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.
Voyager suspends trading, deposits, withdrawals, and loyalty rewards
221–230 of 245 posts
Re: Voyager suspends trading, deposits, withdrawals, and loyalty rewards
#222So a bank but not a bank.
Re: Voyager suspends trading, deposits, withdrawals, and loyalty rewards
#223Earlier quoted context omitted.
> 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…
Have you ever considered for a nano-second the alternative that they actually might have the reserves to back it all up?
Like the OP said, there is no evidence that’s true and enormous indications that it’s not true. You’re essentially saying this on faith
Re: Voyager suspends trading, deposits, withdrawals, and loyalty rewards
#224Earlier quoted context omitted.
> No serious crypto person will tell you to use CeFi. Nobody used the term CeFi before this crash. It’s just a No True Scotsman excuse for crypto scamming.
I don't understand what's the scam in this. You buy BTC because you either seek to profit from it, or you believe in the core philosophy behind it. Both of these are your own decisions. A scam would be you buying a phone from Amazon and getting a brick. BTC is exactly what it describes, nothing more, nothing less. If you got greedy enough to dump your BTC onto a centralized service for 3% yield, that's on you. As is…
> BTC is exactly what it describes, nothing more, nothing less.
And that is what exactly - A store of value, a 10^n investment, a medium of exchange, a ledger, etc?
Re: Voyager suspends trading, deposits, withdrawals, and loyalty rewards
#225Earlier quoted context omitted.
> Speaking of systemic failures, everybody who's had US$10k in the bank since last year (or in other dollar-denominated assets such as T-bills) has lost US$800 of it to inflation over the last year. If that's a concern to you, put it in I Bonds; interest tracks inflation, so the current rate is 9.62%. Buy $15k a year, or $30k if you've a spouse.
Series I bonds are not available to the 95% of people that aren't US citizens, residents, or employees; they're nontransferable, and that's who the Treasury sells them to. See https://savingsbonds.gov/indiv/research/indepth/ibonds/res_i... . The government here also indexed a lot of things to inflation: pensions, certain bonds, etc. So when they couldn't pay their debts about 20 years ago they started falsifying the…
Sure, if the collapse of the American government is your concern, by all means invest in ammo and MREs.
Re: Voyager suspends trading, deposits, withdrawals, and loyalty rewards
#226I 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 invite you to look at the list of failed banks provided by the FDIC: https://www.fdic.gov/resources/resolutions/bank-failures/fai... Notice that the vast majority of these are smaller, local or regional banks.
> Notice that the vast majority of these are smaller, local or regional banks.
Well, there's a lot more of them than there are big ones, so I'm not sure that says a lot.
Re: Voyager suspends trading, deposits, withdrawals, and loyalty rewards
#227Earlier quoted context omitted.
I don't understand what's the scam in this. You buy BTC because you either seek to profit from it, or you believe in the core philosophy behind it. Both of these are your own decisions. A scam would be you buying a phone from Amazon and getting a brick. BTC is exactly what it describes, nothing more, nothing less. If you got greedy enough to dump your BTC onto a centralized service for 3% yield, that's on you. As is…
> BTC is exactly what it describes, nothing more, nothing less. And that is what exactly - A store of value, a 10^n investment, a medium of exchange, a ledger, etc?
That’s for you to decide. Its properties aren’t hidden. You get the rules handed to you upfront and the rules are always adhered to - BTC inflation will always be what the whitepaper describes.
Think of it like poker. People lose money playing poker too. Is poker a scam? Nope. You might call it unethical or gambling, but unless a player is cheating, its not a scam. And any participant willingly agreed to the rules before playing.
Same with BTC. If you bought BTC, you willingly agreed to the rules. If you didn’t “win”, that’s on you, not the “game” itself.
Re: Voyager suspends trading, deposits, withdrawals, and loyalty rewards
#228Earlier quoted context omitted.
I have a hard time imagining a jury coming to the conclusion that this phrasing (still on their site) isn't intentionally misleading.
Sure, but by that time there will be 0 assets to pay out and winning a judgement against them won't help you.
I had prosecution in mind.
Re: Voyager suspends trading, deposits, withdrawals, and loyalty rewards
#229Re: Voyager suspends trading, deposits, withdrawals, and loyalty rewards
#230Earlier quoted context omitted.
How much do you think is the fair value of 1 bitcoin?
I have no idea. Certainly more than the cost of a pizza. There are 21 million, and if split evenly among the world population each person would get ~0.002625. It depends on a lot of factors; like how important it might become for people to avoid using fiat or government controlled digital currencies, or how deeply integrated it could become in daily life.
Splitting it evenly among the world population seems completely irrelevant for this conversation.