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Voyager suspends trading, deposits, withdrawals, and loyalty rewards

investvoyager.com

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Re: Voyager suspends trading, deposits, withdrawals, and loyalty rewards

#4

Post by ansible »

I sometimes wonder if I'm the only one who just wants a bank to be a bank.

I've been with the same relatively small regional bank for 30 years. I have a checking account, savings account and that's it. They've been stable this entire time, and I've never worried my money was going to disappear.

As another sign of being an old man, I'm old enough to remember the phrase "as safe as money in the bank". You see, when I was a kid, the banks had been operating under decades of strong regulation by the FDIC and other agencies, and were widely considered to be a safe place to put your money.

Not that the banking sector hasn't seen its share of problems in that time. From the S&L crisis, to the home mortgage lending fraud that lead to the big crash. But in all that time, with just a little effort, you could put at least some of your money in a regular local bank, and expect it to be there tomorrow.

Bank local! If you want to speculatively invest, that's fine. But keep some money in a local bank so that you can pay your bills next month.

Re: Voyager suspends trading, deposits, withdrawals, and loyalty rewards

#5

Post by MarcoZavala »

ansible wrote: post #4

I sometimes wonder if I'm the only one who just wants a bank to be a bank. I've been with the same relatively small regional bank for 30 years. I have a checking account, savings account and that's it. They've been stable this entire time, and I've never worried my money was going to disappear. As another sign of being an old man, I'm old enough to remember the phrase "as safe as money in the bank". You see, when I w…

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Re: Voyager suspends trading, deposits, withdrawals, and loyalty rewards

#6

Post by impulser_ »

radicaldreamer wrote: post #3

Were they gambling with customer funds? I don't understand how they lost crypto they were simply holding as a custodian...

They were a lender to 3 Arrows Capital, who was liquidated.

These crypto exchanges are over leveraged. They make banks look like saints in risk managements.

Re: Voyager suspends trading, deposits, withdrawals, and loyalty rewards

#7

Post by alexjplant »

ansible wrote: post #4

I sometimes wonder if I'm the only one who just wants a bank to be a bank. I've been with the same relatively small regional bank for 30 years. I have a checking account, savings account and that's it. They've been stable this entire time, and I've never worried my money was going to disappear. As another sign of being an old man, I'm old enough to remember the phrase "as safe as money in the bank". You see, when I w…

Aren't retail and investment banking separate spaces? Aren't depository accounts insured to the tune of a quarter of a million dollars by the FDIC? Isn't Voyager a crypto exchange?

I tend to keep my money in local credit unions as well, but I'm struggling to understand how this discussion is germane to Voyager's actions here.

EDIT: See https://www.investvoyager.com/blog/voyager-is-now-fdic-insur...

Re: Voyager suspends trading, deposits, withdrawals, and loyalty rewards

#8

Post by captainkrtek »

ansible wrote: post #4

I sometimes wonder if I'm the only one who just wants a bank to be a bank. I've been with the same relatively small regional bank for 30 years. I have a checking account, savings account and that's it. They've been stable this entire time, and I've never worried my money was going to disappear. As another sign of being an old man, I'm old enough to remember the phrase "as safe as money in the bank". You see, when I w…

Couldn’t agree more. Been banking with a not-for-profit credit union for over 15 years. Never been charged unreasonable fees, great customer service, solid and simple app/website. I don’t want banking to be “exciting”

Re: Voyager suspends trading, deposits, withdrawals, and loyalty rewards

#10

Post by barnbuilder »

sdfhdhjdw3 wrote: post #2

I guess everyone's strategy in the crypto space is put everything you have on bitcoin and hope it goes up. It's a really good strategy, when it works.

The people getting wiped out by the collapse of Voyager, Celsius, etc. were not putting their money on bitcoin. They were giving it to a custodian who thought they could beat bitcoin by investing in altcoins (or lending to those who do so).

This is definitely not "everyone's strategy"; plenty of us bitcoiners have been warning against this sort of irresponsible activity for a long time.

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