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Comment by JumpCrisscross | Hacker News Reader

> Binance has become a gold standard in crypto exchange business

This was FTX and Alameda like a week ago.

Not really, FTX was barely in the top 10 for spot, though better in futures. Plus there are DEX and AMM.

FTX was #2 globally. Binance is #1. I'm not sure exactly what ranking mechanism is used to determine that, but that seems to be consensus from a variety of sources.

I've never even heard of FTX and I've been in the crypto space for many years. Binance however was always near the top since it came out. There was one american exchange that used to be nr.1 but became irrelevant after they weren't allowed to serve non-americans anymore. I can't remember the name and it isn't in the top 300 anymore, maybe they had to shut down.

EDIT: I just checked and FTX was only founded 3 years ago

I hate to gatekeep, but I find it pretty impossible that you are "in the crypto space" in any meaningful sense but somehow have not heard of FTX. That's like being "in the crypto space" but not knowing what Ethereum is.

Unfortunately I can echo the crypto space sentiment for as long as such an expression can exist

I’ve never touched Bitfinex/FTX/Binance or any exchange that allows options or leverage. I am a US citizen. Bitstamp Gemini or Coinbase are the only ones I’ll touch

And I’m pissed off that coinbase removed the BTC/USDC trading pair because it had low volume

Why will I not touch them? That’s a long story but I see history repeating itself - fractional reserve Bitcoin banks paying ponzi interest

How about Kraken? They've weathered a few winters.

Kraken I trust but I've never used. For perspective, I've traded roughly a million dollars worth of BTC specifically. Most of that was as the knife was falling after the 2017/2018 ATH.

DCA-ing since then, selloff at the top in 2021, pull my limit sell orders, let it crash.

Doing it again now, kinda hard not to take advantage of deflationary 4-year super cycles

Never heard of FTX either until this whole implosion happened. I’m certainly not super active in crypto, but it seems to me there are worlds between Binance and FTX.

Binance is also incredibly dodgy and will also collapse along with buttoned, tether and multiple other frauds in this space.

It's absolutely possible to have missed FTX. It really isn't that well known or hyped. It's certainly not comparable to Ethereum....

FTX was actually based out of a headquarters and wasn’t on the run from governments.

And all the while was actually committing fraud. Pays to pay to play.

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