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Genesis' Crypto-Lending Unit Is Suspending Withdrawals in Wake of FTX Collapse

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Re: Genesis' Crypto-Lending Unit Is Suspending Withdrawals in Wake of FTX Collapse

#91

Post by notch656a »

whatshisface wrote: post #87
dvt wrote: post #58

Earlier quoted context omitted.

> So the SEC are waiting for slam dunk cases to establish precedent. But this might never happen. I can launch a lending protocol completely anonymously, pump it on Twitter/Telegram, and get 7+ figures TVL overnight. It might not even be predatory (even though a lot are), but who would the SEC even go after at that point?

There's probably something stopping you from getting actual 7 figures from that.

Not really. It's been done time and time again. Never underestimate the number of stupid people out there, desperate to break even with inflation somehow while their banks pay them negative interest rates.

https://youtu.be/C6nAxiym9oc?t=260

Re: Genesis' Crypto-Lending Unit Is Suspending Withdrawals in Wake of FTX Collapse

#93

Post by danuker »

polygamous_bat wrote: post #27
danuker wrote: post #20

Earlier quoted context omitted.

P2P trade. I think it's better than exchanges anyway. At the moment there's a significant premium for limit orders (i.e. posting an ad rather than taking one up). https://bisq.network/ https://localbitcoins.com/

Nothing better than meeting a guy in a trench coat behind a garage in the shady part of the town to exchange your cash for outlawed, non-refundable token. No way that can go badly. Actually, scratch that. Nerds will lose their crypto wallet AND their physical wallet to the rubber hose cryptanalysis. In fact, this is a great opportunity for enterprising criminal minds.

You don't need to meet in-person. You can require ID when trading.

Re: Genesis' Crypto-Lending Unit Is Suspending Withdrawals in Wake of FTX Collapse

#94

Post by whatshisface »

notch656a wrote: post #91
whatshisface wrote: post #87

Earlier quoted context omitted.

There's probably something stopping you from getting actual 7 figures from that.

Not really. It's been done time and time again. Never underestimate the number of stupid people out there, desperate to break even with inflation somehow while their banks pay them negative interest rates. https://youtu.be/C6nAxiym9oc?t=260

It's easy for "crypto companies" to inflate their apparent values by selling one token for $1 while they have a trillion. Consequently I am a little skeptical about how many of them have actually made a lot of money.

Re: Genesis' Crypto-Lending Unit Is Suspending Withdrawals in Wake of FTX Collapse

#95

Post by automatic6131 »

exabrial wrote: post #2

Holy holy hell, I literally _just_ got my captital out this morning. That. was. close.

>I literally _just_ got my captital out this morning. That. was. close.

There can be clawbacks for anyone getting their money back within 90 days of bankruptcy filings. I wouldn't spend it all just yet.

Re: Genesis' Crypto-Lending Unit Is Suspending Withdrawals in Wake of FTX Collapse

#96

Post by coffeebeqn »

boc wrote: post #89
mirzap wrote: post #85

Earlier quoted context omitted.

Who says they want to spend US $? If bitcoin (or any other) decentralized currency succeeds and gets world-wide adoption you'll not have to convert it into anything else. You'll spend it as money. That's the ultimate goal of bitcoin. With massive adoption price movements will stabilize so price move of 1.5% will look like a huge deal then.

Because economic activity is fundamentally incompatible with a deflationary currency like Bitcoin? If I can passively generate wealth by doing nothing but waiting, so can everyone else. Only suckers would work. This is basic macroeconomics but for some reason crypto believers just choose to live in an alternative reality.

That’s assuming you have enough wealth to generate enough extra to live off of. That’s already what the rich/FIRE do

Re: Genesis' Crypto-Lending Unit Is Suspending Withdrawals in Wake of FTX Collapse

#97

Post by exabrial »

automatic6131 wrote: post #95
exabrial wrote: post #2

Holy holy hell, I literally _just_ got my captital out this morning. That. was. close.

>I literally _just_ got my captital out this morning. That. was. close. There can be clawbacks for anyone getting their money back within 90 days of bankruptcy filings. I wouldn't spend it all just yet.

Then I'll pull it out as cash and they can fight me for it.

Re: Genesis' Crypto-Lending Unit Is Suspending Withdrawals in Wake of FTX Collapse

#98

Post by notch656a »

AndrewStephens wrote: post #17
rglullis wrote: post #12

Earlier quoted context omitted.

Plenty of people were underwater with their mortgages in 2008, but home prices came back up not too long after.

The difference is that house prices were for material objects that people actually need, and sales are supported by a huge industry of agents, lawyers, and governments to facilitate the safe transfer of houses. None of that exists in the crypto space. The exchanges control the price and regularly trade against their own customers, and recent events have shown that they are all co-mingled and propping each other up. E…

No one 'needs' more than like 1% of a house. I have lived for months out of a bivouac, about $100 worth of nylon.

A house is 99% crypto and 1% "need."

Crypto follows a similar trajectory. The vast majority is speculatory and un-"need"ed bullshit and a tiny slice is stuff where it has a comparative advantage to traditional finance/money.

Re: Genesis' Crypto-Lending Unit Is Suspending Withdrawals in Wake of FTX Collapse

#99

Post by berberous »

exabrial wrote: post #97
automatic6131 wrote: post #95

Earlier quoted context omitted.

>I literally _just_ got my captital out this morning. That. was. close. There can be clawbacks for anyone getting their money back within 90 days of bankruptcy filings. I wouldn't spend it all just yet.

Then I'll pull it out as cash and they can fight me for it.

Cash is fungible. Unless you pull out all your money, they can potentially go after an amount equal to whatever you withdrew…

Re: Genesis' Crypto-Lending Unit Is Suspending Withdrawals in Wake of FTX Collapse

#100

Post by andrewla »

throwup wrote: post #49
polygamous_bat wrote: post #36

To the crypto-inclined people commenting on every thread about how failing centralized exchanges don't effect you and are actually good for Bitcoin, how are you planning to convert your hard earned crypto into US dollars that you can spend at a grocery store? If your answer is "P2P exchanges," how do you plan to secure your cold wallet against the infamous rubber hose cryptanalysis?

1. Some exchanges are irresponsible and fail. Some exchanges are not irresponsible and do not fail. If you do a minimum of due diligence, it's not hard to tell the responsible from the irresponsible. Do they regularly publish independently-verifiable audits? Or are they spending boatloads money on stadium sponsorships? 2. If you're using an exchange for exchanging currencies (as opposed to speculation) you can send y…

Here #2 is really the key, together with making sure that the exchange actually allows you to withdraw your money in a timely fashion (which not all of them do). Given that, even #1 is of marginal importance.
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