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I admit I did panic and tried to withdraw my funds yesterday. They just processed it today. A bit delayed but still processing.

by nerf0 4y ago

joyfylbanana 4y ago
Nothing wrong with taking a caution first approach. However to me most articles about FTX seem like "panic first, research after". Yes SBF's investment company might be fucked, but customers funds should be totally separate from that.
- sgerenser 4y ago
  This comment sure aged well.
- Nursie 4y ago
  I think that “should” is working really hard there. We only have to look at the other crypto firms that have gone bust to know this space is rife with problems in that area - lies about FDIC protection, cryptocurrency and tokens considered part of company assets and subject to creditor claims, rather than customer deposits etc. I wouldn’t like to rely on that “should”.
  - joyfylbanana 4y ago
    > I wouldn’t like to rely on that “should”. And you don't have to. Best always to hold your own coins yourself if you have that possibility, or use a custodian you trust.
    - jakelazaroff 4y ago
      > or use a custodian you trust That's the point. A lot of "trustworthy" crypto custodians have turned out to be… not.
    - Nursie 4y ago
      The context of my comment was “it’s fine, don’t worry about withdrawing and holding your coins yourself, your deposits are safe” It appears that you actually agree with me that they may not be.
  - nroets 4y ago
    Ftx is quite profitable: Good fee income with little marketing expense. So it has a large intangible value. I assume most traders on ftx only put enough capital on the exchange to keep their positions open in the short term. So the intangible value of ftx may well exceed the value of clients assets by a significant margin. Then ftx may well be able to issue new shares should it experience a liquidity crunch.
    - fredoliveira 4y ago
      > little marketing expense Are you sure? I come bearing no data at all, but it seems everything I listen to or watch is sponsored by FTX. Didn't they also go huge during Superbowl? I would think FTX is one of the largest marketing spenders in crypto purely based on optics (which, again, may be completely off).
- alasdair_ 4y ago
  >Yes SBF's investment company might be fucked, but customers funds should be totally separate from that. Sure, and Tether "should be" one-to-one backed by US dollars. In crypto, a lot of the time the "should be", isn't.
- graeme 4y ago
  > Yes SBF's investment company might be fucked, but customers funds should be totally separate from that. Crypto isn’t regulated so there is no segregation or protection of customer funds Also see this: no FDIC insurance, letter from FDIC alleging misrepresentations from FTX: https://twitter.com/ClarityToast/status/1590022331220787201 https://twitter.com/ClarityToast/status/1590022331220787201
dannyw 4y ago
First one out, no problem. Second one out, no problem. Last one out, problem.

I admit I did panic and tried to withdraw my funds yesterday. They just processed it today. A bit delayed but still processing.

by nerf0 4y ago

I admit I did panic and tried to withdraw my funds yesterday. They just processed it today. A bit delayed but still processing.

joyfylbanana 4y ago

Nothing wrong with taking a caution first approach. However to me most articles about FTX seem like "panic first, research after". Yes SBF's investment company might be fucked, but customers funds should be totally separate from that.

sgerenser 4y ago
This comment sure aged well.
Nursie 4y ago
I think that “should” is working really hard there. We only have to look at the other crypto firms that have gone bust to know this space is rife with problems in that area - lies about FDIC protection, cryptocurrency and tokens considered part of company assets and subject to creditor claims, rather than customer deposits etc. I wouldn’t like to rely on that “should”.
- joyfylbanana 4y ago
  > I wouldn’t like to rely on that “should”. And you don't have to. Best always to hold your own coins yourself if you have that possibility, or use a custodian you trust.
  - jakelazaroff 4y ago
    > or use a custodian you trust That's the point. A lot of "trustworthy" crypto custodians have turned out to be… not.
  - Nursie 4y ago
    The context of my comment was “it’s fine, don’t worry about withdrawing and holding your coins yourself, your deposits are safe” It appears that you actually agree with me that they may not be.
- nroets 4y ago
  Ftx is quite profitable: Good fee income with little marketing expense. So it has a large intangible value. I assume most traders on ftx only put enough capital on the exchange to keep their positions open in the short term. So the intangible value of ftx may well exceed the value of clients assets by a significant margin. Then ftx may well be able to issue new shares should it experience a liquidity crunch.
  - fredoliveira 4y ago
    > little marketing expense Are you sure? I come bearing no data at all, but it seems everything I listen to or watch is sponsored by FTX. Didn't they also go huge during Superbowl? I would think FTX is one of the largest marketing spenders in crypto purely based on optics (which, again, may be completely off).
alasdair_ 4y ago
>Yes SBF's investment company might be fucked, but customers funds should be totally separate from that. Sure, and Tether "should be" one-to-one backed by US dollars. In crypto, a lot of the time the "should be", isn't.
graeme 4y ago
> Yes SBF's investment company might be fucked, but customers funds should be totally separate from that. Crypto isn’t regulated so there is no segregation or protection of customer funds Also see this: no FDIC insurance, letter from FDIC alleging misrepresentations from FTX: https://twitter.com/ClarityToast/status/1590022331220787201 https://twitter.com/ClarityToast/status/1590022331220787201

dannyw 4y ago

First one out, no problem. Second one out, no problem. Last one out, problem.