I AM STARTING TO THINK CRYPTO MIGHT NOT BE AN INFLATION HEDGE…
2 Likes
Tough one for some people.
1 Like
Privacy? That’s only for your elected officials in power. Let’s arrest a few crypto programmers to make sure eveyrone gets the message that privacy coins will not be tolerated.
Oddly they didn’t arrest anyone when HSBC actively helped drug cartels launder billions.
1 Like
FTX is accused of making ‘false representations’ about FDIC insurance
The Federal Deposit Insurance Corporation (FDIC) slapped the Sam Bankman-Fried-owned cryptocurrency exchange FTX with a cease-and-desist order over “false and misleading statements” that suggest its assets are FDIC-insured. The FDIC doesn’t cover stocks or crypto, and only safeguards funds held in insured bank accounts.
2 Likes
In completely unrelated news, Sam Bankman-Fried is in the process of moving to $90MM estate in Florida. He/She/It said the move has nothing to do with Florida’s bankruptcy laws.
Anyone still a Mt Gox creditor?
2 Likes
Mining not going so well.
1 Like
2 Likes
bump
This FTT blowup looks like it could have systemic and cascading impacts on the crypto markets. Might be a fine time to sell your crypto and wait a few weeks to see if it all blows over or if some big players blow up.
When one coin prices fall, if they had loans secured against them, the borrower may choose to sell other coins to raise cash and you get pressure on the whole crypto market at large given how most players own a range of diffeeent crypto assets.
FTX is toast, probably gonna burn the last of SBF’s money on legal defense
2 Likes
good advice from elsewhere
This might be pertinent to Silvergate (SI) and SI-A like we have been discussing. If I was a depositor to Silvergate beyond the FDIC $250k limit, I would march down to the local branch and take every penny out beyond the limit. It does NOT make any difference whether SI is in any trouble with their cyrpto loan book or not. Perception is what counts.
SHTF for FTX, FTT, & SBF.
… and yet, nothing of value was lost.
Another place stopping withdrawals
https://finance.yahoo.com/news/blockfi-halts-withdrawals-cites-lack-022759306.html
2 Likes
Dear Valued Cardholder,
In light of recent developments at BlockFi, which are beyond our control, we are writing to notify you that purchasing privileges on your BlockFi Rewards Visa® Signature Card are suspended until further notice. As a result, you will not be able to make purchases using your card. However, you will be able to view your transactions activity, download statements and make payments on any outstanding balance. Please don’t hesitate to call 1-(833)-426-0304 or email BlockFicard@deserve.com or refer to the contact information provided on the back of your card with any questions.
Your BlockFi Rewards Visa® Signature Card is issued by Evolve Bank & Trust. Please review the Cardholder Agreement Terms & Conditions for more information.
Sincerely,
Evolve Bank & Trust
The BlockFi Rewards Visa® Signature Card, powered by Deserve Inc.
+1833.426.0304 blockfi.com
PO Box 57780, Murray, UT 84157
Review the Cardholder Agreement Terms & Conditions for comprehensive information on the BlockFi Rewards Visa® Signature Card.
BlockFi is a trademark of BlockFi, Inc. Deserve is a trademark of Deserve, Inc.
The BlockFi Rewards Visa® Signature Card is serviced by Deserve, Inc. and issued by Evolve Bank & Trust, Member FDIC pursuant to a license from Visa U.S.A. Inc.
I guess my $200 in rewards are also toast, hopefully something out of settlement. Funny thing this was my sticking my toe in to crypto.
Aren’t the rewards on that card earned in bitcoin?
FTX free for all. Liquidators running the bankruptcy were too slow…
3 Likes
I have it in several like DAI, USD etc. Hard to withdraw (prev. to this debacle) probably gonzo now.
Maybe I need to visit Bahamas:
I think the lesson here, which I think should have been learned long ago from other incidents, is that one must keep their crypto in their own hardware wallet instead of trusting someone else.
which has it’s own issues though with theft and loss etc. Same reason I don’t do cash,gold etc. But I see your point with bank runs