he can't be helped. first it was the retail FX bucketshops that made him lose, then it was infinite gamma / options MMs that made him trade options and lose, now it's Binance's fault that FTX went full retard fraudulent. insufferable, incorrigible, helpless. don't waste your breath.
Everyone, including myself, assumed that FTX/Alameda was hugely profitable by trading against its clients. But providing tight spreads on any shitcoin is very expensive. It can very well be that their market-making operation was burning money to attract customers to FTX.
SBF is not innocent but Binance directly brought out FTX's downfall and caused the financial loss of numerous innocent investors. That's not something that can be denied. Binance is reliable sure, a reliable a$$hole.
Why do you feel that the investors are innocent? Surely they bear some responsibility for their actions. There wouldn't be any whining or crying if they all became very rich.
Because they were brought down not by market forces but by personal vengeance and deliberate sabotage. I wouldn't sympathize with them if they invested in crypto and lost because the crypto that they invested in deteriorated in value but this time they were victims of some a$$hole's market manipulation with his privileged holding. If Binance didn't have holdings of FTT, it wouldn't have been able to do what it did. FTX had problems that's true but Binance caused its downfall through market manipulation while being fully aware of its consequences that's not something to be denied. Binance is not the whistleblower or the hero here. What it did was despicable. That's all I am saying here. And the investors in this case are innocent. It's not their fault that they don't get to audit FTX's financial statement and know what's going on. Binance wanted to spin this around to make itself the hero to want regulations? That's great! The first thing we should do is audit Binance's financial statement to see how well it separates customer funds from operating funds and what's its asset-to-debt ratio and how much off-balance sheet activities there are and how separate it keeps all of its non-arm's length companies.
Not much different from a reddit short squeeze on GME It's is their fault for investing in a company that doesn't require an audit.
Not the same. GME had a public market. People can freely trade it and no individual would be able to exert any undue influence. FTT didn't. Binance had the exclusive holding and there was no market for FTT. That's why the zhao a$$hole was able to exert undue influence to do whatever the fuck it wanted and the zhao a$$ decided to fuck FTX and its investors. Technically they didn't invest in FTX. They traded on the exchanges of FTX the same as we trade on NYSE or NASDAQ. If you really want to blame somebody, you should actually blame CFTC, the regulatory body that supposedly oversees crypto exchanges. WHY didn't they require an audit like they require of all the futures FCM's that they oversee? They totally dropped the ball on the investors of FTX and left them vulnerable to self-serving scums like Zhao shit.
Bahamas. Ha ha ha, what else would you expect? Anyone been there? I have. I sailed there from Key West with buddies once. Once was enough for a lifetime, no need to go back, though I've heard the outer, more British-like ,islands were ok.
lol all the hate on CZ is so uninformed. He has a fiduciary duty to get out if he suspects fraud. He made no mention of it in the Tweet. OK, benefits from losing degen-FTX as a competitor but his token took a bath and he lost big MTM on FTT and other shtcoins. Dude is a hero.