Bitcoin...Cryptocurrency

[CTR0022]

Crypto is tanking hard.

[BlackoutRam2500]

Crypto is tanking hard.

Heard 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.

[Pernell]

Looks like Crypto is finished. All the big players hate it and they are making it go away.

[camoclad]

Imma a whale and I hate it now.

I can't even remember how to get to my accel... if it was worth anything

[CTR0022]

How many of these coins do yall think are done?

Comp
Magic
Sol
Ltc
Doge

[SharpEnd]

Heard 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.

Well 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.

[Chad_E]

I've been waiting to jump and held some cash for this. I expect it will be a couple of years before I reap the rewards.

[ORIONTHEHUNTER]

Well 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.

SEC and FBI are all over him as it looks like he was stealing funds to fund his donations to democrats and other charitable organizations. These cryptos are all frauds and I can't believe people invest in them. Bitcoin will also be exposed.

[RiverRat1]

If you think Bitcoin is a fraud you have no idea what you're talking about.

I think most know (even guys that trade) smaller "coins" are all junk. Just trade vehicles like penny stocks to try and make money.

But BTC is actually used. Same with ETH and LTC.

[RiverRat1]

Does anyone know what exchanges can default like FTX just did?

Curious if places like Robinhood can do it and people with money just lose it. Since one can also buy stocks through Robinhood I assume it's much harder.. Anyone know?

What about Coinbase? Being as it's a listed security here?

[SharpEnd]

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.

[jshouse]

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.

[SharpEnd]

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)

[Blownshelby]

Heard 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”

[TeamAmerica]

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)

Both robinhood and Coinbase as a public company has an independent board overseeing it. Ftx had one director (the founder) for most of its history but only added two more recently that weren't independent. Red flag for sure. FTX auditor were apparently suspect as well.