The crypto community is wild. Literally in a thread about how the wheels are coming off the cart, the project frozen withdraws and possibly mishandled user funds there is the question "Should I buy in?" Also I love that the question of "What value does this provide?" comes after the question about buying it. At least the question came at all.

It’s all from that buy the dip meme. I saw something similar where people were asking if they should buy that LUNA coin thing during its meteoric collapse. I think that coin is still in the dumpster so..

$LUNA zeroed, hit a 10x bump, then zeroed again.

it's a common trend, and a lot of people ride that bump for significant profit.

Warren Buffet puts it this way: "be fearful when others are greedy and to be greedy only when others are fearful". So, honestly, it's a very reasonable question.

I personally wouldn't touch it, but I'm at least curious to hear the heterodox argument. Somebody out there is still buying it at $3, I wonder why.

There's still an opportunity IF you know what you're doing. I wouldn't recommend it.

It's traded elsewhere, and there are derivatives that pay premium. There's also the chance that Binance, Tron, or someone else accept conversions of FTT at some rate that makes the trade profitable. Facts are still coming out. We can only say it's not yet worth $0.

The question people have to ask is, "If I'm considering buying now that it's low, how many people will I be having that thought ahead of?"

It's not dumb or even irrational. Or no more than any thought involving crypto is irrational.

Lots of people have made money catching a falling knife right before a big bounce.

I thought this was obvious bait but go off

Find some other sucker to hold the bag.

> What can I do with FTT?

Sell it to someone else.

You can turn $3 into $0 very quickly.

No, you should not. It's an exchange token. It's meant to be used as collateral for your trading, instead of USD, BTC, etc. It incentivizes this by giving you reduced exchange fees based on how much FTT you own.

Huh. Why would the exchange want to encourage me to hold their token instead of non-associated crypto?

I honestly can’t tell if you’re being sarcastic…

In the case of FTX: fraud. They were giving people a useless token for tokens that had value elsewhere.

With Binance, you could make the case you own equity in the exchange, but that could have the same outcome as FTX.

It’s worth noting these types of tokens aren’t permitted on US-based exchanges. Likely because they are the most obvious unregulated securities (more so than other tokens).

Subsidize the accounts that have lost everything, I guess.