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A lot of users on Twitter and Reddit are reporting delays of 6-8 hours when processing withdrawals. But it looks like some/most? are eventually processed. The

A lot of users on Twitter and Reddit are reporting delays of 6-8 hours when processing withdrawals. But it looks like some/most? are eventually processed. The CEO of Crypto.com has been doing damage control all day on Twitter. He's doing a livestream AMA on Youtube at 2AM EST. https://www.youtube.com/watch?v=SQeqdR_nbNY https://www.youtube.com/watch?v=SQeqdR_nbNY

yieldcrv 4y ago
one of the hot wallets keeps running out of ether gas to send the transactions, people are sending it ether and withdrawals are processed automatically pretty hilarious
- Ekaros 4y ago
  Ah the future of money. Bank can't give you your money because one of their accounts don't have enough money to pay for the transaction.
  - yieldcrv 4y ago
    I mean thats current money too, banks are expected to not have enough on hand to pay out all at once Crypto exchanges operate on a cold storage concept, how fast they can get their cold storage to their hot wallet is always a mystery each wallet having many kinds of assets, instead of just a single asset (your local currency), instead of man hours to move those esoteric assets they just need a little transaction fee there are a lot of ways to improve this operational experience, that this exchange just didn’t do, so even as a joke it relies on perpetuating ignorance to discredit an entire concept
    - bombcar 4y ago
      FDIC has procedures for that type of bank run - company called WDTC has armored semis ready to go, FDIC can ring them up and they can move truckloads of literal cash to banks across the country. Last time they were activated was in 2008 - supposedly there’s video somewhere. https://www.wdtc.net/armored.shtml https://www.wdtc.net/armored.shtml FDIC’s main responsibility is to avoid bank runs and they have many tools beyond taking banks like WAMU into receivership.
  - Iwan-Zotow 4y ago
    That's not future. That was past and a recent one
radicaldreamer 4y ago
Doing a livestream at 2 AM is not a way to restore confidence
- ac29 4y ago
  Crypto com is based in singapore

yieldcrv 4y ago

one of the hot wallets keeps running out of ether gas to send the transactions, people are sending it ether and withdrawals are processed automatically pretty hilarious

Ekaros 4y ago
Ah the future of money. Bank can't give you your money because one of their accounts don't have enough money to pay for the transaction.
- yieldcrv 4y ago
  I mean thats current money too, banks are expected to not have enough on hand to pay out all at once Crypto exchanges operate on a cold storage concept, how fast they can get their cold storage to their hot wallet is always a mystery each wallet having many kinds of assets, instead of just a single asset (your local currency), instead of man hours to move those esoteric assets they just need a little transaction fee there are a lot of ways to improve this operational experience, that this exchange just didn’t do, so even as a joke it relies on perpetuating ignorance to discredit an entire concept
  - bombcar 4y ago
    FDIC has procedures for that type of bank run - company called WDTC has armored semis ready to go, FDIC can ring them up and they can move truckloads of literal cash to banks across the country. Last time they were activated was in 2008 - supposedly there’s video somewhere. https://www.wdtc.net/armored.shtml https://www.wdtc.net/armored.shtml FDIC’s main responsibility is to avoid bank runs and they have many tools beyond taking banks like WAMU into receivership.
- Iwan-Zotow 4y ago
  That's not future. That was past and a recent one

radicaldreamer 4y ago

Doing a livestream at 2 AM is not a way to restore confidence

ac29 4y ago
Crypto com is based in singapore