Let’s talk about $FTT
Before October 2022, I will only use FTX as a platform for trading virtual currencies.
Remember that at that time, as long as you pledged 25FTT, you would get a fee reduction
When there were rumors in the market that ftx was insolvent, I thought it was just some big guy manipulating prices maliciously and didn't pay much attention to it.
Remember that FTT was still hovering around 28U at that time.
Soon, market panic gradually spread. Some people said that the withdrawal speed had slowed down, and some people said that there was no transaction information on the chain, and FTT went all the way down to 26, 24, and 22U.
SBF jumped out on X to clarify that there was no such thing, and then returned to 24U
A run occurred on 11/8, and FTT fluctuated downwards from 24U to 18U or even 16U many times.
I still remember that I was so distracted that afternoon, watching FTT suddenly drop from 24U to below 20U. I knew something might really happen, so I started to investigate the matter of unstaking FTT and transferring coins.
It will take 14 days to unstake and return to the account. If you get it immediately, you can only get back 90% of the FTT.
When I was still thinking that it would be a waste to deduct 10% of FTT, FTT immediately dropped to 18U, and I immediately released the pledge.
When I was thinking about whether it would go back to 24U from 20U half an hour ago, FTT immediately dropped to 16U. I immediately converted FTT to U and applied for transfer out.
Of course, I had the same result as everyone else, my funds were also stuck.
In the middle of the night, Binance cz said that it was interested in acquiring FTX equity. I converted my U into BNB to make up for my losses.
Later, everyone also knew the result. The money had not been withdrawn until November 2024. After investing 10,000U, only 3,000U was still there.
After this lesson I learned several things:
1. If any negative news appears in the currency circle, just run away. Never believe any clarified information.
2. Why buy the inferior one when you can buy the biggest one? (At that time, I was optimistic that FTX would beat Binance)
Next, let’s talk about recent trends.
As the repayment date approaches, more and more people are betting on this coin. I bought some at about 1.37U in mid-June this year and sold it at 2.76U in early October.
Perhaps it is not a good buying point now (1.95U). It will be a good time to wait until no one notices the negative news or delays in claim settlement, then it falls to 1.4 or 1.5U.
The previous increases were caused by news of "suspected" repayments.
