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nova9001 t1_ivwr2wg wrote

Reply to comment by james_randolph in FTX looks for $9.4 bln in rescue funds, Bahamas freezes some assets by fudge_u

Bizarre that people would hand billions of assets to some random platform. Its almost like asking to be fked with.

I am not surprised if Binance goes down next. That's another shady company.

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[deleted] t1_ivx52p7 wrote

[deleted]

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badras704 t1_ivx7l5i wrote

These are centralized exchanges.

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aravarth t1_ivxqx40 wrote

centralised in the context of finance and banking means government regulated

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badras704 t1_ivyb43a wrote

Idk who told u that but ima let you just keep thinking it.

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ShiningInTheLight t1_ivxlf4q wrote

yeah, that dude is literally wrong and clearly illiterate on the subject but still got upvotes.

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shadowrun456 t1_ivxk803 wrote

No one ever said that a centralized crypto exchange can't get hacked (or stolen from) even if the coins traded on it are decentralized. Not your keys, not your coins.

Edit: Downvoted for simply stating facts.

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jeffyoulose t1_ivxlljm wrote

The CEO went to MIT! Of course he is to be trusted. If he went to GIT. Grifter's institute then people should doubt.

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fredericksonKorea t1_ivy7eih wrote

Binance just revealed that their funds are safe.

In the form of a dozen high risk crypto assets. LOL

There is no liquidity, no real USD left in the crypto ecosystem. Ape jpegs worth millions of immaterial dollars, coins with imaginary caps, exchanges where the real FIAT has been spent on advertising and parties.

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nova9001 t1_ivyuhe3 wrote

Anyone who doesn't withdraw their assets from crypto platforms deserve to lose it. After Celcius and now FTX, just how much warning do people need?

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theholylancer t1_ivzytax wrote

when i realized that a lot of valuation of crypto is in stablecoins, coins that supposed to peg their value to the dollar or what nots

and that those companies are acting as worse than banks by having less than 1% at times of actual USD holdings vs their claimed number of coins they hold

I knew that it was all bullshit and anyone who holds assets in ANY crypto, be it BTC or a stablecoin or anything like that, is going to be holding the bag when that liquidity issue comes home to roost

BTC can likely survive to not be worth 0, but the ones that relies on those stablecoins or random other coins as the base is just all bullshit.

there is no difference between a pretend stock market or fantasy stock exchange and crypto if you can't convert the crypto into either hard currency, or goods and services that you can use.

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Frontpageorlurk t1_ivxwjoe wrote

They have their name on the side of a sports arena, regulation should of happened yesterday. The US has done a great disservice to its people, this should have never been allowed to happen.

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646bph t1_ivy6mqu wrote

It’s crypto, lack of government regulation was the whole point. People only have themselves to blame if that lack of regulation results in personal financial loss.

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Frontpageorlurk t1_ivy7bfb wrote

Yes, but the average joe dosent understand all that, they see tom brady and larry david shilling it on TV and think it must be safe.

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646bph t1_ivy9zef wrote

Yeah, that’s fair, it definitely got way too main stream.

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etarnkufecin t1_ivyaim8 wrote

Yup, too many people see a celeb and automatically go..."well they must be trust worthy, i'll buy what they sell..or vote foe them." Not thinking that those people do 0 research and are just getting paid to sell stuff. We are a celeb idolizing society.

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coyote-1 t1_iw0xe6n wrote

They deserve their fate if they invested without understanding their investment

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iamnotabot159 t1_ivyu3hy wrote

lol

Not being regulated by governments is the whole point of crypto currencies

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artaru t1_ivywtvy wrote

Regulations FOR me, not AGAINST me.

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