Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 2744. (Read 26714193 times)

Explanation

Wow.. so basically:

Not you boat, not your accident.

But in all seriousness that does suck.

edit: but in all, all seriousness...  I do not mean to be coming on too strong with the dark humor.  A LOT of people are getting hurt by this damn thing.  And almost none of them deserve it. certainly no one I know here...

One reason I felt OK about joking around is we all have our shit backed up in cold storage, right?

Maybe not.  In which case... no harm intended.   I took some pretty big hits this year myself... robbed by the medical system I work for lol.

  
https://www.youtube.com/watch?v=O619UrR8v1Y

The unfortunate part of it is that while your property is impaired (say, stuck on a bankrupt exchange), you cannot take a loss (against your gains or $3000 loss against other income per year in US) until all legal proceedings are completed...or at least it is my current knowledge of that situation.

As one of this Wall Observer's resident Monero degens I feel it is my duty as a fellow Bitcoin Maxi (I know...I thought that sentence up for Jay particularly as well as it being true) to remind you all:

There is no better time than the present to stage some sort of fantastic boating accident.

I mean... LOTTA ships sinking out there.  Maybe one of them was holding all your corns?

Say no more?

(I kid...I kid FEDARALES! I have personally had no boating accidents, nor do I own any Bitcoin (and certainly not Monero)).

Wow...Gemini?
BTW, it seems that partial paralysis of exchanges is limiting the downside a bit.
Perhaps, less people are sending coins to exchanges to sell right now since they could get stuck.
I am waiting for a couple of weeks even to do a stable coin/$ exchange.
My money is on Kraken and Coinbase to not get stuck, but some patience is needed albeit my last $ withdrawal from Coinbase was done in 2-3 bd.

Explanation

 If you don't let customers make withdrawals you can't be insolvent.gif

On paper, Gemini Earn appears to be a relatively simplistic lending program:


At least based on the APYs (for example BTC 2.5%), it's not screaming ponzi, but ultimately how it actually functions under the hood is a different story... This probably isn't the real issue right now though.

The real question will be whether Gemini itself can deal with the withdrawal demand that comes it's way, this is what I'd trust a lot less right now. Given Gemini considered Genesis "trustworthy" and "audited" when they filed a claim against 3AC for $1.2B for loan defaulting months ago, should have screamed red flags. The fact they had $175 million effectively lost in FTX becomes much less relevant given that since July it looks like they had a big hole in their balance sheet - at least that's how it looks at a glance. Gemini not considering this an issue to terminate their partnership with them shows real poor oversight. So while there's apparently going to be 5 day delay for the Earn-based withdrawals - which I can actually believe as you can't just liquidate institutional borrowers overnight, but otherwise the loans could well be collateralised  - the real question remains whether Gemini itself has the liquidity to deal with the bank run coming it's way. While everyone was looking at Kucoin and Crypto.com, it seems obvious now why Gemini could soon fall.

PS - Bare in mind FTX.US was also "completely unaffected" by FTX Int. going bankrupt, for about 24 hours at least 

Nice word selection there.

Doesn't say anything about being solvent.

Explanation

Nas Daily clarifying his mistake

https://youtu.be/zgoLpOTUeCE

I don’t really trade BTC but it is amazing how your emotions try to coerce you to do the worst things possible. I do wonder what would happen if BNB crashed and Binance went bankrupt. What if Tesla sells, mtgox and the US gov crash the price back below $2K. What if Saylor gets liquidated and GBTC dissolves? This whole thing could melt down or it could boom. It’s still an experiment. Personally though, I think people are better off selling at multi year highs as opposed to multi year lows.

Indeed. The free market will simply find an equilibrium and gravitate to it.

I love how, at the very bottom of every single downturn, the collective Bitcoin community has a pause and a moment of self-reflection where they wonder if Bitcoin is making any real-world progress at all. And if it is even worth it to still be investing in it...

...A sentiment only to be completely forgotten and smuggly snickered at a mere 12 months later.  

#thistooshallpass #buybtc

Explanation

There are those who suddenly became rich amid the recent crash of the FTX stock exchange. I read in the news that there are Hackers exploiting a now bankrupt exchange last week making a lot of money which propelled them to Ether whale status. This is very frustrating because hackers who have no compassion also take advantage of the difficult situation that the FTX exchange is currently in. Source: https://twitter.com/Cointelegraph/status/1592917963077722114

I think this is where a LOT of the "space" has underestimated the fallout from this thing.  It is going to hurt every exchange that was stupid enough to send money over to FTX for some reason.

I read even Coinbase is stuck double digit millions (can't currently find the source) because of this.  Now Coinbase can probably actually absorb that shock.  But depending on the exposure and the size of the victim?  There is no doubt we will see fallout?

Was Gemini dumb enough to have funds over there.  Honestly, probably.  Lots?  Hopefully not.  Or is it just that they are having the unfreeze some cold storage?  Well for several reasons I hope that is the case.

No matter what, we are really only dipping under the surface of the water to BEGIN to get an idea of the size of this iceberg. I think we should see much more fallout.

Honestly i HOPE we do.  I do not want people to get hurt... but i DO want to see the exodus of coins off exchanges not only continue, but accelerate. 

Even though there seem to be political connections to this FTX scammening story, I doubt that this scammening is only political aspirations to change the world, even though I believe that they were greedy, sloppy and thinking that they could keep the Ponzi going long enough in order to be able to escape unscathed.. and yeah, what exactly would have been the escape route?  

Maybe the various FTX leader dweebs (who are they besides that chubby fruit-tard, SBF?) had not thought that far out?.. but I suppose the FTX leaders should have known that it would unwind at a certain point, even though they likely had enough hubris and delusions to believe that they could keep the ponzi going... and of course, we will continue to find out more in regards to the various ways that the scheme should have been more obvious than it seems to have appeared in terms of being able to run something like this for more than 3 years and to be largely stealing from client funds the whole time..

..... including that they did not own any actual BTC.., which should really tell a lot about their concerns for making sure that they were sustainable..

.. just think of the many trading platform clients (to the extent that their volume was actually real) who thought that they were buying BTC exposure on FTX, and sure they were buying BTC exposure, but that BTC exposure did not seem to be backed up by any actual BTC that FTX was actually holding.  

How could not holding any BTC while selling BTC exposure be either sustainable or even having any kind of good faith attempt to make sure that they were backed up by actual assets that could go up in value... and they needed to be able to pay BTC if clients withdrew BTC to cold wallets, no?


I tried logging into my Gemini account, and it is "temporarily grounded" at the moment...  Looks like it has been down for about an hour so far, so it is not anything to get overly worried about, yet...  Hopefully, Gemini has NOT overly gambled with their client's funds too.....even if they may well have lost a lot of funds that were in such "earn" product.  So many folks believe that they need to "earn yield" on their coins.. which seems to be a slippery slope into shenanigans.. even tough we likely know that there should also be legitimate ways to "earn" so long as the "earning" is actually put into some product that is actually something other than a ponzi scheme and has actual collateral backing it up.

Hey, congrats! Two of us in the same week