This also seems to be affecting Gemini Earn customers
Genesis' Crypto-Lending Unit Is Suspending Withdrawals in Wake of FTX Collapse
11–20 of 191 posts
Re: Genesis' Crypto-Lending Unit Is Suspending Withdrawals in Wake of FTX Collapse
#12Earlier quoted context omitted.
This isn’t cryptocurrency, these are sketchy unlicensed banks with a cryptocurrency theme. People holding coins in their own wallets are entirely unaffected. I hope that crypto exchanges are outlawed soon.
Well, once all these go down the prices of currencies will also come down, which affects even those who had their coins in cold wallets - unless they plan to hold without making a profit until the heat death of the universe
Plenty of people were underwater with their mortgages in 2008, but home prices came back up not too long after.
Re: Genesis' Crypto-Lending Unit Is Suspending Withdrawals in Wake of FTX Collapse
#13Earlier quoted context omitted.
Well, once all these go down the prices of currencies will also come down, which affects even those who had their coins in cold wallets - unless they plan to hold without making a profit until the heat death of the universe
Plenty of people were underwater with their mortgages in 2008, but home prices came back up not too long after.
> Plenty of people were underwater with their mortgages in 2008, but home prices came back up
There is a pretty fundamental difference between houses and crypto.
Re: Genesis' Crypto-Lending Unit Is Suspending Withdrawals in Wake of FTX Collapse
#14Holy holy hell, I literally _just_ got my captital out this morning. That. was. close.
Anyone who still has any significant amount of money in any CEX, Coinbase included, is either not paying attention or irredeemably naive.
It's especially tiresome the fact that people keep pointing at these disasters claiming "crypto has failed", when reality is the exact opposite: CEXs are the exact antithesis of the core crypto idea of decentralizing trust. "Not your keys, not your coins" keeps being proven right.
Re: Genesis' Crypto-Lending Unit Is Suspending Withdrawals in Wake of FTX Collapse
#15Earlier quoted context omitted.
Plenty of people were underwater with their mortgages in 2008, but home prices came back up not too long after.
> Plenty of people were underwater with their mortgages in 2008, but home prices came back up There is a pretty fundamental difference between houses and crypto.
Houses get destroyed, the blockchain is eternal.
/s
/s
Re: Genesis' Crypto-Lending Unit Is Suspending Withdrawals in Wake of FTX Collapse
#16What is this, four organizations suspending withdrawals after FTX's demise? Five? I'm not the most plugged-in to the cryptocurrency community; anyone know what proportion of cryptocurrency business this makes up?
This isn’t cryptocurrency, these are sketchy unlicensed banks with a cryptocurrency theme. People holding coins in their own wallets are entirely unaffected. I hope that crypto exchanges are outlawed soon.
If they are outlawed, what will be the onramp?
Re: Genesis' Crypto-Lending Unit Is Suspending Withdrawals in Wake of FTX Collapse
#17Earlier quoted context omitted.
Well, once all these go down the prices of currencies will also come down, which affects even those who had their coins in cold wallets - unless they plan to hold without making a profit until the heat death of the universe
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.
Exchanges going down is bad news even if you keep your coins in your own wallets. With the exchanges gone, actually using your coins will become much harder. Worse, as power consolidates among fewer exchanges the price becomes even easier to manipulate.
Re: Genesis' Crypto-Lending Unit Is Suspending Withdrawals in Wake of FTX Collapse
#18Holy holy hell, I literally _just_ got my captital out this morning. That. was. close.
Anyone who still has any significant amount of money in any CEX, Coinbase included, is either not paying attention or irredeemably naive. It's especially tiresome the fact that people keep pointing at these disasters claiming "crypto has failed", when reality is the exact opposite: CEXs are the exact antithesis of the core crypto idea of decentralizing trust. "Not your keys, not your coins" keeps being proven right.
Not your keys, not your coins.
Also, be mindful of what the FDIC (or its equivalent in your country) insures per bank account. It might be worth it to use multiple accounts.
Re: Genesis' Crypto-Lending Unit Is Suspending Withdrawals in Wake of FTX Collapse
#19Let's be clear about something: this is not "contagion", as if panicking people are causing bank runs against iliquid financial institutions that have strong assets in the long run.
No, this is a ponzi scheme running out of suckers: the fundamental source of crypto growth and liquidity was getting new people and new money in, and that flow largely stopped this spring. Without that inflow, the bubble explodes because it has unsound fundamentals, there is nothing in the crypto space today that could justify a 1 trillion dollars value creation. Maybe some day crypto will create that value and some people want to be there and invest today, but this is only a belief, and a belief shared by enough people and with no basis in reality is called a bubble.
Of course, the first to go are the most fraudulent and sketchy shops, like FTX turned out to be, and it would apear they "caused" the crisis, like Lehman in 2008. But the economic reality is that the crisis was unavoidable, it's intrinsic to the limited real world utility of crypto.
Re: Genesis' Crypto-Lending Unit Is Suspending Withdrawals in Wake of FTX Collapse
#20Earlier quoted context omitted.
This isn’t cryptocurrency, these are sketchy unlicensed banks with a cryptocurrency theme. People holding coins in their own wallets are entirely unaffected. I hope that crypto exchanges are outlawed soon.
If they are outlawed, what will be the onramp?
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).