Basically this.
FTT is basically value created out of thin air and the fact that the creator of that scam value can use it as collateral to take out real loans is insanity.
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No but it's a bit curious that the oldest spot market on your exchange still doesn't have an instrument to do so.
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BRB Sam, creating vaporware erc20 where i control 99.9999% of the supply.
Gonna pump it in a couple trades to 500mil mcap.
What, wait? You don't want to short it? Weird.
Which one of these is not like the other.
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Replying to
1) FTT has more liquidity than half that list (check coingecko.com/en/coins/ftx-t vs the others)
2) FTT is one of only 3 coins on that list whose highest "volume" market isn't fake. it's still lower volume/mkt-cap than average but not as much as that implies
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Is it really difficult to keep it 'stable' when the MMs stabilizing the price are run by you, you have deep pockets, and a vested interest in keeping that price stable, and also happen to control basically the entire float?
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This is the entire issue I have with FTT being accepted as collateral. I dgaf if you short YFI or UNI or LINK if you use real money to do so.
I do have an issue that you convinced your buddy Jeff to list your monopoly money so you can take out massive loans.
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EXACTLY. If you actually have the courage of your convictions then cover your FTT backed shorts and back them w ETH. After all, your initial defense was hedging a down market. Collateralizing shorts w your own funny money takes zero courage (balls).
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I think you probably haven't thought through that statement very well.
What would be the implications of FTT going down a lot?
It'd be really bad for us.
U whale and to be clear I respect that. In the interest of respect let’s agree not to lie or bs each other. Tell me in one tweet how FTT matters to my CREAM, MTA, CRV, or any other bag. Y is ur ability to short everything using collateral you created from thin air good for me?
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if you're not using CREAM then it doesn't matter for you
if you *are* using CREAM then it's presumably to get interest for lending things out (which only happens if we or someone else borrows), or to borrow assets (this lets you borrow FTT)
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Bruh.
This is th man who went lengths to save a uni fork farm scam because he farmed a shitton of it.
100% he would not take the loss.