“Small startup closes after running out of money” is not a terribly catchy headline I guess.
It's also less descriptive, accurate and precise.
[deleted]
Cryptocurreny retailer BitPrime closes trading after running out of money
71–80 of 172 posts
Re: Cryptocurreny retailer BitPrime closes trading after running out of money
#72Hmm... Bitprime have grown since the last time I was paying attention. 20 employees....
For some context, a few years ago, they only did OTC trades (you ask for a quote and have a few hours to confirm the price and send the funds), with quite a large minimum of a few thousand. You only really delt with them if you wanted to on-road or off-road large amounts of New Zealand dollars. They didn't even run their own crypto wallets or have any infrastructure. They would just run accounts on larger crypto exchanges (binance?) and manually confirm deposits.
Looks like they have updated their process recently to be more automated so they can accept lower minimums, but their process apparently hasn't changed. They still don't hold customer funds and only trade between crypto and NZD.
It's entirely possible they ran into problems because their model isn't compatible with large downward volatility. Or maybe an exchange froze their account?
Re: Cryptocurreny retailer BitPrime closes trading after running out of money
#73Earlier quoted context omitted.
This is some random startup nobody has heard of. HN likes to work themselves into a froth over every scrap of bad crypto news, but this is utterly insignificant. Crypto will continue to fluctuate wildly as it always has.
Yeah, never heard of this exchange before.
It's not an exchange.
Re: Cryptocurreny retailer BitPrime closes trading after running out of money
#74Earlier quoted context omitted.
How you can be in business selling this shit as non-shit when admitting the truth without having some crazy legal liability exposure problems is amazing to me. Like, FTX literally advertises "you don't need to know anything about crypto." But he says you should here!
For a lot of people, the game seems to be simply to grab the cash now and if regulators eventually come knocking, lawyer up, settle and keep most of your profits. I remember a guy on HN a year or two ago who was very proud of the ICO he ran in 2017. The token was useless, investors lost their money, and he was fined something around a million dollars by the SEC. But to him that was a mark of pride, like he fought The…
It's just particularly amazing when someone doesn't even follow a "keep your mouth shut until after any potential legal fallout comes" playbook.
And like, if you're a crypto true-believer, any crash that may or may not happen this year probably doesn't mean too much: the surge in prices wasn't because of any particularly groundbreaking developments in terms of the main long-term pitches (e.g. "new financial infrastructure for the world"), even NFTs seemed to really follow the price run-up, not lead to it. It really looks more just like a lot of people gambling with cash to burn in a situation where a lot of traditional entertainment was less attractive if not outright restrictive. So keep your head down and keep building...
But building a trading platform then talking shit about stuff that as far as I can tell you are making money off of trading (e.g. Luna, https://help.ftx.com/hc/en-us/articles/4491807784852-FTX-wil... )... that just seems begging for trouble.
Re: Cryptocurreny retailer BitPrime closes trading after running out of money
#75Would 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.
Bitcoin market cap is about 580 Billion. SP500 market cap is about 38 Trillion. During unremarkable market swings, the SP500 gains and loses the entire Bitcoin market cap daily (1.5%)
Crypto can go to zero and the world will continue on.
Re: Cryptocurreny retailer BitPrime closes trading after running out of money
#76No post body was provided.
Re: Cryptocurreny retailer BitPrime closes trading after running out of money
#77Earlier quoted context omitted.
And for a practical example of how the crypto operators weave “market cap” out of nothing, read this revealing interview with Sam Bankman-Fried: https://www.ft.com/content/eac0e56c-f30b-4591-b603-f971e60dc... He’s the CEO of one of the largest and most established crypto exchanges. The interview is stunning.
How you can be in business selling this shit as non-shit when admitting the truth without having some crazy legal liability exposure problems is amazing to me. Like, FTX literally advertises "you don't need to know anything about crypto." But he says you should here!
If he’s the person I’m thinking of then his parents are two lawyers who teach at Stanford.
Re: Cryptocurreny retailer BitPrime closes trading after running out of money
#78Re: Cryptocurreny retailer BitPrime closes trading after running out of money
#79Quoted post unavailable.
Monthly?
Re: Cryptocurreny retailer BitPrime closes trading after running out of money
#80Earlier quoted context omitted.
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?
Found this article and ran down the rabbit hole. What a wild ride.
https://amycastor.com/2019/02/12/how-the-hell-did-we-get-her...