FTX Tapped into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall

Re:FTX Tapped into Customer Accounts to Fund Risky Bets, Set... by caminante on Friday November 11, 2022 @02:58PM (#33565994)

> Visibility or accountability of what? Many blockchains are public.

I don't know how you ask these questions if you read the parent's post.

Clearly, the parent lays out situations where going off/on blockchain dilutes visibility.

The cross-collateralization of FTX assets wasn't on blockchain.

[ Parent | on HN ]

Re:FTX Tapped into Customer Accounts to Fund Risky Bets, Set... by 100001_100011 on Friday November 11, 2022 @06:41PM (#33568295)

I read the parent's post.

"No blockchain can ever guarantee there's any visibility or accountability."

Ever? Clearly this sentence is false. It takes only one counterexample to prove it.

Here's the counterexample. If all the world's money are on a single blockchain and there are no banks, the blockchain guarantees visibility and possibly accountability.

Please don't be gratuitously negative. It's to your benefit to be precise.

[ Parent | on HN ]

Re:FTX Tapped into Customer Accounts to Fund Risky Bets, Set... by caminante on Friday November 11, 2022 @09:02PM (#33569256)

>Here's the counterexample. If someday all the world's money are on a single blockchain and there are no banks, the blockchain guarantees visibility and possibly accountability.

Your example misrepresents reality and a lack of understanding the point.

Where on the blockchain did it track FTX's cross collateralization?

There is your counterexample.

As far your ad hominem on negativity, I have no idea what you're referring to.

[ Parent | on HN ]