FTX is dead.
The deal with Binance is dead.
Billions of dollars - dead.
Some thoughts on the FTX debacle and where things are going from here...
But first, why should you listen to me? 🧵👇
[1/34]
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.🙏
- FTX secretly insolvent
- BTC testing new lows
- Alameda toast
- Binance planning to acquire FTX
- FTT down 80% headed to 0
- CZ announces proof of reserves
- Su Zhu re-emerges
- Do Kwon and Martin Shkreli on UpOnly
- Coinbase temporarily down
How was your day at the office?
In an interview 9 days ago, $UST & $LUNA Founder Do Kwon said "95% [of coins] are going to die, but there's also entertainment in watching [them] die too."
Today, his coin is down 99%.
Not the consolidation you want to see here... Looks like clear break of bullish market structure. Rejecting monthly open as well. I expect expansion with 4H death cross approaching to fill the downside wick
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