8 billion people will use crypto in a few years.
Two big lessons:
1: Never use a token you created as collateral.
2: Don’t borrow if you run a crypto business. Don't use capital "efficiently". Have a large reserve.
Binance has never used BNB for collateral, and we have never taken on debt.
Stay #SAFU.🙏
Twitter has broken just about every piece of this FTX story using blockchain analytics, while NYT is writing puff pieces on a criminal.
Feels like a turning point for citizen journalism and loss of trust in MSM.
This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire https://t.co/BGtFlCmLXB and help cover the liquidity crunch. We will be conducting a full DD in the coming days.
To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis. More details to come soon. In the meantime, please contact Binance Labs if you think you qualify. 1/2
Ironic how people say "Twitter is dead", on Twitter.
All crypto exchanges should do merkle-tree proof-of-reserves.
Banks run on fractional reserves.
Crypto exchanges should not.
@Binance will start to do proof-of-reserves soon. Full transparency.
In the spirit of transparency, might as well share the actual note, sent to all Binance team globally a few hours ago.
https://t.co/IUNkPcLC8T https://t.co/XGlIJB7EV5
It may take some effort, but what else have we got to do?
Let's rebuilt.
I'm hearing through the grapevine that something important is about to happen. Please recognize the fact that my elite social connections to people who are early to know things make me cool, and please help me validate my self-image of coolness.
FTX aside, avoid businesses/exchanges/projects that:
- are not profitable (musical chairs)
- survive by selling their own tokens
- give high incentives for locking your tokens
- have a large total supply, but only a small circulation supply
- involves loans
Stay #SAFU 🙏
Se você está com medo de se posicionar publicamente sobre algum assunto, é porque já vivemos sob a censura.
Tempos sombrios.
What a sh!t show... And it's going to be crypto's fault, (instead of one guy's fault)... https://t.co/XzOpV0iGjT
If an exchange have to move large amounts of crypto before or after they demonstrate their wallet addresses, it is a clear sign of problems. Stay away. Stay #SAFU. 🙏
It's not the end of crypto. Far from it. It's the beginning of a new chapter.
Just noted today’s crypto price for future reference. https://t.co/WvOhqkncYK
Liquidating our FTT is just post-exit risk management, learning from LUNA. We gave support before, but we won't pretend to make love after divorce. We are not against anyone. But we won't support people who lobby against other industry players behind their backs. Onwards.
Ken Griffin, CEO of Citadel, highlighting one of the darkest details of the entire FTX situation.
How deep does the rabbit hole go?
What was FTX?
https://t.co/2tSSH0SCK2
I don't care how messy your accounting is (or how rich you are) - you're definitely going to notice if you find an extra $8B to spend.
Even the most gullible person should not believe Sam's claim that this was an accounting error.
