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Celcius, Voyager and now FTX!!!

Ccook33

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I know many of us here invest in crypto and use crypto payments for our purchases on the web. The recent greed of these centralized exchanges has financially destroyed thousands of people. For those of you unaware, FTX, owned by Sam Bankman Fried is on the verge of bankruptcy. Being valued around 16,000,000,000 two days ago, FTX is now broke. You may ask, how in the fuck do you piss away 16 billion dollars!? I’ll show you.

Sam owns FTX.com as well as Alameada Research.

FTX is an exchange where customer A wants to buy cryptocurrency but doesn’t want to go through the steps of storing it on a cold wallet, having to set up and memorize keys etc. Basic terms, average joe wants to hit a button and turn his dollars into Bitcoin. Sam and other exchanges do this for you and make money on spread and trades.

Alameada Research is a trading for profit company. No further explanation needed. They raise money, trade shit, and hopefully make money.

Sam decided to slowly dilute his ownership in FTX by raising billions of dollars and slowly backdooring that money along with customer assets to, you guessed it, alameada research. (Which he owns 100% of)

The bear market absolutely destroyed them so what do you do when you lose a bunch of money and have a hole in your balance sheet? Raise more money or fill the gap somehow.

That’s where the money from FTX comes in. It’s being reported that he siphoned (best word for it) TEN BILLION dollars to his trading firm and they lost it all.

Those of you aware of the situation know the deal with the owner of Binance shedding light on the balance sheet issue which led to the ultimate bank run and where we are now. But that could be a completely new thread.

As some who lost 6 figures (probably) in the ongoing voyager debacle, I feel for anyone else who has been crushed by this. I’m by no means rich, in my early 30’s and a career bartender. So I got hit hard hard.

If you take one thing from all of this please please please get your money OFF EXCHANGES.
 

Virtuous

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Yeah, SBF fucked up big time. You nailed the assessment. They effectively breached their own ToS by legally agreeing not to lend anyone's capital that they stored in the exchange to 3rd parties, and then went straight ahead and did that.

Then when they had cash flow issues, they couldn't recall the loans.

This led to the crunch where Binance was prepared to step in and buy them out (eliminating a huge competitor through acquisition).

However, as soon as Binance began due diligence, they saw how massive the holes were in the balance sheet and pulled out of the acquisition, leading to a massive bank run that almost immediately triggered a death spiral.

FTX is dead, and SBF is probably going to get his with a plethora of suits and charges. I'd be shocked if he doesn't end up in prison for this.
 

Ccook33

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Yeah, SBF fucked up big time. You nailed the assessment. They effectively breached their own ToS by legally agreeing not to lend anyone's capital that they stored in the exchange to 3rd parties, and then went straight ahead and did that.

Then when they had cash flow issues, they couldn't recall the loans.

This led to the crunch where Binance was prepared to step in and buy them out (eliminating a huge competitor through acquisition).

However, as soon as Binance began due diligence, they saw how massive the holes were in the balance sheet and pulled out of the acquisition, leading to a massive bank run that almost immediately triggered a death spiral.

FTX is dead, and SBF is probably going to get his with a plethora of suits and charges. I'd be shocked if he doesn't end up in prison for this.
Crazy how CZ’s DD took all over about 10 minutes… that right there shows you how bad they fucked up.
 

Ccook33

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Yeah, SBF fucked up big time. You nailed the assessment. They effectively breached their own ToS by legally agreeing not to lend anyone's capital that they stored in the exchange to 3rd parties, and then went straight ahead and did that.

Then when they had cash flow issues, they couldn't recall the loans.

This led to the crunch where Binance was prepared to step in and buy them out (eliminating a huge competitor through acquisition).

However, as soon as Binance began due diligence, they saw how massive the holes were in the balance sheet and pulled out of the acquisition, leading to a massive bank run that almost immediately triggered a death spiral.

FTX is dead, and SBF is probably going to get his with a plethora of suits and charges. I'd be shocked if he doesn't end up in prison for this.
And that was my next question… prison time or what for Sam?
 

Virtuous

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And that was my next question… prison time or what for Sam?
He may face charges but he’ll likely get off with a deal, because FTX is a Bahamian company and Alameda Research is based in HK.

The U.S. is going to have a hell of a time bringing charges, because they have no real jurisdiction. Bahamas/HK won’t want to cooperate, because the whole point of incorporating there is the legal shield.

Now, US citizens were materially damaged, so you may see asset seizures and lightweight criminal charges in the U.S., but this won’t be a Madoff situation.
 

Ccook33

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He may face charges but he’ll likely get off with a deal, because FTX is a Bahamian company and Alameda Research is based in HK.

The U.S. is going to have a hell of a time bringing charges, because they have no real jurisdiction. Bahamas/HK won’t want to cooperate, because the whole point of incorporating there is the legal shield.

Now, US citizens were materially damaged, so you may see asset seizures and lightweight criminal charges in the U.S., but this won’t be a Madoff situation.
Not sure if you saw Jack Mallers interview on Twitter with Dave Portnoy. Basically said the same thing about HK and the islands lol. Im sure he’ll scrounge up whatever he can and go on the run. Don’t think Sammy boy would do well in the big boy jail.

If anyone wants me to direct them to some good YouTube videos on how to self custody your crypto let me know. Not sure on rules on posting direct links!
 

johnjuanb1

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I know many of us here invest in crypto and use crypto payments for our purchases on the web. The recent greed of these centralized exchanges has financially destroyed thousands of people. For those of you unaware, FTX, owned by Sam Bankman Fried is on the verge of bankruptcy. Being valued around 16,000,000,000 two days ago, FTX is now broke. You may ask, how in the fuck do you piss away 16 billion dollars!? I’ll show you.

Sam owns FTX.com as well as Alameada Research.

FTX is an exchange where customer A wants to buy cryptocurrency but doesn’t want to go through the steps of storing it on a cold wallet, having to set up and memorize keys etc. Basic terms, average joe wants to hit a button and turn his dollars into Bitcoin. Sam and other exchanges do this for you and make money on spread and trades.

Alameada Research is a trading for profit company. No further explanation needed. They raise money, trade shit, and hopefully make money.

Sam decided to slowly dilute his ownership in FTX by raising billions of dollars and slowly backdooring that money along with customer assets to, you guessed it, alameada research. (Which he owns 100% of)

The bear market absolutely destroyed them so what do you do when you lose a bunch of money and have a hole in your balance sheet? Raise more money or fill the gap somehow.

That’s where the money from FTX comes in. It’s being reported that he siphoned (best word for it) TEN BILLION dollars to his trading firm and they lost it all.

Those of you aware of the situation know the deal with the owner of Binance shedding light on the balance sheet issue which led to the ultimate bank run and where we are now. But that could be a completely new thread.

As some who lost 6 figures (probably) in the ongoing voyager debacle, I feel for anyone else who has been crushed by this. I’m by no means rich, in my early 30’s and a career bartender. So I got hit hard hard.

If you take one thing from all of this please please please get your money OFF EXCHANGES.
Damn man, I’m sorry you lost money in this scammy situation. Greed never seems to go away even when you have 8 billion dollars apparently. The SEC needs to investigate Sam and throw his butt in prison. CZ-binance wanted to help bail them out but US regulators could spin it to say he was part of the scam. It sure kicked the butt out of solana(SOL) investors. I have said for months if SOL drops to $12 I would load up, but I chickened out yesterday because tons of SOL were getting unlocked at 12:30am today. I feared a mass sell off even though I realized the bottom could be in on SOL. In my gut I think SOL is a great long term hold. The next bull run will most likely begin not long before the bitcoin halving in early 2024. I can see SOL going to $1,000 next bull run. Has I bought yesterday I’d be up 50% today. But as they say, “No guts, no glory!”
I see a lot more bear days ahead as long as Biden is in the White House. Inflation will get worse driving all markets down.
My instinct says bitcoin may drop as low as $8,500 before the next bull market. I suppose it’s best to wait it out. I can’t short crypto on BinanceUS, so I’m just sitting patiently on the side lines. When I feel crypto has hit bottom I want to invest in CARDANO(ADA), ETHEREUM (ETH), SOLANA(SOL), XRP(if it’s finally sold on BinanceUS), BITCOIN(BTC), BNB, LITECOIN(LTC), and DOGE.
I hope you make the losses up. You just have to find that one 100x that’s hiding in the shadows.
 

Ccook33

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Damn man, I’m sorry you lost money in this scammy situation. Greed never seems to go away even when you have 8 billion dollars apparently. The SEC needs to investigate Sam and throw his butt in prison. CZ-binance wanted to help bail them out but US regulators could spin it to say he was part of the scam. It sure kicked the butt out of solana(SOL) investors. I have said for months if SOL drops to $12 I would load up, but I chickened out yesterday because tons of SOL were getting unlocked at 12:30am today. I feared a mass sell off even though I realized the bottom could be in on SOL. In my gut I think SOL is a great long term hold. The next bull run will most likely begin not long before the bitcoin halving in early 2024. I can see SOL going to $1,000 next bull run. Has I bought yesterday I’d be up 50% today. But as they say, “No guts, no glory!”
I see a lot more bear days ahead as long as Biden is in the White House. Inflation will get worse driving all markets down.
My instinct says bitcoin may drop as low as $8,500 before the next bull market. I suppose it’s best to wait it out. I can’t short crypto on BinanceUS, so I’m just sitting patiently on the side lines. When I feel crypto has hit bottom I want to invest in CARDANO(ADA), ETHEREUM (ETH), SOLANA(SOL), XRP(if it’s finally sold on BinanceUS), BITCOIN(BTC), BNB, LITECOIN(LTC), and DOGE.
I hope you make the losses up. You just have to find that one 100x that’s hiding in the shadows.
Agree with everything you just said. If you would’ve told me I had the chance to buy sol at these prices, regardless of the circumstances I’d call you an idiot! 😂 Dark times ahead until the next halving; also agree. Hopefully we see a little bounce here and some stability of some sort over the coming weeks.
 

johnjuanb1

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Agree with everything you just said. If you would’ve told me I had the chance to buy sol at these prices, regardless of the circumstances I’d call you an idiot! 😂 Dark times ahead until the next halving; also agree. Hopefully we see a little bounce here and some stability of some sort over the coming weeks.
I think bitcoin will go as low as $8,500. What’s your bottom prediction?
 

pesty4077

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I think bitcoin will go as low as $8,500. What’s your bottom prediction?
I be shocked if it went that low. It bounced up 13.5% today. ETH is up 20% today. I think we had a lot of panic sellers. The stock market and Inflation projections helped today too.
 

K1

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I think bitcoin will go as low as $8,500. What’s your bottom prediction?
12k is the lowest I see it going...Then you come into major holders and lost accounts that have built a massive wall that is going to be tough for them to get behind (not that it isn't possible but a tough catch).

SBF is another kid that became rich because of crypto...These kids give the industry a bad name with their thoughtless spending and immature investment decisions. They will use him to drag heavy regulations into the exchanges...And yes I agree, centralized exchanges are not a place to keep anything on that you own for long term.
 

Ccook33

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12k is the lowest I see it going...Then you come into major holders and lost accounts that have built a massive wall that is going to be tough for them to get behind (not that it isn't possible but a tough catch).

SBF is another kid that became rich because of crypto...These kids give the industry a bad name with their thoughtless spending and immature investment decisions. They will use him to drag heavy regulations into the exchanges...And yes I agree, centralized exchanges are not a place to keep anything on that you own for long term.
The plot thickens. People are paying big money to have the kyc department verify their location as the Bahamas. The Bahamas are still open for withdraws (wonder why 🤔) and then people are withdrawing all of their funds. Some guy on Twitter paid 100k earlier. Fucking wild time boys.
 

Ccook33

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I think bitcoin will go as low as $8,500. What’s your bottom prediction?
I have no clue but I don’t ever see it getting that low. Then again, 5 years ago I thought I’d be sitting on an island somewhere by now paying for my margaritas with my phone in btc, so shit loll.
 

paulallen

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It's going to get way worse...

Things will likely start to get pretty damn ugly the further we get into the EOY and into Q1/Q2 once layoffs start happening

Layoffs have hardly even started and the criminals in charge are still not admitting that we're in a recession

It's a paper thin house of cards, they can't keep it propped up on make believe forever

I can easily see it getting down below 10k and then trading sideways for quite some time

** Chart wise - it's tiptoeing on the edge of a cliff as we speak sitting on major support (anchored vwap and the low of the June 22' crash) Hold this it's in decent shape FOR NOW. Below we're looking at 13.4k as next target down.
 

Zarati

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Crypto is a giant pump and dump scam.
Sure the Blockchain technology is good, but tokenizing it to make money out of it is the scammy part. 99% of these projects don't need some random useless token
Ether is the gas for Ethereum, yea but they could make more of it, Ethereum had a supply of 100mil but now it's 120 lol what a joke.

Bitcoin was the best out of all, but they fucked that up too. It's very centralized now. Just because you can't make more out of it doesn't mean it's not centralized.

Will it pump and dump again? Absolutely.

And this bear market is going to last 3-4 years at least. We haven't seen the worse yet.

I'd buy Bitcoin at 5-10k tho
 

Ccook33

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Crypto is a giant pump and dump scam.
Sure the Blockchain technology is good, but tokenizing it to make money out of it is the scammy part. 99% of these projects don't need some random useless token
Ether is the gas for Ethereum, yea but they could make more of it, Ethereum had a supply of 100mil but now it's 120 lol what a joke.

Bitcoin was the best out of all, but they fucked that up too. It's very centralized now. Just because you can't make more out of it doesn't mean it's not centralized.

Will it pump and dump again? Absolutely.

And this bear market is going to last 3-4 years at least. We haven't seen the worse yet.

I'd buy Bitcoin at 5-10k tho
That would put the bear market well past the next halving? No shot right?
 

Zarati

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That would put the bear market well past the next halving? No shot right?
It'll pump and dump.

This time is different, this time isn't a crypto bear market like in 2018, the economy is collapsing. No real hedge funds are going to buy Bitcoin when there are stocks, real estate businesses available for sale. It'll only be market makers playing the game.

No real rich people are going to trust this type of asset after seeing it pump and dump like this.

And Bitcoin was supposed to be a hedge against inflation and recession, didn't work. Because it's tied to the dollar.
 

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