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Crypto.com preliminary audit shows 20% of its assets are in shiba inu coin
- downrightmike 4y ago
- anm89 4y agoCan you explain what's funny? This is exactly what they are supposed to be holding. The problem would be if they didn't have the shitcoins and then their customers go to withdraw. Not the fact that they actually have the exact set of shitcoins they are liable for to their customers.
- downrightmike 4y agoIt is crypto.
- antoniuschan99 4y agoWell Shib is #14 in market cap but yea smh lol
- charlieyu1 4y agoWhy did it get so big? I thought it launched only one year ago, everyone laughed it off as some cash grab trying to take advantage of doge hype
- ranon 4y agoNot everyone pays that close of attention. There was a lot of confusion about Musk's doge tweets which Shiba used as marketing. Shiba also boosted their market cap by minting all their tokens at once and giving half to Buterin's cold wallet, this making it jump on the leader board with a smaller amount of initial investment. Then they claim deflationary status by having community burns in the millions (which is extremely low volume relative to the volume in existence). Plus being a eth l2, defi works out of the box so people looking to do something with their compatible existing tokens/wEth we're able to 'diversify' into it.
- idiotsecant 4y agoNot your keys not your coins. Everyone losing their shirts trusting these organization is, frankly, getting what they deserve. Crypto is the wild west still and there is a minimum barrier to entry which is knowing how to hold your own assets.
- smt88 4y agoOne of my neighbors bankrupted himself by putting all his money into crypto. It's fun to laugh at the suckers, but the rest of us end up paying their bills when they can't.
- killingtime74 4y agoPrivatized gains socialized losses. The capitalist way
- AnnoyedComment 4y ago
- idiotsecant 4y agoI don't think you understood my post. This isn't cheap schadenfreude at someone losing money, it's a technical point. If you own your own keys you don't care which exchange goes bust, because you are your own exchange. If you're looking for someone to point and laugh you're replying to the wrong post.
- dereg 4y agoDo you understand what is going on here? It means that 20% of their deposit base has purchased SHIB coin. It is not about crypto.com going kaput.
- themihai 4y ago>> It is not about crypto.com going kaput. It looks like you don't understand what means to give your money to a 3rd party.
- kwertyoowiyop 4y agoHow will Matt Levine EVER be able to take time off?
- Kukumber 4y agoFishy exchange holding shitcoins, not surprised lol
- thiscatis 4y agoIt’s their customer balances.
- tomashertus 4y agoWell, seems like yet again the American tax payers will have to rescue Matt Damon from another shitshow.
- throwup 4y ago> The reason our Proof of Reserves include Shiba is because we hold customers' balances 1:1. Thus, our Proof of Reserves are dictated by our customer holdings.
- cool_dude85 4y agoAre we really supposed to believe that on a large exchange 20% of customer holdings by value is shiba?
- yieldcrv 4y agoyes, sure why not? if its 1:1 it doesn't matter what they hold. it doesn't matter if shiba inu imploded in value, the exchange will function fine. now if they were merely collateralized by shiba then we have a big problem.
- ranon 4y agoI assume people who buy Shiba are the people who won't/don't know how to store their own keys. Whereas older coins the longer term hodlers know the common mantra of not your keys, not your coin.
- berberous 4y agoDoesn’t this just mean that 20% of customer assets are in SHIB? I meant that’s depressing to learn, but that’s the customers’ problem and not the exchange’s if so.
- dereg 4y agoYes that’s exactly what it means. HN is leaping to conclusions again.
- rhaway84773 4y agoAt this point isn’t the actual concern that HN isn’t leaping to conclusions soon enough? People were defending FTX after the acquisition announcement was made here and a whole bunch of people were calling foul on the article linked the day before which said that FTX was insolvent.
- libraryatnight 4y agoreading through these threads is something between listening to MLM addicts and people into the likes of say Joel Osteen. It's so bizarre on this site lately.
- white_dragon88 4y agoI blame a growing contingent of redditors joining HN as r/programming is becoming spammy nonsense. I’m one of them but I keep my mouth shut and rarely comment. I predict that HN will also start to rot as this trend continues. And we’re maybe going to end up right where we started: subscribing to our favourite news outlets.
- MrMan 4y agoHN is one of the worst place on the internet but it pretends the opposite and watching the insanity here is addictive, I have to admit I cant help yelling at them when they say really stupid and/or antisocial things.
- lumost 4y agoI really wonder how much of the crypto valuation is simply due to exchanges/funds being allowed to take unrestricted risk with client funds.
- 7e 4y agoIt’s this, plus the Fed printing money by buying assets and pushing rates to the floor.
- kmoser 4y ago
- wodenokoto 4y agoThere’s a ton of shibu ads on the streets of Dubai right now. They’re advertising soccer nfts, trying to get in on the World Cup action. To me it seems weird to have giant animated billboards for crypto when the market is losing billions
- nicbou 4y agoI caught an FTX logo while watching cricket yesterday.