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11 sats \ 2 replies \ @Derpitor 12 Nov 2022 \ on: Thoughts on FTX Collapse: fiat incentives, shitcoin games, and counterparty risk bitcoin
It also boils down a lot to the fact that SBF was running essentially a shitcoin casino and gambling hugely. 1.4billion in BTC liabilities and 0 BTC in assets. Meaning they dumped customer BTC for shitcoins. Play stupid games win stupid prizes.
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0 sats \ 1 reply \ @southside263 13 Nov 2022
they really sold 1.4B customer bitcoin!? - srsly?
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0 sats \ 0 replies \ @Derpitor 13 Nov 2022
Based on their balance sheet yea. Otherwise there wouldn't be 1.4bil in Bitcoin liabilities with 0 assets.
Every hour this thing becomes more and more of a gong show.
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