How has the collapse of FTX affected me?

By cryotosensei | CryptoSensei | 10 Nov 2022


Hands down, Gemini is my favourite exchange, but the unforgiving thing about it is that it supports mostly ERC-20 tokens. Which wouldn’t be a problem if I have deep pockets, but unfortunately, my entire portfolio comprises shitcoins like SWEAT from the walk-to-earn app called Sweatcoin (https://sweatco.in/i/hengkaile), DFI from Cake DeFi as well as AMP and ETH from Publish0x.   What happens is that I transfer all these shitcoins to Kucoin. Now, converting them to ETH and facilitating the transfer between Kucoin and Gemini will set me back a lot in terms of gas fees. So, in order to circumvent this challenge, I convert all these shitcoins to USDT and transfer the USDT to FTX via the TRC-20 network.   Upon arrival at FTX, my USDT will be converted to LTC before taking an electronic transfer trip to Gemini. Then, I convert LTC to BTC and see if I wish to off-ramp it.   Yup, I know it sounds like a handful, but I quite enjoy doing all this, to be honest because I get some of these shitcoins for free in the first place. I love freebies.   Anyway, now that FTX is gobbled up by CZ, founder of Binance and has bitten the dust, I need to find an alternative way to off-ramp my shitcoins on Kucoin. Ordinarily, I would be feeling frustrated and hassled but - and I don’t know if it’s because I have gained some fortitude as a result of this 1.5 years in the crypto space or because I have enhanced my patience due to parenting - I know that the wide array of opportunities in crypto will eventually make my current problem vanish. Things will sort themselves out. So, I don’t even feel all that bummed that FTX is no more with us.    

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cryotosensei
cryotosensei

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