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emotionalfescue t1_iy6aog9 wrote

> FTX assembled and delivered a pacakge of loans up to $400 million. In return, FTX reserved the right to acquire BlockFi as soon as July 2023, the court filing said.

So SBF and FTX bailed them out; had they not been around, BlockFi would've been in serious trouble. Then FTX went under.

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thetensor t1_iy6o73a wrote

tl;dr House of cards fell over into other house of cards

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taradiddletrope t1_iy74l70 wrote

Can we just have a major coin like ETH or BTC go to zero next?

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thetensor t1_iy75zfu wrote

What you have to remember is that cryptocurrencies can't just "go to zero" because of the solid fundam—

/snort

BWAH-HAH-HAH-HAH-HAH!

/deepbreath

BWAH-HAH-HAH-HAH-HAH!

/wipetear Sorry, I thought get there but I just couldn't hold it together long enough.

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Sorge74 t1_iy82xs3 wrote

Fiat currency is bad because it's not backed by anything, see Bitcoin will keep value because.

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danielravennest t1_iy8cg6s wrote

They won't, because their natural function is replacing wads of cash in the underground economy. So long as people want to hide what they are doing, there is an actual use for dodges like crypto coins. So they will have some value, just like people pay Western Union to move more legitimate funds.

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MazzIsNoMore t1_iy8kgrw wrote

Some value could be a fraction of a cent and it could be in any of the various crypto.

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danielravennest t1_iycoav5 wrote

True. There are 21,888 cryptos. Most of them are "shitcoins" (i.e. they ain't worth shit). The top 5 account for 75% of the total value, and two of those are tied to the US dollar. Five is enough. The reason for more than one is swapping among different coins is part of how people hide what they are doing.

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aquarain t1_iy6ukef wrote

Which domino will be the final straw?

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thetensor t1_iy6ybpq wrote

Lol no, dominoes have some stability and you can build structures out of them. These are cards.

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Lordnerble t1_iy7birv wrote

Sometimes when dominoes fall one just decides to say no and breaks the chain reaction

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nyaaaa t1_iy6uobl wrote

TL;DR

Fancy dressed shitcoin exchange bailed out fancy dressed shitcoin investment company pretending to be in the loan business while having the majority of loans to a shitcoin investment fund pretending to be a serious hedge fund but somehow paying too high interest rates while gambling in ponzi yield shitcoins.

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juicebox02 t1_iy6dsl6 wrote

Funny SBF hasn't been arrested yet.

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foldingcouch t1_iy7459r wrote

From what I've heard, FTX's books and corporate controls were such a mess that they're still in the process of trying to figure out where all the money went and how it got there. It's going to take a long time to figure out what the hell to even charge him with.

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juicebox02 t1_iy74nez wrote

Im sure Maxine Waters will get to the bottom of it. Given enough time to sort it out.

1

danielravennest t1_iy8bzj9 wrote

Criminal negligence to start with, or whatever is the equivalent in the accounting world.

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ThisShouldBeObvious2 t1_iy6m94a wrote

Binance is be next. I’m not sure how many other players are left in the game.

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nyaaaa t1_iy6u9yh wrote

Exchanges? Plenty.

Shit coin fabs masquerading as exchanges? New ones every day.

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9-11GaveMe5G t1_iy6rbs9 wrote

If your company's survival depends solely on a single other company for survival, you never really owned your company (or you have car dealerships aka sanctioned monopoly)

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e-maz1ng t1_iy83ta0 wrote

They used their own customers' funds. It's pretty simple.

1

melloncollie128 t1_iy6m4or wrote

Who fucking cares?

−8

aquarain t1_iy6uqgf wrote

People who handed their life savings over to these other people in an attempt to Get Rich Quick.

3

MrFuzzyPaw t1_iy7793u wrote

"Oh darn" comes to mind.

"If it's too good to be true, it usually is"

"Thoughts and prayers"

"Sweet summer child..."

2