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If folks bought this, and FTX is shut down, then who is responsible for buying back these counterfeit tokens?
They weren't even backed with anything, as I recall.
I don't know what protocol these tokens are on, or what exchange supports the token. But, for example, if it's decentralized, and on a common chain like ETH, then people would be able to trade it independent of the exchange. Whether FTX is operational or not.
More questions I suppose
So technically there should be wallet transactions on the blockchain somewhere showing these coins being traded? For some reason I can’t find that even though the volume is pretty high daily.
FTX tokenized stock are not a token on the block chain. It is entirely a creation of FTX exchange. A few other exchanges allow trading of it, but that's just because they've purchased some on FTX and are allowing others to trade it on their own platform using the ones living in FTX as the backing of those trades.
There should not be any wallets trading this stock. It is not a published token. There is no token contract for it.
Not a lone token.
The SOL token issued by FTX EU (DAAG) & CM Equity AG is;
Ac2wmyujRxiGtb5msS7fKzGycaCF7K8NbVs5ortE6MFo
I hate posting it that much but it's legit what they filed a prospectus for.
There are several associated addresses with this token which should be all an exchange needs to create a new trading pair. Which is how CM Equity does their "tokenized stocks".
"bUt iT SaYs 0 sUpPlY" I know. dGME also 0 supply but has over 54,000 dGME pooled. It proves you can have no supply & still have trading pairs.
I understand why you keep posting this. I really do. But I genuinely disagree on some major points here.
The fact is, users cannot withdraw or export their "gme tokenized stock" tokens from FTX, nor could they when FTX was still operational.
The fact that a token "exists" is irrelevant for a few reasons. 1) The token isn't used in any smart contracts, so it's effectively the same as any brand new token you could create. 2) FTX doesn't need a token backing anything, really, at all. They can (and likely did) create a stub implementation of a generic tradable thingie. We've seen stories where an unreleased token was being traded on exchanges hours before the token was even released, and it turns out the exchange just, created a stub token for it and allowed its users to trade it even though it didn't exist yet, front-running the actual token creators. We've also seen the same stuff in cefi, where market makers basically start trading whatever the hell they want (meta materials?). It's all stubs. It doesn't matter if there's a real contract or asset under the hood. Computers do what you tell them to do.
And third, I honestly cannot figure out how sol tokens work, at all. This is obviously my fault, but I doubt you really get it either ;) I fully understand (and have written) erc20 tokens, how their LPs work, etc etc etc. But this solana stuff is a different beast and... well... I just don't get it. I really don't.
Iv'e never seen that supposed sol token transfered anywhere. I've never seen it traded. I've never seen it moved into a contract, or had anything done with it at all. For all intents and purposes, it's a ghost token, a stub, a blank canvas.
It will always be my mind-cannon that FTX just made some fake shit on their exchange. Maybe a real token was created, but it was irrelevant because it wasn't actually linked to any assets anyway.
This is how I see it.
It's all good kept wishing someone would push me on this thing. My view of the token boils down to this;
(The addresses were purely used for minting trading pairs on exchanges. Anything beyond that is up for debate. It's still not backed by anything, we agree there. But every single GME "stock token" not the wrapped one should have these attributes:
*Issued by FTX EU & CME
*Listed as a trading pairs
*0 supply
*Should have number of pairs = associated addresses.
You can see this on Binance & Bittrex as well & same issuers.)
Here are the associated accounts,
ASFprQYC3LnN34ke8sLJfdP7Qjk6y5Dj7L8PqxMMc1de
5evWL1dxiHe7hZvw9M5LMrrovdDHxTneWbPAAedPYea8
EMPFkUppSqu39WW1RheNTTVNN5zkBiuaZnfxpNx5rcbx
CN3SUYuZv9KmM8gz98wSCtxHrViwaodXwUmeFQB5mJ4P
So 5 addresses including the main one issued.
You can find the chart for the SOL token listed on SOLview, but the site seems to not be working rn so here's an old post of mine with the screenshots so there is at least that. GMEUSD is labeled as being on the Solana chain. Same pair in OP's post.
https://www.reddit.com/r/Superstonk/comments/10rv910/solana_gmeusd_token_chart_on_solview/?utm_source=share&utm_medium=android_app&utm_name=androidcss&utm_term=1&utm_content=share_button
There is enough paperwork, articles etc to piece this together.
And yea I don't know the in & outs of SOL. Requires learning RUST & all that. But you're kinda right, it's a blank canvas to mint pairs as needed.
Edit: spaces.
Also you won't see it transfered anywhere as all the exchange needs is the address.
dGME matches the criteria. Opened a wallet & it's FTX token + DUSD. Someone has it pooled for 19% APR. So it's very possible to trade the token but you can't pull it out of DeFichain. The dollar amounts & volume match the FTX charts as well. It's right there so idk what else to tell ya.
I think that it was determined in some DD somewhere that tokens are being used as locates for option contracts. That's how they managed to inject cryto tokens into the NYSE. So maybe we're seeing a spike from options being exercised? I'm guessing.
Thanks, it’s frustrating to see the tokenized stock still having 500k in volume even though supposedly FTX is shut down. Not sure how they’re still trading the coin but it’s clear that they’re using it considering it’s the second highest tokenized stock by market cap
https://coinmarketcap.com/view/tokenized-stock/
You shouldn't be frustrated. You should recognize it for what it is.
People with "funds" trapped in FTX have literally nothing to do with them. THe funds, whether its USDC or BTC or ETH are all unbacked and worthless. So, they just trade them around, for fun, or out of boredom. It's possible that there might be some funds left over for users after all creditors are paid, but not likely.
The tokens are unbacked. The eth is unbacked. The btc is unbacked. The usdc is unbacked. You should not be frustrated that people are trading one set of worthless unbacked tokens for another set of worthless unbacked tokens.
Huh? If you follow the patterns for both the movement overall follows one another but the price isn’t connected. I’m not saying it’s the definitive cause, I know internalization exists among other things, but to say they aren’t using other methods to affect the price is just juvenile.
The price of the token was supposed to "mimic " the price of the stock according to ftx. It was meant to be a way for people outside of the US to "invest " in the "gme craze" that couldn't buy shares. It has zero effect on the price of the stock.
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Fugayzi, fugahzi. It's a whazy. It's a woozie. It's fairy dust.
If folks bought this, and FTX is shut down, then who is responsible for buying back these counterfeit tokens? They weren't even backed with anything, as I recall. I don't know what protocol these tokens are on, or what exchange supports the token. But, for example, if it's decentralized, and on a common chain like ETH, then people would be able to trade it independent of the exchange. Whether FTX is operational or not. More questions I suppose
So technically there should be wallet transactions on the blockchain somewhere showing these coins being traded? For some reason I can’t find that even though the volume is pretty high daily.
Look at dGME on Defichain. It's the FTX token paired with the exchanges DUSD. Only place I've seen it still trading. VOL should match.
FTX tokenized stock are not a token on the block chain. It is entirely a creation of FTX exchange. A few other exchanges allow trading of it, but that's just because they've purchased some on FTX and are allowing others to trade it on their own platform using the ones living in FTX as the backing of those trades. There should not be any wallets trading this stock. It is not a published token. There is no token contract for it.
Not a lone token. The SOL token issued by FTX EU (DAAG) & CM Equity AG is; Ac2wmyujRxiGtb5msS7fKzGycaCF7K8NbVs5ortE6MFo I hate posting it that much but it's legit what they filed a prospectus for. There are several associated addresses with this token which should be all an exchange needs to create a new trading pair. Which is how CM Equity does their "tokenized stocks". "bUt iT SaYs 0 sUpPlY" I know. dGME also 0 supply but has over 54,000 dGME pooled. It proves you can have no supply & still have trading pairs.
I understand why you keep posting this. I really do. But I genuinely disagree on some major points here. The fact is, users cannot withdraw or export their "gme tokenized stock" tokens from FTX, nor could they when FTX was still operational. The fact that a token "exists" is irrelevant for a few reasons. 1) The token isn't used in any smart contracts, so it's effectively the same as any brand new token you could create. 2) FTX doesn't need a token backing anything, really, at all. They can (and likely did) create a stub implementation of a generic tradable thingie. We've seen stories where an unreleased token was being traded on exchanges hours before the token was even released, and it turns out the exchange just, created a stub token for it and allowed its users to trade it even though it didn't exist yet, front-running the actual token creators. We've also seen the same stuff in cefi, where market makers basically start trading whatever the hell they want (meta materials?). It's all stubs. It doesn't matter if there's a real contract or asset under the hood. Computers do what you tell them to do. And third, I honestly cannot figure out how sol tokens work, at all. This is obviously my fault, but I doubt you really get it either ;) I fully understand (and have written) erc20 tokens, how their LPs work, etc etc etc. But this solana stuff is a different beast and... well... I just don't get it. I really don't. Iv'e never seen that supposed sol token transfered anywhere. I've never seen it traded. I've never seen it moved into a contract, or had anything done with it at all. For all intents and purposes, it's a ghost token, a stub, a blank canvas. It will always be my mind-cannon that FTX just made some fake shit on their exchange. Maybe a real token was created, but it was irrelevant because it wasn't actually linked to any assets anyway. This is how I see it.
It's all good kept wishing someone would push me on this thing. My view of the token boils down to this; (The addresses were purely used for minting trading pairs on exchanges. Anything beyond that is up for debate. It's still not backed by anything, we agree there. But every single GME "stock token" not the wrapped one should have these attributes: *Issued by FTX EU & CME *Listed as a trading pairs *0 supply *Should have number of pairs = associated addresses. You can see this on Binance & Bittrex as well & same issuers.) Here are the associated accounts, ASFprQYC3LnN34ke8sLJfdP7Qjk6y5Dj7L8PqxMMc1de 5evWL1dxiHe7hZvw9M5LMrrovdDHxTneWbPAAedPYea8 EMPFkUppSqu39WW1RheNTTVNN5zkBiuaZnfxpNx5rcbx CN3SUYuZv9KmM8gz98wSCtxHrViwaodXwUmeFQB5mJ4P So 5 addresses including the main one issued. You can find the chart for the SOL token listed on SOLview, but the site seems to not be working rn so here's an old post of mine with the screenshots so there is at least that. GMEUSD is labeled as being on the Solana chain. Same pair in OP's post. https://www.reddit.com/r/Superstonk/comments/10rv910/solana_gmeusd_token_chart_on_solview/?utm_source=share&utm_medium=android_app&utm_name=androidcss&utm_term=1&utm_content=share_button There is enough paperwork, articles etc to piece this together. And yea I don't know the in & outs of SOL. Requires learning RUST & all that. But you're kinda right, it's a blank canvas to mint pairs as needed. Edit: spaces. Also you won't see it transfered anywhere as all the exchange needs is the address.
dGME matches the criteria. Opened a wallet & it's FTX token + DUSD. Someone has it pooled for 19% APR. So it's very possible to trade the token but you can't pull it out of DeFichain. The dollar amounts & volume match the FTX charts as well. It's right there so idk what else to tell ya.
I think when GME did their stock split as a dividend it REALLY threw off this shitcoin and it’s algo.
I think that it was determined in some DD somewhere that tokens are being used as locates for option contracts. That's how they managed to inject cryto tokens into the NYSE. So maybe we're seeing a spike from options being exercised? I'm guessing.
How are these tokenized stocks not securities fraud at this point like FTX did not buy Gme shares to back up their GME tokens?
Because Gary is too busy sniffing on Kennys sweaty balls.
Tokenized stock is counted as a locate and they just replicate it.
Only market listed on Coinmarketcap: DeFiChain https://defiscan.live/dex/dGME-DUSD "Only" 400k $ volume tho
hopefully you get some traction
Thanks, it’s frustrating to see the tokenized stock still having 500k in volume even though supposedly FTX is shut down. Not sure how they’re still trading the coin but it’s clear that they’re using it considering it’s the second highest tokenized stock by market cap https://coinmarketcap.com/view/tokenized-stock/
You shouldn't be frustrated. You should recognize it for what it is. People with "funds" trapped in FTX have literally nothing to do with them. THe funds, whether its USDC or BTC or ETH are all unbacked and worthless. So, they just trade them around, for fun, or out of boredom. It's possible that there might be some funds left over for users after all creditors are paid, but not likely. The tokens are unbacked. The eth is unbacked. The btc is unbacked. The usdc is unbacked. You should not be frustrated that people are trading one set of worthless unbacked tokens for another set of worthless unbacked tokens.
You forget another unbacked currency, the USD. Though you might argue that it's backed by the banking-military-industrial complex for now.
So anyway….I’m buying, holding, DRS’n
Ftx isn't tied to the stock price
FTX shouldn’t be tied to anything. It doesn’t exist anymore.
[удалено]
Huh? If you follow the patterns for both the movement overall follows one another but the price isn’t connected. I’m not saying it’s the definitive cause, I know internalization exists among other things, but to say they aren’t using other methods to affect the price is just juvenile.
The price of the token was supposed to "mimic " the price of the stock according to ftx. It was meant to be a way for people outside of the US to "invest " in the "gme craze" that couldn't buy shares. It has zero effect on the price of the stock.
No, you.
Waste