Not declaring what they are doing with the money or the assets are the big trouble in this news. They can do whatever they want with their money, and could even lose money and not really care about it, they can fire or hire as many people as they want, none of these are illegal.
You can do this as a legal company, many companies made bad investment decisions and had to fire employees, there is nothing wrong with that. However, if we are talking about having some of the assets off the books without declaring that officially? That would be a big red question mark and it is illegal and wherever they are, they will have a big trouble with officials.
Topic: Blockchain.com playing with the company's money? Rumor or truth? (Read 170 times)
February 22, 2023, 12:52:19 PM
Unfortunately, this site generates money for nothing but because the domain name is closer to the technology name, but from a technical point of view, they are very late and closer to honeypot that collects user data and may sell it.
Their walllet has bad programming, and I believe that many have stopped using it, and therefore the site is dying slowly, as happened with LBC.
So selling it now is better than trying to happen like what happened with FTX.
Their walllet has bad programming, and I believe that many have stopped using it, and therefore the site is dying slowly, as happened with LBC.
So selling it now is better than trying to happen like what happened with FTX.
February 22, 2023, 09:26:33 AM
The reduction of staff during this bear season is no longer a strange thing for companies in the industry, only Binance is the only company that has not laid off employees and is promoting recruitment to expand the market.
It is strange when they claim record profits and then a couple of weeks or months go by and they are firing staff because they cannot afford it. Web Wallets are getting less used and that means less traffic which will be exposed to their exchange because their web wallet allows exchanging btc right from the wallet with less people visiting they are probably using different exchanges. The less people using their services the less staff needed but the less revenue too. They will always be a big company I think but I would not trust their web wallet or their investments. People thought FTX was a trustworthy company and look where that ended up going.
As I see it, crypto companies have a habit, when the bull season comes, they hire a lot, but when the down season comes, they lay off a lot, this shows the recruitment in the crypto industry is not too difficult.
It still exists to this day, proving that a lot of people still use it. And as far as I know, blockchain.com and coinabse are one of the oldest centralized web wallets and exchanges to date, FTX cannot compare with them. I don't store my assets on coinbase, but I still use it on some occasions and since 2014, I have had no problems with it. I don't recommend people use it, but we shouldn't attribute all centralized exchanges to be the same, just because of the crash of FTX.
February 21, 2023, 08:53:55 PM
What do you exactly mean "playing?" Because if you mean they make use of the company's money to invest or even risk it somewhere else, or purchase assets, or lend it, and so on, these shouldn't be just rumors because these are normal business activities of a company. Companies don't just hold money. They don't just keep them sleeping and unproductive and being slowly killed by inflation.
Perhaps the question is whether the company is playing with customers' money and not their own. That would be questionable. That would be risky to the point that they might face insolvency. That's rather irresponsible.
Perhaps the question is whether the company is playing with customers' money and not their own. That would be questionable. That would be risky to the point that they might face insolvency. That's rather irresponsible.
February 21, 2023, 06:47:27 PM
I wouldn't say that they are "evil" but it is definitely a shocking result that a company that owns the domain name blockchain.com could be making this many mistakes. They are not great at business obviously and they are running the company into bankruptcy and they will probably be bought by someone else in exchange of paying the debts without making any good profit at all.
It is not surprising that this happens, since although the company has been operating for a long time and acquires the most important domain name in the crypto-online system, it is not known exactly the size of the users' savings and the size of the platform's savings. I mean, we do not know when the platform takes investment decisions. Will that be from the users’ money or from the platform’s capital treasury? 
February 21, 2023, 02:18:14 PM
I wouldn't say that they are "evil" but it is definitely a shocking result that a company that owns the domain name blockchain.com could be making this many mistakes. They are not great at business obviously and they are running the company into bankruptcy and they will probably be bought by someone else in exchange of paying the debts without making any good profit at all.
But that doesn't mean they are evil, that just means they are not good at all and that's it, if you are not good that's not a bad thing, that just means you are failing at something. I believe that blockchain.com should not be doing any of this to stay alive, just sell the company and get out.
But that doesn't mean they are evil, that just means they are not good at all and that's it, if you are not good that's not a bad thing, that just means you are failing at something. I believe that blockchain.com should not be doing any of this to stay alive, just sell the company and get out.
February 21, 2023, 01:54:55 PM
It is strange when they claim record profits and then a couple of weeks or months go by and they are firing staff because they cannot afford it.
no
they were declaring record VALUATIONS
due to the market ATH giving their hoarded coin a large valuation. and when the markets corrected after the ATH it drops the valuation
(ATH mid 2021 - testing bottom end of 2022)
(68k -16k =75% drop of coin reserve valuation)
what you are also finding is now covid is over with and businesses start asking staff to come back to the office. they are checking the efficiency of work flow over the last 2 years and realising they can still operate effectively on a skeleton crew (reduced workers) and thus. shows its time to remove the dead wood
February 21, 2023, 08:38:44 AM
The reduction of staff during this bear season is no longer a strange thing for companies in the industry, only Binance is the only company that has not laid off employees and is promoting recruitment to expand the market.
It is strange when they claim record profits and then a couple of weeks or months go by and they are firing staff because they cannot afford it. Web Wallets are getting less used and that means less traffic which will be exposed to their exchange because their web wallet allows exchanging btc right from the wallet with less people visiting they are probably using different exchanges. The less people using their services the less staff needed but the less revenue too. They will always be a big company I think but I would not trust their web wallet or their investments. People thought FTX was a trustworthy company and look where that ended up going.
February 21, 2023, 08:22:58 AM
I don't see how they could possibly have ever been worth billions of dollars. They are best known for their web wallet and block explorer. In 2023, web wallets should be obsolete and there are dozens of block explorers that do the exact same thing as Blockchain.com. They gained a lot of investors by being one of the earliest Bitcoin companies but have not done much to create anything of value in recent years.
Like coinbase, Binance, and other crypto companies, they have many other businesses, not only web wallets, they also have venture capital funds and are shareholders of crypto projects...Similar to FTX, although we all know them as an exchange, they also have many subsidiaries and invest in more than 100 different projects and companies, large and small.
The reduction of staff during this bear season is no longer a strange thing for companies in the industry, only Binance is the only company that has not laid off employees and is promoting recruitment to expand the market.
February 21, 2023, 07:56:14 AM
A $14 billion dollar company should not have to slash large parts of its workforce in order to afford to pay off their loans. It means that their liquidity is much smaller than that.
As soon as any company requires firing their staff to keep them above water is a warning sign imo. I know they have a wallet but hopefully a lot of members have realized the risk and have got their money out of the web wallet which might be a reason why they are feeling the economical crisis more. I know that they have a block explorer and was 1 of the original but I have moved on from using their explorer because it has not changed and requires many clicks before you can get into their explorer and I think other people have moved on because of its interface too. I am not surprised they are struggling and I would urge any one that has money stored on blockchain.com wallet to move them out asap.
February 21, 2023, 06:52:05 AM
their equipment/office space and real tangible value of servers and stuff is not worth billions
its just a few dozen million at best estimates
its coins it privately buys is worth near a billion+ i suspect
however investors buying shares do not need to give over "billions" to give blockchain.com a multibillion dollar valuation
a investor can just buy 0.1% of total shares for $1.5m to create a share cap of $1.5b
so never trust a companies valuation. nor any coins market cap. becasue these "caps" have no association with how much cashable value is guaranteed to be sold for to fill that cap
its just a few dozen million at best estimates
its coins it privately buys is worth near a billion+ i suspect
however investors buying shares do not need to give over "billions" to give blockchain.com a multibillion dollar valuation
a investor can just buy 0.1% of total shares for $1.5m to create a share cap of $1.5b
so never trust a companies valuation. nor any coins market cap. becasue these "caps" have no association with how much cashable value is guaranteed to be sold for to fill that cap
I wonder if their actual liquidity was 50x less than their 2022 valuation of $14 billion (which would put them in the ballpark of $300M in assets that can be liquidated to pay off loans.
A $14 billion dollar company should not have to slash large parts of its workforce in order to afford to pay off their loans. It means that their liquidity is much smaller than that.
February 21, 2023, 06:34:38 AM
their equipment/office space and real tangible value of servers and stuff is not worth billions
its just a few dozen million at best estimates
its coins it privately buys is worth near a billion+ i suspect
however investors buying shares do not need to give over "billions" to give blockchain.com a multibillion dollar valuation
a investor can just buy 0.1% of total shares for $1.5m to create a share cap of $1.5b
so never trust a companies valuation. nor any coins market cap. becasue these "caps" have no association with how much cashable value is guaranteed to be sold for to fill that cap
its just a few dozen million at best estimates
its coins it privately buys is worth near a billion+ i suspect
however investors buying shares do not need to give over "billions" to give blockchain.com a multibillion dollar valuation
a investor can just buy 0.1% of total shares for $1.5m to create a share cap of $1.5b
so never trust a companies valuation. nor any coins market cap. becasue these "caps" have no association with how much cashable value is guaranteed to be sold for to fill that cap
February 20, 2023, 11:47:04 PM
I don't see how they could possibly have ever been worth billions of dollars. They are best known for their web wallet and block explorer. In 2023, web wallets should be obsolete and there are dozens of block explorers that do the exact same thing as Blockchain.com. They gained a lot of investors by being one of the earliest Bitcoin companies but have not done much to create anything of value in recent years.
February 20, 2023, 08:51:21 PM
in october 2022 kingsway bought into blockchain.com
in january 2023 blockchain.com bought into polysign
nothing relates to companies such as coinbase
blockchain.coms 'capital/collateral'(valuation) is not based on office space, equipment, hardware.. but on crypto reserves, which since 2021 valuations, has caused blockchain.com's valuation to decrease due to crypto currency market corrections of 2022(outside of blockchain.com control)
thus yes blockchain.coms 2022 valuation is lower than 2021 due to its reserves having less value due to coin price corrections(blockchain.com cant control the spot market of coins).
this is the same for any company holding alot of coin.
they are not selling lots of coin nor lots of % of their company. the change of company valuation is not company prompted discount to beg investors to buy sections of business. its just market price of collateral corrections in 2022 made shares of the company cheaper
so that kingsway bought blockchain.com shares in october 2022. and this gave blockchain.com more money to then buy into other companies and also buy more coin
(random numbers for simple demo. dont knitpick)
EG imagine a company had $200m in cash, $50m in hardware/office infrastructure and
50k in btc at @$50k each in autumn 2021
thats 2.5bill in coin and $250m in capital valuation=$2.75bill
then in autumn 2022 without doing a single thing
the spot market turns 50k in btc at @$50k each in autumn 2021 into 50k@$20k each
meaning the valuation drops from 2.5bill of coin to 1bill of coin
thus company valuation is 1.25bill
thus appears as discounted, but not due to internal decision to cut their valuation. not selling off or any other internal things. its just how the market plays out to cause a companies reserves to be worth less due to market movements they cannot control
in january 2023 blockchain.com bought into polysign
nothing relates to companies such as coinbase
blockchain.coms 'capital/collateral'(valuation) is not based on office space, equipment, hardware.. but on crypto reserves, which since 2021 valuations, has caused blockchain.com's valuation to decrease due to crypto currency market corrections of 2022(outside of blockchain.com control)
thus yes blockchain.coms 2022 valuation is lower than 2021 due to its reserves having less value due to coin price corrections(blockchain.com cant control the spot market of coins).
this is the same for any company holding alot of coin.
they are not selling lots of coin nor lots of % of their company. the change of company valuation is not company prompted discount to beg investors to buy sections of business. its just market price of collateral corrections in 2022 made shares of the company cheaper
so that kingsway bought blockchain.com shares in october 2022. and this gave blockchain.com more money to then buy into other companies and also buy more coin
(random numbers for simple demo. dont knitpick)
EG imagine a company had $200m in cash, $50m in hardware/office infrastructure and
50k in btc at @$50k each in autumn 2021
thats 2.5bill in coin and $250m in capital valuation=$2.75bill
then in autumn 2022 without doing a single thing
the spot market turns 50k in btc at @$50k each in autumn 2021 into 50k@$20k each
meaning the valuation drops from 2.5bill of coin to 1bill of coin
thus company valuation is 1.25bill
thus appears as discounted, but not due to internal decision to cut their valuation. not selling off or any other internal things. its just how the market plays out to cause a companies reserves to be worth less due to market movements they cannot control
February 20, 2023, 07:01:02 AM
There is one article I came across which states how Blockchain.com is playing with their money and buying unwanted assets within the company and on the other hand they are also selling off their company's assets slowly but not doing it officially!
The plot is, company's official members are selling some sections of the blockchain.com to other cryptocurrency based companies. The company also lost around $270 million dollars in the stake selling by PolySign who was working on the infra sector of the blockchain. In the response of this Blockchain removed around 150 employees from the firm.
Surprisingly this headcount was reduced to overcome the burden of loan repayments!! They had to remove more employees later and in total 28% of the company's workforce was gone. This was something evil that happened due to company's misconduct procedures of managing asset.
Is blockchain.com is in wrong management right now? Do they need a leader who can take it to the next level?
Blockchain.com is refute rumors that they are selling assets
The plot is, company's official members are selling some sections of the blockchain.com to other cryptocurrency based companies. The company also lost around $270 million dollars in the stake selling by PolySign who was working on the infra sector of the blockchain. In the response of this Blockchain removed around 150 employees from the firm.
Surprisingly this headcount was reduced to overcome the burden of loan repayments!! They had to remove more employees later and in total 28% of the company's workforce was gone. This was something evil that happened due to company's misconduct procedures of managing asset.
Is blockchain.com is in wrong management right now? Do they need a leader who can take it to the next level?
Quote
Between the months of December and January, officials of the company are said to have explored the possibility of selling sections of its business to other cryptocurrency companies, including Coinbase, according to publications that cite anonymous persons as their sources. In response to the reports, Blockchain.com issued the following statement: "No Blockchain.com firms are for sale." Blockchain.com is not a vendor of assets but rather a buyer of them.
However, from October 2022, the firm has been making efforts to raise more funding for its operations. This is being done even at a large discount to earlier values of the company's stock. According to a report by Bloomberg, at the time of the round, it was anticipated that the company would be valued at between $3 billion and $4 billion. The prospective round would assist Blockchain.com in navigating the weak market for cryptocurrencies more effectively.
The attempts to acquire funds are not denied by Blockchain.com, but the company rejects the assertions that assets are being sold. PolySign is a business that is working on infrastructure for financial institutions. Just recently, the firm's venture arm sold its 80% stake in the company.
Just a few short months after the company reduced its headcount by 150 in July 2022 in response to a loss of $270 million on loans made to the defunct hedge fund Three Arrows Capital, Blockchain.com terminated the employment of approximately 110 of its workers in January, representing 28% of the company's total workforce (3AC).
Blockchain.com claims that it has more than 37 million verified customers who use 86 million wallets and that it has a presence in 200 countries. Following the acquisition of fresh financing in March 2022, which was headed by the global venture capital firm Lightspeed Ventures and the investment management firm Baillie Gifford & Co, the company's value increased to $14 billion, up from $5.2 billion before.
Previous investment included a $300 million Series C round that took place in March 2021 and was headed by DST Global Partners, Lightspeed Venture Partners, and VY Capital, as well as $120 million from a broad variety of venture capital organizations.
However, from October 2022, the firm has been making efforts to raise more funding for its operations. This is being done even at a large discount to earlier values of the company's stock. According to a report by Bloomberg, at the time of the round, it was anticipated that the company would be valued at between $3 billion and $4 billion. The prospective round would assist Blockchain.com in navigating the weak market for cryptocurrencies more effectively.
The attempts to acquire funds are not denied by Blockchain.com, but the company rejects the assertions that assets are being sold. PolySign is a business that is working on infrastructure for financial institutions. Just recently, the firm's venture arm sold its 80% stake in the company.
Just a few short months after the company reduced its headcount by 150 in July 2022 in response to a loss of $270 million on loans made to the defunct hedge fund Three Arrows Capital, Blockchain.com terminated the employment of approximately 110 of its workers in January, representing 28% of the company's total workforce (3AC).
Blockchain.com claims that it has more than 37 million verified customers who use 86 million wallets and that it has a presence in 200 countries. Following the acquisition of fresh financing in March 2022, which was headed by the global venture capital firm Lightspeed Ventures and the investment management firm Baillie Gifford & Co, the company's value increased to $14 billion, up from $5.2 billion before.
Previous investment included a $300 million Series C round that took place in March 2021 and was headed by DST Global Partners, Lightspeed Venture Partners, and VY Capital, as well as $120 million from a broad variety of venture capital organizations.
Blockchain.com is refute rumors that they are selling assets
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