Quote:
Originally Posted by SkinnyPupp
I don't need to think of any conspiracies to explain why alt cryptos and NFTs failed.. it was a huge ponzi scheme that came crashing down! It seems like only the people on top, and the people on the outside were aware.
I hope you and other people I like were able to cash out first if you were playing around in that market.
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This is in specific to SBF's FTX and Alameda Research.
I mean it is the bear market but this space havn't collaspe. SBF's losses right now estimate at 10 bill USD worth. What a big number!
CZ from Binance just casually show off a couple of Binance's cold wallet containing 61 billion worth of BTC/ETH/BNB
Just tuning out and calling everything a ponzi is honestly doing a disservice to what can be learned from all this
It appears Alameda Research went bust in q2 when Luna/3ac Collaspe. FTX injected 10b to rescue Alameda which they promptly pissed away buying all of the insolvent entities that lead to Alameda going bust. By appearing as a savior for this space, they were able to have people continuously inject money into their exchange that is literally taking peter to give to paul.
Sam even testify in front of lawmakers while breaking the very same laws in his firms....hmmm where can we seen this timeline.
CZ's tweet trigger a bank ran that expose how close they were to insolvency.
None of this is crypto-related, all of these tactics are frequently used by tradi fi and it is exactly the thing crypto was meant to prevent. This is a repeat of many stories you can find in tradi fi. Why is this happening in crypto?
Moral of the story. If you think Crypto can only survive with CEX ,well than we really should just pack our bags and go home.
Or this could be an epiphany moment, wow we have been depending on these CEX their whole time in a space that is meant to prevent this from happening
I went down the second rabbit hole these few days. Turns out there are a few very promising DEX project with derivative trading on that is running very smoothly with no gas fee on L2. They are missing the volume and liquidity to become competitive with Binance. But guess who's liquidity and volume increase in the past 48 hours.
I thought we all promoting staying for the tech not the money?