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Post by Chopsen on Dec 16, 2022 11:15:14 GMT
So can someone explain this to an old fart like me:
What was the point of FTX?
I always thought that the point of cryptocurrencies was it was decentralised. It was an elaborate application of private/public key authentication to verify transactions . Your wallet was your private key granting you access to transact too and from the funds held against that key on the blockchain. The whole idea was I though there was no third party that you needed to trust implicitly (like a conventional bank).
So why the need to have something like FTX to give your money to?
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Post by drhickman1983 on Dec 16, 2022 11:30:08 GMT
Trump has released $99 dollar NFT "trading cards". Surprised it took him this long to jump onto the bandwagon. (Unless he did some previously)
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Post by smoothpete on Dec 16, 2022 12:15:24 GMT
So can someone explain this to an old fart like me: What was the point of FTX? I always thought that the point of cryptocurrencies was it was decentralised. It was an elaborate application of private/public key authentication to verify transactions . Your wallet was your private key granting you access to transact too and from the funds held against that key on the blockchain. The whole idea was I though there was no third party that you needed to trust implicitly (like a conventional bank). So why the need to have something like FTX to give your money to?
Fundamentally so you can swap magic beans with other retards. Also, some exchanges were paying you interest in crypto to hold your funds with them (staking). Also, FTX had their own token which was like Nectar points more or less, which provided preferential trading benefits if you owned a bunch of them.
Smart people would have used exchanges to buy their magic beans then move them offline to their bean wallet. But then smart people wouldn't have bought magic beans in the first place I suppose
(hashtag not an expert)
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Post by smoothpete on Dec 16, 2022 12:55:49 GMT
The current conspiracy (which I kinda believe is true) is that the Democrats organised for SBF to be arrested before the hearing because they basically don't want to have to give his campaign donations back. Seems fairly likely he'll get Epsteined in the near future too. That prison is apparently one of the worst in the world
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Post by technoish on Dec 16, 2022 13:13:56 GMT
I doubt it given it was based on separate indictments by various agencies.
Also he gave more I think to GOP related?
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Bongo Heracles
Junior Member
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Post by Bongo Heracles on Dec 16, 2022 13:37:03 GMT
So can someone explain this to an old fart like me: What was the point of FTX? I always thought that the point of cryptocurrencies was it was decentralised. It was an elaborate application of private/public key authentication to verify transactions . Your wallet was your private key granting you access to transact too and from the funds held against that key on the blockchain. The whole idea was I though there was no third party that you needed to trust implicitly (like a conventional bank). So why the need to have something like FTX to give your money to?
Fundamentally so you can swap magic beans with other retards. Also, some exchanges were paying you interest in crypto to hold your funds with them (staking). Also, FTX had their own token which was like Nectar points more or less, which provided preferential trading benefits if you owned a bunch of them.
Smart people would have used exchanges to buy their magic beans then move them offline to their bean wallet. But then smart people wouldn't have bought magic beans in the first place I suppose
(hashtag not an expert)
It also removed a huge complication hurdle and made the process of buying and selling crypto very easy, which is another reason it was hugely popular. As we have talked about before, Pete, you place one barrier in front of me and I’m out which is why I never got into crypto in the first place. The intention was to make this the Robin Hood, the trading app, of crypto and make it something your gran could do. |
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Post by Trowel 🏴 on Dec 16, 2022 18:41:37 GMT
Fundamentally so you can swap magic beans with other retards. Also, some exchanges were paying you interest in crypto to hold your funds with them (staking). Also, FTX had their own token which was like Nectar points more or less, which provided preferential trading benefits if you owned a bunch of them. Smart people would have used exchanges to buy their magic beans then move them offline to their bean wallet. But then smart people wouldn't have bought magic beans in the first place I suppose Can I just point out that the infamous magic beans actually worked in the story. |
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Post by khanivor on Dec 16, 2022 22:48:02 GMT
Yeah, some of his charges relate to campaign finance and him donating loads of money to Republicans illegally. He’s stated as much, basically, noting it wasn’t as helpful to his desired public image to give money to them as opposed to Democrats.
End of the day tho he was bribing both sides to keep the leash off crypto.
While removing barriers of entry was a function of FTX, I think the intention was to steal loads of money from loads of people. Unfortunately my brother was one of them. He out much of his retirement into FTX. He’s 61. He’s kinda fucked.
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Goban
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Post by Goban on Dec 16, 2022 23:05:13 GMT
Eeeek, that's not good. But I suppose there's probably a lot in his position.
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Frog
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Post by Frog on Dec 17, 2022 6:40:24 GMT
It's funny we don't get anyone in here telling us how great crypto is anymore.
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Post by Chopsen on Dec 17, 2022 10:12:51 GMT
I'm sure you could still find an obliging lunatic on Reddit without trying too hard.
Remember when Sunak wanted the Royal Mint to make NFTs? That was less than a year ago.
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Post by khanivor on Dec 17, 2022 19:34:37 GMT
It's funny we don't get anyone in here telling us how great crypto is anymore. I wonder how much he who shall not be named put into FTX One can hope… |
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Post by Resident Knievel on Dec 17, 2022 20:32:05 GMT
Binance making similar noises to FTX before they collapsed.
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Post by khanivor on Dec 18, 2022 18:34:00 GMT
Mazars, the accounting company which was shoot to keep its name attached to Trump’s taxes and balance sheets, just dropped Binance and a few other crypto clients
Make of that what you will
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Post by Resident Knievel on Dec 20, 2022 12:31:27 GMT
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Post by smoothpete on Dec 22, 2022 9:02:49 GMT
Interesting times! - SBF now in US custody, having probably decided that US jail > Bahamas jail - His ex-colleagues Caroline Ellison and Gary Wang plead guilty and are in the process of spilling their guts Should be fun to watch this all unfold further www.bbc.co.uk/news/business-64036615 |
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Post by simple on Dec 29, 2022 17:39:57 GMT
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malek86
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Pomegranate Deseeder
Posts: 3,266
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Post by malek86 on Dec 29, 2022 19:43:34 GMT
I guess being able to use these NFTs as tax write-offs is more than those peope deserve, but whatever, as long as the fad is over.
Crypto in general seems to be in a bad place now. Maybe we can go back to things that actually make sense someday.
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Post by simple on Dec 30, 2022 0:41:22 GMT
I suppose all ponzi schemes run out of marks eventually
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Blue_Mike
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Posts: 5,408
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Post by Blue_Mike on Jan 10, 2023 22:01:13 GMT
Piece of shit turns out to be piece of shit:
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Post by Jambowayoh on Jan 10, 2023 22:10:28 GMT
Piece of shit turns out to be piece of shit:
I've been following this and the guy needs better management because some of the shit he's been saying are just career ending for anyone else. He only backed down from suing Coffeezilla despite being incredibly bullish about it was that defamation of character is extremely difficult to prove in court and his argument that recording people without two party consent does not apply in Coffeezilla's home state of Texas. But what do you expect from a piece of shit individual like Logan Paul. |
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sport✅
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notice me senpai
I want to claim my tits
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Post by sport✅ on Feb 7, 2023 5:25:58 GMT
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X201
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Post by X201 on Feb 8, 2023 14:45:24 GMT
Makes it easier for the Russian's to hide their money in London and donate to the Conservative Party
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Post by drhickman1983 on Feb 8, 2023 16:44:22 GMT
At best it just feels like yet another solution to a problem that doesn't exist.
Digital currency!
Because at the moment we're all paying for everything in paper money and coins.
At worst... Yeah, nice way to hide those dodgy backhanders from foreign powers.
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Post by smoothpete on Feb 10, 2023 7:59:44 GMT
Fantastic article about FTX and SBF from the Financial Times: archive.is/hdQe9“ EMAIL - NOV 13 FROM: SAM BANKMAN-FRIED TO: JOHN RAY Hey John, I’d be super happy to chat — here, phone, etc.! Sam EMAIL - NOV 14 FROM: SAM BANKMAN-FRIED TO: JOHN RAY I’d actually love to talk to you, John, and don’t need my counsel to talk first—I’m ready/prepared to talk, and think it would be very constructive and helpful for coordination between offices and entities for us to have a productive communicative relationship—or at last to explore having one. Sam EMAIL - NOV 15 FROM: SAM BANKMAN-FRIED TO: JOHN RAY Hey John, I’d really love to talk. We’ve been having a lot of trouble responding to the Bahamian provisional liquidators’ questions because we keep getting locked out of our systems, and we’re not getting much of a response on that. We’d really love to access to our 1password accounts, and GCP, and AWS. I’d also just love to talk with you and synch up so hopefully we can work constructively together… Please reach out anytime. Sam EMAIL - DEC 12 FROM: SAM BANKMAN-FRIED TO: JOHN RAY Hi Mr Ray, I have potentially pertinent information concerning future opportunities and financing for FTX and its creditors. I also believe that I have relevant financial information about FTX US, and further that I have potentially relevant regulatory information concerning FTX. I would love to talk to you, whether it’s via email or phone, and to work constructively with you and the Chapter 11 team to do what’s best for customers… Sam. EMAIL - JAN 2 FROM: SAM BANKMAN-FRIED TO: JOHN RAY Mr Ray, I know things haven’t gotten off on the right foot, but I really do want to be helpful… As I’m guessing you’ve heard, I’m in NYC for the next day. I’d love to meet up while I’m here — even if just to say hi… Sam Ray never replied.” LOOOOL |
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Post by Resident Knievel on Mar 11, 2023 8:40:18 GMT
USDC stablecoin had a large amount of funds held in SVB bank which just collapsed so its went from probably not backed 1:1 with the dollar to definitely not backed 1:1 with the dollar.
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Post by drhickman1983 on Jul 4, 2023 15:23:27 GMT
I've been seeing a few nrey murmurings of "britcoin" recently, the Bank of England digital currency.
Just asking here because I can't be arsed to ask anywhere else but I'm not finding answers via Google.
Can anyone explain what the actual benefits are supposed to be?
So it's a digital coin that you can buy things with... Okay, how is that better than just using my debit card?
Now, I've seen some concerns regarding privacy and mutterings about expiry dates and such, which may be accurate but I'm also conscious there's a lot of noise from the cashless conspiracy brigade, so I'm just trying to work out what the point of CBDCs are, and if any of the tinfoil hat concerns are possibly partly valid.
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Post by Jambowayoh on Jul 13, 2023 20:34:20 GMT
If you had bought Bitcoin 6 posts ago on this thread, today you would have doubled your money. Or roughly about 20 or so pages of people complaining about the cost of living thread... I'm trying to see what your point is. |
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Post by GigaChad Sigma. on Jul 13, 2023 20:51:29 GMT
If you had bought Bitcoin 6 posts ago on this thread, today you would have doubled your money. Or roughly about 20 or so pages of people complaining about the cost of living thread... If you put £1000 pounds on red and it came in you'd have doubled your money. |
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Post by cristar on Jul 14, 2023 10:11:05 GMT
Not gonna celebrate too much when it's at $75 dollars from the $100 I stuck on it 3 years ago. lol
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