Binance says FTX going down ‘not good for anyone’, did not master plan the deal

techcrunch.com

12 pointsjmsflknr4 comments

Binance caused this by both announcing and driving a run (by selling a tonne) of FTT right?

You would only do BOTH if you were actively trying to kill FTX. If you wanted to protect your investment/capital, you would QUIETLY sell your FTT. If you wanted to alert the public, you would announce your concerns. Doing both is no different to how 1700s or 1800s banks intentionally drove runs in each other to kill competition and drive up their own business as far as I can tell...

Absolutely. Also, the leaked partial balance sheet is not something that happens randomly. Binance is making bank with the volatility right now and becomes the defacto crypto exchange. Most crypto enthousiast seem to cheer CZ on as if he is a god. This has been my queue to get out of this space.

I read a tweet a while ago that said something along the lines of:

>Crypto is learning all the lessons tradfi learned in 200 years only over 10 years.

I think we're entering a weird time of big money, low trustworthiness, very poor regulation and both scams and meta-scams.

Crazy times.

TIL: Never gamble what you cannot afford to lose

Correct.

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