Bongo Heracles
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Post by Bongo Heracles on Nov 16, 2022 19:18:36 GMT
Sounds like they were In Too Deep. And it looks like someone is going to get su su sued |
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Post by smoothpete on Nov 16, 2022 19:54:30 GMT
So based on the current state of play it seems Coinbase are actually ok? If they’re doing what they say they do and holding your, errrr, holdings.
Not that I give a shit given my holdings currently stand at 36p but it’s good to know I can still buy “things” with bitcoin if I need to
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Post by brokenkey on Nov 16, 2022 20:22:57 GMT
Do they do staking? If they do staking they are fucked.
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Post by smoothpete on Nov 16, 2022 20:34:02 GMT
I don't know what that is. Goddamn it this is like revising for an exam at the last minute. I've learned more about crypto in the last week than I've ever known before, and I've been using it for like 6 years
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cubby
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Post by cubby on Nov 16, 2022 20:42:54 GMT
Seems like even the people running it all have just learnt a lot about it all of a sudden.
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H-alphaFox
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Post by H-alphaFox on Nov 16, 2022 20:44:46 GMT
Use cold wallets. Please don't let it just sit on an exchange.
Stay off of CEXs as much as you can unless you absolutely have to or are trading, even then for as little time as you have to.
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Post by brokenkey on Nov 16, 2022 21:02:50 GMT
Look how attractive it is. Look how much money you could make... www.coinbase.com/earnThis is the obvious Ponzi part of crypto. You lend them your coins, they lend them on in an unregulated form of lending, and they hope the person at the other end makes enough money to pay them and you back, plus interest and profit. Which might have worked in a rising market, but now they are all fucked. Even if you aren't taking part, if the platform goes bankrupt and your coins are in their wallets, you've lost them. So as per alphafox, don't keep your coins on an exchange. |
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sport✅
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Post by sport✅ on Nov 16, 2022 21:34:32 GMT
I think the main difference between Coinbase and FTX(and other CEXs), is that CB is publicly traded and based in US. Nothing is certain obviously, but I'm sure they would have had to pass various checks and balances.
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H-alphaFox
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Post by H-alphaFox on Nov 16, 2022 21:45:23 GMT
Coinbase is mildly regulated which is why the KYC was annoying when you sign up, it is also probably the safest exchange in regards to compensation in case of a hack. Probably the best one but the fees are shite, not awful though. Still I move even my learn stuff out asap and really would look for alternatives to their wallet which is separate.
Staking in itself isn't a problem, it's how the coins/tokens function, but again don't do it on an exchange. Use a native wallet and transfer shit to your ledger.
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Post by brokenkey on Nov 16, 2022 22:31:30 GMT
Staking is super high risk, they really underplay it. If the person they lend your coins to defaults on the loan, you lose your coins. Compare that with a bank, where they lend off your savings, the bank takes the risk of default.
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Post by Resident Knievel on Nov 16, 2022 23:43:40 GMT
Coinbase have their own stable coin with dubious reserves - USDC
FTX was thought to be reputable and well run until it turned out it wasn't.
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sport✅
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Post by sport✅ on Nov 17, 2022 8:46:19 GMT
Yup completely agree. Just saying there's a difference between a company listed on the NASDAQ and one operating from a beach in Bermuda.
But anyway, I guess everyone thought Lehman Bros were solid until 2008.
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Bongo Heracles
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Post by Bongo Heracles on Nov 17, 2022 9:01:17 GMT
Heh, Coffeezillas new video is pretty funny. Things are crashing so fast, he cant release his videos fast enough.
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Post by smoothpete on Nov 17, 2022 10:24:05 GMT
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MolarAm🔵
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Post by MolarAm🔵 on Nov 17, 2022 10:25:57 GMT
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MolarAm🔵
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Post by MolarAm🔵 on Nov 17, 2022 10:27:47 GMT
Life happens you know. One day you're just walking along, and then suddenly you lose billions of dollars worth of other people's money, and it's just, wow, life huh.
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Post by smoothpete on Nov 17, 2022 10:42:38 GMT
No worries though, he has a plan:
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H-alphaFox
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Post by H-alphaFox on Nov 17, 2022 10:54:16 GMT
Staking is super high risk, they really underplay it. If the person they lend your coins to defaults on the loan, you lose your coins. Compare that with a bank, where they lend off your savings, the bank takes the risk of default. This isn't really staking though despite what some exchanges may call it and it's important to understand the difference. Lending to anyone where you don't have control of the key is ill advised. Also understanding the difference between how it works with each coin or token as well because they are all different. Take ETH for example, they moved from mining to staking to validate the network it is an essential part of how the whole chain works and in itself is not that risky but not everyone has 32 eth to validate a node. You still have 'staking options' for smaller amounts should you choose to do so but there is no real need to do it on an exchange that may not even be using a staking pool and is just moving shit around for profit. You should be able to do it from your ledger. Tezos is a better example, you can and should delegate your tokens. You can do it with even the tiniest amount and it's not locked away so you can spend or move it around as you please but it is integral to validating the network. There is no risk whatsoever if you are delegating out of your wallet or ledger and you get better returns than coinbases measly 4.6 percent. But yes what a lot of exchanges do is not that. Don't lend your coins/tokens to anyone. |
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Post by brokenkey on Nov 17, 2022 12:40:22 GMT
What do you see as the difference between delegating your coins, and lending them into someone else's wallet? I don't know how eths proof of stake works, but don't the nodes need to demonstrate they own enough coins to play at validation?
I suspect the delegating is just a fancy term for lending out.
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Post by Trowel 🏴 on Nov 17, 2022 13:33:23 GMT
The new FTX CEO is easing in to place for the chapter 11 filing:
Literally worse than Enron. Oof.
More highlights in this thread including these beauties:
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technoish
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Post by technoish on Nov 17, 2022 13:41:25 GMT
For the US this surely could be prison terms!?
What a fiasco.
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technoish
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Post by technoish on Nov 17, 2022 13:50:42 GMT
For the US this surely could be prison terms!? What a fiasco. Holy fuck: FTX says the "fair value" of all the crypto that FTX international holds is a mere $659! Remember that SBF has been marking it at $5.5bn |
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cubby
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Post by cubby on Nov 17, 2022 14:02:17 GMT
It really is no different to what Madoff did.
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dogbot
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Post by dogbot on Nov 17, 2022 14:05:07 GMT
Or what Trump did!  |
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Bongo Heracles
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Post by Bongo Heracles on Nov 17, 2022 14:08:55 GMT
It really is no different to what Madoff did. It does differ slightly in that Madoff did it deliberately but FTX was just run by a 20-something CoD Clan. |
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sport✅
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Post by sport✅ on Nov 17, 2022 14:08:57 GMT
Kinda strange that neilka hasn't posted since this all kicked off. Just sayin...
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Post by brokenkey on Nov 17, 2022 14:11:30 GMT
For the US this surely could be prison terms!? What a fiasco. Holy fuck: FTX says the "fair value" of all the crypto that FTX international holds is a mere $659! Remember that SBF has been marking it at $5.5bn the notes say amounts shown in thousands of USD. But thats just the .com entity. Other company have much more. |
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Post by smoothpete on Nov 17, 2022 14:17:02 GMT
For the US this surely could be prison terms!? What a fiasco. Holy fuck: FTX says the "fair value" of all the crypto that FTX international holds is a mere $659! Remember that SBF has been marking it at $5.5bn He corrects that later on, it is $659,000. Not that it really makes much difference tbh |
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dogbot
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Post by dogbot on Nov 17, 2022 14:23:55 GMT
It really is no different to what Madoff did. It does differ slightly in that Madoff did it deliberately but FTX was just run by a 20-something CoD Clan. I imagine that the lying about the assets bit will have been deliberate. |
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sport✅
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Post by sport✅ on Nov 17, 2022 14:30:49 GMT
It does differ slightly in that Madoff did it deliberately but FTX was just run by a 20-something CoD Clan. I imagine that the lying about the assets bit will have been deliberate. Look, sometimes life creeps up on you. |
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