CREW TECH OFFICIAL Crypto Thread (or you can check out the stonks thread for crypto talk too lmaooo)

Chris87

shyppo.com
Dec 13, 2001
12,472
Edmonton, AB
imo coinbase is the safest CEX out there, simply bc they're a public company. But tbh it's still "not your keys not your coins", and no telling if they can truly survive a bank run. So on chain wallet is still your safest option.
Didn't Coinbase just 'accidentally' transfer like a billion dollars to some other CEX's cold-storage wallet last week? I can't remember the details, but my initial take on it was that they are in cahoots with all these scummy institutions swapping liquidity back and forth to fulfil margin requirements.
 

Faikius

OT Supporter
Jul 2, 2003
8,744
Tomball, TX
man the gemini shit was fucking terrifying earlier today

woke up to hear the genesis thing killing gemini earn

insecurely thought "well, that's the earn product - they tell you up front you can lose your money. it's separate from their non-earn exchange and custody"

felt very uneasy for an hour or so, then thought "fuck it, i'm pulling my shit off and into a metamask juuust in case"

tried to log into gemini, and it was down :rofl:

then it came back up after a butthole puckering hour, and they said "withdrawals are suspended" on ETH

thought "well, i'm a fucking moron. it's all gone. it's over"

then withdrawals opened up

pulled all my ETH..

200w.gif
 

Faikius

OT Supporter
Jul 2, 2003
8,744
Tomball, TX
yeah agreed

out of laziness, devil's advocate is like.. with bank runs and exchanges going insolvent - if either coinbase or binance go down, crypto is genuinely gonna be so scorched, everything will go down like 98%, you could just start fresh for a couple of grand at that point lol

If Coinbase failed, would there even be a practical onramp (or offramp for that matter) left?
 

MiseryIndex

open your eyes child, your sea is changing.
Nov 9, 2000
165,359
heaven's fence.
man the gemini shit was fucking terrifying earlier today

woke up to hear the genesis thing killing gemini earn

insecurely thought "well, that's the earn product - they tell you up front you can lose your money. it's separate from their non-earn exchange and custody"

felt very uneasy for an hour or so, then thought "fuck it, i'm pulling my shit off and into a metamask juuust in case"

tried to log into gemini, and it was down :rofl:

then it came back up after a butthole puckering hour, and they said "withdrawals are suspended" on ETH

thought "well, i'm a fucking moron. it's all gone. it's over"

then withdrawals opened up

pulled all my ETH..

so, do i need to take all my stuff off exchanges at this point? lol
 

MiseryIndex

open your eyes child, your sea is changing.
Nov 9, 2000
165,359
heaven's fence.
Yes. The industry is going through cascading failures. It is not worth the risk on any of them.

any idea how people like paypal or venmo handle this?

i know its not actually buying coin, its buying whatever value you want of the coin, (not your keys, whatever), but i felt like they were reliable enough companies to keep some there too. extra offramps.
 

EdgeOfSanity

OT Supporter
Sep 5, 2003
40,949
Houston, Tx
any idea how people like paypal or venmo handle this?

i know its not actually buying coin, its buying whatever value you want of the coin, (not your keys, whatever), but i felt like they were reliable enough companies to keep some there too. extra offramps.
No idea but it's an industry wide liquidity crunch and those companies are contracting out to third parties. No telling what their books look like. Get it off there.
 

MiseryIndex

open your eyes child, your sea is changing.
Nov 9, 2000
165,359
heaven's fence.
It's rather shocking to me how many of you keep your coins on exchanges. I won't even do that in a bull market.

i just sold some of my remaining 1060's for $50-60/ea lol.

debating mining again with like 6-8 of them just to keep my office warm, space heaters use so much energy anyway.
 

Firewall97

stay awhile and listen
Dec 28, 2002
184,894
Iowa
I lost crypto there
Sorry to hear that fam. Hope you made a recovery. :hug:

Exchange operators betraying the trust of their customers has been an issue with crypto for a very long time and it could continue to happen unless more people start managing their own wealth/assets (i.e. self custody). I think btc was built with altruistic intentions and maybe some of us are ready for the technology but there seems to be a vast majority who are not ready. Time will tell.
 

Hisma

OT Supporter
Apr 2, 2006
53,298
Reno, NV
I genuinely think Kim dotcom is an abhorrent piece of shit, but I am willing to see how this plays out.


Because everyone has given CZ a pass, when in reality it was clear that CZ is the person that literally triggered the bank run on FTT by publicly announcing he was going to sell his bag BEFORE HE DID IT. Its true FTX needed to go down, but I don't think CZ is squeaky clean either. Will be interesting to see what they find.
 
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Kafka

Virtue and Terror
OT Supporter
Feb 16, 2007
50,371
America
Just thinking had I put that 15k or so into crypto convincing the wife it would have been easy money instead of getting the floor to ceiling windows for our remodel I would be buried somewhere in the backyard by now
Bold or foolish of you to tell your wife about crypto :o
 
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