Voyager suspends trading, deposits, withdrawals, and loyalty rewards

Post by ww520 » Sat, Jul 02, 2022, 6:08 AM UTC

iends wrote: post #190

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…

Just two weeks ago they had the following in a blog post: > This is also a good time to remind everyone that USD is held by our banking partner, Metropolitan Commercial Bank, which is FDIC insured. The cash you hold with Voyager is protected up to $250,000–which means it’s as safe with us as at a bank. They also said: > Through our strategic relationships with our banking partners, all customers’ USD held with Voyage…

Post by [deleted] » Sat, Jul 02, 2022, 6:14 AM UTC

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…

Post by woodruffw » Sat, Jul 02, 2022, 6:30 AM UTC

abakker wrote: post #177

woodruffw wrote: post #154

Earlier quoted context omitted.

Far be it from me to defend Chase. I thought they might be a good example of a “more boring” bank in the sense that the GP meant. But I agree completely that, for many people, a small bank or credit union is a much better choice.

unless you want a website with a real set of useful features, a mobile app, and a cybersecurity audit dept. My grandmother uses a small local bank in Spokane, WA. its terrible to interact with them, and I constantly have to do so because their website is garbage and their mobile app is just a wrapper around their garbage website. OTOH, Bank of America has a good mobile app and informative website. I almost never need…

Post by lottin » Sat, Jul 02, 2022, 6:54 AM UTC

logicalmonster wrote: post #126

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 sometimes wonder if I'm the only one who just wants a bank to be a bank. 1) One big issue is that there's a case of bad incentives that are growing even worse. As I see it, the big problem emerges when you really start to understand what inflation does to your savings and how inflation operates like a stealth tax, particularly on the poor/middle class who have less avenues to shield their wealth through property…

Post by manquer » Sat, Jul 02, 2022, 7:27 AM UTC

roywiggins wrote: post #194

atwood22 wrote: post #188

Earlier quoted context omitted.

Yes, it’s possible that Tether is suddenly unable to be exchanged for dollars, but it’s pretty impressive they’ve been able to handle a sudden outflow of 20B. They’ve certainly proven their most harsh critics wrong, but there is still risk of course.

I dunno, if I put $80 of cash into a black box and pull out $20, that doesn't tell you that much about the remaining $60, just that the box wasn't secretly a paper shredder the whole time. Which is great news for the lucky early redeemer. Not much use to later redeemers though, if it turns out that the remainder was eaten by hungry rodents.