No, it won't. I would join FTX if you want to work in crypto. If not, join apple or Microsoft. They are the only good safe play for next few years among MANGA.
Indeed, not currently. The problem is where crypto will go after the next winter. Maybe FTX will have scared off the next batch of newcomers, but then again 2017 and people still were lured back again.
I can't speak about FTX the company, because I just don't know their business.
I am speaking about crypto in general.
From what I have seen a lot of companies popped up that are purely bound to crypto and so almost all of them will fall when crypto falls. Only very small minority have enough business footprint outside of crypto or will be able to pivot in time to avoid demise if it happens.
FTX is also going to feel a lot of pain when the crypto market crash completes. None of these companies are IMO sustainable without mass interest in cryptocurrencies, which is rapidly fading as people realise they're not going to get rich quick.
Newsflash buddy: that ain't happening, ever. Nobody in their right mind or... any... mind would invest in FTX, ever. It's a worthless wreck being picked apart for scrap.
I would not be so sure. You'd be surprised how people will given bad or fallen companies or individuals second chances, especially if enticed with discounts or rebates. FTX's brand could be bought out, retaining its users and then offer a generous incentive to sign up, like $100 in free crypto or so. Some may stay, and new people join.
This comment seems to be focused on the viability of any individual crypto, but that _shouldn't_ matter for the value of a company like FTX.
FTX has value because it has customers, growth, and most importantly: revenue.
If any one crypto goes bust then it shouldn't hurt FTX in the long run, unless they were leveraging that crypto to make unscrupulous bets. That very well could be happening via Alemeda.
So you may be right that this is destined to come crashing down, but it doesn't seem like the facts are proven yet
Does anyone else remember when the top upvoted HN comment on the leaked FTX balance sheet article was “I work in the crypto industry and FTX is going to be fine…”? Because I remember that.
I think in terms of potential real-world contagion, FTX might indeed be in a league of its own among the crypto entities that have imploded so far. Add to that the fact that the crypto ecosystem was _already_ under a lot of stress from recent implosions and the generally bad economic mood, and I think we're gonna see some interesting fallout from this.
FTX was a company that had sand as a foundation. It never had what it needed to survive. No amount of journalism will change that. Regulation and auditing is the only way Crypto will become a legitimate industry.
If you believe FTX at all. These companies are riddled with fraud. Nothing they say or have said can be trusted (including reported earnings), and Tether and Binance will be next to collapse, at which point the ecosystem around Bitcoin will implode.
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