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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

#111

Post by UkrainianJew »

armchairhacker wrote: post #12

I saw this on their site: > FDIC INSURED ON USD $250,000 > You USD is held by our banking partner, Metropolitan Commercial Bank, which is FDIC insured, so the cash you hold with Voyager is protected. So does that mean anyone with less than $250k is guaranteed their money? Is there any legal backing?

>So does that mean anyone with less than $250k is guaranteed their money? Is there any legal backing?

No, it means that up to $250K of Voyager's USD is protected by FDIC in case their bank flops. That is the combined limit shared between ALL of Voyager's customers.

It doesn't protect from Voyager telling you that they sold your 1 BTC for $20K USD as you requested, while actually still sitting on 1 BTC, hoping to sell it tomorrow for $30K and pocket the $10K difference.

Similar to "not your keys - not your bitcoins", no written agreement with a regulated bank - not your dollars.

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

#112

Post by ww520 »

armchairhacker wrote: post #12

I saw this on their site: > FDIC INSURED ON USD $250,000 > You USD is held by our banking partner, Metropolitan Commercial Bank, which is FDIC insured, so the cash you hold with Voyager is protected. So does that mean anyone with less than $250k is guaranteed their money? Is there any legal backing?

It's a myth. See https://news.ycombinator.com/item?id=31954115

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

#113

Post by throw34 »

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…

I get your point but was Voyager a bank?

https://www.investvoyager.com/investorrelations/overview

“ Voyager Digital Ltd. is a fast-growing, publicly traded cryptocurrency platform in the United States founded in 2018 to bring choice, transparency, and cost efficiency to the marketplace. ”

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

#114

Post by TedDoesntTalk »

prohobo wrote: post #52
sdfhdhjdw3 wrote: post #42

Earlier quoted context omitted.

Crypto is one of the biggest active victim-blaming communities. "Not your wallet not your coin", or whatever they like saying, is just is just deflection from valid criticism that crypto is very easy to exploit without recourse.

I disagree. To me it's like saying passwords are broken because most people choose "password123". Or like saying dollar bills are bad because they can rip. Safety rails should be made of course, but if you aren't even maintaining basic hygiene within a system then I'm sorry but that's on you. People are learning to use better passwords, and people learned long ago to keep their paper money in a wallet. The same will…

…and that woman was date raped because she wore a short minidress. It’s her fault! /s

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

#115

Post by uncletammy »

Animats wrote: post #23

Another one? Tether is looking stressed. In the last three months, a lot of Tether has been cashed out. Look at the chart for Market Cap -> Last 3 months.[1] From US$82 billion to US$66 billion. Today, US$200 million was cashed out. Every few days, their market cap drops suddenly. At this rate, in a few months we'll find out how much backing Tether really has, because it is being paid out. Stablecoins have two stable…

> At this rate, in a few months we'll find out how much backing Tether really has, because it is being paid out.

As someone who's been watching Tether since it's inception, I say don't count on it. They've managed to continuously escape the consequences of running a dangerous fractional reserve system.

The main beneficiaries of this system are now companies with incredibly deep pockets who aren't afraid of deploying that capital to keep the system afloat.

I used to think Tether would fall apart with a long enough bear market. Now I think it will stay afloat until it's captured by the US government. Or until it's acquired by a U.S. company that's willing to turn over customer trade data to a "5 eyes" nation in exchange for their help and leniency in restructuring it so it can continue to operate with the government's blessing.

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

#116

Post by 2OEH8eoCRo0 »

ploppyploppy wrote: post #41
2OEH8eoCRo0 wrote: post #35

Earlier quoted context omitted.

They just keep launching coins in a desperate attempt to raise capital. They are launching a new coin pegged to the British pound.

This isn't "launching coins in a desperate attempt", it's providing stablecoins in the FIAT currency that the market would want - in this case one of the world's most popular currencies.

Do they make money from this? Yes or no.

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

#117

Post by notch656a »

ww520 wrote: post #103

There's a myth that Voyager is FDIC insured. It's pure marketing. Voyager has an omnibus account with the Metropolitan Commercial Bank where Voyager's customers deposit their money. Voyager acts as the money manager of the omnibus account and has absolute control over the money. Metropolitan is a member of FDIC and is FDIC insured. In the case of the Metropolitan bank failing, the FDIC insurance kicks in to cover any…

What the hell? Is there no penalty for advertising as being FDIC insured when client deposits are not? Plain as day I checked their tweets and they made a statement about FDIC insurance and the next sentence was telling you to start your crypto investment.

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

#118

Post by bobthepanda »

NovemberWhiskey wrote: post #92
woodruffw wrote: post #63

Earlier quoted context omitted.

Pointing to the list of failed banks from the website of the government agency that insures them and makes customers whole doesn't convey as strong of a point as you might have intended.

I think it perfectly well makes the point that regional banks are much more likely to practice poor risk management and fail than larger banks. If your goal is "boring banking", having to have the FDIC come in and arrange a sale of your bank is ... not it?

At the end of the day, the sale of a bank by the FDIC allows pretty much uninterrupted access to your money the entire time.

People only really care that their money is safe and accessible, and in that sense banking is pretty boring.

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

#119

Post by [deleted] »

TedDoesntTalk wrote: post #114
prohobo wrote: post #52

Earlier quoted context omitted.

I disagree. To me it's like saying passwords are broken because most people choose "password123". Or like saying dollar bills are bad because they can rip. Safety rails should be made of course, but if you aren't even maintaining basic hygiene within a system then I'm sorry but that's on you. People are learning to use better passwords, and people learned long ago to keep their paper money in a wallet. The same will…

…and that woman was date raped because she wore a short minidress. It’s her fault! /s

[deleted]

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

#120

Post by bobthepanda »

AmericanChopper wrote: post #76
arcticbull wrote: post #71

Earlier quoted context omitted.

Yes, that's the worst case - however in the real world the FDIC and the OTS (Office of Thrift Supervision) does their best to ensure nobody loses any amount of money regardless of their account balance. In the case of WaMu in 2008 for instance, the OTS took possession of the bank and sold it to JPMorgan Chase. They didn't draw on the deposit insurance fund and everyone stayed whole. [1] "According to FDIC spokeswoman…

> No depositor has ever lost a penny of insured deposits since the FDIC was created in 1933 This is just a truism because all insured deposits are insured, and all non-insured deposits are non—insured.

Well, you can have a deposit insurance scheme that fails to insure bank deposits.

IIRC this happened at least once during the eurozone crisis where national deposit schemes could not insure the cross-border activities of their banks.

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