Crypto is tanking hard.
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Originally posted by CTR0022 View PostCrypto is tanking hard.
Commentator said you can't lose real wealth that fast.... I agree. Things have gotten way too speculative.
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Originally posted by BlackoutRam2500 View PostHeard that the "JP Morgan of Crypto" lost 96% of his wealth in the past 24 hours. Apparently he was worth close to 17 Billion dollars and he is worth about a couple hundred million now BUT probably a lot less than that.
Commentator said you can't lose real wealth that fast.... I agree. Things have gotten way too speculative.
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Originally posted by SharpEnd View PostWell it seems he was a complete scam artist. Never did jump on the FTX bandwagon, he seemed too full of himself and was the 2nd biggest individual donor to the Biden campaign. SEC is going to be all over him, hopefully he pays for the crime if he was essentially stealing customer funds as purported.
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Binance certainly could. Supposedly they are working on some transparency of their books. Other exchanges (can't remember exactly which ones I read about) have committed to providing Merkle-tree proof of reserves. Gemini is pretty good, and aren't playing the same games as Binance or FTX.
Robinhood has a bit more protection via securities regulation, and presumably more transparency about their balance sheet.
Coinbase, not as much, but it isn't as likely for them to vaporize as they aren't doing the same kind of activity as FTX. US funds on Coinbase have some FDIC-type protection, but not crypto assets.
Best practice is to not keep funds on any exchange, other than that which you are actively trading, or are willing to lose in total if anything does blow up.
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i have a little in voyager and they filed bankruptcy a few months ago.
they have been pretty good about communicating with "us" about whats going on and a while back they sent a list of all of my holdings for me to verify. they are selling out to another exchange and have told us that we will be able to keep what we have and it will just transfer over to the new exchange, if i am reading it all right.
i knew there was a risk when i went with them so whatever i can get out of it i will he happy with, because i know there is probably nothing i can do about it anyway lol.
i started buying coins when BTC was around $45k, so i need to it make 1 more run back up there to break even. if it ever does i will be watching closely and will most likely pull most of what i have and let a few of the "better" coins i have ride to see what happens.
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Update on Coinbase - I just got an email from them about how they protect user accounts and assets:
- They're publicly traded, so they have audited public financials and $5.6B in available USD resources including $5B in cash
- They hold customer assets 1:1 and don't lend them without consent (major issue with FTX)
- Incorporated in the US. (FTX was based in the Bahamas, with a US-based arm FTX.US which is also now bankrupt)
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Originally posted by BlackoutRam2500 View PostHeard that the "JP Morgan of Crypto" lost 96% of his wealth in the past 24 hours. Apparently he was worth close to 17 Billion dollars and he is worth about a couple hundred million now BUT probably a lot less than that.
Commentator said you can't lose real wealth that fast.... I agree. Things have gotten way too speculative.
More like the “ENRON of Crypto”
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Originally posted by SharpEnd View PostUpdate on Coinbase - I just got an email from them about how they protect user accounts and assets:
- They're publicly traded, so they have audited public financials and $5.6B in available USD resources including $5B in cash
- They hold customer assets 1:1 and don't lend them without consent (major issue with FTX)
- Incorporated in the US. (FTX was based in the Bahamas, with a US-based arm FTX.US which is also now bankrupt)
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