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Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)

surlybevo

By surlybevo
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“How Elizabeth Holmes’ noble pursuit to save lives stumbled due to technical shortcoming in the product”

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pronghorn

pronghorn 44

Posted
Posted
14 hours ago, BearSchlong said:
15 hours ago, Muny_Tex said:


Will you get the same gambling thrill if you awaken one day to an email saying all your funds are now frozen due to the bankruptcy proceedings of your coin servicer, along with instructions for pursuing a partial recovery claim?

This. I'll be amazed if coinbase survives.

this is my worry. my renter is employed by coinbase.

ponzi scheme is coming unraveled.

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Immaculate Vibes

Immaculate Vibes 114

Posted
Posted
3 hours ago, Parliament said:

Like bailouts from the Federal Government?  Is there so much money in that stuff they're "too big to fail?"

 

3 hours ago, Hefeweizen said:

No worry of that happening unless Goldman and JP Morgan need it.

No. I think he means amongst big players in the space. He might be the biggest. 
 

It’s all about setting the precedent though and then if this stuff gets systemically important levels then you get bailed out. He’s a massive political donor. Trying to set up the crony game.

 

I can’t stand it. Let the degens own their mistakes and burn. I don’t care how much the price dumps.  Clear out their leverage so we can see where we’re at. 

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Blotto

Blotto 24022

Posted
Posted
4 hours ago, Parliament said:

Like bailouts from the Federal Government?  Is there so much money in that stuff they're "too big to fail?"

The total market cap of all crypto is now less than $900 billion, about half of which is BTC. So less than Apple, Microsoft, Google or Amazon. Not trivial but also not large enough to freak out the fed. I still think there's at least another 30-50% left to fall in BTC and ETH and thousands of these scam crypto currencies will get wiped out completely in the coming months. Not a huge surprise as there was no fucking need for 7000 cryptos to begin with. 

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Hefeweizen

Hefeweizen 5445

Posted
Posted
43 minutes ago, Parliament said:

Is the collective believe of this board that crypto was always a farce and the cluckcluck of the chickens will kill it for a long time?  I believe that, but I'm an old man compared to the believers.

Same here.  I bought 100 bucks of ETH.  I’m willing to throw that out.  But my little brother uses BTC to bypass exchange rates as he earns USD and lives in Brazil.  So for him it’s a pass through but when these giant moves happen it’s got to be scary.  He’s an adult but I wouldn’t have relied on it for a store of value.

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Dahobbs

Dahobbs 18324

Posted
Posted (edited)
5 minutes ago, Immaculate Vibes said:

Trust the central banks. At least he admits it’s a confidence game. 
 

What happens when people en masse decide they don’t trust them? 🧐 

If only there was a form of money that was trustless  


 

Ah yes, that perfect form of money that requires no trust. No trust that others will accept it. No trust that prices will stay stable. No trust that the repositories that hold it will stick around or actually do their jobs. No trust required whatsoever. Fucking idiot. 

Edited by Dahobbs
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Immaculate Vibes

Immaculate Vibes 114

Posted
Posted
31 minutes ago, Dahobbs said:

Ah yes, that perfect form of money that requires no trust. No trust that others will accept it. No trust that prices will stay stable. No trust that the repositories that hold it will stick around or actually do their jobs. No trust required whatsoever. Fucking idiot. 

Wow what a shame. I thought we could count on you. 
 

I’ll still be here when you educate yourself and finally come around. 

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Dahobbs

Dahobbs 18324

Posted
Posted
12 minutes ago, Immaculate Vibes said:

Wow what a shame. I thought we could count on you. 
 

I’ll still be here when you educate yourself and finally come around. 

I'll still be using an actual currency. You can continue your doomsday prepping with a currency that requires a massive interconnected network with easy access to more energy than many large countries. You'd be better off just buying gold. 

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davidg

davidg 4058

Posted
Posted

Don't really follow bitcoin or this thread and haven't read all the way back through it but has there been much discussion here regarding large bitcoin mines in/coming to Tx?  I have a bunch of relatives in Navarro county and Riot Blockchain is planning on building at large bitcoin mine there.  First phase will be 250MW of miners with expansion up to 1GW of miners.  That's a fucking shitload of power consumption.  Riot already has one of the largest mines in the US at the old Alcoa facility near Rockdale.  Not really sure about how I feel about them.  They are incredible power hogs and we are already dealing with a shitty power grid in Tx.  Is the theory that the mines will use excess generated power which will allow more plants to stay on line to handle other demand surges?  Supposedly the mines shut down when demand gets that high and re-sell their power allotment and make a profit there.  Am I understanding all this correctly?

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Immaculate Vibes

Immaculate Vibes 114

Posted
Posted
20 hours ago, davidg said:

Don't really follow bitcoin or this thread and haven't read all the way back through it but has there been much discussion here regarding large bitcoin mines in/coming to Tx?  I have a bunch of relatives in Navarro county and Riot Blockchain is planning on building at large bitcoin mine there.  First phase will be 250MW of miners with expansion up to 1GW of miners.  That's a fucking shitload of power consumption.  Riot already has one of the largest mines in the US at the old Alcoa facility near Rockdale.  Not really sure about how I feel about them.  They are incredible power hogs and we are already dealing with a shitty power grid in Tx.  Is the theory that the mines will use excess generated power which will allow more plants to stay on line to handle other demand surges?  Supposedly the mines shut down when demand gets that high and re-sell their power allotment and make a profit there.  Am I understanding all this correctly?

Basically, yes. 
 

Also if you have coins on Voyager pull them off today. 
 

Or like I’ve been saying, pull them off every exchange. 

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Immaculate Vibes

Immaculate Vibes 114

Posted
Posted

On the same note as Celsius, BlockFi has been seen as “better run” and therefore less risk. This thread is great explainer why that’s probably wrong. 
 

Tl;Dr

The terms of FTX’s bailout basically imply that, if it is the best BlockFi could secure, they were insolvent. 
 

Probably best to pull your coins from there asap. 

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bernorange

bernorange 8385

Posted
Posted

It's no secret that Coinbase in particular has made concerted efforts to work with govco.  They also take the KYC stuff seriously.  This is known.  I always assumed Coinbase activity was avalable to govco.  The surveillance state is pervasive with anything electronic.

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Vegas64

Vegas64 713

Posted
Posted

lots to poke fun of about crypto and crypto bros and web3 use cases being stupid, but crypto being full anon or whatever seems like something someone would believe who didn't know much about it. Or someone who thinks it's only use case is dark web and the funding and profiting of illegal activities.

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gyroprotagonist

gyroprotagonist 2597

Posted
Posted
1 hour ago, Vegas64 said:

lots to poke fun of about crypto and crypto bros and web3 use cases being stupid, but crypto being full anon or whatever seems like something someone would believe who didn't know much about it. Or someone who thinks it's only use case is dark web and the funding and profiting of illegal activities.

tbh, i think it's all the mentions in crime dramas on TV as being untraceable, lol.  a lot of scammers have all their txs mapped out until it hits something like tornadocash.  i am not too familiar with it, but I think you still have to withdraw from another wallet, but stuff like gas tx and the address the money is getting withdrawn from are hidden.  Then you can withdraw to a fresh address and if you mix up the withdrawal amounts and use multiple wallets you can make it difficult to follow.

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Nice Guy Eddie

Nice Guy Eddie 13732

Posted
Posted
On 6/27/2022 at 8:44 AM, Immaculate Vibes said:

On the same note as Celsius, BlockFi has been seen as “better run” and therefore less risk. This thread is great explainer why that’s probably wrong. 
 

Tl;Dr

The terms of FTX’s bailout basically imply that, if it is the best BlockFi could secure, they were insolvent. 
 

Probably best to pull your coins from there asap. 

I'm pretty much pulled everything out of BlockFI. Maybe a few hundred $ dollar remaining. 

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bernorange

bernorange 8385

Posted
Posted

Via email, a couple of hours ago:

Quote

Voyagers,

Today we made the difficult decision to temporarily suspend trading, deposits, withdrawals, and loyalty rewards. The app will be down for a short transition period. After that, you will still be able to view market data and track your portfolio, and you will receive rewards payments for the month of June.

We understand the significant impact of this decision, which is why we tried hard to avoid it—including by securing a credit facility from Alameda Ventures and lowering daily withdrawal limits. But the failure of a borrower, Three Arrows Capital (3AC), to repay a substantial loan from us means this was the right path forward. Voyager is actively pursuing all available remedies for recovery from 3AC, including through the court-ordered liquidation process in the British Virgin Islands.

As a result—while far from optimal—this decision gives us time to strengthen our balance sheet, a necessary condition to protect assets and preserve the future of the Voyager platform we have built together. We are exploring a number of options and hope to have more to share soon.

More details can be found on our blog <https://www.investvoyager.com/blog/voyager-update-july-1-2022/>. We know it does not answer all of your questions, but we are working diligently to get you those answers and will continue to keep you updated.

Regards,
Team Voyager

Once again, thanks for the heads up IV.  Got my shit out of there in time.

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Immaculate Vibes

Immaculate Vibes 114

Posted
Posted (edited)
On 7/1/2022 at 3:53 PM, bernorange said:

Via email, a couple of hours ago:

Once again, thanks for the heads up IV.  Got my shit out of there in time.

Great to hear. 
 

These exchange/yield product blowups are going to be a mixed bag. On the negative side, they are going to invite a lot of regulation. Some will be useful, but it introduces the chance for unrelated regs and other overreach. On the plus side, people should be learning the importance of self custody. The more people hold their own coins, the more resilient the whole system and less easily manipulated. 
 

In other news, miner capitulation continuing. 
 

 

Edited by Immaculate Vibes
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bernorange

bernorange 8385

Posted
Posted

Via email:

Quote

Earlier today, we began a restructuring process aimed at strengthening Voyager
Digital’s financial position. To accomplish this goal, the company and its main
operating subsidiaries voluntarily filed for Chapter 11 protection.

Given the confidence you placed in Voyager when you joined the platform, we
know this may be disconcerting news. To that end, we want you to know that we
made these decisions specifically to protect and maximize the value of the
assets on the platform for all stakeholders, including you, our customers, who
remain our focus.

To be clear: This does NOT mean Voyager is going out of business. The
restructuring process is intended to help companies stay in business, which is
exactly what we intend to do. Being able to continue operations is a key
benefit of a restructuring, a well-established legal process through which
companies reorganize their financial obligations. In the meantime, we are
continuing discussions with various parties regarding the company’s go-forward
strategy.

Voyager was created with the idea that investors deserve a platform that
provides access to crypto assets with simplicity, speed, liquidity, and
transparency. While we strongly believe in this future, the prolonged
volatility and contagion in the crypto markets over the past few months, and
the default of Three Arrows Capital (“3AC”) on a loan from Voyager, made this
course of action necessary. Through this process, we intend to create an
efficient path to resume account access and return value to customers. We are
also pursuing all available remedies for recovery from 3AC, including through
the court-supervised processes in the British Virgin Islands and New York.

The proposed Plan of Reorganization (“Plan”) would, upon implementation,
resume account access and return value to customers. Under this Plan, which is
subject to change given ongoing discussions with other parties, and requires
Court approval, customers with crypto in their account(s) will receive in
exchange a combination of the crypto in their account(s), proceeds from the 3AC
recovery, common shares in the newly reorganized Company, and Voyager tokens.
The plan contemplates an opportunity for customers to elect the proportion of
common equity and crypto they will receive, subject to certain maximum
thresholds.

Customers with USD deposits in their account(s) will receive access to those
funds after a reconciliation and fraud prevention process is completed with
Metropolitan Commercial Bank. The Company continues to evaluate all strategic
alternatives to maximize value for stakeholders.

We understand this unexpected news may create both concern and uncertainty.
Additional information about our path forward can be found in ourpress release
<https://www.prnewswire.com/news-releases/voyager-digital-commences-financial-restructuring-process-to-maximize-value-for-all-stakeholders-301581177.html>
 andblog post <https://www.investvoyager.com/blog/voyager-restructuring-faqs/>.

Information on the restructuring, including relevant court filings, is
available at https://cases.stretto.com/Voyager
<https://cases.stretto.com/Voyager>, or by calling +1 (855) 473-8665 (U.S.
toll-free) or +1 (949) 271-6507 (international).

We’ve worked hard to share everything we can at this point; you have our
commitment that we will keep you updated.

Regards,
Team Voyager

 

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bernorange

bernorange 8385

Posted
Posted

Via email:

Quote

OFFICIAL CORRESPONDENCE ? TEXAS STATE SECURITIES BOARD, ENFORCEMENT DIVISION

My name is Joe Rotunda, and I am the Director of the Enforcement Division of the Texas State Securities Board.  The Texas State Securities Board is a state agency responsible for regulating the securities market in Texas. Its Enforcement Division is responsible for identifying and investigating securities offerings that may violate state securities laws, pursuing enforcement actions and protecting investors.

In April 2022, the Enforcement Division commenced a contested case against Voyager Digital and other parties. We alleged the respondents illegally offered investments in interest-bearing accounts tied to digital assets/cryptocurrencies. You can access information about the contested case through our website at ssb.texas.gov [ https://www.ssb.texas.gov/ ] or at this link [ https://www.ssb.texas.gov/news-publications/notice-hearing-filed-against-voyager-digital-ltd-voyager-digital-holdings-inc-and ].

On July 6, 2022, Voyager Digital announced it and main operating subsidiaries filed Voluntary Petitions for Chapter 11 Bankruptcy.  You can access the announcement online at this link [ https://www.prnewswire.com/news-releases/voyager-digital-commences-financial-restructuring-process-to-maximize-value-for-all-stakeholders-301581177.html ] and public filings through a portal accessible at https://cases.stretto.com/Voyager/ or at this link [ https://cases.stretto.com/Voyager/ ]. 

The Enforcement Division understands you may currently have, or may previously have had, an interest-bearing account with Voyager Digital.  *We are requesting information about your interest-bearing account and any dealings with Voyager Digital. If you opened an interest-bearing with Voyager Digital, please help us by answering the questions available at this link [ https://www.surveymonkey.com/r/<redacted> ] or at https://www.surveymonkey.com/r/<redacted> * Your responses will be treated as confidential pursuant to Section 4002.161 of the Texas Government Code.

Contact:  Joe Rotunda, Enforcement Director, at <redacted>.

 

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Nice Guy Eddie

Nice Guy Eddie 13732

Posted
Posted

Been interesting to watch the Celsius transactions over the past few days. No one (on the outside) is fully confident what it means but basically Celsius has paid off many of the loans that it took which releases more funds back to Celsius. Which then allows them to pay off other loans, releasing even more funds.

The general consensus is that they're nearing the end of their moves. Still unknown if depositors will receive anything back or not. It also seems to be unknown whether Celsius required a short term loan to pay off this debt.

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huge

huge 3831

Posted
Posted

I have some BTC in Coinbase.  I have never followed this thread and I just bought BTC for some diversity.  I think got it around $30k.

 

Is it going to go poof or nah?  I am not a trader and I am fine with short term losses.  

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StruggleBus

StruggleBus 3922

Posted
Posted
8 hours ago, huge said:

I have some BTC in Coinbase.  I have never followed this thread and I just bought BTC for some diversity.  I think got it around $30k.

 

Is it going to go poof or nah?  I am not a trader and I am fine with short term losses.  

Send it to me and I’ll hold it for you 

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