CZ: "We signed a non-binding LOI, intending to fully acquire FTX" 🧵 \ stacker news ~bitcoin

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CZ: "We signed a non-binding LOI, intending to fully acquire FTX" 🧵nitter.it/cz_binance/status/1590013613586411520

1436 sats \ 28 comments \ @ExponentialBTC 8 Nov 2022 bitcoin

307 sats \ 2 replies \ @orthzar 8 Nov 2022

It'd be quite humorous if this is how Binance goes down: by pouring money into the next major scamcoin company collapse, until Binance has nothing left.

BTW be prepared for BTC to dip as know-nothings get spooked. BTC dipped a little over the last 24 hours, but if Binance goes down we will see a bigger dip.

31 sats \ 1 reply \ @sommerfeld 8 Nov 2022

If binance collapsed it would be orders of magnitude worse than mnt gox.

Extremely unlikely. I dislike cexs as much as anyone here but Binance looks like it's here to stay.

The only way I see that changing is if all the shitcoins collapsed and Bitcoin dominance spiked to >90%. A bitcoin-only market is essentially an exchange killer, they don't get to make a dime on shitcoin casino gambling swaps.

25 sats \ 0 replies \ @orthzar 9 Nov 2022

The only way I see that changing is if all the shitcoins collapsed

Indeed, and that will happen sooner than people expect. Unemployment is going to increase and many people are going to be forced to sell cryptocurrencies in order to pay their bills. Imagine choosing between having a cryptocurrency portfolio and having an apartment for another month.

Exchanges are not prepared for what is coming and, as you point out ("A bitcoin-only market is essentially an exchange killer"), they cannot be prepared for what's coming.

The only reason Bitcoin could survive such a crash is because has such a higher price than all other cryptocurrencies. It's like every cryptocurrency is standing on a ladder. When the market goes down, they all step several wrungs. Bitcoin has the tallest ladder by a wide margin.

28 sats \ 0 replies \ @faithandcredit 8 Nov 2022

How long until Binance acquires Bitcoin? Right now they are 12% of the hashrate

Im half kidding

28 sats \ 0 replies \ @rothbardllc 8 Nov 2022

The markets are trying to find out if Alameda Research's lenders are going to send in the margin calls. My guess is they work something out, but if the markets absolutely puke from this already low position then that is SBF being carried out in a body bag.

35 sats \ 0 replies \ @gmd 8 Nov 2022

Twitter memes are on fire today...

https://pbs.twimg.com/media/FhDdHG0WAAED5iw?format=png https://pbs.twimg.com/media/FhDrTKmXwAA3G4j?format=jpg&name=medium

25 sats \ 0 replies \ @cokyjgz 8 Nov 2022

Too many exchanges

25 sats \ 0 replies \ @cokyjgz 10 Nov 2022

CZ to the rescue

25 sats \ 0 replies \ @theswissroadtocrypto 9 Nov 2022

all this looks like tradefi before regulators came along. in any event blockchain or no blockchain, that does not stop companies from taking on too much debt. a publicly visible ledger for btc transactions doesn't stop Almeda research owning a ton of FTT tokens. I also doesn't stop people trading there

25 sats \ 0 replies \ @ViennaCalling 9 Nov 2022

I found this analysis helpul https://www.listennotes.com/de/podcasts/coin-stories-with/breaking-ftx-agrees-to-sell-w0DQX6ZliB2/

25 sats \ 0 replies \ @JustSomePleb 9 Nov 2022

From following the tweets of the last few days it feels like Binance caused a run on the bank at FTX and then took advantage of the opportunity which opened. Amirite?

25 sats \ 0 replies \ @TheBTCManual 9 Nov 2022

Lol so what does that mean for all the companies FTX recently acquired like BlockFI?

25 sats \ 0 replies \ @024b48e80a 9 Nov 2022

25 sats \ 0 replies \ @Hermit 8 Nov 2022

Yes, CZ showed intention to buy FTX. But FTX was going around buying all failing exchanges in the last year.

What CZ is going to find when he starts looking under the hood?

Whatever is there, CZ already know and he will use it to buy this for a penny or for some master plan we can't understand

25 sats \ 0 replies \ @faithandcredit 8 Nov 2022

CCP wins again

25 sats \ 0 replies \ @cokyjgz 8 Nov 2022

Go CZ!!!

25 sats \ 0 replies \ @cryptocoin 8 Nov 2022

CZ isn't buying FTX you dummies

https://twitter.com/MrHodl/status/1590049399517741056 [Nitter]

25 sats \ 0 replies \ @shyfire 8 Nov 2022

A lot of good that has done the price of $FTT

25 sats \ 0 replies \ @Wil 8 Nov 2022

FTX currently has 1btc on exchange meanwhile binance has 500k. Looks like it's happening

25 sats \ 0 replies \ @scampy 8 Nov 2022

JUN 28, 2022 - Bankman-Fried Warns: Some Crypto Exchanges Already "Secretly Insolvent"

25 sats \ 1 reply \ @ek 8 Nov 2022

I call bullshit

41 sats \ 0 replies \ @ek 8 Nov 2022

Okay, guess I was wrong: https://nitter.net/SBF_FTX/status/1590012124864348160

25 sats \ 0 replies \ @theswissroadtocrypto 8 Nov 2022

don't you love it when the dip shits in the school yard fight it out!

25 sats \ 0 replies \ @tetsu_tamasi 8 Nov 2022

The beauty of bear market 🧡

25 sats \ 0 replies \ @b_sainju12 8 Nov 2022 freebie

nice

0 sats \ 1 reply \ @ExponentialBTC OP 8 Nov 2022

The link for this post uses a read-only front-end for Twitter, which can be easier to read for viewing a full Twitter thread. The Tweet that kicked off the thread is:

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 http://FTX.com and help cover the liquidity crunch. We will be conducting a full DD in the coming days.

25 sats \ 0 replies \ @muteness11 8 Nov 2022

I bet no one expected such an outcome LMAO

1 sat \ 0 replies \ @selfish_gene 8 Nov 2022

биткоин на столько свободен что способен сам себя восстановить... остальное скам... понимаеш