In the fervor to (rightly) condemn SBF and self absolve of blame in the fiasco, the crypto community is refusing to acknowledge the willfullness with which they allowed themselves to be duped in their pursuit of gains.
Posted via D.Buzz
In the fervor to (rightly) condemn SBF and self absolve of blame in the fiasco, the crypto community is refusing to acknowledge the willfullness with which they allowed themselves to be duped in their pursuit of gains.
Posted via D.Buzz
as @ammonite called, i'm starting to get my money out of binance too... the recently broke of the USDT pegged was an alert... my savings were in there so i had to moved it!
Thinking about centralized exchanges, they are much user-friendlier than dex and have grown to be very important as a fiat intermediary. The major problem is growing dex to that level.
I agree, but it's not just the use of CEX that is the problem here. It was the fact that dozens of red flags regarding FTX over the last few years were visible but actively suppressed as "FUD" by the crypto community.
People are acting like they are only seeing the signs now, the truth is that they refused to see them before.
The broader crypto space is more concerned with suppressing "FUD" than they are in keeping their house in order.
Just removed some coins I had sitting on Binance while listening to the emergency broadcast on Twitter. Things are going to get a lot worse. Kim Dotcom is calling for a test of Binance reserves.
Were they duped because of greed, or from lack of technical knowledge, hence the leaving of their crypto on #FTX?
Posted via D.Buzz
Greed makes people unskeptical, and FTX was offering yield for merely leaving Bitcoin on the exchange. Something that was nonsensical unless they were lending it out. People were choosing not to see the risks because of the money they felt they were making.
Ahh, they rewarded people for leaving $BTC on their exchange? Lol 😂
And we're the rewards paid in $FTT?
Posted via D.Buzz
I believe the yield was simply in BTC. I expect they were banking on users not withdrawing, just like a Ponzi scheme.
Ah okay.. that makes sense to an extent.. but almost seems like it was modeled to ultimately fail.
Posted via D.Buzz