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fredericksonKorea t1_ivy7eih wrote

Reply to comment by nova9001 in FTX looks for $9.4 bln in rescue funds, Bahamas freezes some assets by fudge_u

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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