Anybody remembers the Prince song? Banking like it is 1899! I will see myself out now. Probably too soon...
FTX's Bitcoin Balance Plunges to Just One Roughly 20,000 bitcoin have been pulled from the crypto exchange in the past 24 hours, according to data from Coinglass. https://www.coindesk.com/business/2...eferral&utm_source=rss&utm_campaign=headlines
Shit like this is why it is hard to take crypto seriously. It is ultimately why I don't trade the stuff. Not against it but the idea of trusting any of these exchanges with my capital is laughable.
SBF is a fraud. The ROK arbitrage was awesome in its scale, and then he perpetrated outright fraud with Alameda.
It’s worth a read the bloomberg’s article posted above to get a general idea of the field. It explains how ponzi schemes are engineered through farming and some thoughts of the perceived value compared to the intrinsic value of something; what matter for us as trader is the perceived value and more specifically the timing to get in/out; You can apply this principle just for everything; Another read that I recommend is the “miserable life” thread of the pit guy; his cottage home and the price fluctuations over few months; finally to know if You need to click the buy/sell Just get a broadly understanding of where we are in the economic cycle, and You should do fine