Post
Topic
Board Bitcoin Discussion
Merits 4 from 1 user
Re: Proof of reserves? Insurance fund? Best I can do is a random number generator!
by
stompix
on 11/10/2023, 12:26:48 UTC
⭐ Merited by o_e_l_e_o (4)
And we're surprised about this because....it's exactly the one million time or ten million when it happens or some other round number?  Grin
But I don't get something, is this about two different funds because, and I'm quoting you just to make things easy:

Quote
The first picture above shows how the value of 5,250,000 FTX Token supposedly in the insurance fund was "calculated". It wasn't. It was just coded in. insuranceFund.size = 5250000 FTT.

So the number of coins in this one is fixed, and varies according to value of FTX tokens, right?

Quote
The second picture above shows how the value of USD in the insurance fund was "calculated". The daily trading volume on FTX was multiplied by a random number, and this was used to adjust the insurance fund to a new size.

This one is variable to volume...
Were there two insurance funds?

This is the kind of bullshit centralized exchanges are using in their "proof of reserves", "safu funds", "insurance funds", "collateral funds", "1-to-1 matching reports", and all the other trash they peddle to convince you your funds are totally safe. Literal random number generators. They will do and say anything to get you to hand over your coins to them. Don't fall it.

But , but , but, CZ said #SAFU, CZ helped millions make money, CZ is great, ...CZ is whatever god your timezone has!
Are you spreading FUD here?  Grin