Crypto company deathwatch thread

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Nol 2 said:
I'm not so worried about the crypto or tech bros, rather the mid tier business payroll and AR accounts. 250k is a lot to a person. That is a bi-weekly payroll bill to a 100 person company at the average (70k) US salary. Its about what an average McDonalds pulls in a month.
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A modestly competent gas station has a monthly budget of around 250,000 dollars. It also needs to be noted that this same gas station CANNOT have an interruption in its monthly cash supply. In order to stay in business it HAS to be able to buy fuel. Exxon or BP won't just give it to them for free. They have to buy their sodas. They have to buy their snacks. They have to pay their cashiers. If the Bank responsible for that money goes under, even a 1 week interruption would be fucking catastrophic. In that scenario they won't stay open at all. They will immediately furlough their workers, disconnect the power and water, and hold a prayer session in the office. For some stores that are running on marginal profits of a few thousand dollars a month, this would be a death knell. They would end up in a hole they could never get out of.
 
mindlessobserver said:
A modestly competent gas station has a monthly budget of around 250,000 dollars. It also needs to be noted that this same gas station CANNOT have an interruption in its monthly cash supply. In order to stay in business it HAS to be able to buy fuel. Exxon or BP won't just give it to them for free. They have to buy their sodas. They have to buy their snacks. They have to pay their cashiers. If the Bank responsible for that money goes under, even a 1 week interruption would be fucking catastrophic. In that scenario they won't stay open at all. They will immediately furlough their workers, disconnect the power and water, and hold a prayer session in the office. For some stores that are running on marginal profits of a few thousand dollars a month, this would be a death knell. They would end up in a hole they could never get out of.
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Yep. Depending how all this plays out, there are going to be many small businesses opening accounts with / transferring balances to the mega banks because the risk vs reward is simply not there for regional banks. Supposedly the Fed is going to bankstop SBV customers, ideally this would play for any regional bank getting bank run'd, otherwise there won't be many regional banks left soon

 

Coinbase had $240B cash balance at Signature Bank, expects full recovery​

  • After New York state took possession of Signature Bank (SBNY) and transferred it to the Federal Deposit Insurance Corp. (FDIC), Coinbase (NASDAQ:COIN) on Sunday said it had a cash balance of ~$240B at Signature Bank as of Friday.
  • "As stated by the FDIC, we expect to fully recover these funds," the company said.
  • Earlier on Sunday, the U.S. Treasury Department, FDIC, and Federal Reserve said SBNY's depositors will have access to all their funds with no expenses borne by taxpayers.

Article Link https://seekingalpha.com/news/39466...lance-at-signature-bank-expects-full-recovery
 
Nol 2 said:
Yep. Depending how all this plays out, there are going to be many small businesses opening accounts with / transferring balances to the mega banks because the risk vs reward is simply not there for regional banks. Supposedly the Fed is going to bankstop SBV customers, ideally this would play for any regional bank getting bank run'd, otherwise there won't be many regional banks left soon

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It really seems the only way the regional banks can survive is to be as conservative as possible. Hoping the other regional banks are greedy and fail, picking up all the scarps.
 
tulskij_tochnyj said:
>be Goybase
>cuck to KYC/AML regs
>cuck to chainalysis
>cuck to every three-letter, ICE included
>for 9 months, beg Daddy Gensler to not ass-rape them
>he still does
Serves them right.
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Coinbase only got itself listed so the owners could cash out with legit cash instead of internet money. Everyone who bought in during the IPO where it was worth more than the entire NYSE was left holding bags
 
BlockFi update.
They're allowing withdraws to external crypto accounts soon. You cannot withdraw the cash.
In the coming weeks, we expect to begin opening withdrawals of digital assets from BlockFi Wallet accounts for eligible clients. At that time, we will send you an email regarding your eligibility status, which is being determined in coordination with the Unsecured Creditors’ Committee in accordance with the authorization provided by the Court in the Wallet Order.

We appreciate your patience as we take the final steps to prepare our platform to facilitate withdrawals quickly, safely, accurately, and in compliance with the Court.

We will provide additional information about the withdrawal process and your individual eligibility status in the coming weeks. In the meantime, we encourage all clients to take the following steps to the extent you have not already done so:

1.Create an External Wallet: At this time, BlockFi will only support withdrawal of digital assets to external digital asset wallets. Clients will be able to make withdrawals to the third-party provider of their choice. BlockFi cannot recommend clients use a specific platform, and we encourage clients to perform their own diligence to ensure that their assets are transferred safely and securely.

2.Turn on Allowlisting for BlockFi: Allowlisting is a security feature which, when enabled, only allows you to withdraw from your BlockFi account to addresses that have been saved in your Wallet Address Book. We recommend all clients take this action as it significantly reduces the risk of impact to your account by a bad actor. Instructions on how to turn on Allowlisting are available here.

3. Add Your External Wallet of Choice to Allowlisting: Once you have Allowlisting enabled, please visit the “Crypto Addresses” page within your Profile Settings on the BlockFi website to add an external wallet address to your BlockFi account. Please note that when a new wallet address is added to Allowlisting, there will be a seven-day waiting period before a withdrawal request can be submitted.

Please see below for frequently asked questions about the upcoming withdrawal process. Additional information regarding BlockFi’s chapter 11 cases can be found by visiting Kroll’s website at: https://restructuring.ra.kroll.com/blockfi. With questions about the Wallet withdrawal process, clients may contact Kroll at (888) 773-0375 (Toll Free) or (646) 440-4371 (International), or email blockfiinfo@ra.kroll.com.

BlockFi

Frequently Asked Questions

Will all clients be eligible to withdraw at the same time?
Withdrawals from BlockFi Wallet accounts will be conducted in batches in accordance with the authorization provided by the Court in the Wallet Order. You will receive an email regarding your eligibility status when withdrawals are opened and we will be providing additional information throughout the withdrawal process.

Will clients be able to withdraw from their BlockFi Interest Account (BIA) or BlockFi Private Client (BPC) account?
Assets in BIA and BPC will be distributed in accordance with the chapter 11 plan approved by the court. The Court has not made any further determinations regarding customer withdrawal eligibility for BIA accounts at this time. We will continue to communicate as determinations are made.

Will there be fees for withdrawals?
Blockchain withdrawals are subject to transaction fees from the blockchain network. Please see here for the BlockFi Fee Schedule for various digital currencies. These fees are calculated based on transaction processing costs and may be adjusted based on market conditions. If the fees are greater than your wallet balance, you will not be able to withdraw your funds, as per the order entered by the Court on July 14, 2023.

Will I be able to withdraw cash instead of digital assets from my BlockFi Wallet account?
At this time, BlockFi intends to allow clients to withdraw digital assets from BlockFi Wallet accounts to external wallets and will not be facilitating cash distributions.
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Another BlockFi update. It gets worse. :story:

On Wednesday, August 23, 2023, one of BlockFi’s third-party vendors, Kroll, confirmed that an unauthorized third party gained access to a portion of its client data, including certain BlockFi client data housed on its platform. BlockFi uses Kroll as a claims administration platform. We will keep you updated on further developments as new information becomes available.

To be clear, BlockFi’s internal systems and client funds were not impacted. Your BlockFi password was never stored on Kroll’s platform. The incident occurred at Kroll and we are notifying you directly so that you can take actions to further protect yourself. No action is needed on your BlockFi account at this time.

Similar incidents have impacted other crypto platforms in bankruptcy recently. In the following weeks, you should expect an uptick in phishing attempts and spam phone calls. BlockFi and Kroll will never call, email, or text you to ask you for your personal information. We also recommend that you always go to our website directly and never click on a link in an email to log in.

What can you do to protect yourself?

1. Practice Good Password Hygiene - Ensure that you’re utilizing strong passwords that are unique to every service or account. Password managers like 1Password make this easy.

2. Enable Two-Factor Authentication (2FA) - Turn on 2FA for all your accounts including your BlockFi account. We highly recommend utilizing an authenticator app or hardware authenticator tool, like a Yubikey.

3. Turn on Allowlisting for BlockFi - We recommend this action even if you do not have an allowlisted address. Any time you wish to withdraw funds, you will have to add a new allowlisted address, which will trigger a 7-day hold. This means that all withdrawals will be subject to a 7-day hold, in addition to our standard one business day security hold. This significantly reduces the risk of being impacted by a bad actor.

4. Be Extra Vigilant of Scams - Be vigilant with various inbound communications. They can come via email, phone call or text message. If it is outside of the typical channel of communication you receive from BlockFi, do not engage. If it seems too good to be true, it probably is.

Please be aware that our team will never call, email, or text you to ask you to share your BlockFi password or two-factor authentication code.

Best,
BlockFi Team
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Binance and Gemini next?

Oh dear, now wouldn't it be a shame if an exchange opened up on the Dark Net whereby people could do their own trades...

PayPal/Skrill/I-Tunes Cards etc. in exchange for Bitcoin, Monero, Ethereum, TRON etc.

That would destroy the SEC - what are they going to do then, shut down the Internet because they can't get their way?
 
Nol 2 said:
Going by how the case with Coinbase is going, doesn't look like they need much help in that regard.
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Hopefully, but the SEC is like the bratty child who screams 'BUT I MUST WIN!'

I can see the SEC demanding Biden and the Democrats make Bitcoins illegal in the USA - then the fun will really start, because how are you going to stop Dark Web trading?

Yeah, the Dark Web has its fair share of scammers, but also a lot of the sites there aren't and people flocking to the Dark Web would ruin the Clear Net trade sites.

Sod it, I'd be quite happy to sell Bitcoins to people in return for PayPal/Skrill payments which I can then stick into my Bank Account. A time for the trade would be agreed, each others funds locked in to Escrow and the site admin then gives the keys to each trader (the Bitcoins seller gets the PayPal Payment, the PayPal seller gets the Bitcoins Payment) once proof of trade is made.

Two things Global Government can't stop - Crypto and TOR.
 
Paybis is making changes too:

Source: Email sent to a friend of mine who has used PayBis in the past.

Dear Valued Customers,​
We are writing to inform you about the transition from Paybis Ltd to Paybis Poland. This transition will have no impact on the exceptional services you have come to expect from us.​
What does this mean for you:​
From 25 Aug 2023 your services will be provided by Paybis Poland*, which is registered with the Polish regulator KNF as a crypto asset service provider. If you want to continue using our services, you will need to read and accept the updated terms. By accepting, you will enter into a contractual relationship with Paybis Poland who will provide the exchange and wallet services.​
What will you need to do:​
You will need to log into your account and accept the new terms and conditions which explain the change in entity. You will only be able to continue using our services once you have accepted the new terms.​
What impact will the change have on the services:​
We understand that change can sometimes be uncertain, but we are confident that this transition will be a positive one for all parties involved. Our services will remain the same. If you hold a Paybis wallet, your assets will still remain in the same wallet.​
What if I do not want to move to Paybis Poland:​
You have the option of closing your account. If you hold a Paybis wallet, you can withdraw the assets in your Paybis wallet to another wallet service not provided by Paybis. Please withdraw your assets by 30 September 2023 if you do not wish to be serviced by Paybis Poland. Our customer support team will be able to assist you with the transfer.​
Thank you for being a part of the Paybis family. Your trust and loyalty are the driving forces behind everything we do.​
*For our customers based in the USA, this change will only affect the Paybis wallet services. Paybis USA will remain the entity that is providing the exchange services.​

Warm regards,

Innokenty Isers
CEO, Paybis.com​
 
Re-reading this thread, isn't 12 months before the halvening always the low point for crypto/bitcoin?

maybe its not true now, but people were saying crypto and bitcoin were DOA in 2011,2015,2019. we're entering the "so over" phase.
 
Get the rope Macaulay! said:
Re-reading this thread, isn't 12 months before the halvening always the low point for crypto/bitcoin?

maybe its not true now, but people were saying crypto and bitcoin were DOA in 2011,2015,2019. we're entering the "so over" phase.
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Genereally, yes, and the low for the bit tends to be above the previous high water mark. The actual "shit is dead" phase happened a year ago when btc broke 20k with all the shenangans. Seeing as we are sitting around 26k this time, things are about normal.

We are now in peak bear "everything is dead and will never comeback" shitposting. Eventually the tides will turn and the proBTC moonboys will become insufferable.
 
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