Posts about FTT
With all the eyes on Binance and CZ right now as the SEC lawuits has made many people very uncertain about how stable and collapse-proof Binance actually is in the worst conditions and they are right as every exchange, even the biggest one, is just a very risky game.
It becomes even more risky if the CEX is not even ready to show proof that their are not commingling funds as FTX was doing. Even the Proof of Reserves by Binance has been pretty debatable. With all of these red flags it is clear that you should be damn cautious with Binance. Even more if their CEO, CZ, is constantly on twitter trying to shut down any kind of news about them as “FUD“.
Here is one more massive redflag, during each price dip in the past weeks we had a massive volume increase, which usually during such dips means that people saw the price going down and are starting to panic-sell and thus the price moves lower. This did not happen here, instead the price suspicously stayed on about the same level moving sideways. A clear possibility of washtrading by CZ, trying to show that everything is alright to the investors.
Furthermore, here is a comparison on BNB to FTT and both have one thing in common, they somehow held better than most other alts and even BTC, that even though we would literally know no person that seriously invests in BNB. It is clear that there has been some heavy washtrading to keep the price up from liquidation levels for their own loans or other.
There are redflags all over this story and I would at this point not even rule out a complete Binance collapse just as with FTX, no matter the size of Binance, which likely is also elevated through that extensive washtrading
Firstly, Binance has their stablecoin BUSD. BUSD reserves(customer purchases of BUSD) was invested by a trust company and Binance earned 50% of whatever returns these funds made.
The suit alleges that Binance/CZ transferred billions of dollars of customer funds to one of the "independent" market makers on their platform who were under their control. All of these funds allegedly went to purchasing BUSD.
It is clear that funds were commingled. What is unclear here is whether all, some or none of these fund transfers were genuine purchases by customers because the issue is this:
We established that Binance earns 50% on whatever returns BUSD reserves make, which means they are incentivized to funnel as much funds into BUSD purchases as possible, legitimate or not. In the worst case, Binance could have been funnelling funds into BUSD that were not genuine BUSD purchases for extra profit. It is very questionable that all of the funds from this "independent" market maker that is not actually independent, quite the opposite, went to purchase BUSD on top of the fact that funds were already being commingled. There is not much benefit of the doubt to afford Binance here.
The fact that user funds were being invested in "profit-generating opportunities" is also a big question mark. Currently, stablecoin regulations(or the direction of them) is that stablecoins must be backed by fiat. BUSD couldn't be backed by cash by definition if it was being invested(unless it was FX investments but this is EXTREMELY unlikely as well as unnecessarily risky). There's also the issue and risk of losing customers funds if the investment failed, liquidity of those funds if there were mass withdrawals and the unclear disclose of the actual risk these funds were exposed to.
Hello everyone,
I hope this post finds you well. I wanted to share an app that I have developed, and I hope it proves useful to those preparing for the Basic Theory Test (BTT) and Final Theory Test (FTT) in Singapore.
During my own journey of learning iOS app development and studying for the theory tests, I found the process of practicing with mock questions to be quite cumbersome. Whether it was dealing with the constant advertisement spam on websites or carrying around physical theory test books, it became a hassle.
To address these challenges, I have created an ad-free app that allows you to conveniently practice BTT and FTT questions anytime, anywhere, using your smartphone. With this app, you can access a continuous stream of 50 BTT or FTT questions on the go. You can download the app on the app store with this link SG Driving Theory Test App
I hope that this app proves helpful and simplifies the practice experience for all of you.
