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At this point I am convinced this is just mass hysteria, and picking on CDC is the trend of the day. The amount of FUD is through the roof, everyone is scared o
by artdigital 4y ago
At this point I am convinced this is just mass hysteria, and picking on CDC is the trend of the day. The amount of FUD is through the roof, everyone is scared of losing money, which makes sense and it's definitely the smart move to withdraw and wait until the dust settles.
Personally, I reckon they'll be fine. Crypto.com has been playing nicely with regulations and did the right business decisions (downsizing, reducing of rewards) at the right time. They are in my eyes one of the most regulated and "playing by the books" exchange out there, but yes time will tell.
So far I've not seen any arguments of them actually doing anything wrong, just the echo chamber about "funds are leaving Crypto.com, so you should do too", including in this thread here. If the proof of reserves that they published holds up, this should be no problem for them to overcome.
RE: the constant argument that 20% of their asset reserves are in SHIB - this is not CDC making investments in SHIB, but users buying SHIB and having it in their wallet. Says more about the userbase as a whole than it does about CDC who only enables it
/EDIT: the CEO had an AMA on YT just now that goes into a lot of the points I mentioned: https://www.youtube.com/watch?v=SQeqdR_nbNY https://www.youtube.com/watch?v=SQeqdR_nbNY
- shawabawa3 4y agoDo you realise they publicly admitted to sending $400m of Ethereum from cold storage to another exchange "by accident" That means at best their internal processes are terrible
- b4je7d7wb 4y agoAre you implying they didn't learn anything from that?
- ceejayoz 4y agoI think they're implying they should've learned that lesson much earlier with much smaller amounts, and that if they haven't by now, you should assume they won't ever.
- artdigital 4y agoObviously that wasn't so great and I'm not happy with that either What Kris said in the AMA was something along the lines: Whitelisted addresses where funds can get sent to are heavily controlled, and no matter where it went by accident, all whitelisted addresses are at places that can be 100% retrieved again
- CTDOCodebases 4y agoSo NYKNYC unless the company you send your crypto to is on some magical “whitelist”. I know it’s a harsh take because when crypto companies aren’t failing and crypto is pumping no one notices or panics about all the liquidity issues occurring. Still with all the dominoes that have fallen recently who knows how healthy/secure the companies on the whitelist are.
- cryptonym 4y agoThen just do what sillysaurusx explained in his comment, you'll be rich in a day. Propose to buy delayed or blocked crypto for a discount, wait for the echo chamber to be proven wrong, sell.
- artdigital 4y agoNo need for the snark comment. I'm just stating that there is more to it, and provide some viewpoints from a different perspective I have no funds on crypto.com currently, but I still reckon they'll be fine
- heavenlyblue 4y agoIt's not a snark. If your opinion was as strong as it sounded, you would have done the investment. Instead you are not doing it because you do not believe in what you just said yourself.
- grey-area 4y ago> At this point I am convinced this is just mass hysteria The mass hysteria was last year and the years before, this is a return to reality.
- lordnacho 4y agoThis exact thing happened back when banks less regulated: all the crappy banks folding caused people to not know which banks were crappy, causing suspicion to fall on the entire sector.