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All Crypto is Bad 11/9/22

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Just now, Jimi said:

Binance walks away from FTX acquisition.

Issues at FTX are beyond Binance's control.

Suggests it wasn't ever liquidity, it was solvency.

Crypto is for suckers.

did one on those involved actually say it is all a scheme?

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11 minutes ago, Jimi said:

Binance walks away from FTX acquisition.

Issues at FTX are beyond Binance's control.

Suggests it wasn't ever liquidity, it was solvency.

Crypto is for suckers.

Wait a second! I do have FDIC insurance on my first $250K invested with them right?

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Wonder how many firms were funded & founded in the last 2 years around the FTX/SBF/Alameda story.

I mean - yeah - the VC's who directly invested in FTX rounds are near-zeroed out. That seems worth about $ 2 billion according to a chart circulating on Twitter.

FhFSycxXoAEMruU.thumb.jpg.82b7c54e51218627ea38d1ba29c160b2.jpg

 

But the chart doesn't capture the likely imminent losses of companies staked on the strength of FTX/Alameda. I know an FTX/SBF acolyte: very smart guy with long history in finance, who was telling me over summer about how SBF was a genius who was going to take over finance... he was "the future." I smiled & nodded.

Point is, a very very large number of people were taken in by this story. The indirect fallout from this remains ahead.

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1 minute ago, sandy beach said:

Wait a second! I do have FDIC insurance on my first $250K invested with them right?

Read something on Twitter - DYODD - that suggests FTX changed its terms of service at some point in the last year that negated account holder's implicit ownership/rights to deposits. I couldn't believe it, but I saw it... may be someone goofing.

But the Binance statement also intimates some measure of wrong-doing, which suggests to me acting on that change in ownership/rights.

UFB.

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2 minutes ago, Jimi said:

Read something on Twitter - DYODD - that suggests FTX changed its terms of service at some point in the last year that negated account holder's implicit ownership/rights to deposits. I couldn't believe it, but I saw it... may be someone goofing.

But the Binance statement also intimates some measure of wrong-doing, which suggests to me acting on that change in ownership/rights.

UFB.

Got popcorn?

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