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The "I Didn't Comment in Another Thread" Thread
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<blockquote data-quote="RealAlHazred" data-source="post: 8824276" data-attributes="member: 25818"><p>I would love, love, love it if FTX's collapse was definitively due to the inherent flaws in the concept of cryptocurrency. However, the ultimate cause of the failure was the CEO of Binance, CZ (what is it with these guys going only by their initials?), pointing out the SBF's hedge fund held a large amount of FTT (FTX's tokens), and that, if they used the tokens as collateral, that would be a weak position; then CZ started dumping his FTT. Then, other people who listen to CZ's Twitter (I guess that makes them Twits?) also dumped their FTT. And, eventually, as is inevitable if you don't have cash reserves to cover all of your tokens (which no one does) FTX couldn't cover all of the withdrawals. That led to a panic, which led to a collapse, and wash, rinse, and repeat, it's the tulip bulb fiasco all over again. Well, they got me with the tulip bulbs, I'll be damned if they get me with the modern equivalent...</p><p></p><p>EDIT: Oh, and if anyone is willing to offer me 200 silver florins cash for a <em>Semper Augustus</em> bulb, let me know.</p></blockquote><p></p>
[QUOTE="RealAlHazred, post: 8824276, member: 25818"] I would love, love, love it if FTX's collapse was definitively due to the inherent flaws in the concept of cryptocurrency. However, the ultimate cause of the failure was the CEO of Binance, CZ (what is it with these guys going only by their initials?), pointing out the SBF's hedge fund held a large amount of FTT (FTX's tokens), and that, if they used the tokens as collateral, that would be a weak position; then CZ started dumping his FTT. Then, other people who listen to CZ's Twitter (I guess that makes them Twits?) also dumped their FTT. And, eventually, as is inevitable if you don't have cash reserves to cover all of your tokens (which no one does) FTX couldn't cover all of the withdrawals. That led to a panic, which led to a collapse, and wash, rinse, and repeat, it's the tulip bulb fiasco all over again. Well, they got me with the tulip bulbs, I'll be damned if they get me with the modern equivalent... EDIT: Oh, and if anyone is willing to offer me 200 silver florins cash for a [I]Semper Augustus[/I] bulb, let me know. [/QUOTE]
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