Although I’m a naturalist at heart, I’ve seen both disastrous (medically, emotionally, physically and fiscally) and spectacular (physically) results in your aka scenario. What is truly disastrous is the mental/emotional state which leads to those procedures.
Also, the emotional state that leads people to invest in crypto escapes me. However, for a brief moment, I believe @meed18 invested in a crypto surrogate. He was willing to monitor the investment, and quick to pull the trigger. He is someone who was willing to invest his hard earned money, but also willing to do the work of monitoring his risky investment. There were lots of people willing to invest, and then ignore or be oblivious to news of their investment.
Keeping with the devil’s advocate tone… FTX was all great and glittery until the whole house of cards came crashing down on investors and customers alike in a 72-hour period. Monitoring is fine but insufficient with this type of industry.
and compliant players like BlockFi got caught up too. they’re trying to redeem themselves though: Hope they can recover SOMETHING besides pennies on the $
Today, we took an important step toward our goal of returning assets to clients through our chapter 11 cases. It is our belief that clients unambiguously own the digital assets in their BlockFi Wallet Accounts. As such, we filed a motion requesting authority from the U.S. Bankruptcy Court to allow clients to withdraw digital assets that are held in their BlockFi Wallet Accounts. We will be seeking similar relief from the Supreme Court of Bermuda with respect to BlockFi Wallet Accounts held at BlockFi International Ltd. This motion does not impact withdrawals or transfers from BlockFi Interest Accounts, which remain paused at this time.
In order to facilitate withdrawals from BlockFi Wallet Accounts, we also requested permission to update the User Interface to properly reflect transactions as of the platform pause on November 10, 2022 at 8:15 p.m. (prevailing Eastern Time). This is a necessary step towards ensuring all clients are treated fairly and that the User Interface properly reflects the digital assets in Wallet Accounts as of the pause so BlockFi can honor all withdrawal requests from Wallet Accounts properly if authorized by the U.S. Bankruptcy Court and, with respect to BlockFi International Ltd., the Supreme Court of Bermuda.
While filing this motion is an initial step, we will continue to work towards solutions that maximize value for all clients and other stakeholders and will share updates as quickly as practicable.
We are looking forward to discussing this motion with the U.S. Bankruptcy Court and key parties in our cases, and expeditiously moving towards a path that returns Wallet Accounts assets to clients. We expect that our request will be heard by the U.S. Bankruptcy Court at our hearing currently scheduled for January 9, 2023, at 10:00am ET. We expect that our request for similar relief with respect to BlockFi International Ltd. will be first heard before the Supreme Court of Bermuda at our hearing currently scheduled for January 13, 2023 at 10:30am AST and then scheduled for a full hearing after that on a date to be fixed.
Additional information regarding our chapter 11 cases, including court documents and claim information, can be found by visiting BlockFi’s claims agent Kroll at https://restructuring.ra.kroll.com/blockfi.Clients with questions about the process may call Kroll at (888) 773-0375 (Toll Free) or (646) 440-4371 (International), or email1 blockfiinfo@ra.kroll.com.
I am not aware of the frequency of @meed18 's monitoring. However, he wasn’t greedy, and pulled the trigger when he felt things might not be perfect. I didn’t have the trust or time to monitor those types of “investments”, so stayed on the sideline, losing the X% that others were earning. I don’t begrudge them their X%, but they knew, or should have known, the risk they were taking.
It’s older than me, but I’m sure that everyone here has heard the axiom “If it sounds too good to be true, it probably is.” Although everyone has heard it, not everyone listened, or some thought they were too smart to be hoodwinked.
Customer money not already stolen by FTX to be stolen by lawyers.
New York-based law firm Sullivan & Cromwell is representing FTX in its Chapter 11 case and guiding its efforts to return assets to customers. FTX late Wednesday asked the Delaware federal judge overseeing the case for approval to pay the firm’s partners and special counsel between $1,575 and $2,165 per hour for their work.
We DO need good regulators/regulation here if not FTC, CFTC or SEC. Funny thing is the same people who were using Bahamas as a shelter from US laws are saying the same thing now
I think of food labels as an analog. The industry was up in arms b/c they said buyer beware.
You can probably get a degree part time and online. Plus a law degree is not required to become a lawyer in some states, including CA, just need to pass the bar.
nah. Biden Harris plan is kaput… till next election cycle. So I’ll keep my current min. payments going… Hope is a good thing … and I only have to be right once…
mattress kind. But I plan on depositing it into my bank accounts here if the following is correct. We’re talking about well the lifetime limits below but could be more than yearly limits:
However, there is an exemption that allows you to gift up to $14,000 per year ($28,000 for a couple) to as many individuals as you wish without counting against your lifetime exemption. So if you want to gift your offspring money for a down payment and don’t want to reduce your lifetime $5.45/$10.9 million exemption, you could spread the gift out over several years.
Gift taxes are typically the responsibility of the giver. Cash gifts are not counted as part of the recipient’s income for federal income tax purposes.
The gift tax exemptions increase with inflation over time. The above figures are accurate for 2017.
If they’re doing more than that, good luck to 'em.
