MISC Crypto Crew (MCC) Vol: XV: Getting Zucked into the Metaverse

[ProteinEnough]

Been waiting 4 hrs on my 5k USDC transfer to be confirmed lol

CZ just acquired FTX. Fukking lol. You're safe now.

[Horse86]

CZ just acquired FTX. Fukking lol. You're safe now.

sauce?

found it...."intending"...not a done deal

[2020Wellness]

rugged

Lol'd at this for some reason.

[Berts]

CZ just acquired FTX. Fukking lol. You're safe now.

LOL, FTX knew they were fooked so they fold almost instantly.

I wonder if CZ will get Voyager or not. I'm not sure if the FTX deal was complete? CZ was the 2nd highest bidder for Voyager.

CZ going beast mode, Based

[W1LLW]

Short anything that's "FTX-Ventures" backed. If you remember how nasty the spillover was when 3AC went under, this is going to be about 10X worse. Personally shorting solana.

[ProteinEnough]

Short anything that's "FTX-Ventures" backed. If you remember how nasty the spillover was when 3AC went under, this is going to be about 10X worse. Personally shorting solana.

Easy money.

[Tomiesto]

I have a FIAT withdrawal pending for 5k USD

Should I leave it pending? Or cancel, convert to a crypto that will (hopefully) get liquidity sooner and withdraw again?

[RobParks2M]

sauce?

found it...."intending"...not a done deal

It is a non-binding letter of intent. Basically allows FTX to open their books fully to Binance and they can scour them for any surprises or reasons to skip acquiring. It is a win for both partiies. Binance might pick up a solid platform that bit off more than they could chew and ftx gets an easy source of liquidity to fend off an obvious and known short attack. The news alone should keep margin call short attempts from continuing unless Binance finds something such evidence of ponzi-like maneuvers or the extent of their overleveraged positions are too great for binance to manage even with their combined assets. I'm sure those would be some of the first questions answered when the numbers were being crunched before the LOI was signed so I think it would be shocking if that proved to be the case unless it is some sort of move on the part of FTX to simply fend off the short attack to buy time for an alternate deal to be completed or alternate funding sources to be found.

[Mogambo]

I have a FIAT withdrawal pending for 5k USD

Should I leave it pending? Or cancel, convert to a crypto that will (hopefully) get liquidity sooner and withdraw again?

You keep your funds on a CEX and then panic withdraw the second you hear about a sale. You're doing it wrong.

[W1LLW]

I have a FIAT withdrawal pending for 5k USD

Should I leave it pending? Or cancel, convert to a crypto that will (hopefully) get liquidity sooner and withdraw again?

If it's on FTX, consider it gone. Also of note, Kucoin has also paused withdraws. The contagion effects are beginning to show.

Any alt coints to check out?

Not at the moment. Currently trying to make sure funds are secure from this blow up. Coinbase, crypto.com, kucoin, gate.io... doesn't matter. I wouldn't have a penny on any centralized exchange.




If you think about it though, this blow up very much strengthens the narrative around Decentralized Exchanges. DYDX, GMX, etc. Additionally, when the smoke clears on this in Q1 i'll be looking to acquire as much BNB as ETH to be honest. CZ has proven himself to be playing 5D chess at all times.

[Mogambo]

If it's on FTX, consider it gone. Also of note, Kucoin has also paused withdraws. The contagion effects are beginning to show.




Not at the moment. Currently trying to make sure funds are secure from this blow up. Coinbase, crypto.com, kucoin, gate.io... doesn't matter. I wouldn't have a penny on any centralized exchange.




If you think about it though, this blow up very much strengthens the narrative around Decentralized Exchanges. DYDX, GMX, etc. Additionally, when the smoke clears on this in Q1 i'll be looking to acquire as much BNB as ETH to be honest. CZ has proven himself to be playing 5D chess at all times.

It's not gone. The biggest player in the CEX game attached its name to FTX. It's just a matter of having to deal with the panic monkeys first.

[2020Wellness]

Binance deal may not go through.

https://www.coindesk.com/business/20...-books-source/

[Mogambo]

If FTX users do lose their funds, regulators are going to use it as a blank check to get all up in crypto.

[W1LLW]

If FTX users do lose their funds, regulators are going to use it as a blank check to get all up in crypto.

with zero lubrication. will be 2025 before anyone makes a meaningful dollar again, but i'll be here accumulating bnb, eth, btc every single step of the way.

[ziggaman91]

Mirin' anyone who shorted FTT anywhere from 22-15 to <5.

Literally prayed for another Lua and missed the boat. You really do need to be checking crypto everyday.

Can someone make a misc discord invite. I'm already in the group but lost my account.

[Gorillajewshead]

with zero lubrication. will be 2025 before anyone makes a meaningful dollar again, but i'll be here accumulating bnb, eth, btc every single step of the way.

This accumulate as much as you can in these and invest 10 percent in degen plays

[2020Wellness]

CZ did, indeed, pull out.

[Bluestar92]

Is anything fundamentally wrong with btc besides the panic selling? About to place a huge order...

My post in the previous thread from March 12th, 2020 when BTC dropped from 10K to 3K in a couple days.

For the new folks, this week is like Déjà vu. The arguments for bitcoin are as strong as ever. What you are seeing is a decline in all equities and irresponsibility of large crypto institutions over leveraging themselves coupled with the volatile nature of crypto. Nobody will regret buying at these prices in 1 year.

For the record I'm calling a 11.5K bottom as I think there will be more firms go under. I think microstrategy is safe until 3.5K but I could be wrong.

[JeffPesos]

Solana now on that suicide hotline at the top of the subreddit time

[RobParks2M]

It is a non-binding letter of intent. Basically allows FTX to open their books fully to Binance and they can scour them for any surprises or reasons to skip acquiring. It is a win for both partiies. Binance might pick up a solid platform that bit off more than they could chew and ftx gets an easy source of liquidity to fend off an obvious and known short attack. The news alone should keep margin call short attempts from continuing unless Binance finds something such evidence of ponzi-like maneuvers or the extent of their overleveraged positions are too great for binance to manage even with their combined assets. I'm sure those would be some of the first questions answered when the numbers were being crunched before the LOI was signed so I think it would be shocking if that proved to be the case unless it is some sort of move on the part of FTX to simply fend off the short attack to buy time for an alternate deal to be completed or alternate funding sources to be found.

Wow. That was fast. Literally looked for maybe 24 hours and said nah we gucci lmao FTX in fukkin shambles

[Tomiesto]

lmao there's no point in swimming against the current anymore, imma just get a job

(first time since August 2019)

thx crypto it's been fun, see you in a few yrs

[ApeMode666]

I love it when the majority of ppl keep saying they bottom is not in...you in fact will not know when the bottom is in. And if you haven't been DCA-ing in last couple months on the big dips/drawdowns I have some bad news. They get eaten up by smart money. Keep waiting for that 13k btc or god forbid sub 10k btc and you'll be holding your dink telling yourself "the bottom is not in" r-r-rrrrright guise when the bottom was in fact in.

Last bear I was stacking btc at 3k and eth at 100...not bc anyone knew it was the bottom....but bc I was DCA-ing and knew the R/R. Greed goes both ways.

Congrats on DCAing on the "big dips/drawdowns" you really nailed the bottom, hopefully you have some ammo left when the dust settles and the real acoomulation period sets in. In the future when BTC reclaims 30k I'll be able to trade the same position size as your "epic DCA buy in" for same amount on 10x leverage without sitting underwater for a few years. This is a traders environment, (bag)hodlers are loosers

[2020Wellness]

Congrats on DCAing on the "big dips/drawdowns" you really nailed the bottom, hopefully you have some ammo left when the dust settles and the real acoomulation period sets in. In the future when BTC reclaims 30k I'll be able to trade the same position size as your "epic DCA buy in" for same amount on 10x leverage without sitting underwater for a few years. This is a traders environment, (bag)hodlers are loosers

Horse has a good strategy. It’s easy to talk like you are after the fact. Chill.

[Mogambo]

My post in the previous thread from March 12th, 2020 when BTC dropped from 10K to 3K in a couple days.

For the new folks, this week is like Déjà vu. The arguments for bitcoin are as strong as ever. What you are seeing is a decline in all equities and irresponsibility of large crypto institutions over leveraging themselves coupled with the volatile nature of crypto. Nobody will regret buying at these prices in 1 year.

For the record I'm calling a 11.5K bottom as I think there will be more firms go under. I think microstrategy is safe until 3.5K but I could be wrong.

There's still a debate over BTC?

[ghostfacedup]

Just a reminder that crypto is ALLL TRASH except for BTC, all of it. Again and again we see the same chit, and now the gov't is going to get involved after this latest catastrophe....but gov't has already said BTC is not a security, and it's the only one that's worth a ****. Good luck all.

[Bluestar92]

This 100%. Fuk everything else. Centralized chit coins everywhere but BTC.

I don't think FTX is the last CEX to fail. I also think during this bear market you can make some nice BTC ratio gains on DEX coins like UNI. If you look at the DEXs/BTC pair the losses haven't been nearly as bad as most alts.

[ProteinEnough]

I don't think FTX is the last CEX to fail. I also think during this bear market you can make some nice BTC ratio gains on DEX coins like UNI. If you look at the DEXs/BTC pair the losses haven't been nearly as bad as most alts.

Oh I'm still going to accumulate alt coins when their BTC ratio gets wrecked but the team is still building. I just use them though to build the BTC stack come bull time

[ApeMode666]

Just a reminder that crypto is ALLL TRASH except for BTC, all of it. Again and again we see the same chit, and now the gov't is going to get involved after this latest catastrophe....but gov't has already said BTC is not a security, and it's the only one that's worth a ****. Good luck all.

BTC does nothing, it's proof of concept and that's about it

ETH has more potential upside, BTC hit new yearly lows and ETH didn't break 1k. At this rate ETH will be number one in market cap by next cycle, but if you want to ride with the geriatrics like Saylor then that's on you.

[SUCIO]

SBF resigned and FTX filed for chapter 11 bankruptcy…Hope no one here had too much of their port on FTX

https://www.cnbc.com/2022/11/11/sam-...ankruptcy.html

[GreatReset1]

LOL @ Coincels...