Charting the course of XRP

[Julian_Williams]

This is a must watch

 

[XrpWave]

it's pumpin 

[Troote]

I know this is the wrong thread, but... 

GBP and EUR are crashing on FTX. It looks like withdrawals for some coins are working again to an extent (e.g. ETH). People are dumping their fiat and trying to some coins out...

[Guest]

16 minutes ago, Troote said:

I know this is the wrong thread, but... 

GBP and EUR are crashing on FTX. It looks like withdrawals for some coins are working again to an extent (e.g. ETH). People are dumping their fiat and trying to some coins out...

Oh wow.. must be a reaction to the ongoing pump. I'd recommend getting fiat out asap.

[Troote]

4 hours ago, Ripley said:

Oh wow.. must be a reaction to the ongoing pump. I'd recommend getting fiat out asap.

Well, my fiat withdrawal request has been in since yesterday. But all withdrawals have been stopped (from what I see, with the exception of funds from the Bahamas and TRX). It looks like the only way for people like me to get out is to:
- Convert GBP back into USD (GBP/USD rate is OK right now - $1.09, which would only represent a 5-10% loss)
- Buy TRX (currently $0.34 on FTX)
- Withdraw TRX to wherever (that works)
- Sell TRX (rate on other exchanges is $0.05) - or hold, hoping for some miracle pump.

FTX/Justin Sun have crafted a great deal for themselves. They will pocket the difference on such an amazing (and exclusive) arbitrage. Obviously, Justin Sun is the only one allowed to make TRX deposits on FTX. The more people take the deal, the smaller FTX's debt becomes.

So... overall - taking the deal would be a 85%-90% loss. I might regret it and lose it all, but I think I'm going to let other people panic into this (which will reduce FTX's insolvency) and leave my withdrawals alone for now... if/when the deal improves I might bite.

Anyway. It sucks.

Edited November 10, 2022 by Troote

[xrp-nuke]

1 hour ago, Troote said:

Buy TRX (currently $0.34 on FTX)

Unbelievable, where is SEC? Ah... wait..

[Guest]

2 minutes ago, xrp-nuke said:

Unbelievable, where is SEC? Ah... wait..

SEC doesn’t have authority because FTX is incorporated outside the US.

[Guest]

Just a quick note that we are nowhere close to end of bear market. CPI YoY is lower than last month but Oct 2021 CPI was higher than Sep 2021. Today CPI print is worse than last month when you account for that reality. 

The pump may be an opportunity for those who wish to book profits.

Edited November 10, 2022 by Ripley

[Davy95]

29 minutes ago, Ripley said:

Just a quick note that we are nowhere close to end of bear market. CPI YoY is lower than last month but Oct 2021 CPI was higher than Sep 2021. Today CPI print is worse than last month when you account for that reality. 

The pump may be an opportunity for those who wish to book profits.

how do you know? are you god?

[xrp-nuke]

1 hour ago, Davy95 said:

how do you know? are you god?

And no Kind Regards? What happened Davy?

[Guest]

 

[Troote]

7 hours ago, Ripley said:

Domino effect starting...

[Guest]

2 minutes ago, Troote said:

Domino effect starting...

The SEC has jurisdiction over BlockFi and FTX.US. Looks like FTX.US may have bent rules. If that’s the case, SBF is screwed. His old donations won’t matter because the politicians know that there are no new donations coming from there.

Fun fact: Apparently the legal head of FTX.US was Gensler’s legal guy during his time at CFTC. It’s not Gensler’s fault of course but yet another fraud that erodes trust.

[Troote]

6 minutes ago, Ripley said:

The SEC has jurisdiction over BlockFi and FTX.US. Looks like FTX.US may have bent rules. If that’s the case, SBF is screwed. His old donations won’t matter because the politicians know that there are no new donations coming from there.

Fun fact: Apparently the legal head of FTX.US was Gensler’s legal guy during his time at CFTC. It’s not Gensler’s fault of course but yet another fraud that erodes trust.

I have seen threads/tweets that FTX.US has issues dealing with withdrawals. They are running out of liquidity too, it seems.

And it looks like people are going through KYC on FTX and pretending to be from the Bahamas, who can then proceed with withdrawals. There are rumors of FTX employees being bribed to take people through fake KYC Bahamas processes. There are also reports of loopholes: someone is Bahamian-verified sells NFTs, random buyer buys NFTs and the Bahamian withdraws the funds from FTX to give it back (for a fee) to the buyer on a different channel. This reeks of fraud and is disheartening. I was always very conservative, I never had much trust in the crypto ecosystem. Yet I still got blindsided. I can tell you know - my trust in this sh*tshow is below 0.

2 days ago I was in shock, yesterday I was in denial (it'll be fine! Justin Sun to the rescue!), now I am downright angry, especially when the true colour of all the sociopaths in the space becomes so clear.

[Babelly]

4 hours ago, Troote said:

I have seen threads/tweets that FTX.US has issues dealing with withdrawals. They are running out of liquidity too, it seems.

And it looks like people are going through KYC on FTX and pretending to be from the Bahamas, who can then proceed with withdrawals. There are rumors of FTX employees being bribed to take people through fake KYC Bahamas processes. There are also reports of loopholes: someone is Bahamian-verified sells NFTs, random buyer buys NFTs and the Bahamian withdraws the funds from FTX to give it back (for a fee) to the buyer on a different channel. This reeks of fraud and is disheartening. I was always very conservative, I never had much trust in the crypto ecosystem. Yet I still got blindsided. I can tell you know - my trust in this sh*tshow is below 0.

2 days ago I was in shock, yesterday I was in denial (it'll be fine! Justin Sun to the rescue!), now I am downright angry, especially when the true colour of all the sociopaths in the space becomes so clear.