Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds | |
Lady Jane Smith
Forum Administrator 05/11/2022 03:39 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 80217191 United States 05/11/2022 03:42 PM Report Abusive Post Report Copyright Violation | Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds we are literally watching EVERYTHING MELT in real time. There is no doubt people contemplating suicide as we read this. This is bridge jumping territory. And, NONE of these coins will make it back. There is something more going on behind the scenes that we arnt seeing. |
Anonymous Coward User ID: 79581648 United States 05/11/2022 03:43 PM Report Abusive Post Report Copyright Violation | |
T-Man
Entitled title User ID: 47885652 Netherlands 05/11/2022 03:55 PM Report Abusive Post Report Copyright Violation | Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds we are literally watching EVERYTHING MELT in real time. There is no doubt people contemplating suicide as we read this. Quoting: Anonymous Coward 80217191 This is bridge jumping territory. And, NONE of these coins will make it back. There is something more going on behind the scenes that we arnt seeing. and here i am thinking.. if XRP goes to 20 cents. and i 10X it... i will get 100% profit for every 2 cents it goes back up. why didnt i just do this all the way down? meh im a newb |
Avenger1
User ID: 82668784 United States 05/11/2022 03:56 PM Report Abusive Post Report Copyright Violation | Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds More critical support levels breached today. Capitulation on the horizon. ? "Who looks outside, dreams; who looks inside, awakes" "When the student is ready, the teacher will appear" |
Venittempus777 User ID: 80618083 United States 05/11/2022 03:57 PM Report Abusive Post Report Copyright Violation | Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds Okay, y'all, if you have any measurable amount of crypto, keep it on your nano ledger when you are not trading. Quoting: Lady Jane Smith If CB goes tits up, you can still onroad through Bittrex. They are a British company, and you will have to use a non US proxy. Oh, and if you do that, keep your mouth shut about the entire matter. Anyone sophisticated enough to trade crypto should be able the handle a nano ledger and a proxy. Bitty is about to enter her bear cycle. How low will she go? Who knows, but right now, I would not invest. Swing trade, day trade, scalp? Sure. Invest? No. <------ JMO, not trading advice. Another approach, once you think Bitty has hit bottom, is to buy into Greyscale Bitcoin Trust. Just watch out for Greyscale, as they will trade often at a premium to the actual BTC price. That is not the case at the moment, but mostly happens during the FOMO frenzies. Think of it as how the premium over spot is very high on PMs when demand is high. With this in mind, would it be best for those of us with small fry in the game to.just sit tight? And then buy the dips? I've not got much skin in the game, around 1k total, and it would be mostly eaten up by fees if I try to move it out to my cold wallet right now....so I'm screwed atm with this prospect...well i only have like 100 in coin base so better than some there. Anyway my main question is, and not asking for financial advice per se but merely useful suggestions, is this a time to sit back and hodl and buy the dip or should I be stacking my coins in my wallet and then wait to see which exchange comes out swinging? And I do apologize for all the n00b tard questions I'm not yet a well versed crypto f a g...still just a baby crypto tard. If you have only $1K in the game, and do not need that for grocery money, then you could HODL. $1K is a lot for some people, not much for others. I'll just hodl tight then. I might move my pittance from coinbase to my wallet, but I'll let the rest ride this out and take advantage of what I can with the dips! Thank you for the advice LadyJane |
Anonymous Coward User ID: 80618083 United States 05/11/2022 03:59 PM Report Abusive Post Report Copyright Violation | Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds we are literally watching EVERYTHING MELT in real time. There is no doubt people contemplating suicide as we read this. Quoting: Anonymous Coward 80217191 This is bridge jumping territory. And, NONE of these coins will make it back. There is something more going on behind the scenes that we arnt seeing. and here i am thinking.. if XRP goes to 20 cents. and i 10X it... i will get 100% profit for every 2 cents it goes back up. :jay: why didnt i just do this all the way down? meh im a newb I for one will be buying the dip on xrp...I might even buy some xlm, algo and cscxrpl etc....just fill my bags up since I'm broke anyway....at least heavy bags will make me feel.rich.... hahahha as I look at my 30 trillion dogefather tokens still sitting uselessly by :/ I think it almost has a 1 cent value still meh. Someday my ship.will come.... |
T-Man
Entitled title User ID: 47885652 Netherlands 05/11/2022 04:03 PM Report Abusive Post Report Copyright Violation | Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds we are literally watching EVERYTHING MELT in real time. There is no doubt people contemplating suicide as we read this. Quoting: Anonymous Coward 80217191 This is bridge jumping territory. And, NONE of these coins will make it back. There is something more going on behind the scenes that we arnt seeing. and here i am thinking.. if XRP goes to 20 cents. and i 10X it... i will get 100% profit for every 2 cents it goes back up. why didnt i just do this all the way down? meh im a newb I for one will be buying the dip on xrp...I might even buy some xlm, algo and cscxrpl etc....just fill my bags up since I'm broke anyway....at least heavy bags will make me feel.rich.... hahahha as I look at my 30 trillion dogefather tokens still sitting uselessly by :/ I think it almost has a 1 cent value still meh. Someday my ship.will come.... heck yea it will. get some XDC while youre at it. thats ultra cheap compared to xrp or xlm so might as well get some. |
Anonymous Coward User ID: 80143766 Germany 05/11/2022 04:18 PM Report Abusive Post Report Copyright Violation | Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds Hidden away in Coinbase Global's disappointing first-quarter earnings report—where the U.S.'s largest cryptocurrency exchange reported a quarterly loss of $430 million and a 19% drop in monthly users—is an update on the risks of using Coinbase's service that may come as a surprise to its millions of users. Quoting: Waffles ™ In the event the crypto exchange goes bankrupt, Coinbase says, its users might lose all the cryptocurrency stored in their accounts, too. Coinbase said in its earnings report Tuesday that it holds $256 billion in both fiat currencies and cryptocurrencies on behalf of its customers. Yet the exchange noted that in the event it ever declared bankruptcy, “the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings.” Coinbase users would become “general unsecured creditors,” meaning they have no right to claim any specific property from the exchange in proceedings. Their funds would become inaccessible. That shouldn't happen. An individual's ownership of cryptocurrency is supposed to be immutable and absolute; that's one of the key selling points touted by blockchain evangelists everywhere. But when a user creates a Coinbase account, they often end up storing their cryptocurrency in a wallet controlled by Coinbase, which means the individual is giving away at least part of their control over their own funds. Access to a crypto wallet is governed by a private key, which is a long string of characters that effectively acts as a password. Without the key, the cryptocurrency in the wallet can't be accessed. On Coinbase, the exchange holds the private key and lets users access the funds within the wallet using a more conventional password. The setup makes it easier for users to enter their accounts, by remembering an easier password. Yet it means that, when push comes to shove, Coinbase ultimately governs whether a user gets access to those assets. In comments shared on Twitter, Coinbase CEO and founder Brian Armstrong said the exchange had "no risk of bankruptcy," and that the disclosure was made due to new rules set by the U.S. Securities and Exchange Commission regarding public companies that hold crypto assets on behalf of others. "This disclosure makes sense in that these legal protections have not been tested in court for crypto assets specifically, and it is possible, however unlikely, that a court would decide to consider customer assets as part of the company in bankruptcy proceedings even if it harmed consumers", Armstrong tweeted, while reassuring users that "your funds are safe at Coinbase." Bank accounts in the U.S. are protected by deposit insurance offered by the Federal Deposit Insurance Corporation. In the event a bank fails, the FDIC steps in to protect deposits up to $250,000, preventing depositors from going broke along with the bank. Crypto exchanges don't offer that same protection less then 50% fair use act [link to fortune.com (secure)] Paid for by blackrock/citadel to scare everyone into selling. Look what they did to UST. That was organized. |
nimmerfall
User ID: 81451738 United States 05/11/2022 04:18 PM Report Abusive Post Report Copyright Violation | Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds In the event the crypto exchange goes bankrupt, Coinbase says, its users might lose all the cryptocurrency stored in their accounts, too. Quoting: Waffles ™ is the fact that your money becomes their money written into the ToS? Piercing my heart there is a golden dagger; that is God Piercing God's heart there is a golden needle; that is me |
Anonymous Coward User ID: 80143766 Germany 05/11/2022 04:19 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 77994864 United States 05/11/2022 04:22 PM Report Abusive Post Report Copyright Violation | Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds |
MK_Oprah
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Anonymous Coward User ID: 79069575 Japan 05/11/2022 04:26 PM Report Abusive Post Report Copyright Violation | |
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Lady Jane Smith
Forum Administrator 05/11/2022 04:34 PM Report Abusive Post Report Copyright Violation | Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds Lol. We will. If anyone thinks... A. Coinbase will go bankrupt. B. BTC and all top 50 market cap cryptocurrencies wont recover & skyrocket eventually.... ....they truly arent paying attention. Key word. We are entering the bear portion of the cycle. Question is: How low does she go, and how long does it last? Fate whispers to the warrior "You cannot withstand the storm" the warrior whispers back "I am the storm" INTJ-A |
Lady Jane Smith
Forum Administrator 05/11/2022 04:37 PM Report Abusive Post Report Copyright Violation | |
gebahie
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Avenger1
User ID: 82668784 United States 05/11/2022 04:40 PM Report Abusive Post Report Copyright Violation | Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds FWIW - CEO, "We have no risk of bankruptcy." [link to www.marketwatch.com (secure)] https://twitter.com/_/status/1524233602661109760 "Who looks outside, dreams; who looks inside, awakes" "When the student is ready, the teacher will appear" |
T-Man
Entitled title User ID: 47885652 Netherlands 05/11/2022 04:46 PM Report Abusive Post Report Copyright Violation | |
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Lady Jane Smith
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Project_Deimos
User ID: 81627626 United States 05/11/2022 04:55 PM Report Abusive Post Report Copyright Violation | Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds Coinbase is not secure. They did nothing when I was hacked and lost $75,000. Take your money out of Coinbase. Store in a cold wallet. They will do nothing to help you. Quoting: BlazingBear "There are known knowns. There are things we know we know. We also know there are known unknowns. That is to say, we know there are some things we do not know. But there are also unknown unknowns, the ones we don't know we don't know." |
T-Man
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BoneTrout
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Anonymous Coward User ID: 80880041 Latvia 05/11/2022 05:19 PM Report Abusive Post Report Copyright Violation | Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds Hidden away in Coinbase Global's disappointing first-quarter earnings report—where the U.S.'s largest cryptocurrency exchange reported a quarterly loss of $430 million and a 19% drop in monthly users—is an update on the risks of using Coinbase's service that may come as a surprise to its millions of users. Quoting: Waffles ™ In the event the crypto exchange goes bankrupt, Coinbase says, its users might lose all the cryptocurrency stored in their accounts, too. Coinbase said in its earnings report Tuesday that it holds $256 billion in both fiat currencies and cryptocurrencies on behalf of its customers. Yet the exchange noted that in the event it ever declared bankruptcy, “the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings.” Coinbase users would become “general unsecured creditors,” meaning they have no right to claim any specific property from the exchange in proceedings. Their funds would become inaccessible. That shouldn't happen. An individual's ownership of cryptocurrency is supposed to be immutable and absolute; that's one of the key selling points touted by blockchain evangelists everywhere. But when a user creates a Coinbase account, they often end up storing their cryptocurrency in a wallet controlled by Coinbase, which means the individual is giving away at least part of their control over their own funds. Access to a crypto wallet is governed by a private key, which is a long string of characters that effectively acts as a password. Without the key, the cryptocurrency in the wallet can't be accessed. On Coinbase, the exchange holds the private key and lets users access the funds within the wallet using a more conventional password. The setup makes it easier for users to enter their accounts, by remembering an easier password. Yet it means that, when push comes to shove, Coinbase ultimately governs whether a user gets access to those assets. In comments shared on Twitter, Coinbase CEO and founder Brian Armstrong said the exchange had "no risk of bankruptcy," and that the disclosure was made due to new rules set by the U.S. Securities and Exchange Commission regarding public companies that hold crypto assets on behalf of others. "This disclosure makes sense in that these legal protections have not been tested in court for crypto assets specifically, and it is possible, however unlikely, that a court would decide to consider customer assets as part of the company in bankruptcy proceedings even if it harmed consumers", Armstrong tweeted, while reassuring users that "your funds are safe at Coinbase." Bank accounts in the U.S. are protected by deposit insurance offered by the Federal Deposit Insurance Corporation. In the event a bank fails, the FDIC steps in to protect deposits up to $250,000, preventing depositors from going broke along with the bank. Crypto exchanges don't offer that same protection less then 50% fair use act [link to fortune.com (secure)] |
Anonymous Coward User ID: 83196667 South Korea 05/11/2022 05:21 PM Report Abusive Post Report Copyright Violation | Re: Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds Hidden away in Coinbase Global's disappointing first-quarter earnings report—where the U.S.'s largest cryptocurrency exchange reported a quarterly loss of $430 million and a 19% drop in monthly users—is an update on the risks of using Coinbase's service that may come as a surprise to its millions of users. Quoting: Waffles ™ In the event the crypto exchange goes bankrupt, Coinbase says, its users might lose all the cryptocurrency stored in their accounts, too. Coinbase said in its earnings report Tuesday that it holds $256 billion in both fiat currencies and cryptocurrencies on behalf of its customers. Yet the exchange noted that in the event it ever declared bankruptcy, “the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings.” Coinbase users would become “general unsecured creditors,” meaning they have no right to claim any specific property from the exchange in proceedings. Their funds would become inaccessible. That shouldn't happen. An individual's ownership of cryptocurrency is supposed to be immutable and absolute; that's one of the key selling points touted by blockchain evangelists everywhere. But when a user creates a Coinbase account, they often end up storing their cryptocurrency in a wallet controlled by Coinbase, which means the individual is giving away at least part of their control over their own funds. Access to a crypto wallet is governed by a private key, which is a long string of characters that effectively acts as a password. Without the key, the cryptocurrency in the wallet can't be accessed. On Coinbase, the exchange holds the private key and lets users access the funds within the wallet using a more conventional password. The setup makes it easier for users to enter their accounts, by remembering an easier password. Yet it means that, when push comes to shove, Coinbase ultimately governs whether a user gets access to those assets. In comments shared on Twitter, Coinbase CEO and founder Brian Armstrong said the exchange had "no risk of bankruptcy," and that the disclosure was made due to new rules set by the U.S. Securities and Exchange Commission regarding public companies that hold crypto assets on behalf of others. "This disclosure makes sense in that these legal protections have not been tested in court for crypto assets specifically, and it is possible, however unlikely, that a court would decide to consider customer assets as part of the company in bankruptcy proceedings even if it harmed consumers", Armstrong tweeted, while reassuring users that "your funds are safe at Coinbase." Bank accounts in the U.S. are protected by deposit insurance offered by the Federal Deposit Insurance Corporation. In the event a bank fails, the FDIC steps in to protect deposits up to $250,000, preventing depositors from going broke along with the bank. Crypto exchanges don't offer that same protection less then 50% fair use act [link to fortune.com (secure)] |