https://www.youtube.com/watch?v=B5if2hthPCs](https://www.youtube.com/watch?v=B5if2hthPCs)

Duncle_Rico

By remaining anonymous, Satoshi protected his personal privacy and reduced the risk of being targeted by hackers, criminals, or government authorities. Bitcoin was designed to be decentralized and resistant to censorship, and Nakamoto's anonymity helped maintain that You can look at the open source code to determine if theres a back door for Satoshi, there isnt. He can't change a thing, even if he wanted to without going through the same governance and miner hash approval everyone else has to go through. SOL is a much more blury picture and has a history of centralization, heavy association with FTX, Alameda Research and Sam Bankman Fried, and is only even being talked about because of BONK and other meme coins this cycle propping up it's activity numbers and user base.

weigel23

I accidentally bought the FTX crash dip because that’s when I read ‚Mastering the Lightning Network‘ and I setup my Lightning node and needed liquidity.

BitCypher84

FTX would be the perfect example.

PPP1737

Didn’t people use FTX to buy bitcoin? Now they are going to be paid back in fucking fiat? That should be criminal.

oneknee44

Yes ok it's totally a scam that FTX and SBF manipulated the price of ICP 😂

Generic_Globe

Bro. I said scam. You literally said FTX pumped it up and dumped down on people. That s like the textbook definition of scam. Then you vomited buzzwords like that makes any different. I own 770 ETH running 24 validators on a CEX. Which begs the question what does that even matter to the value proposition of ICP? Because it doesn't.

oneknee44

Not a story I'll give you pointers if you can't be bothered to dyor. The price of ICP was inflated by FTX before launch and pumped high, they then dumped on retail crashing the price when it was released. It's literally on the internet for you to look in to. ICP wasn't the only one impacted by this.

Simple-Programmer842

i dont get why people think thats a valid argument.. People just dont trust exchanges anymore after FTX and Luna Debacle.. Mt Gox and 10 diffrent other exchanges.. Binance has problems.. kucoin.. and some other mayor players. Thats enough reason.. That BTC runs downwards the last weeks shows another big momentum.. Etfs are also getting outflow.. We are still not there.. not even close.. If you only live in your confirmation biased bubble, you clearly miss the whole picture.. Im a btc maxi.. But we are still not there.

Hungry-Class9806

He's a sociopath with delusions of grandeur. The same way he thought he was smart enough to steal billions of dollars unnoticed, he also thinks he could recover FTX and make it even more valuable than it was at its peak.

dragonbucks

Well, in my view, if he could still run FTX, he might have handled the issues with the rising BTC prices. But now that the government took away his control, he's powerless. I think Bankman Fried isn't a bad person; he just looks out for those he trusts.

Dogspeonleg

In a sense yes but some are worst than others. FTX/Binance are prime example of worst than others. Some stuff they have done makes MexC and KuCoin look tame.

physicallyunfit

Could be true. He was rich before FTX so he didn't need to setup a exchange to scam people. We all knew he didn't know what he was doing, he got rich being a venture capitalist. He's biggest mistake was starting FTX and trusting US advisors who had incentive for it to fail. He should do the time and he is, but maybe some other people that profited off it should be investigated

nightyx14

FTX collapsed in Nov 22. Bitcoin was 1/4 of the price it is today. These “investors” got forced into a diamond hand. Right now they are much better off than they were before, please stop talking nonsense.

Sharlach

Glad i'm not the only one. I saw mt. Gox and FTX and knew both were a shitshow waiting to happen. I genuinely think the people that parked their money in both are just gullible rubes with poor judgement. All the weird interviews and behavior from both of the CEO's should have been a massive red flag to everyone, IMO. How you can trust companies like those over Coinbase and Brian Armstrong, I'll never understand.

wess604

I mean, maybe by his crazy parents raising him with warped beliefs..they should also be held criminally responsible for their FTX roles

Peach-555

FTX own bankruptcy proceedings claims there was a big hole, that's straght from the horses mouth. [https://www.forbes.com/sites/digital-assets/2023/03/03/ftxs-9-billion-balance-sheet-hole-about-equal-to-what-alameda-owes-it/](https://www.forbes.com/sites/digital-assets/2023/03/03/ftxs-9-billion-balance-sheet-hole-about-equal-to-what-alameda-owes-it/) The link to the actual bankruptcy document is in that article, direct links to PDFs often triggers the auto-mod. I rather just look at the actual legal proceedings and documents than to read a book someone else wrote about it. FTX was insolvent, they had a balance sheet hole as the result of illegally moving funds. The event has been adjudicated in court and FTX was insolvent by the financial definition. I don't know exactly what you are disputing.

omgitsthepast

They’re getting 149% of the value in USD at the time of the bankruptcy. Bitcoin has slyrocketed since then, and everyone is losing out on the potential profit they could’ve had. Put it simply people traded their FTX holdings when they were shut down for 20% of the market value at the time. Had they reinvested that in bitcoin then they’d be much better off than this 149%.

nightyx14

I mean, FTX is set to give back 149% to all customers. They don’t really loose. IMHO he should be out of prison given that everyone gets their money back.

Defusion55

Fallout from the FTX fiasco still. There are at least 10 companies still tied up in lawsuits over bankruptcy proceedings and assets. They all have to liquidate billions worth of crypto to conclude their bankruptcy proceedings. FTX fallout isn't expected to be over until July or even August.

fan_of_hakiksexydays

This is what crypto always does. Welcome to the crypto rollercoaster. If you're waiting for alts to start getting their big gains, you'll probably have to wait at least a few months. Money always starts pouring into Bitcoin first, and gets some big gains there. Once there's already been upside in Bitcoin for a while, and there's no longer room for more than 2x upside, and people still want more upside, that's when the money inevitably starts pouring into alt coins due to greed. While nobody knows what will happen to ETH, there's no reason to suspect that ETH won't do well in the next phases of the bull market (if the bull market continues), since everything is still going as expected and as usual. Since we saw a slight increase in dominance of Bitcoin at this stage, probably still from fears from the whole Luna and FTX fiasco, it would make sense if in this alt season only the "safer" and top alt coins that are more established will be what investors will go for, due to that fear. So ETH might have a better run this bullrun than in the last one.

fan_of_hakiksexydays

Do you call IBM, Microsoft, Amazon, Nvidia, AIG, Walmart, JPMorgan, Siemens, Honeywell, Tesla, scams for using smart contract, blockchain, and crypto for their business? Because those are just a few of the companies who have been using the innovation for their business. Or do you calling improved security, efficiency, money saving, decentralization, removing the need for trust, reducing corruption a scam? Because those are the solutions that crypto technologies have provided to those companies. Believe it or not, crypto is more than just Hex, Safemoon, FTX, and Luna.

Defusion55

I'd guess its related to FTX and CO liquidating assets for the bankruptcy proceedings. That whole shit show is far from over.

bolebuns

There were moons during FTX, no?

coinfeeds-bot

tldr; Sam Bankman-Fried, in his first interview from the Metropolitan Detention Center, shared his experiences and reflections on the events leading to his imprisonment. He believes he was unfairly made the scapegoat during FTX's collapse, asserting that if he had remained in charge, FTX would be valued at $80 billion today. Despite facing a 25-year sentence for cryptocurrency fraud, Bankman-Fried maintains his innocence and is preparing for an appeal. He also discussed the challenges of prison life, including adapting to the food and limited entertainment options. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

knaks74

What like FTX or Celsius? NDAX is a good trusted exchange in Canada, their customer support is great and fast especially on Reddit.

OverallHearing5

Maybe we’ll rebound at 52k, maybe we won’t. I’ll consider buying back then. This looks like whale distribution phase and end of cycle to me. Nobody is buying. ETF whales control price now. Wall Street can create a new legal problem for the industry whenever they see fit. And this sub is actually more dead than it was at 15.8k during FTX. Virtually zero people in the us understand what money is, and only the tiniest fraction of those that do even care. This is a 50-100 year project.

jawni

seems like you simultaneously understand but also don't understand. oversimplification: The assets FTX held didn't add up to what they owed until the assets appreciated.

Far_Store4085

I was meaning the tax individuals could owe on thier profits as FTX have forced everyone to cash out.

somedudenamedjason

The market pumped the shit outta their bags while litigation was occurring, they were insolvent at the time of FTX crash and now the crypto they held is worth a bunch more. One of the whackiest bankruptcy outcomes you will ever see…

PovasTheOne

Where the fuck did FTX get the money from to pay everyone back? I understand that ppl are getting refunded at like 1 year old prices, but still..

coinsRus-2021

Yep, all while getting close to and ignoring the actual corruption like say, oh, FTX

sub-80

If only they would just give everyone their money. They have access to all FTX account and crypto that was available.

Ok-Two3581

Yes, I’m not misunderstanding you, I understand the law, I’m pointing out the ridiculousness that FTX was the cause that the value of their liabilities dropped so low temporarily. It’s a unique situation, apart from maybe mtgox, and maybe the law should account for this.

aSchizophrenicCat

I’ve been involved in a class action(?) for years - app I used was shut down by NYAG - have been getting the go around from court-appointed receivers for years. Multiple different firms took over, final result… “We couldn’t retrieve shit to return to former customers, defendants prolly moved funds overseas which is beyond our purview, and we’ve submitted this info to NYAG and are requesting relief from this case”, aka there is no viable sources of recovery for any of us. At least the former FTX customers actually have a chance here. They got news of available funds to return real quick, whereas it took the case I’m involved in 3+ years just to say we’re shit outta luck… lol.

Tomi97_origin

As I already said in my previous comment the law is very clear on this matter. >Section 502(b) of the Backrupcy Code says that the value of claims are to be estimated in a lawful currency of the United States as of the date of filling. The fiat value of each claim has to be determined as of the date FTX filled for backrupcy. >Now that they have enough to cover all claims then any extra recovered will be kept by FTX Under the current plan each creditor with a claim under 50k (about 98% of the claims) will receive about 118% of their original claim.

Ok-Two3581

When were the crypto’s fiat value determined? After the crash or the present value? If after the crash then it would mean people are being returned less than the value of their assets. I agree it doesn’t affect how much they can recover, but it does affect how much they pay out to affected customers. Now that they have enough to cover all claims then any extra recovered will be kept by FTX while their users get a haircut on the current value of their holdings if FTX didn’t go under.

Background-Paper-686

Was so close to losing half of my stack here. I mean I knew things were really sus concerning FTX but didn't think things were that bad. But i check crypto news every day and withdrew just a few days before collapse. God bless the CSR who helped me out. I was so nervous.

BitcoinRefuge

Who are FTX creditors going to sell millions with of FTT token?

Ok-Two3581

It’s pretty bananas that FTX **caused** the value of those assets to drop

noviwu97

Yeah FTX already sold almost all of their SOL. They started selling at $40 all the way to $70-80.

noviwu97

Next time learn to read beyond the headline, especially if it's a news that's related to you. Your BTC is priced at like 18k-20k, SOL at $18. Fortunately some alts like MATIC performed so terrible that current price is lower than during FTX collapse, so you'll get more.

BaffledKing93

For me, the way to determine future possible growth is to have a way to value bitcoin once it is fully adopted. Then you can make a judgement about what you think it'll do in the future. That said, that doesn't tell us how fast that adoption will happen since there are many factors. Consider how much of an influence ETFs have had, or the FTX collapse, etc.

Uda880

Take advantage? When there were hit piece after hit piece about everything FTX had invested in will be going to 0? Don't regret not taking that huge risk of throwing cash into the dumpster fire. Even if they did eventually save whatever's in there.

ActualSherbert8050

Here's a little tip on whats going to happen here. FTX is going to start trading again. Except this time Blackrock will own it.

Peach-555

FTX had a balance sheet hole at the time of the collapse, here is a estimate done at the time of the collapse: [https://twitter.com/TardFiWhale/status/1592193921865912321](https://twitter.com/TardFiWhale/status/1592193921865912321) They were insolvent by any definition, as they were not able to pay their debts.

Corbimos

I'm not mad, just trying to educate. They will get screwed over by a custodian and hate bitcoin for it. How quickly you have forgotten the effect FTX has had on people's perception of Bitcoin. I hear, "Bitcoin is a scam, look at FTX" almost everytime bitcoin comes up in conversations online and in person.

Tomi97_origin

People are not getting back their crypto assets. They are getting the value it had in USD at the day FTX filled for backrupcy. So instead of 1 Bitcoin people will get some 17k USD. Given how Bitcoin is over 60k at the moment I'm sure people would prefer to have their Bitcoins instead.

GEB82

It’s 100% + 18% interest in fiat based on the amount at the time they declared bankruptcy. Also, because FTX was mostly holding Solana and FTT tokens at the time of collapse. Guess which coin is about to get dumped to the tune of 9 billion dollars? Look the f out solana holders…

Rock_Strongo

The problem is they're going by the USD value at the time of FTX's collapse, which was much lower than today's prices. The only reason they have "more than needed" is because crypto has exploded in value since then. Essentially they forced people to hold for an extra year+ and are now forcing them to sell at roughly 1/3 of market value or worse, depending on what cryptos they had.

AnthonyBTC

It's in fiat, there isn't enough crypto to return 118% back in its original currency. The reason everyone is getting this much is because crypto has increased significantly since FTX claimed bankruptcy.

Defusion55

Not until FTX finishes settling and selling all their shit.

OneRobotBoii

That happened before FTX and is happening now and will always happen. FTX was on a different scale. You sound like you’d blame the rape victim for the way they dress.

only_merit

Well it's not only FUD, it's also false. First, we do not know if QC of that power are even viable to exist. That is still an open question. Then, let's assume that this question is resolved positively, that is that someone at some point finds a way to create such a powerful QC that could produce the signature without having the private key. Advancements like this do not happen over night. Computers of all kinds are incrementally improved and since we are talking about many orders of magnitude, we would first hear about QC being able to break weaker forms of cryptography long before there would be one strong enough to break ECC used in Bitcoin. What that means that we would have enough time to apply a softfork to introduce quantum resistant schemes to protect the coins. And while there is a separate problem with coins that would not upgrade (e.g. lost coins), there have already been discussed schemes based on zero knowledge proofs of having the correct seed that would protect even those coins with a softfork. It's not 100%, but it's close enough. So for all active users, QC will be non-issue, i.e. Bitcoin is safe. For some of unupgraded/lost coins, the attacker could possible spend them and create a temporary disruption of the market, not unlike we've seen with MtGox, FTX and others. And yet, Bitcoin always recovered from this in somewhat short time. Arguably, Bitcoin is more safe than physical gold as it is very hard to move the gold, so you are often stuck to a location, or have a great risk of losing it. And since nation states are arbitrary about changes in their laws, this property makes gold quite insecure for the future in many places in the world including US and EU.

SweetRecordings

Basically because banks have been instructed not to do it. If any business tries to use crypto their bank will either ask for a shitload of information and generally be a pain in the ass or else just close their account. Banks themselves don't want to have their own accounts with correspondent and partner banks closed or subjected to enhanced oversight. Why are bank compliance departments so against it? well there's a non-stop parade of small medium and large scams and scandals. certainly they don't want to be blamed when the next FTX hits or grandma invests her savings with a 1day old fake pig butchering exchange.

JustF1tAGauss1an

These detectors are as reliable as FTX

IAmAccutane

Which is a fucking travesty considering that the reason why Bitcoin tanked so low in the first place is BECAUSE of the collapse of FTX.

mcr55

Dont like trump, but seeing how bidden is unleashing the state on us has really changed my view on big goverment. The SEC has sued Coinbase, robin hood, kraken whilst they did nothing to FTX or Blockfi or celsius. They only target the good players. The courts have caught they flagrantly lying and found them arbitrary and capricious. If bidden is doing this to the one industry i follow i assume he does the same thing to other industries where they are treated very unfairly due to his personal views on crypto.

zrad603

of fuckoff automod [https://fingfx.thomsonreuters.com/gfx/legaldocs/xmvjroddevr/FTX%20Digital%20Asset%20Conversion%20Table.pdf](https://fingfx.thomsonreuters.com/gfx/legaldocs/xmvjroddevr/FTX%20Digital%20Asset%20Conversion%20Table.pdf)

C3PBuddha

"The speculation has emerged as ties between Sam Bankman-Fried, his parents Joseph Bankman and Barbara Fried, and prominent figures at the top level of government and regulatory agencies in the US, have been uncovered in recent days. And to top things off, Bankman-Fried himself is also a major political donor, first and foremost to the Democratic Party." Further, It is possible that FTX was laundering money for the Democratic National Committee. [https://cryptonews.com/news/was-sec-chair-gary-gensler-helping-sam-bankman-fried-find-legal-loopholes-for-ftx-heres-what-you-need-to-know.htm](https://cryptonews.com/news/was-sec-chair-gary-gensler-helping-sam-bankman-fried-find-legal-loopholes-for-ftx-heres-what-you-need-to-know.htm) SBF's ex girlfriend Caroline's parents both worked at MIT AND her father worked with Gensler. [https://www.businessinsider.com/who-are-caroline-ellisons-parents-alameda-research-fraud-ftx-sbf-2022-12#caroline-ellison-pleaded-guilty-to-wire-and-securities-fraud-1](https://www.businessinsider.com/who-are-caroline-ellisons-parents-alameda-research-fraud-ftx-sbf-2022-12#caroline-ellison-pleaded-guilty-to-wire-and-securities-fraud-1) So, this is a coincidence to you? Why is it that their regulated exchanges keeps stealing from people while the ones the SEC goes after don't? And Gensler was all pro crypto at MIT, teaching courses on it, but now has switched? And you defend that? Perhaps you should check out reddit's "I love the government and taxes and corruption" sub.

Ruimtepak

So if you only had stables on FTX you will get those back 1:1 and then some?

coinsRus-2021

Right, we’re better off with Gensler in there with the Biden admin - he has the people’s interest at heart with his critical position. He’s made awesome calls like getting close FTX, ignoring the already-in-place fraud and theft happening on Wall Street, etc, etc. Yep, only brain dead morons don’t vote for Biden.

coinformania

FTX repaying debts could indirectly boost Bitcoin as investor confidence in the crypto market grows. However, the exact impact remains uncertain amidst broader market dynamics.

DoinIt989

FTX wasn't even available in the US unless you had serious money or used a VPN and fake KYC documents.

DoinIt989

You couldn't even sign up for FTX if you were American!

celestialhopper

FTX is not crypto. It is the opposite of crypto. Centralized, obscure, non verifiable, permissioned.

coinfeeds-bot

tldr; Australia's Taxation Office (ATO) is requiring cryptocurrency exchanges to hand over personal and transaction details of 1.2 million traders to crack down on tax evasion. This move is part of a surveillance effort to ensure compliance with capital gains tax obligations on crypto sales. The ATO's request includes names, addresses, birthdays, and transaction details to identify traders who haven't reported their cryptocurrency-related activities. This crackdown follows the FTX collapse and includes measures against companies selling tokens without licenses and proposes a new licensing regime for crypto exchanges. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

PossessedFajita

Oh I misunderstood what you were saying. But in that case it still wouldn't matter because they didn't actually hold much crypto at all at time of bankruptcy. Apparently 0.1% of the Bitcoin and 1.2% of the Ethereum FTX said they held.

earblah

Illiquid means there are assets that can be sold to cover losses, but it takes time. Insolvent means that even if you sell everything you are still in the hole. FTX can *barely* pay off the creditors, when the asset they were ( supposed to be) holding has gone up by more than 3x FTX was 100% insolvent.

doobular_messiah

Perhaps not, but my point is back in 2022 when shit went down, FTX was not insolvent. They were facing a liquidity crisis due to the “run” on their exchange.

OverallHearing5

There always has to be a cleansing mid cycle. Only the real believers ever get paid. It’s the same for any outperforming investment. I bought mid 2022 when everything was FUBAR, then FTX happened. You should have heard the fear then lol

doobular_messiah

No they were not. FTX and Alameda had significant assets on their balance sheet (not just crypto FYI) and more than enough to cover the $8-10B in “misplaced” customer deposits. I am in no way shilling for SBF or FTX, just stating that if a run on their exchange wasn’t initiated by someone, then they would still be around today and no one would know anything different. Somebody had an axe to pick with SBF and I’d say they got the last laugh.