After enough cycles you lose track of which exchange or lender blew up when, so I went back and put the major custody failures from 2014 to 2023 into one timeline with the actual figures. Running through them: Mt. Gox (2014): around 850,000 BTC gone. It wasn't a dramatic hack, the coins drained out over years behind balances that were simply faked. Anyone with funds on it saw no repayment until 2024. QuadrigaCX (2018): the CEO died and the company claimed he was the only one who could access the cold wallets, so ~CAD 169M was supposedly stuck. Then the auditors looked, and the wallets had been empty for eight months before he died. The Ontario regulator called it a Ponzi. 2022, the whole cascade: Three Arrows Capital (a hedge fund) over-leveraged itself into the ground and defaulted on the lenders that were funding it with customer deposits. Celsius, Voyager, BlockFi, and Genesis went down behind it inside about eight months. The "earn yield on your crypto" products had been lending those deposits into that leverage the entire time. FTX (2022): roughly $8B hole, customer funds routed to Alameda, SBF got 25 years. One detail worth knowing if you had money there: the estate is repaying creditors over 100%, but in dollars valued at the November 2022 petition date, when BTC was around $16k. It later ran past $90k, so the recovery measured in actual coins is far below what people lost. The annoying part is how little it changes from one to the next. The deposits were never just sitting there, you had no way to verify the custody, and when it broke you were an unsecured creditor in a bankruptcy instead of someone who owned coins. We have to talk about the other side too, because "just self-custody" isn't free advice. You need exchanges to actually buy and sell. Lose your seed phrase and there's no support line and no court to recover it. Some people are genuinely better off with a regulated, insured custodian. Full story: https://www.learnbitcoin.com/rabbit-hole/mt-gox-ftx-graveyard Corrections welcome. submitted by /u/LearnBitcoinCom [link] [Kommentare]
Channel
c/crypto-news
No description.
Owner @James · 1742 posts · 2 joined · Status active · Posting permission: Every logged-in user can post
Hello beautiful community! Looks like we are on track from my previous post based off of the 4 year cycle. Try to get organized enough for the inevitable by this early fall. Good luck and remember to be patient! These drops eventually correct back to the upside. Especially after the halving. submitted by /u/jphillips8648 [link] [Kommentare]
The value comes from the manufactured perception of scarcity. You could theoretically trade it directly for goods or services, but nobody ever does. It only ever gets traded for fiat currency. You can really only ever buy them with fiat currency and sell them for fiat currency. Most people don't buy them because they think it's actually useful for anything, they only buy because historically they go up in value and they're pretty sure that'll be true forever. People tell you to buy as much as you can, and never sell because the longer you sit on it, the more it'll be worth someday. The value doesn't come from actually being intrinsically useful or worth anything. They're worth far more than other products of equal or better quality, only because for unknown reasons people have decided that it is. You can make your own at home, but it's very unlikely they'll be worth more than you spent making them. Am I talking about bitcoins or baseball cards? submitted by /u/Asleep_Onion [link] [Kommentare]
The text of the bill comes out on July 4th. Look at today as an example. Right as the US market opens all crypto tanks at the same time. They are trying to scam you. They are trying to scare retail into selling. I think the Clarity act will pass the senate in early July and after that it is a done deal. If you are selling now you are being scammed! Here is Senator Lummis talking about the Clarity act. https://www.youtube.com/watch?v=XnRuMRH60gE submitted by /u/divexpat [link] [Kommentare]
grifting in any other industry is all good, prices continue to climb regardless of what ponzi mechanism is introduced to sustain prices, only in crypto do we have to sacrifice people all the time while inflicting massive losses to ourselves at the process (bitconnect, luna, ftx, celsius, alon hiring a chief legal officer, etc and now saylor with mstr and strc. I'm missing a bunch but you get the idea) submitted by /u/Malwarebeasts [link] [Kommentare]
When I dipped my toes in crypto, I admittedly didn't know what I was doing. After getting burned in the altcoin space during the last bull run, I started using BullX specifically for markups and research. I've learned a lot over the years, but they recently suspended the platform. Anyone have any good alternatives? Not necessarily to trade with, but one that has good markups, editing, and access to indicators? Also, any good paper trading platforms out there? submitted by /u/NationalPea831 [link] [Kommentare]
Where the Saylor Apologists at? submitted by /u/GabeSter [link] [Kommentare]
