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FTX update: Sam Bankman Fried arrested

VosFrost

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Convert to dollars and try something like this:

WalletMpegMan.jpg
I’m too long HBAR at this point 😆
 

Oler Ted

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This is not good news for Clemson
 

MVTPatriot

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So the question is Who broke this company.

Why are we not talking about who might be behind all this happening. Is it just happenstance…
From what little I’ve read it was the big CCP investor that pulled his entire backing not long ago.
Gotta believe the Clinton hit squad has been activated to the Bahamas. Seems the D’s are not not exposed but their cash flow is compromissed.
 

shiv

John
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So the question is Who broke this company.

Why are we not talking about who might be behind all this happening. Is it just happenstance…

From what little I’ve read it was the big CCP investor that pulled his entire backing not long ago.
Gotta believe the Clinton hit squad has been activated to the Bahamas. Seems the D’s are not not exposed but their cash flow is compromissed.

Cha Zao or whoever runs biance
Yeah what started it was a crypto news outlet published an article that Billions of the so called “Assets” on the FTX balance sheet was their own internal token they printed at will

Binance was set to buy out FTX and the Chinese owner of Binance backed out at the last minute because FTX was publicly outed.

Once all that news came out, tons of people that held crypto on FTX withdrew their account, and poof no money.
 

shiv

John
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So why do we trust these wallets over the exchanges? What makes those more secure?

In short:

Wallets are not exchanges. Meaning people can’t sell their crypto on wallets and cash out. So there can’t be a bank run on a wallet like that and liquidate the company.
 

Rebarcock.

Your(e)humble servant
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In short:

Wallets are not exchanges. Meaning people can’t sell their crypto on wallets and cash out. So there can’t be a bank run on a wallet like that and liquidate the company.

Got dem canadians
 

shiv

John
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VosFrost

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In short:

Wallets are not exchanges. Meaning people can’t sell their crypto on wallets and cash out. So there can’t be a bank run on a wallet like that and liquidate the company.
Got it, I downloaded the one you recommended and they offer the buying and selling of crypto, so not sure I know the difference.
 

shiv

John
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Got it, I downloaded the one you recommended and they offer the buying and selling of crypto, so not sure I know the difference.
You can exchange from one crypto to another, but you can't sell and convert to cash. They charge a hefty fee everytime you exchange though so its best to do that elsewhere

You can connect to a couple outside services (Moonpay and Ramp) to buy and sell separately, but you can only connect using the web3 version of the wallet on PC. Those services basically function as an ATM, but have large fees as well
 

ShaolinNole

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So why do we trust these wallets over the exchanges? What makes those more secure?
Wallet is like a personal safe, exchange is like a bank. In the wallet, you control all of the “keys” to the safe and nobody can leverage your crypto to loan out like fiat money in a bank. The risk of collapse is minimal in a wallet.
 

shiv

John
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Literally not good news I see
 

hmt5000

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So the question is Who broke this company.

Why are we not talking about who might be behind all this happening. Is it just happenstance…
What I gathered is it was crypto junkie autist types. They smelled the shit on this guy and got to digging. They basically did to him what the nerds did to GameStop. Its an Ape Strong type of thing from what I've seen.
 

Sgfeer

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Don't watch the regular news so be curious if this is a story anywhere.
First, I doubt the talking heads have any clue about what happened or what it means. And they certainly know 90% (probably higher) of the folks don't know and would have any understanding of what's going on.

Second, it appears to be a big Dem issue, and negative, so they won't touch it lest Wray and Garland get on the phone and threaten them
 
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