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Cryptocurreny retailer BitPrime closes trading after running out of money

bitprime.co.nz

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Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#11

Post by version_five »

llamataboot wrote: post #8

It has only just begun...

Maybe... from what I see (which is limited), "crypto" is feeling the same downward pressure that other stocks like tech are feeling (someone just posted an article about that). But people still haven't come around to the "this is just BS" phase yet that needs to happen. All crypto under current operating models is worth zero, it doesn't need to be marked down, it needs to (and will) be recognized as a scam and written off. I don't see progress towards that out of any of the news I've seen.

Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#12

Post by Ygg2 »

Nursie wrote: post #7
toxicFork wrote: post #4

Earlier quoted context omitted.

They explain it pretty well in the article.

For some reason I missed that! This FAQ- "We don’t hold customer funds – at the time of the trade, we send the cryptocurrency directly to your wallet" I guess shows this isn't another Quadriga event. So that's good!

What's a Quadriga event?

Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#14

Post by 650REDHAIR »

llamataboot wrote: post #8

It has only just begun...

It’s all a house of cards.

I spent a little time in the industry and the most prominent voices are just snake oil salesmen and charlatans now. Anyone who truly believed from the beginning made so much money that it’s not worth the risk for them to be publicly involved in the community.

It became an MLM for bros and basement-dwellers alike to gamble their stimulus checks on.

Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#15

Post by mckirk »

llamataboot wrote: post #8

It has only just begun...

Refreshing HN to find more signs of the cryptocalypse has definitely become a guilty pleasure of mine the last few days. I really don't wish for it, because so many people would get caught in the crossfire, but there's still that fascination for the 'train wreck in slow motion'.

Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#16

Post by soared »

Would someone mind calming me by explaining why this is not a huge red flag, this isn’t the beginning of the end, and a theoretical crypto crash won’t throw the market into turmoil (or why the current market turmoil ain’t so bad)?

I don’t have any kids to feed, just young dumb and tired of market crashes.

Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#17

Post by seibelj »

This is not a product anyone has heard of. Negative crypto stories get a lot more play on HN than the legions of tech startups laying off workers, and FAANG stocks ruining RSU packages. The whole world of markets is being popped right now. For example pension funds are doing terribly:

https://www.wsj.com/amp/articles/pensions-bad-year-poised-to...

This has nothing to do with crypto and is going to hurt a lot of innocent people. Not a top concern for HN however.

Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#18

Post by gjvc »

soared wrote: post #16

Would someone mind calming me by explaining why this is not a huge red flag, this isn’t the beginning of the end, and a theoretical crypto crash won’t throw the market into turmoil (or why the current market turmoil ain’t so bad)? I don’t have any kids to feed, just young dumb and tired of market crashes.

"The normalized insanity from the past several years is just beginning to unwind."

Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#19

Post by imron »

soared wrote: post #16

Would someone mind calming me by explaining why this is not a huge red flag, this isn’t the beginning of the end, and a theoretical crypto crash won’t throw the market into turmoil (or why the current market turmoil ain’t so bad)? I don’t have any kids to feed, just young dumb and tired of market crashes.

> or why the current market turmoil ain’t so bad

You can buy the dip! /s

Re: Cryptocurreny retailer BitPrime closes trading after running out of money

#20

Post by randomfinn »

soared wrote: post #16

Would someone mind calming me by explaining why this is not a huge red flag, this isn’t the beginning of the end, and a theoretical crypto crash won’t throw the market into turmoil (or why the current market turmoil ain’t so bad)? I don’t have any kids to feed, just young dumb and tired of market crashes.

> a theoretical crypto crash won’t throw the market into turmoil

I don't think it will affect markets much. There are only a few companies involved. Most of the money is from the retail investors, and that money is already gone. The crypto exchange balances going to zero won't change things much as those are mostly imaginary numbers anyway.

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