FTX Token, FTT down by more than 80% in less than 24 hours

Re:FTX Token, FTT down by more than 80% in less than 24 hours by wiremonger on Tuesday November 08, 2022 @03:34PM (#33523926)

We regularly wire our overseas suppliers > $100k. Costs $40 per transaction. Zero paperwork. Takes several hours for them to receive.

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Re:FTX Token, FTT down by more than 80% in less than 24 hours by kevinak on Tuesday November 08, 2022 @04:52PM (#33524810)

With Bitcoin: Costs $0.4 per transaction. Zero paperwork. Takes several minutes.

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Re:FTX Token, FTT down by more than 80% in less than 24 hours by polygamous_bat on Tuesday November 08, 2022 @05:27PM (#33525189)

And you lose the right to effect any chargebacks if any errors happen anywhere in the process, including mistyping the receiver address. I would happily pay 0.04% for such a powerful insurance.

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Re:FTX Token, FTT down by more than 80% in less than 24 hours by kevinak on Tuesday November 08, 2022 @05:31PM (#33525224)

Are you sure you can charge back that bank transfer? In theory sure, but in practice?

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Re:FTX Token, FTT down by more than 80% in less than 24 hours by wiremonger on Tuesday November 08, 2022 @06:38PM (#33525751)

For our purposes (and most businesses), those are marginal improvements. And there's absolutely no way the very significant risks involved with handling cryptocurrency are worth it to us.

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