[HN Gopher] Crypto.com Halts Solana USDC and USDT Withdrawals
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Crypto.com Halts Solana USDC and USDT Withdrawals
Author : Lionga
Score : 135 points
Date : 2022-11-09 20:47 UTC (2 hours ago)
(HTM) web link (www.coindesk.com)
(TXT) w3m dump (www.coindesk.com)
| nailer wrote:
| A2K mentioned this in his live a few mins ago but FTX had less
| than 5% of Sol. Fundamentals remain solid.
| danrocks wrote:
| It's fundamentally unsound.
| gitfan86 wrote:
| What? All of crypto is Fundamentally based on more money coming
| into the ecosystem. It is all cashflow negative.
| Animats wrote:
| Crypto doesn't have fundamentals.
| nailer wrote:
| Every asset class does. USD has the US military, gold has
| difficulty of mining, crypto has maths, watches have
| complexity of their construction and are a lightweight
| store of value, art has emotional resonance.
| benj111 wrote:
| Difficulty of mining is a supply side constraint.it
| doesn't give gold its value.
|
| Gold has long been prized because it doesn't corrode, and
| makes nice jewelry. There's also industrial applications.
|
| Who admires the maths of their bitcoin? They don't, it's
| just a supply constraint. Constraining the supply of
| something that has no value doesn't make it worth
| something though.
|
| Likewise you probably need a military to defend your
| country from those who might invade and replace the
| currency, but that doesn't impart value.
| lizknope wrote:
| https://www.sciencehistory.org/distillations/aluminum-
| common...
|
| Aluminum used to be more valuable than gold. Then we
| discovered cheaper ways of processing the ore. Aluminum
| is so cheap now that people throw away aluminum cans
| everyday (hopefully in the recycling bin)
|
| People rarely throw away gold like that although some
| does get tossed in electronic devices. If we found a way
| to decrease the cost of gold mining by 1000X then maybe
| people would throw it away like aluminum.
| benj111 wrote:
| If you have one thing then the price should be whatever
| the highest bidder is willing to pay, if you have a
| million things, it's whatever the the millionth highest
| bidder is willing to pay. Thus the more of a thing you
| make, the less valuable each thing is. This works,
| because the total value of $things sold increases.
|
| But that 1, or those million people buying the thing have
| to be willing to pay something.
|
| An aol disc isn't worth anything, even now that they are
| probably exceedingly rare (I'll bet someone's flogging
| them on ebay though) because still no one wants them.
|
| Aluminium and gold have fundamentals because they have a
| use. Some random coin, not so much, not even as a
| coaster.
| tschwimmer wrote:
| You folks are arguing past each other. As it turns out,
| the price of something is determined by two factors:
| Supply and Demand. Imbalances in supply and demand cause
| changes in price.
| wzy wrote:
| "Fundamentals remain solid."
|
| Can you imagine how many times that exact phrase was thrown at
| new investors to FTX or any other such crypto?
| nailer wrote:
| FTXs terms didn't allow them to use customer's money as
| deployable capital. That's SBF committing fraud and doesn't
| change the low transaction costs and speed of the network,
| much like madoff didn't make the concept of cash worthless.
| adrr wrote:
| Why both deposits and withdrawals? They risk spooking their
| customers by preventing withdrawals. If you wanted to mitigate
| risk, wouldn't you just prevent deposits/buys?
| geerlingguy wrote:
| Trying to prevent a bank run, most likely. And/or they don't
| have the cash to survive even a small selloff.
| [deleted]
| zmaurelius wrote:
| At the end of day, this entire fiasco really drives home the
| point if its not your keys its not your coins. Shady
| exchanges/banks can always collapse and take your entire
| portfolio with it, but if you have a securely backed up wallet,
| then your coins will be untouchable no matter what kind of shady
| shenanigans goes down in the wider cryptocurrency landscape.
| hvs wrote:
| So the lesson to learn from all of this is "stuff your money
| under your mattress otherwise it's not safe"?
|
| What a brave new world crypto is bringing us.
| btown wrote:
| It's your keys, and your coins, and most importantly your
| _initial and continuous due diligence_... and not just on the
| asset itself, but on the possible motivations of any asset
| holder with a sufficient stake to meaningfully affect the
| price.
| DonHopkins wrote:
| Should have done you initial and continuous don't diligence.
| camjw wrote:
| Sure, you still have your coins, but who cares if they're
| worthless?
|
| I'm not sure "not your keys, not your wallet" is really the
| message to take away from ~Celcius~ ~Terra~ ~TAC~ FTX.
| edwnj wrote:
| Celsius = centralised, terra = centralised, FTX =
| centralised...
|
| The point is stop trusting centralised wolf in sheeps
| clothing.. same goes for ethereum with Proof Of Stake.. ur
| just reinventing central banking (but private)..
|
| The only truly decentralised coin is bitcoin..
| voldacar wrote:
| Monero is a superior currency to btc in every way.
| tromp wrote:
| It's not superior; it just makes different tradeoffs [1].
|
| [1] https://phyro.github.io/grinvestigation/why_grin.html
| hi5eyes wrote:
| weird how the only currency dnms use is monero, meanwhile
| everyone knows what grin is winkwink
| methodical wrote:
| and bitcoin has exorbitant transaction fees, slow
| transaction times, massive power usage for relatively
| little throughput, etc., etc.
|
| time to end the crypto social experiment and go back to
| using the traditional banking system which has safeguards
| in place to prevent people from being continuously taken
| advantage of. oh wait, nobody was really using crypto for
| anything other than a FOMO investment anyways
| londons_explore wrote:
| Bitcoin transaction fees are ~5 cents right now.
|
| Granted it's still slow...
| machina_ex_deus wrote:
| By taken advantage of, you mean like becoming a debt
| slave paying off mortgage on overvalued house because of
| a housing bubble they blew out of proportion yet nobody
| was held accountable for?
| methodical wrote:
| No- by taken advantage of I mean like putting your life
| savings into a 20% APR yield crypto savings account and
| getting rugpulled the next week. Funny how you reference
| being taken advantage of in standard financial
| institutions as having debt but it is just as easy if not
| easier to take out loans in the crypto space that people
| have no chance in hell of paying off. Regardless, that's
| unrelated to what I was talking about, which was about
| people getting conned day in and day out in the crypto
| space. At the very least, this is minimized in the
| regular financial market which has safeguards in place to
| protect consumers. Is this system perfect? No. Is it 100x
| better and safer than the current state of crypto because
| of lessons of the past and the laws put in place because
| of them? Yes.
|
| If you believe that crypto is in any regard better than
| the traditional banking system (which it seems you do),
| please state those claims explicitly.
| SantalBlush wrote:
| The people using those exchanges largely don't care about
| the alleged original use case for crypto. They're just
| trying to get rich.
| xyzzy4747 wrote:
| >The only truly decentralised coin is bitcoin..
|
| And Monero IMO
| rezistik wrote:
| Yeah but the collapse of those exchanges drove down the
| price of the coins. Even if its your keys and your coins
| those coins become worth less money than they were before.
| zmaurelius wrote:
| I think people are too hyper focused on the price aspect of
| cryptocurrencies. The experiment that is Bitcoin shows that
| people do not need to rely on a monetary system where a cabal
| of rich and powerful individuals can arbitrarily modify the
| money supply without any regard to all the participants in
| that monetary system.
|
| The genie is already out of the bottle and there is no way to
| put it back. There will always be those especially in the
| younger generations that want something better than the
| current system. Bitcoin shows that you can have a completely
| transparent monetary system based on code that is available
| to be audited by anyone. Bitcoin may or may not survive, but
| the idea behind it will.
| twblalock wrote:
| What this has also shown is that most people (literally
| almost everyone) are better off relying on the traditional
| financial system.
| camjw wrote:
| > There will always be those especially in the younger
| generations that want something better than the current
| system.
|
| Sure, this isn't it though.
| AlexandrB wrote:
| > The experiment that is Bitcoin shows that people do not
| need to rely on a monetary system where a cabal of rich and
| powerful individuals can arbitrarily modify the money
| supply without any regard to all the participants in that
| monetary system.
|
| I don't get it. How does this description fail to encompass
| the likes of SBF, CZ, or Do Kwon? And while they didn't
| modify the money _supply_ (although UDT kinda did), their
| actions had a strong impact on the _value_ of money. So
| anyone holding coins in their own wallets still got screwed
| by their actions.
| zmaurelius wrote:
| Bitcoin only solves the problem of manipulation of the
| underlying money supply. It does not solve the problem of
| fraud and scams. Maybe one day we can also solve that
| problem with exchanges existing only as smart contracts,
| but with exchanges that are not completely transparent
| you always run into the risk of getting defrauded because
| you don't really know what's going on under the hood.
| jcranmer wrote:
| > The experiment that is Bitcoin shows that people do not
| need to rely on a monetary system where a cabal of rich and
| powerful individuals can arbitrarily modify the money
| supply without any regard to all the participants in that
| monetary system.
|
| Is this really true, given that the largest currency pair
| of Bitcoin is with USDT, which is alleged to have been
| arbitrarily created at whim to pump up the price of
| Bitcoin?
| [deleted]
| this_steve_j wrote:
| Let's not forget the frictionless enablement of spectacular
| ransomware enterprises, and the glorious enrichment of
| dangerous actors with stolen funds. It's a small price to
| pay for all this... freedom?
| zmaurelius wrote:
| It also enabled about $60+ million dollars to be donated
| to Ukraine and that's just one data point. Whether these
| other problems are a small price to pay will depend on
| who you are talking to. To the Ukrainians that benefited
| from these donations and to those that have food, weapons
| and shelter from these donations, it is most likely a
| small price to pay.
|
| Perhaps a portion of these donations could have come from
| other sources if cryptocurrencies did not exist, but
| there isn't really a good way to quantify that, so I
| won't go into that discussion.
| kuratkull wrote:
| You have the coins, but the current state of affairs means they
| are not worth anything any more.
| secondcoming wrote:
| To be fair, I have stocks that are not far off that scenario!
| mexicanandre wrote:
| The whole crypto game is dead without these exchanges.
|
| To hold your own keys etc is just too complicated.
|
| I dont want to put 100k onto a USB drive where I may forget the
| PW to.
|
| Crypto is just not going to hit mainstream if you cant get
| exchanges "banks" to stop selfimploding.
| hartator wrote:
| The thing is non-centralized cryptos never worked as a
| currency.
| paulpauper wrote:
| Or better yet, stay away from crypto completely.
| DonHopkins wrote:
| What good are the keys to something worthless?
| woeirua wrote:
| We're starting to see the cascade of exchange failures, just like
| we saw in 2008 with the banks during the GFC. The exchanges all
| made loans to one another in order to backstop their customer's
| assets. Now that the value of those loans are evaporating the
| entire system is going to come crashing down all at once. This is
| a systemic crisis, and there is no white knight to save it.
| dist1ll wrote:
| There's a beautiful difference. Unlike in 2008, today
|
| - I can transact efficiently and safely without a bank account.
| This is currently not possible in traditional finance
|
| - Subsequently, none of my assets are locked. I have never
| stored assets in an exchange, and have no need to do so.
|
| - Exchanges can't ask daddy government to mint coins for a
| bailout.
|
| Tl;dr: exchanges and banks who think they can get away with
| being overleveraged, doing unbacked derivatives trading,
| lending without locates etc. are in for a bitter surprise.
| Crypto can't be gamed so easily and it shows.
| woeirua wrote:
| Owning coins that can't be exchanged for anything is kind of
| a pointless endeavor, is it not?
|
| The value of most coins is going to zero as a result of this.
| Crypto is going to be a frigid wasteland after this for quite
| a while.
| dist1ll wrote:
| There are tons of vendors I actively use that accept
| crypto. Not as much as I'd like, but hardly no one.
|
| But yeah, you're right, a currency nobody uses is obviously
| worthless. I'm attempting to drive adoption so that they
| CAN be exchanged for goods and services.
| machina_ex_deus wrote:
| You sound just like one of those house owners with a fat
| mortgage on the eve of 2008.
|
| When you buy an asset from heavily leveraged market you get
| high risk even when you don't use leverage yourself.
| dist1ll wrote:
| The crypto I buy is not leveraged, it's sitting in my
| wallet - unlike IOUs, stocks and derivatives.
|
| In crypto, leverage exists solely because of people who
| _aren 't_ doing self-custody and DeFi. They brought this
| upon themselves.
| BolexNOLA wrote:
| Not going to do you a whole lot of good when you can't
| convert that into fiat. The vast majority of cryptos are
| useless for actually paying for anything and the vast
| majority of businesses still don't except them. So unless
| you are basically only using and holding BTC (which has a
| relatively small market of goods that can actually be
| purchased with it on a daily basis), I'm not really sure
| what good that crypto is doing for you other than sitting
| around as a speculative asset which will need to be
| converted via an exchange.
| twblalock wrote:
| The problem is, if these exchanges collapse, the value of
| that crypto you have will drop significantly. So yes, you
| still have your crypto assets, but there is a real chance
| they could end up being worthless.
|
| Even if you don't use exchanges, you are still exposed to
| their failure because they are major players in the market
| that determines the value of the cryptocurrencies. When major
| players in a market go bust, it's unlikely that any of the
| other market participants will end up unscathed.
|
| Given that crypto value is based solely on what other people
| are willing to pay for it, it really could go to zero. It
| probably won't go all the way to zero, but I'd still expect a
| significant drop.
| dist1ll wrote:
| This indicates that the value was propped up by market
| manipulation. I have no problem with a crash like this, as
| I have no exposure to centralized * exchanges.
|
| I also don't have illusions about price action. I don't
| invest into crypto to make a quick buck. I invest because I
| fundamentally oppose traditional finance.
| twblalock wrote:
| Really, no exposure to centralized finance? You only use
| crypto to pay your rent and buy your groceries and your
| clothing? Your employer pays you in crypto?
| dist1ll wrote:
| My bad, I meant centralized exchanges, not finance.
| Edited my comment.
|
| > You only use crypto to pay your rent and buy your
| groceries and your clothing? Your employer pays you in
| crypto?
|
| Oh how I wish that was true.
| ricardobayes wrote:
| I'm just spitballing, but we don't yet know the full effects of
| FTX folding. We don't know who holds what where.
| FollowingTheDao wrote:
| I would say bitcoin crashing 12.5% today is one effect.
| stephc_int13 wrote:
| The day is not over yet. I wish I had popcorn.
| londons_explore wrote:
| 12% isn't an unusual day for cryptocurrency.
|
| 80% is newsworthy.
| [deleted]
| [deleted]
| jti107 wrote:
| there better not be any government bailouts...people/companies
| need to accept the risks/rewards for using DeFi
| paulpauper wrote:
| And there goes 16k.
|
| We're seeing the dominoes fall before our eyes.
|
| crazy
| AznHisoka wrote:
| Thats still too high.
|
| What is fascinating is that The S&P 500 is up around 10% since
| Feb 2020 (pre covid) while BTC is up 50% since.
| paulpauper wrote:
| The S&P 500 is obviously superior even though BTC did well
| pre-2013. BTC is more like a commodity than an equity, so the
| long-term returns are expected to be worse compared to index
| funds.
| matai_kolila wrote:
| Nov 13th, 2020 was around when BTC was last at this price.
|
| What a wild ride it's been.
| eddsh1994 wrote:
| I didn't buy it at PS400 once because it had fallen so much
| from PS1,000. I wouldn't be surprised if it goes up again when
| people look to alternative sources of income to offset
| inflation.
| Retric wrote:
| Negative sum games need new suckers to prop up returns. I
| doubt there is that many people willing to jump in that
| haven't already been burned.
| Animatronio wrote:
| Yeah, smart move - lose 15% a day, rather than 9% a year
| through inflation.
| SantalBlush wrote:
| People bought cryptocoins in 2021 to "offset inflation". That
| did not go well for them.
|
| I think we can safely put the claims about crypto offsetting
| inflation to rest.
| TSiege wrote:
| "Solana's native SOL token suffered as a result of FTX's
| collapse, dropping over 40% on Wednesday at a price of $14.37.
| This is 92% below its price from a year ago."
|
| I looked it up and it was trading for $230.23 on Nov 9, 2021. As
| of posting this comment it's at $13.16
| TechBro8615 wrote:
| Back in the day, SOL used to stand for "shit outta luck"
| DonHopkins wrote:
| Good thing I invested heavily in ITYS.
| stavros wrote:
| Apparently, it still does.
| largepeepee wrote:
| Seeing your name greyed out within a few mins, guess you
| hit a nerve with the HN SOL peeps.
| evronm wrote:
| What's old is new again. I think this qualifies as poetic
| justice?
| bittytitty wrote:
| Bitcoin and it's technology isn't going anywhere. The rest of the
| world is too invested in it for it to disappear. Just wait it
| out. It will be fine.
|
| "Many shall be restored that now are fallen and many shall fall
| that now are in honor" -Horace
| andrewstuart wrote:
| Another crypto crash? I'm surprised anyone would have serious
| money still in crypto after the last megacrash, which came after
| the previous crypto crash.
| throwup wrote:
| Nothing but crashes. Bitcoin crashed to $2 in 2011, then it
| crashed to $250 in 2015, then it crashed to $3000 in 2019, and
| now it's crashed again to $15000. Smart money knows to stay
| away and avoid the crashes.
| andrewstuart wrote:
| You didn't note the bitcoin high water mark was nearly
| exactly one year ago at $64,400, versus today at $15,696.
| binkHN wrote:
| So, future crash to $75000 in 2026?
| DonHopkins wrote:
| Just because your cryptocurrency just lost 90% of its value
| today, doesn't mean it can't also lose 90% of its value
| tomorrow too.
| woodruffw wrote:
| This is a joke, but it also misses the point: a volatile
| asset doesn't have to crash to any particular baseline. It
| only has to crash below the stake price for its investors.
| throwup wrote:
| You're talking about MVRV (Market Value to Realized Value).
| If it's below 1, it means the average investor is carrying
| a loss, and > 1 means carrying profit. Historically every
| halving it has spent some time below 1, and we are right on
| schedule.
|
| https://charts.woobull.com/bitcoin-mvrv-ratio/
| TylerE wrote:
| This time it's different. There's no giant pool of FOMOing
| suckers to drive the next wave.
| geerlingguy wrote:
| The pyramid found its base and can't expand into any more
| gullible markets.
| yieldcrv wrote:
| because everyone following the best practices is unscathed.
|
| everyone had a choice to just never touch TerraLuna.
|
| everyone had a choice to not keep their funds on exchanges.
|
| I'll give some sympathy to custodial smart contracts being
| drained and advertised as non-custodial, a legal distinction
| that has little practical distinction for the user except
| unlimited amounts and no permission needed to use. But you
| didn't have to use those either.
|
| and overcollateralized stablecoins type fiat are still fine
| (for now)
|
| and overcollateralized stablecoins type crypto are still fine
| with redemptions functioning smoothly through pretty amazing
| stress tests
|
| other kinds of stablecoins are the ones that actually have
| implosions and make the news, with the notable exception and
| danger of Tether which still have passed every stress test
| despite such a large attack surface being consistently attacked
| by state actors very publicly
|
| regardless, it has been entirely possible to have stable value
| in crypto the whole time, and in fact that's where a majority
| of the capital is, far beyond any hacks, exploits and exchange
| implosions. overcollateralized stablecoins are still $120bn and
| has been a steady amount for the past year. redemptions go well
| when desired, people just don't desire.
|
| and then for the people that actually have the risk profile for
| volatile assets and self-custody those assets? they're fine
| too. let the VC and bankruptcy trustees fire-sale, let
| everything trade for another 90% discount, that's not
| controversial, commodities trade like that, digital commodities
| are trading similarly.
| machina_ex_deus wrote:
| You're cute. In the end of the day this entire shenanigan is
| a game of musical chairs and as every chair is taken out, you
| should be more anxious to sit down quickly before the music
| stops. The actual details hardly matter, this is a game
| played only by investors, and money is slowly draining.
| Nobody is inserting new chairs into your musical game, only
| new participants with their own chairs. Unlike musical
| chairs, you can leave right now.
| yieldcrv wrote:
| > The actual details hardly matter, this is a game played
| only by investors, and money is slowly draining.
|
| and that's not controversial, I'm perfectly fine with that
| and everyone in the space should be just as objective about
| their risk profile. We both agree that any other sales
| pitch for crypto was grifter bingo.
|
| I don't consider this platform for investors to be perfect
| yet, for example I don't consider any stablecoin
| overcollateralized by fiat to be 'good' and I don't
| consider any of the stablecoins overcollateralized by
| crypto to be great yet, there is a lot to build and a lot
| of value to extract building.
| twblalock wrote:
| > regardless, it has been entirely possible to have stable
| value in crypto the whole time
|
| Where? Which crypto investments would have resulted in that
| during the "whole time"? Or even just the last few years?
| olliej wrote:
| Traditionally this foreshadows an exchange going bust, is that
| what is happening here?
| _3u10 wrote:
| The exchange is going bust. Well the coin is going bust unable
| to maintain the peg. Think the end of Bretonwoods but for
| crypto.
|
| I've never understood stablecoins it's as dumb as a USD ETF
| [deleted]
| LegitShady wrote:
| understanding stablecoins is really simple.
|
| "how do i convert crypto assets into USD without triggering a
| taxable event?"
|
| the answer was create a stablecoin where you for sure have $1
| for each coin so you can always exchange your crypto for
| dollars.
|
| the problem is all these shady crypto finance people are busy
| making money off of stablecoins and hoping nobody catches
| them without enough cash on hand since they invested the USD
| into assets instead of just holding cash, or when the value
| went up they minted more stablecoin to sell off and now that
| the price of the stablecoin is down they don't have the
| ability to cover their liabilities.
|
| The basic idea to protect against taxes, the extended idea is
| to enrich every grifter around.
| jayp wrote:
| When you sell stock A and buy stock B, if you had capital
| gains on stock A, it is a taxable event.
|
| Crypto is the same.
|
| Why do you think converting from BTC to USDT is not a
| taxable event?
| WalterSear wrote:
| When you sold stock A, you got dollars for it.
| harambae wrote:
| But when each Velodyne Lidar share is exchanged for
| 0.8204 shares of Ouster (in the near future), it won't be
| a taxable event.
| freeplay wrote:
| Your stock example is not what was described though.
|
| You're not selling Bitcoin and then buying USDT. You're
| buying USDT with Bitcoin.
|
| With your stock example, you can't buy shares of Apple
| stock using your Google stock. It has to go to fiat first
| which is a taxable event.
| from wrote:
| Your interpretation of the law was potentially correct
| before the Tax Cuts and Jobs Act (this was debated but
| was never taken to court) but is now not correct and
| crypto-crypto swaps are taxable and you use the dollar
| value as reference price. This may not be the case in
| other countries.
| drfuchs wrote:
| And swapping BTC for USDT still a taxable event. Just as
| if I bartered my Apple stock for some Google stock of
| yours: for both of us, there's a capital gain or loss,
| and it's a taxable event. You don't have to go through
| actual cash money for it to be a taxable event.
|
| https://www.irs.gov/pub/irs-utl/OC-Barteringandtrading-
| eacht...
| dragonwriter wrote:
| > "how do i convert crypto assets into USD without
| triggering a taxable event?"
|
| You don't: "Taxable gain or loss may result from
| transactions including, but not limited to: [...] Exchange
| or trade of one digital asset for another digital asset."
| [0]
|
| You can't hack around taxable events by avoiding exchange
| into fiat.
|
| [0] https://www.irs.gov/individuals/international-
| taxpayers/freq...
| LegitShady wrote:
| but you're trading $100 worth of Crypto A into $100 worth
| of USDT or whatever other 'stablecoin' ostensibly backed
| dollar for dollar with USD, thus there are no gains but
| you still ostensibly have 'converted' Crypto A to the
| closest thing you can convert it to that isn't actual
| USD.
|
| That's the purpose. If you sell a crypto for USD you may
| get taxed. If you convert it to equal amounts of a
| different crypto there are no gains and no tax.
| fragmede wrote:
| the price of Solana is going to crater due to a massive
| increase in supply*, and crypto.com is hedging their bets.
|
| * https://u.today/320-million-in-solana-will-hit-market-
| in-24-...*
| tell3 wrote:
| USDC and USDT prices have nothing to do with the SOL price
| FollowingTheDao wrote:
| Not just an exchange, all of bitcoin.
| CyberDildonics wrote:
| What do you mean by "all of bitcoin" ? It is working at its
| steady transaction rate of a few kilobytes per second like it
| always has.
| phphphphp wrote:
| Crypto.com are not long for this world but I don't think this
| is their demise, rather, this is specifically the Solana
| blockchain, which is... well, it's not a traditional
| blockchain. More a reflection on Solana (and it's vulnerability
| to the demise of FTX) than Crypto.com.
| clarkeni wrote:
| It's absolutely more of a reflection on crypto.com than the
| solana blockchain (which is functioning normally).
| harambae wrote:
| > More a reflection on Solana (and it's vulnerability to the
| demise of FTX) than Crypto.com.
|
| Citation definitely needed. I'd say the opposite. From a few
| days ago... https://decrypt.co/113632/google-cloud-just-
| became-a-solana-...
| traveler01 wrote:
| Not exactly, since it's a very specific suspension.
| tell3 wrote:
| Idgi, the Solana network functions normal, and SOL is not
| intimately tied to FTX. They only reason they would do this imo,
| is if Crypto.com itself has problems (they want to slow
| withdrawals?). What am I missing here?
| Animats wrote:
| _" More than 18 million coins worth approximately $320 million
| will hit the cryptocurrency market in the next 24 hours after
| they are released from staking. ... In addition to the
| aforementioned 18 million SOL, the market should be ready for a
| 1.7 million Solend whale liquidation; the whale borrowed 30
| million USDC against his two million SOL collateral. A total of
| 96.7% of his loan is backed by the cryptocurrency that is
| rapidly losing value on the market right now. Technically,
| liquidation has been triggered already, and the borrow
| utilization greatly exceeded the liquidation threshold by more
| than 50%..."_[1]
|
| And that's just stuff that's publicly known.
|
| [1] https://u.today/320-million-in-solana-will-hit-market-
| in-24-...
| tell3 wrote:
| That's not really related.
| davidcbc wrote:
| The answer to your question is in your post
| booleandilemma wrote:
| I'm assuming the government will just bail out everyone who loses
| money through crypto with my tax dollars. It'll be fine, nothing
| to worry about.
| FollowingTheDao wrote:
| I have a prediction for all of you here:
|
| Bitcoin at 1000 by March 1st.
| CyberDildonics wrote:
| Time to prove everyone how smart you are and make lots of money
| at the same time.
|
| https://www.investopedia.com/news/short-bitcoin/
| low_tech_love wrote:
| Oh man I wish I had the balls to do it.
| eddsh1994 wrote:
| I'd take that bet!
| xiphias2 wrote:
| You can on the CFTC futures market
| woeirua wrote:
| I'll one up you: Bitcoin at zero by March 1st. This crash is
| going to take down USDT/Binance and the entire ecosystem around
| it.
| eloff wrote:
| I highly doubt it, but it's not impossible. Bitcoin doesn't
| really have any intrinsic value to provide a floor for the
| price. It's all technicals, all perception.
| guelo wrote:
| When FTX and Crypto.com have to give up their sports arena naming
| rights it will be great PR to the population at large to stay
| away from crypto.
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