Uh oh. I’m waiting for one of these big exchanges to become insolvent or default. I bet big banks are more exposed to crypto than their balance sheets let on to and it would create a ripple effect across the market.
Coinbase has ran their company like complete dog shit despite being one of the first movers into the normie retail crypto space years ago.
coingape.com
I removed everything I had on coinbase 3 months ago. I don't trust the exchanges at the moment. I still have some LTO and PRQ on my coinbase wallet but It would cost me more to get them back than what they're worth.
Time to leave the sinking ship
God I hope Kraken holds. They seem the most decent so far.
How do I get my ICP out of CB, I don't have a compatible wallet? Should I convert it to XLM?
I got into crypto 4 months ago and I'm a high school student so I guess I'll get some hate but can I ask why are these companies insolvent?
Does this mean they really didn't have our coins? Like for example, if 10 people buy 1 btc each, it looks like coinbase holds those 10 btc but in reality maybe only holds 3 btc? Is this it? I'm trying to learn, sorry. And if that's the case, shouldn't it be illegal?
nns user
Coinbase makes most of it money from the fees that a lot complain about. Celsius/Nexus/Vanguard all gambled users money for the promise of 20% APY returns which is absurd and tried to cover by taking in new users to pay off the old users, essentially a ponzi scheme. They were more than just an exchange which Coinbase, it's just normie friendly than Coinbase Pro. Atleast they aren't like CryptoDOTcom that bought a fucking stadium.
That being said, not your wallet, not your crypto.
Same. I had my shit spread across multiple exchanges and took it all out. Had over 6 figures on coinbase because of the ease of exit if needed.
Coinbase kept getting shittier year by year. Those Jewish fee’s they would take out just kept growing. I can’t get over how retarded they are. At one point they had a near monopoly on the normie retail space and blew it all within a year or two. Look at their last several quarterly financial statements, complete trash. I have no clue how they are even operating at a loss with all the massive fee’s, staking, and airdrops they steal despite not offering many services or things that would cost them money.
They thought it would stay up only and not dip too much, got big to look like they're the next big thing, we entered in a descending phase in November and now shit isn't going well.
So they are firing a lot of people, looking bad, Luna which was a big moon mission just exploded and the whole crypto field is starting to look really bad at the moment.
To sum it up, they paid themselves thinking the future would be bright, made bullshit jobs and are getting burned really bad.
oh shit, an expert said it? we are fuked bull bros
It means they got greedy son. They used your coins and loaned them with interests to people who made very bad decisions and can’t repay it.
>And if that's the case, shouldn't it be illegal?
Fractional reserve banking is ironically one problem crypto was meant to solve.
>a lot of people, looking bad, Luna which was a big moon mission just exploded and the whole crypto field is starting to look really bad at the moment.
>To sum it up, they paid themselves thinking the future would be bright, made bullshit jobs and are getting burned really bad.
It is smart to trim the fat, every tech company is doing so. Have you seen whistleblowers come out how those companies with these neat amenities amounts to just adult day care for useless positions? Guess tech companies are no longer looking for "rockstars" and "ninjas".
Yes yes, MT Gox was the defacto for a while for the enthusiast back in the day; but goybase is too big to fail. They're the Robinhood of the crypto world in terms of normie appeal.
They took 5 of the BTC and gambled it to make profits, so that when they paid the 10BTC back to people they would have made money for themselves.
But now the 5 BTC is worth 3 so if every one of the 10 people says "I want my 1BTC back" they can't honor it.
That doesn't make sense. They'd still get back 5BTC it's just that 5BTC isn't worth what it was when it was loaned out. You aren't owed the $$$ you put in initially. 1BTC is still worth 1 BTC.
Can someone explain why those companies can't just buy back the crypto that was deposited and return it to users because it's cheaper now? Like you put in 1BTC which is worth $50k, the value crashes to $1, they return you the 1BTC which is now worth $1.
You can put ICP on metamask if you use Hoo Smart Chain.
They traded the value away to things that didn’t do as well. Because of this speculation, there is not enough to go around.
They seem like one of the more reputable ones.... but I still moved everything off of their last week. Not your keys, not your crypto. Too many things failing right now to be comfortable.
Modern banking since renaissance Italy has worked in such a way that banks will loan money to customers and count the expected money they’ll get paid back (plus interest) as an asset. On the other hand they also hold borrower’s money deposits and count the amounts borrowers can withdraw (as well as the interest paid to borrowers for holding their money) as liabilities. In the meantime, they aren’t actually required to keep the full amount of those deposit holdings people trusted them with. That’s why it’s called fractional-reserve banking. So what they’ll do with them is reinvest them to generate more profit for the bank beyond just the interest from loans. But if those investments go bad or major external events spur customers to want to withdraw all their money at the same time, the bank gets exposed for not being able to make all its customers whole, and becomes insolvent. Now that you understand how banking works, imagine these crypto exchanges and lending platforms basically acting like poorly-ran banks for crypto. That’s why they’re tanking.
Any Forums is insolvent
Yeah they don’t own any bsv
Isn't the Coinbase wallet different to the platform and just an alternative to metamask, i.e. non custodial?
>2022
>coinbase fud
>still used by the biggest whales in this space
yea im thinking its a jewish propaganda from SBF to save his dirty kike exchange
>I got into crypto 4 months ago and I'm a high school student
Lmao kid at least you admit it, unlike most of the larpers on here.
They are in trouble because of fractional reserve banking. It's not illegal but it should be. Crypto was invented in part because of it, although because crypto has been completely run over with get-rich-quick retards the market accepts it and we are back to square one.
Coinbase also has a shitton of employees and are paying them way too much money, so that could be of concern.
Coinbase ran that Superbowl commercial, yes it's run by kikes