4 ms·

Holy holy hell, I literally _just_ got my captital out this morning. That. was. close.

by exabrial 4y ago

Fatnino 4y ago
Indiana Jones hat scene
- f0e4c2f7 4y ago
  I immediately had the same thought https://media.tenor.com/jVpPsiwNI-gAAAAd/indiana-jones-door-close.gif https://media.tenor.com/jVpPsiwNI-gAAAAd/indiana-jones-door-...
endorphinbomber 4y ago
Still remember when I pulled out my money out of Bittrex 2 hours before they shut down for half a year. Had a funny feeling and still can't explain, congrats to your intuiton.
SilasX 4y ago
Same. Requested redemption from Gemini Friday morning (11/11), and notified it completed at 5am today (11/16), got the email about Genesis two and half hours later. (Gemini uses Genesis for their lending program, Earn.)
birracerveza 4y ago
Anyone who still has any significant amount of money in any CEX, Coinbase included, is either not paying attention or irredeemably naive. It's especially tiresome the fact that people keep pointing at these disasters claiming "crypto has failed", when reality is the exact opposite: CEXs are the exact antithesis of the core crypto idea of decentralizing trust. "Not your keys, not your coins" keeps being proven right.
- danuker 4y ago
  Not your keys, not your coins. Also, be mindful of what the FDIC (or its equivalent in your country) insures per bank account. It might be worth it to use multiple accounts.
  - ncallaway 4y ago
    Please be aware that the FDIC *does not insure against losses from these exchanges*. Do not put money into any crypto exchange, relying on the FDIC to protect you in the event the exchange goes bust.
    - danuker 4y ago
      You are correct. What I was pointing out is that actual regulated banks are also prone to failures, especially in these trying times. Because they also hold a fractional reserve.
      - marticode 4y ago
        In developed countries, banks are rarely left to completely fail nowadays, the small ones are usually taken over by the big ones, and the big ones are bailed by governments/regulators.
        birracerveza 4y ago
        It's not a problem, until it is. Mh, sounds familiar.
        deleted 4y ago
        [deleted]
        lxgr 4y ago
        Rarely isn't never: https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/ https://www.fdic.gov/resources/resolutions/bank-failures/fai... That list seems to include buyouts, though, i.e. cases in which the FDIC didn't actually have to directly disburse funds. In Europe, there were two bank failures that I know of in the last few years that required tapping into the regional FDIC equivalents. In at least one of them, quite a few depositors actually lost money (due to having savings in excess of the insured maximum).
- 1970-01-01 4y ago
  Crypto ads all said this was the future. Sizzle sells, skeptics survive.
  - birracerveza 4y ago
    Crypto banks' ads*
- awinder 4y ago
  If it makes you feel any better, it’s extremely tiresome to a different cohort to see people make the claim that the future of finance is stuffing cash under the mattress and burying gold bars in their backyards
  - birracerveza 4y ago
    IMO it's the future of finance because you own your coins. Nothing else aside from crypto allows me to do so in digital form. You are free to disagree, even if you think it's digital beanie babies or whatever. Luckily in this case you can vote with your wallet, as I did.
    - horsawlarway 4y ago
      Real question - why do you believe that "owning" your own coins matters? Further - why do you believe that ownership is related at all to the fact that you can keep ledger entry with your wallet on it? Ownership !== ledger entries. Ownership is a shared concept enforced by social constructs. It is not a fucking technical matter solved by a ledger. EX: You sign a contract to send me 1 bitcoin in exchange for my car. I give you the car, but you never send me the bitcoin. Who owns the coin? Because the ledger is going to let you spend it, but the courts are going to give me your shit. Same in reverse - I get your coin and then drive off with the car. Do I own the coin now? Because again - the ledger says yes, but our concept of ownership includes the idea of dispute and fraud - and the ledger doesn't fucking know or care. Basically - your idea of "ownership" being limited to "my wallet, my coins" is both limited, childish, and insufficient.
      - deleted 4y ago
        [deleted]
      - giaour 4y ago
        This is why the car of the future will only start when presented with a key NFT. /s
        4y ago
hackarama 4y ago
Same, and swapped my GUSD just in case that decides to do anything screwy.
automatic6131 4y ago
>I literally _just_ got my captital out this morning. That. was. close. There can be clawbacks for anyone getting their money back within 90 days of bankruptcy filings. I wouldn't spend it all just yet.
- exabrial 4y ago
  Then I'll pull it out as cash and they can fight me for it.
  - berberous 4y ago
    Cash is fungible. Unless you pull out all your money, they can potentially go after an amount equal to whatever you withdrew…
  - automatic6131 4y ago
    If Genesis is found to be operating as a ponzi scheme (lol, lmao), then the bankruptcy court will send you a bill for the money you've withdrawn. You can try to fight that in court - but you'll lose. If you try to fight for it another way, I wish you the best of luck.
    - FrobeniusTwist 4y ago
      Your advice above about maybe not spending recent withdrawals is really good. I just want to point out that recovery of "preferences" (which is what these withdrawals might, possibly, be) doesn't depend on there having been a Ponzi scheme, or any fraud at all, in the underlying business. Identifying and recovering preferential transfers is one of the main jobs of a bankruptcy trustee, and they are given legal superpowers with which to do their jobs.
      - deleted 4y ago
        [deleted]
deleted 4y ago
[deleted]

Holy holy hell, I literally _just_ got my captital out this morning. That. was. close.

Fatnino 4y ago

Indiana Jones hat scene

f0e4c2f7 4y ago
I immediately had the same thought https://media.tenor.com/jVpPsiwNI-gAAAAd/indiana-jones-door-close.gif https://media.tenor.com/jVpPsiwNI-gAAAAd/indiana-jones-door-...

endorphinbomber 4y ago

Still remember when I pulled out my money out of Bittrex 2 hours before they shut down for half a year. Had a funny feeling and still can't explain, congrats to your intuiton.

SilasX 4y ago

Same. Requested redemption from Gemini Friday morning (11/11), and notified it completed at 5am today (11/16), got the email about Genesis two and half hours later. (Gemini uses Genesis for their lending program, Earn.)

birracerveza 4y ago

Anyone who still has any significant amount of money in any CEX, Coinbase included, is either not paying attention or irredeemably naive. It's especially tiresome the fact that people keep pointing at these disasters claiming "crypto has failed", when reality is the exact opposite: CEXs are the exact antithesis of the core crypto idea of decentralizing trust. "Not your keys, not your coins" keeps being proven right.

danuker 4y ago
Not your keys, not your coins. Also, be mindful of what the FDIC (or its equivalent in your country) insures per bank account. It might be worth it to use multiple accounts.
- ncallaway 4y ago
  Please be aware that the FDIC *does not insure against losses from these exchanges*. Do not put money into any crypto exchange, relying on the FDIC to protect you in the event the exchange goes bust.
  - danuker 4y ago
    You are correct. What I was pointing out is that actual regulated banks are also prone to failures, especially in these trying times. Because they also hold a fractional reserve.
    - marticode 4y ago
      In developed countries, banks are rarely left to completely fail nowadays, the small ones are usually taken over by the big ones, and the big ones are bailed by governments/regulators.
      - birracerveza 4y ago
        It's not a problem, until it is. Mh, sounds familiar.
      - deleted 4y ago
        [deleted]
      - lxgr 4y ago
        Rarely isn't never: https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/ https://www.fdic.gov/resources/resolutions/bank-failures/fai... That list seems to include buyouts, though, i.e. cases in which the FDIC didn't actually have to directly disburse funds. In Europe, there were two bank failures that I know of in the last few years that required tapping into the regional FDIC equivalents. In at least one of them, quite a few depositors actually lost money (due to having savings in excess of the insured maximum).
1970-01-01 4y ago
Crypto ads all said this was the future. Sizzle sells, skeptics survive.
- birracerveza 4y ago
  Crypto banks' ads*
awinder 4y ago
If it makes you feel any better, it’s extremely tiresome to a different cohort to see people make the claim that the future of finance is stuffing cash under the mattress and burying gold bars in their backyards
- birracerveza 4y ago
  IMO it's the future of finance because you own your coins. Nothing else aside from crypto allows me to do so in digital form. You are free to disagree, even if you think it's digital beanie babies or whatever. Luckily in this case you can vote with your wallet, as I did.
  - horsawlarway 4y ago
    Real question - why do you believe that "owning" your own coins matters? Further - why do you believe that ownership is related at all to the fact that you can keep ledger entry with your wallet on it? Ownership !== ledger entries. Ownership is a shared concept enforced by social constructs. It is not a fucking technical matter solved by a ledger. EX: You sign a contract to send me 1 bitcoin in exchange for my car. I give you the car, but you never send me the bitcoin. Who owns the coin? Because the ledger is going to let you spend it, but the courts are going to give me your shit. Same in reverse - I get your coin and then drive off with the car. Do I own the coin now? Because again - the ledger says yes, but our concept of ownership includes the idea of dispute and fraud - and the ledger doesn't fucking know or care. Basically - your idea of "ownership" being limited to "my wallet, my coins" is both limited, childish, and insufficient.
    - deleted 4y ago
      [deleted]
    - giaour 4y ago
      This is why the car of the future will only start when presented with a key NFT. /s
      - 4y ago

hackarama 4y ago

Same, and swapped my GUSD just in case that decides to do anything screwy.

automatic6131 4y ago

>I literally _just_ got my captital out this morning. That. was. close. There can be clawbacks for anyone getting their money back within 90 days of bankruptcy filings. I wouldn't spend it all just yet.

exabrial 4y ago
Then I'll pull it out as cash and they can fight me for it.
- berberous 4y ago
  Cash is fungible. Unless you pull out all your money, they can potentially go after an amount equal to whatever you withdrew…
- automatic6131 4y ago
  If Genesis is found to be operating as a ponzi scheme (lol, lmao), then the bankruptcy court will send you a bill for the money you've withdrawn. You can try to fight that in court - but you'll lose. If you try to fight for it another way, I wish you the best of luck.
  - FrobeniusTwist 4y ago
    Your advice above about maybe not spending recent withdrawals is really good. I just want to point out that recovery of "preferences" (which is what these withdrawals might, possibly, be) doesn't depend on there having been a Ponzi scheme, or any fraud at all, in the underlying business. Identifying and recovering preferential transfers is one of the main jobs of a bankruptcy trustee, and they are given legal superpowers with which to do their jobs.
    - deleted 4y ago
      [deleted]

deleted 4y ago

[deleted]