Crypto collapse: Binance is not so fine, FTX Delaware vs. FTX Bahamas
amycastor.com
amycastor.com
It has taken a long, painful time to get here but I think the public is starting to wake up. More people are starting to smell the "tech" BS.
Of course, some HN voters and commenters will not like that. But it's happening, like it or not.
Selling advertising services and fake money. These are the only "business models" they can come up with. "Tech" BS worked in times of quantitative easing and dirt cheap debt. But those times are over.
I wish, but that's not how people work. In five years there'll be a new craze. Maybe a self-programming computer, the latest fruit of AI, and underneath it'll actually be a pyramid scheme combined with a federated Mechanical Turk service.
A depressed weasel with ADHD. The movie will be quite boring.
>Why Binance may not have as much money as they want you to think
>When FTX bought out Binance’s share in the company, Binance got paid $2.1 billion in funny money. CZ told Squawk Box that “it was all in FTT tokens, which are now worthless.” [Twitter]
A strict reading of this would be that Binance lost some non-zero amount of money through their FTT token holdings, because they became worthless. That's factual and not in dispute. However, by omitting the fact that they sold their FTT tokens prior to them going to zero, it's pretty obvious that they're trying to imply that Binance took a total loss on their FTT holdings when that's not the case.