Jesse Powell

@jespow ↗

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Last Checked April 3, 2023

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Wed Jan 18 03:22:32 +0000 2023

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Jesse Powell @jespow

@sergitosergito @tomlombardi 1. where are the loans coming from? a) other client balances? b) exchange's own balance sheet? c) nowhere, fake numbers in a database 2. who's holding the collateral for the loans? a) exchange b) someone else? c) nobody? 3. in bankruptcy, how are losses distributed? — PolitiTweet.org

Posted Jan. 18, 2023

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Jesse Powell @jespow

@EthosVentures @CryptoLira Most exchanges take the coins in to their custody — they don’t let you keep custody and trade with fake coins or coins borrowed without collateral. The exchange needs to deliver the sold coins to the buyer. How do you make delivery when you don’t have control to move the coins? — PolitiTweet.org

Posted Jan. 18, 2023

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Jesse Powell @jespow

@VanAmAdvisory @_DavidSFreeman So the exchange itself is taking the other side of the trades made by the users trading out of the "cold" custody balances? If you can only trade OTC or vs the exchange, it makes more sense. If you're trading on the normal order books vs retail, seems like printing fake coins. — PolitiTweet.org

Posted Jan. 18, 2023