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tekla · 2023-03-09 15:34:36

Doubt it. FTX has shown crypto is completely irrelevant to the rest of the economy.

grey-area | karma 20642 | avg karma 5.04 · | 2022-06-14 07:34:05

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.

AviationAtom | karma 1043 | avg karma 2.08 · | 2023-01-09 19:23:52

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.

lizardactivist | karma 787 | avg karma 1.56 · | 2022-11-12 07:33:46

Is it in the US government's interest to see FTX thrive, or to see it disappear? What about crypto currency in general?

partiallypro | karma 9855 | avg karma 3.91 · | 2022-11-09 15:14:29

Not if the liabilities taken on would cause financial stress on FTX with FTX itself is not doing as hot due to the collapse in crypto assets.

twawaaay | karma 3192 | avg karma 4.31 · | 2022-11-08 10:37:48

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.

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ESTheComposer | karma 232 | avg karma 1.54 · | 2022-12-12 12:30:53

No, not even remotely. FTX is a centralized exchange, and is the opposite of what crypto’s original philosophy is

three_seagrass | karma | avg karma · | 2022-11-17 12:56:45

I wouldn't be so sure about that yet.

FTX was directly involved in the joint bi-partisan committee to regulate crypto. Heads will need to roll for this so that others can save face.

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bhouston | karma 13978 | avg karma 4.14 · | 2022-06-20 09:36:32

FTX is consolidating in the crypto-space. I think they are going to come out of this downturn incredibly strong. They appear to be able to backstop just about anything they want. They are remaking this space.

freejazz | karma 1349 | avg karma 0.75 · | 2022-12-08 13:50:36

So what? FTX was a crypto company in the crypto economy, trading crypto products. this is some sort of no true scottsman crypto bullshit. the crypto economy clearly exists well beyond DEX's and its also pretty clear that the vast majority of the money is on CEX's so what's your point??

NicoJuicy | karma 10294 | avg karma 1.47 · | 2023-01-17 11:59:15

FTX was crypto. If you're suprised by fraud there, you haven't been paying attention the last years.

dotnet00 | karma 7004 | avg karma 2.9 · | 2024-03-11 21:20:53

That's what FTX was attempting to do with regard to cryptocurrency

yalogin | karma 4023 | avg karma 2.42 · | 2023-03-10 16:22:08

As someone that is not following this as closely as I would like, does the collapse of this bank have nothing to do with FTX and Crypto?

ReptileMan | karma 602 | avg karma 0.41 · | 2022-11-12 03:28:25

Not sure about that. I didn't even knew FTX existed. Alt coins the drama surrounding them are too high volume low impact. But I always thought of crypto as gambling with extra steps. I think that most people in crypto know the ropes by now.

fourstar | karma 913 | avg karma 1.33 · | 2022-11-15 22:32:01

Look up how deep the FTX rabbithole goes. It affects all of crypto and even influenced US politics.

swellguy | karma 109 | avg karma 3.21 · | 2022-12-12 12:20:37

Does anyone else find it extremely ironical that FTX happened in crypto? Wasn't FTX one of the things crypto was meant to solve?

paulpauper | karma 43782 | avg karma 3.33 · | 2022-11-21 20:02:52

Cannot blame them. Crypto is such a money furnace. Probably more disasters similar to FTX to come.

granddemolisher | karma 44 | avg karma 2.32 · | 2022-06-19 23:30:01

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.

rapsey | karma 4717 | avg karma 2.77 · | 2022-11-14 08:08:43

Crypto very much follows the stock market. Interest rates are inversely correlated to stock market performance. After 2008 the stock market went into the longest bull run in history which has now reversed this year. Stock market is down and crypto is collapsing because it is the wild west. There are for sure going to be multiple exchange collapses not just FTX.

dark-star | karma 1643 | avg karma 2.79 · | 2023-01-02 18:30:05

This is about FTX/crypto. The title should probably reflect that