The crypto community is wild. Literally in a thread about how the wheels are coming off the cart, the project frozen withdraws and possibly mishandled user funds there is the question "Should I buy in?" Also I love that the question of "What value does this provide?" comes after the question about buying it. At least the question came at all.
Warren Buffet puts it this way: "be fearful when others are greedy and to be greedy only when others are fearful". So, honestly, it's a very reasonable question.
I personally wouldn't touch it, but I'm at least curious to hear the heterodox argument. Somebody out there is still buying it at $3, I wonder why.
There's still an opportunity IF you know what you're doing. I wouldn't recommend it.
It's traded elsewhere, and there are derivatives that pay premium. There's also the chance that Binance, Tron, or someone else accept conversions of FTT at some rate that makes the trade profitable. Facts are still coming out. We can only say it's not yet worth $0.
It’s all from that buy the dip meme. I saw something similar where people were asking if they should buy that LUNA coin thing during its meteoric collapse. I think that coin is still in the dumpster so..
No, you should not. It's an exchange token. It's meant to be used as collateral for your trading, instead of USD, BTC, etc. It incentivizes this by giving you reduced exchange fees based on how much FTT you own.
In the case of FTX: fraud. They were giving people a useless token for tokens that had value elsewhere.
With Binance, you could make the case you own equity in the exchange, but that could have the same outcome as FTX.
It’s worth noting these types of tokens aren’t permitted on US-based exchanges. Likely because they are the most obvious unregulated securities (more so than other tokens).