Crypto company deathwatch thread

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vern said:
If genesis does go under (and probably bring gemini with it), I might be willing to bet brave will be dead within a year.
I still think it has some value but it has too many limitations, tied with exchanges that might go bankrupt, and the monthly active users have kinda plateaued every since this shit started in June. Hell I wouldn't be surprised if the built in wallet they've been advertising and recently started making noise about rewards going directly there instead of through an exchange isn't as secure they say.
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They'd better not die on me. They're the only ones keeping Manifest V3 alive. Every other browser is complete shit and cringe lol.
 
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Source: https://twitter.com/GRDecter/status/1595065291587063808
Also, is the "Sign in to twitter" thing gone? If so, holy shit, glorious.
 
Sorry if this has been already asked multiple times already but does anyone have a decent idiots guide to cold wallets? things like:
-which modal support the most coins at what price
-what kind of fees to expect to transfer from an exchange or a hot wallet to it and vise versa
-and other factors to consider when buying one.

I decided to cash out at a loss and probably won't try and rebuild until I figure out a good one to buy since I don't feel like playing chickens by keeping funds on a custodial wallet and I'm starting to question if hot wallets are really. secure enough
 
vern said:
Sorry if this has been already asked multiple times already but does anyone have a decent idiots guide to cold wallets? things like:
-which modal support the most coins at what price
-what kind of fees to expect to transfer from an exchange or a hot wallet to it and vise versa
-and other factors to consider when buying one.

I decided to cash out at a loss and probably won't try and rebuild until I figure out a good one to buy since I don't feel like playing chickens by keeping funds on a custodial wallet and I'm starting to question if hot wallets are really. secure enough
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If you need things spoon fed to you this hard, Keep your coins in a custodial wallet that is domociled in your country so you will have legal recourse when you get fucked. If you can't research this shit, you'll end up getting fucked too, so at least you can blame someone else if they end up bankrupt
 
Nol 2 said:
If you need things spoon fed to you this hard, Keep your coins in a custodial wallet that is domociled in your country so you will have legal recourse when you get fucked. If you can't research this shit, you'll end up getting fucked too, so at least you can blame someone else if they end up bankrupt
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I really just started doing doing my own research on the topic because of the recent events over the last for weeks and was just wondering before I fully dove in looking for info if anyone else had already gone over the the subject with a fine tooth comb to use as a point of refence to compare at least.
 
NoReturn said:
Sorry to double-post, but SBF is still listed on the NYTimes DealBook Summit page:
View attachment 3923547
Archive: https://archive.ph/3Zksx
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That's a rogue's gallery of human trash, corruption, and evil.

Adams: a Dem machine politician, no doubt a pile of scandals there
Ben Affleck: dimwitted patsy with Weinstein-style allegations following him around
Bankman: Madoff-level thief without a tenth of Madoff's skill or stamina. Not to praise Madoff, but this trash-bag Bankman is such a cut-out and a dupe. Criminally responsible though, should get life in prison without parole. Strip him and his parents of every asset. Stanford needs to fire his parents today for cause without pensions or lose all Federal grants, student loan guarantees, and Department of Defense funding today. I want that sociopath father of his stripped of every asset he owns and shoved into the streets. "I love corporate lobbyists, lobbyists are great," says this Stanford professor-slash-traitor. He probably pushed his own idiot kid into the role of technocrat intelligence agency bag-man for taking down crypto. Pure treason, pure criminal.
Cardinale: don't know this guy, but if this company he keeps, probably a globalist technocrat shit-bag who is the enemy of Humanity
Shou-Chew: Why is Tik-Tok even legal in the West? Do you think these assholes honor subpoenas when cops are trying to find child predators? They do not.
Larry Fink: Hail Satan! The kingpin of ESG, the leader of de-industrializing and destroying the West. The most evil human on this list. Absolute globalist technocrat. Thinks we're going to be his peasants, his slaves. This guy is so obvious and blatant in his hatred of America and his wish to destroy America, yet he walks around free and rich. Why? Corruption, nepotism, ideology and evil.
Some Netflix douchebag pushing pedophilia
Some Amazon douchebag pushing surveillance capitalism
 
vern said:
I really just started doing doing my own research on the topic because of the recent events over the last for weeks and was just wondering before I fully dove in looking for info if anyone else had already gone over the the subject with a fine tooth comb to use as a point of refence to compare at least.
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Think of Crypto as a Wild West "Gold Rush". Is there money to be made? Absolutely. Will "literally whos" become Millionaires and Billionaires? Absolutely. Just don't forget the the rules of any Gold Rush.

1. Anyone promising you "gold in them thar hills" is lying
2. The only way you will get to keep your strike is if the government lets you.
3. The ones who really get rich are not the miners. They are the guys who sell the pick axes to the miners.
4. Your gold is useless if there is nowhere to sell it.
5. You are not going to make it.
 
mindlessobserver said:
Think of Crypto as a Wild West "Gold Rush". Is there money to be made? Absolutely. Will "literally whos" become Millionaires and Billionaires? Absolutely. Just don't forget the the rules of any Gold Rush.

1. Anyone promising you "gold in them thar hills" is lying
2. The only way you will get to keep your strike is if the government lets you.
3. The ones who really get rich are not the miners. They are the guys who sell the pick axes to the miners.
4. Your gold is useless if there is nowhere to sell it.
5. You are not going to make it.
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In my opinion, and I don't own crypto, only Bitcoin is an actual cryptocurrency. It's decentralized and nobody owns it. Every single other crypto "offering" is vulnerable to a Bankman-type scam.
 
Trying to withdraw my money from my crypto.com account has made me realise why these companies are going to die, had to send a photo with my name, the date and a code on a piece of paper to reset my 2fa for one of the many hoops they require to put my money back in my bank account, just got an email back saying my arm isn't showing so they can't confirm it's me holding it, no normal person would put up with this more than once.
 
Persian Carpet Salesman said:
Trying to withdraw my money from my crypto.com account has made me realise why these companies are going to die, had to send a photo with my name, the date and a code on a piece of paper to reset my 2fa for one of the many hoops they require to put my money back in my bank account, just got an email back saying my arm isn't showing so they can't confirm it's me holding it, no normal person would put up with this more than once.
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I wouldn't be surprised if you are being gaslit into thinking you did something wrong due to an algorithm designed to prevent mass withdrawal
 
wtfNeedSignUp said:
I wouldn't be surprised if you are being gaslit into thinking you did something wrong due to an algorithm designed to prevent mass withdrawal
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Crypto exchange subreddits are full of KYC verification hell stories. Doesn't matter what you send it'll never be good enough. Meanwhile the CEO is spending customer deposits on cocaine and wood nymph fetish wear for his polycule.
 
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ditto said:
Crypto exchange subreddits are full of KYC verification hell stories. Doesn't matter what you send it'll never be good enough. Meanwhile the CEO is spending customer deposits on cocaine and wood nymph fetish wear for his polycule.
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Yeah it's rage inducing, I'm giving up on crypto now and sticking with losing my money CFD trading instead.
 
Tisiphone said:
Bankman: Madoff-level thief without a tenth of Madoff's skill or stamina. Not to praise Madoff, but this trash-bag Bankman is such a cut-out and a dupe. Criminally responsible though, should get life in prison without parole. Strip him and his parents of every asset. Stanford needs to fire his parents today for cause without pensions or lose all Federal grants, student loan guarantees, and Department of Defense funding today. I want that sociopath father of his stripped of every asset he owns and shoved into the streets. "I love corporate lobbyists, lobbyists are great," says this Stanford professor-slash-traitor. He probably pushed his own idiot kid into the role of technocrat intelligence agency bag-man for taking down crypto. Pure treason, pure criminal.
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Sometimes I feel bad for Bankman. He's just a generic degenerate who happened to have been decent at cryptocurrency, but then his parents (probably at the behest of the establishment) decided to turn into some big-name fraudster/money launderer.
Persian Carpet Salesman said:
Trying to withdraw my money from my crypto.com account has made me realise why these companies are going to die, had to send a photo with my name, the date and a code on a piece of paper to reset my 2fa for one of the many hoops they require to put my money back in my bank account, just got an email back saying my arm isn't showing so they can't confirm it's me holding it, no normal person would put up with this more than once.
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I've dealt with that earlier this year. I felt like an idiot every single time I held up the paper in front of the webcam which apparently had to be professional grade since they wanted to see my elbows, my entire face, and not a single bit of glare on my driver's license. I tried like 3-4 times before I gave up and told them to fuck off. I'm convinced there wasn't a single human involved in the entire process and it's all some tool to train AI algorithms on scanning info off people's credit cards.
 
Following a lot of beating around the bush (smart money bank run becoming apparent by late October, same as FTX), DCG (Grayscale, Genesis, Gemini et al) finally admits they're $2 billion in the hole due to FTX/Luna contagion turning em into fractional reserve. In a heavily obfuscated statement, they promise to make $800M in profit by 2023, basically "plz just stick with us for 2 years more and we'll make up for the shortfall".

Meanwhile, CZ doing what he does best - start a FUD that he'll buy em out (something binance cannot really afford in hard assets, either), only to "clarify" later no such a thing is happening - fanning up the bank runs against competitors further.

For the time being, DCG is managing to stay afloat by freezing withdrawals of rubes via classic "KYC compliance" and "assurances" of hard asset being held. The double quotes in the latter because the Coinbase statement is from September 30 and of little relevance 6 weeks later.

DCGs shaenigans have now prompted a probe by state regulator due to butthurt customers bombarding em with complaints.
 
Hint: If you are trying to withdraw money because things are crashing and money is tight, that will be the worst expirence doing KYC shit.

Take care of that when things are going well (and do test withdrawals when shit isn't happening).

Most Exchanges are shady and don't have the greatest fundamentals to begin with, and if they can keep cash on the balance sheets by being a pain in the ass to withdraw it they can.
 
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