Official Bitcoin Thread

[johnnyredstorm]

My buddy uses it whenever he can. It’s cool but spending crypto won’t take off for many years. Spending stables though works so well for ppl overseas

 

[fluid hips]

Crypto crisis: how digital currencies went from boom to collapse

Savers talk of devastating losses as assets such as bitcoin and ‘stablecoins’ like terra fell sharply

www.theguardian.com

 

[ballinsam23]

Why is AMP up 54% in a day

 

[stuntman mike]

even more incredible on a bloody day!

 

[heyson]

Amp is the one

 

[mplsdunk]

everything comes full circle.

 

[360waves]

Another one

 

[stuntman mike]

that's a tough one. my wife has her tokens on there. pretty decent amount too.
market looking rough af rn. had to stop typing up imaginary resignation letters and come back to reality

 

[sneakaprince]

that's a tough one. my wife has her tokens on there. pretty decent amount too.
market looking rough af rn. had to stop typing up imaginary resignation letters and come back to reality

Man I'm in a crypto slack channel at work and my colleague has her funds in there. We just had the talk about cold storage too. I don't think she's in but I sent her that screenshot and told her I hope she wasn't too impacted.

My homie got caught in the Celsius freeze and he is down a BIG bag. **** is scary right now.

 

[Raji Lowenthal]

When these sites say they've halted withdrawals it basically means "see ya wouldn't want to be ya"? Or will people get their money eventually

 

[mplsdunk]

Probably not. They’re basically saying the gambled your money away like degens.

 

[noskey]

When these sites say they've halted withdrawals it basically means "see ya wouldn't want to be ya"? Or will people get their money eventually

They're basically announcing they're in bankruptcy proceedings. Gg to anyone thats not a lienholder against their assets.

 

[shawndavinci]

Got me about to pull all my bread outta Gemini and CDC at a loss. Lesson learned

 

[ballinsam23]

Yea….why do I feel like I should transfer my money out of Gemini

 

[shawndavinci]

Yea….why do I feel like I should transfer my money out of Gemini

I went ahead and did it just now, $1k max withdraw per day, wont let me switch it all at once.

Watch all the alts moon now, that’d b my luck.

 

[stuntman mike]

i would take my coins back right now from anywhere you don’t have full custody of your assets.

 

[townbidness]

Coinbase still holding my eth hostage

 

[stuntman mike]

can’t be helped if it’s locked up and i’m guessing those tier 1 exchanges will be ok.

edit:
whooops

 

[johnnyredstorm]

Pull your **** off exchanges asap and get a ledger. You don’t need these garbage unregulated banks without fdic insurance.

If you have eth staked in Coinbase, that should be fine since it’s locked in the beacon chain but in theory they don’t have to pay you back if they go bankrupt so lesson learned there.

self custody is the only option from now on, go to exchanges to buy with fiat or sell to fiat. Use Thorchain uniswap etc to trade to stables or other coins.

 

[sole searchin]

How does a majority of crypto recover from this?

The majority of people (small fish I guess) probably use these exchanges as their gateway and leave their funds in there. Between the hacking and this debacle of exchanges just locking their money up, how does the general public ever trust crypto again?

I’m all for cold wallets/storage but that’s not something an everyday person would know. Tough to gain that trust and traction back.

 

[1c3m4m]

Pull your **** off exchanges asap and get a ledger. You don’t need these garbage unregulated banks without fdic insurance.

If you have eth staked in Coinbase, that should be fine since it’s locked in the beacon chain but in theory they don’t have to pay you back if they go bankrupt so lesson learned there.

self custody is the only option from now on, go to exchanges to buy with fiat or sell to fiat. Use Thorchain uniswap etc to trade to stables or other coins.

Gonna go buy a ledger

 

[1978S]

can’t be helped if it’s locked up and i’m guessing those tier 1 exchanges will be ok.

edit:
whooops

The Kucoin thing was confirmed as FUD by Fatman of the Luna investigation....for what it's worth.

I got most of my portfolio in cold storage, but still some on Coinbase. Anyone worried particularly about the few big, big dogs such as Coinbase, FTX, Binance? johnnyredstorm I know you said pull off ALL exchanges.

 

[ballinsam23]

If this happens to the main marketed exchanges (Coinbase, FTX, Gemini, etc) I don’t think people will trust crypto again. That’ll be a huge blow to the general public.

 

[1978S]

If this happens to the main marketed exchanges (Coinbase, FTX, Gemini, etc) I don’t think people will trust crypto again. That’ll be a huge blow to the general public.

I honestly can't see it happening to the few huge exchanges.

BUT...it's crypto so anything is possible.

 

[sohi 23]

if Coinbase and FTX went down, crypto would be done