Topic: Cold storage ALL your crypto or withdraw fiat into your bank account NOW!!! - page 3. (Read 460 times)
November 19, 2022, 03:31:26 AM
As a treader, it is not easy to just withdraw fiat, I do not have fiat, i use stable coins Instead and I can never withdraw fiat. To make it easy, buy a hardware wallet which support bitcoin and altcoins, then move all your coins from exchanges to the hardware wallet if you are not using it to trade. I have not more than $250 left on the exchange I am using, which is for trading, leveraging it 2 or 3x to reach the amount desired for it.
November 19, 2022, 03:08:15 AM
Silvergate Capital is not that big player. At least for exchanges like coinbase or binance. According to this article - Silvergate Capital hold $12 billion of funds. Its less than 4% of bitcoin supply and ~20% of binance reserves - https://www.binance.com/en/blog/community/our-commitment-to-transparency-2895840147147652626
Its a dengerous situation, i agree, but not the end of crypto.
SI stock price dump is frightening but its still +50% from the mid 2020 prices. It pump and dump just like crypto.
Its a dengerous situation, i agree, but not the end of crypto.
SI stock price dump is frightening but its still +50% from the mid 2020 prices. It pump and dump just like crypto.
November 18, 2022, 02:35:49 PM
GBTC is almost reaching 50% discount to Bitcoin. There is speculation that the fund might have to liquidate to save Genesis.
Currently each share holds $15.19 worth of Bitcoin on the fund, however you can buy a share for $8.10 which means its currently trading at a 46.6% discount.
Basically its like buying bitcoin at $8800. A price not seen since Covid crash pretty much.
Currently each share holds $15.19 worth of Bitcoin on the fund, however you can buy a share for $8.10 which means its currently trading at a 46.6% discount.
Basically its like buying bitcoin at $8800. A price not seen since Covid crash pretty much.
November 18, 2022, 02:19:57 PM
Stop this panic, everyone should be aware that the exchange is not a safe depository for their assets. Therefore, they don't have to withdraw their funds because of FTX, but rather the safety of their assets.
Somehow I think the impact of FTX will continue to spread, but don't let it turn into FUD for crypto. I will be making withdrawals not because of FTX or anything else going wrong, but purely because I care about the safety of my assets in the long term.
Somehow I think the impact of FTX will continue to spread, but don't let it turn into FUD for crypto. I will be making withdrawals not because of FTX or anything else going wrong, but purely because I care about the safety of my assets in the long term.
November 18, 2022, 01:13:28 PM
If you are holding any crypto on exchanges. Cold storage all that crypto. Get an old laptop or desktop you never use and use Electrum for BTC or use MyEtherWallet for ETH and ERC20 tokens. Don't connect that laptop to the internet and you got secure cold storage. If you have a hardware wallet then use that.
If you have any fiat on exchanges. Withdraw them into your bank account ASAP!.
If you have any stablecoins either convert into real fiat and withdraw into your bank account OR buy crypto with those stablecoins.
This FTX contagion keeps spreading. Right now the issue is with Silvergate bank. They are one of the banks which transfers and holds crypto for most exchanges. The banks stock value has already plummeted 50% since Nov 8th. They claim to have little exposure to FTX. However why is the stock going down everyday???
If Silvergate bank stops operations. What will happen? Who knows. But I don't want to find out.
I don't believe anymore "We are fine!". "We had little exposure to FTX", "etc".
If you have any fiat on exchanges. Withdraw them into your bank account ASAP!.
If you have any stablecoins either convert into real fiat and withdraw into your bank account OR buy crypto with those stablecoins.
This FTX contagion keeps spreading. Right now the issue is with Silvergate bank. They are one of the banks which transfers and holds crypto for most exchanges. The banks stock value has already plummeted 50% since Nov 8th. They claim to have little exposure to FTX. However why is the stock going down everyday???
If Silvergate bank stops operations. What will happen? Who knows. But I don't want to find out.
I don't believe anymore "We are fine!". "We had little exposure to FTX", "etc".
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