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Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO

 
Waffles
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06/30/2022 12:44 AM

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Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
"Embattled cryptocurrency exchange CoinFlex will probably not be able to let customers withdraw money again on Thursday as it originally planned, CEO Mark Lamb said on Wednesday.

“We will need more time. And it’s unlikely that withdrawals will be re-enabled tomorrow,” Lamb told CNBC.

However, CoinFlex is in talks with several large funds interested in buying the $47 million in debt allegedly owed by investor Roger Ver, Lamb added.

CoinFlex is the latest victim of the cryptocurrency price crash that has seen billions of dollars wiped off the market in the latest “crypto winter.” Bitcoin has lost more than 50% of its value this year, and is off about 70% from its all-time peak last November, while ether is down 70% this year and more than 75% from its peak.

The cryptocurrency exchange paused withdrawals for customers last week citing “extreme market conditions,” and said an individual investor owed it around $47 million. Initially, CoinFlex did not name the customer, but on Tuesday, Lamb claimed the investor is Roger Ver, who has been dubbed “Bitcoin Jesus” for his evangelical views on cryptocurrency in the early days of the industry.

Ver has denied that he owes CoinFlex the money. Ver was not immediately available for comment on this story when contacted by CNBC."


wait till Bitcoin plummets to 10k and all exchanges shut down and close shop

[link to www.cnbc.com (secure)]
-------------------------------------
Anonymous Coward
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06/30/2022 12:46 AM
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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
Fflag0ps1Tupac-TNexplosion
Anonymous Coward
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06/30/2022 01:10 AM
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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
There is no corruption in crypto.
Anonymous Coward
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06/30/2022 01:12 AM
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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
There is no corruption in private crypto exchanges.
 Quoting: Anonymous Coward 83755428


Fify.

Crypto itself is immutable.

It’s when dummies trust other people to manage their wallets that things go back to status quo.
pish
Getting too old for this Shit

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06/30/2022 01:25 AM

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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
You've lost another Crypto exchange?


My ISP is transgender and identifies with the pronouns "Canadian". But I can assure you I have lived in Southern California my whole life. Please stop sending me nasty messages about Syrup or Hockey...I dont get it.
Anonymous Coward
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06/30/2022 01:29 AM
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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
You've lost another Crypto exchange?


 Quoting: pish


There's a scandal brewing in "crypto" land.

God forbid.
Lazy Monk

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06/30/2022 01:33 AM
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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
There is no corruption in private crypto exchanges.
 Quoting: Anonymous Coward 83755428


Fify.

Crypto itself is immutable.

It’s when dummies trust other people to manage their wallets that things go back to status quo.
 Quoting: Anonymous Coward 80781908


Crypto is a neat idea, but unfortunately it suffers from severe third party risk.

1.
You can't even make a private crypto exchange without there being an operational mining network, and that means miners must make money, always and forever. If the price ever drops under the break even point for miners for any reason, mining stops, and that coin is forever dead.

2.
Getting your crypto converted to "real money", as in the stuff used for buying goods in the real world, puts you at the mercy of a bunch of extremely scummy exchange operators. CoinFlex isn't the only one being flexible about whether they want to give you dollars for your crypto or not.

These risks are both very large (a 100 % loss is possible), and incalculable (no-one can tell what the chances are), which makes crypto unsuitable for anything other than gambling with money you can afford to lose.
Lazy Monk
TerraFirma's Esoterrorist

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06/30/2022 01:39 AM
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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
CoinInflex-ible is the new CoinFlex.
No Refunds, because...no funds.

epiclol
"Keep a weather eye to the chart on high and go home another way"

–James Taylor Never Die Young
Anonymous Coward
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06/30/2022 01:40 AM
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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
You've lost another Crypto exchange?


 Quoting: pish


aaaaand its GONE

Anonymous Coward
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Poland
06/30/2022 01:41 AM
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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
"Embattled cryptocurrency exchange CoinFlex will probably not be able to let customers withdraw money again on Thursday as it originally planned, CEO Mark Lamb said on Wednesday.

“We will need more time. And it’s unlikely that withdrawals will be re-enabled tomorrow,” Lamb told CNBC.

However, CoinFlex is in talks with several large funds interested in buying the $47 million in debt allegedly owed by investor Roger Ver, Lamb added.

CoinFlex is the latest victim of the cryptocurrency price crash that has seen billions of dollars wiped off the market in the latest “crypto winter.” Bitcoin has lost more than 50% of its value this year, and is off about 70% from its all-time peak last November, while ether is down 70% this year and more than 75% from its peak.

The cryptocurrency exchange paused withdrawals for customers last week citing “extreme market conditions,” and said an individual investor owed it around $47 million. Initially, CoinFlex did not name the customer, but on Tuesday, Lamb claimed the investor is Roger Ver, who has been dubbed “Bitcoin Jesus” for his evangelical views on cryptocurrency in the early days of the industry.

Ver has denied that he owes CoinFlex the money. Ver was not immediately available for comment on this story when contacted by CNBC."


wait till Bitcoin plummets to 10k and all exchanges shut down and close shop

[link to www.cnbc.com (secure)]
 Quoting: Waffles ™


abombahhhahhhahhhscared
Anonymous Coward
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06/30/2022 01:42 AM
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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
CoinInflex-ible is the new CoinFlex.
No Refunds, because...no funds.

epiclol
 Quoting: TerraFirma's Esoterrorist


funds are safu!

Anonymous Coward
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Australia
06/30/2022 01:43 AM
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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
Quick, everyone get in here and talk about how much of a scam crypto is and how you would never be stupid enough to engage in it then go and withdraw fiat money from your bank and engage in meaningless commerce.
Anonymous Coward
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06/30/2022 01:50 AM
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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
There is no corruption in private crypto exchanges.
 Quoting: Anonymous Coward 83755428


Fify.

Crypto itself is immutable.

It’s when dummies trust other people to manage their wallets that things go back to status quo.
 Quoting: Anonymous Coward 80781908


Crypto is a neat idea, but unfortunately it suffers from severe third party risk.

1.
You can't even make a private crypto exchange without there being an operational mining network, and that means miners must make money, always and forever. If the price ever drops under the break even point for miners for any reason, mining stops, and that coin is forever dead.
 Quoting: Lazy Monk


The correct conclusion here is that mining the coin itself becomes temporarily dead. The coins previously mined do not retroactively become nonexistent because mining profitability turns into a losing proposition.

2. Getting your crypto converted to "real money", as in the stuff used for buying goods in the real world, puts you at the mercy of a bunch of extremely scummy exchange operators. CoinFlex isn't the only one being flexible about whether they want to give you dollars for your crypto or not.


Precisely why you use centralized exchanges as an offramp instead of a resting place for your crypto funds. This is entirely on the users of these platforms. You don't even need an exchange as a fiat on/off ramp if you live near a crypto ATM that dispenses cash. There's some know your customer nonsense involved with those, but only above a certain threshold of payment.

The sooner that normies get this idea of institutional gatekeeping beaten out of them, the better.
Anonymous Coward
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06/30/2022 02:02 AM
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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
will they let you transfer your wallet to another exchange that does?
Anonymous Coward
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06/30/2022 02:04 AM
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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
will they let you transfer your wallet to another exchange that does?
 Quoting: Anonymous Coward 79336278


mondali2

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06/30/2022 02:12 AM
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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
Quick, everyone get in here and talk about how much of a scam crypto is and how you would never be stupid enough to engage in it then go and withdraw fiat money from your bank and engage in meaningless commerce.
 Quoting: Anonymous Coward 83770280


That's why I convert my fiat into sound money and metals, like Gold, silver and lead,
mondali2
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06/30/2022 02:19 AM
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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
Quick, everyone get in here and talk about how much of a scam crypto is and how you would never be stupid enough to engage in it then go and withdraw fiat money from your bank and engage in meaningless commerce.
 Quoting: Anonymous Coward 83770280


That's why I convert my fiat into sound money and metals, like Gold, silver and lead,
 Quoting: mondali2


but crapto is the future brometheus.

halving, whales, buzzwords. future!
Judethz
Israel is Eternal

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06/30/2022 02:19 AM

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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
spoofy
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06/30/2022 02:26 AM
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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
Quick, everyone get in here and talk about how much of a scam crypto is and how you would never be stupid enough to engage in it then go and withdraw fiat money from your bank and engage in meaningless commerce.
 Quoting: Anonymous Coward 83770280


That's why I convert my fiat into sound money and metals, like Gold, silver and lead,
 Quoting: mondali2


but crapto is the future brometheus.

halving, whales, buzzwords. future!
 Quoting: Anonymous Coward 79655274


wait wait, institutional backing!


WHITE PAPER!

it sounds official now
Anonymous Coward
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06/30/2022 02:28 AM
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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
.
Lazy Monk

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Sweden
06/30/2022 02:38 AM
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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
There is no corruption in private crypto exchanges.
 Quoting: Anonymous Coward 83755428


Fify.

Crypto itself is immutable.

It’s when dummies trust other people to manage their wallets that things go back to status quo.
 Quoting: Anonymous Coward 80781908


Crypto is a neat idea, but unfortunately it suffers from severe third party risk.

1.
You can't even make a private crypto exchange without there being an operational mining network, and that means miners must make money, always and forever. If the price ever drops under the break even point for miners for any reason, mining stops, and that coin is forever dead.
 Quoting: Lazy Monk


The correct conclusion here is that mining the coin itself becomes temporarily dead. The coins previously mined do not retroactively become nonexistent because mining profitability turns into a losing proposition.
 Quoting: Anonymous Coward 80930669


The coins previously mined don't become nonexistent, but they become non-fungible.

What is a bitcoin?

A string of 1's and 0's.

How do you verify that a string of 1's and 0's is indeed a valid bitcoin, and not just a random string of 1's and 0's?

By letting the mining network verify it.

So what happens once the mining network shuts down due to non-profitability?

There is no way to verify your bitcoin, so it becomes impossible to use for any purpose.

If you think you nearby bitcoin ATM bypasses this problem you're deluding yourself.
Lazy Monk
OGEBY

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06/30/2022 02:51 AM

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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
Wait till the paper holders of silver and gold try and get their physical silver and gold from the COMEX, LOL!!!

If it is NOT in your hands in physical form you don't actually own it...

burnit
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06/30/2022 02:52 AM
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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
Wait till the paper holders of silver and gold try and get their physical silver and gold from the COMEX, LOL!!!

If it is NOT in your hands in physical form you don't actually own it...

burnit
 Quoting: OGEBY


within the first hour of any panic buying it will all be sold out.


people have no idea how tiny a market it is.
Anonymous Coward
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06/30/2022 02:53 AM
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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
another bankrupt player as cascading defaults continue.

.
OGEBY

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06/30/2022 02:54 AM

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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
A personal friend lost $3500 of ETN/Electroneum on Cryptopia when it collapsed.

I warned him to get it onto a paper wallet, but he did not.

burnit
OGEBY

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06/30/2022 02:56 AM

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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
Wait till the paper holders of silver and gold try and get their physical silver and gold from the COMEX, LOL!!!

If it is NOT in your hands in physical form you don't actually own it...

burnit
 Quoting: OGEBY


within the first hour of any panic buying it will all be sold out.


people have no idea how tiny a market it is.
 Quoting: Anonymous Coward 79655274


From my understanding, for every 1 ounce of physical silver there are 10 ounces of paper silver floating around!!! It could actually be worse than that???

hiding

Last Edited by OGEBY on 06/30/2022 02:57 AM
Scamcoins Gonna Scamcoin
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06/30/2022 02:57 AM
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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
No REFUNDS!!!!

Man, some of us knew this scam would cost a lot of fools big time.

…..And vindicated we are as this scam continues to unfold.

“A fool and his money are soon parted.”

Fools!!!!!
Anonymous Coward
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United States
06/30/2022 02:58 AM
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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
CoinInflex-ible is the new CoinFlex.
No Refunds, because...no funds.

epiclol
 Quoting: TerraFirma's Esoterrorist


CoinInFlexIble.

i like that.

these guys are toast. another hi leverage, low asset
player riding the Up Cycle with no grasp of the
Down Cycle. Burnt toast.

.

.
Anonymous Coward
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United States
06/30/2022 03:00 AM
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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
Quick, everyone get in here and talk about how much of a scam crypto is and how you would never be stupid enough to engage in it then go and withdraw fiat money from your bank and engage in meaningless commerce.
 Quoting: Anonymous Coward 83770280


and.... my ATM cash withdrawal still works
but yore CoinFlex account doesn't!

lmao
Anonymous Coward
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United States
06/30/2022 03:00 AM
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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
Wait till the paper holders of silver and gold try and get their physical silver and gold from the COMEX, LOL!!!

If it is NOT in your hands in physical form you don't actually own it...

burnit
 Quoting: OGEBY


within the first hour of any panic buying it will all be sold out.


people have no idea how tiny a market it is.
 Quoting: Anonymous Coward 79655274


From my understanding, for every 1 ounce of physical silver there are 10 ounces of paper silver floating around!!! It could actually be worse than that???

hiding
 Quoting: OGEBY


something like that yeah, the comex trades an order of magnitude more in paper assets than can actually be physically delivered, each day. of course, no one takes delivery it seems... for now. except for the governments and commercial banks all quietly piling it high and deep while the media and shills keep insisting it's "dead" money and to buy crypto or cathy woods etf or whatever.

once the bond holders figure out that negative real rates will persist, and there's a genuine contagion of fear in one crystalized moment when it click with the masses, the flight to gold will be with sheer panic and it will sell out before lunch that day. 100% + premiums on spot.
Anonymous Coward
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06/30/2022 03:02 AM
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Re: Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO
Wait till the paper holders of silver and gold try and get their physical silver and gold from the COMEX, LOL!!!

If it is NOT in your hands in physical form you don't actually own it...

burnit
 Quoting: OGEBY


within the first hour of any panic buying it will all be sold out.


people have no idea how tiny a market it is.
 Quoting: Anonymous Coward 79655274


From my understanding, for every 1 ounce of physical silver there are 10 ounces of paper silver floating around!!! It could actually be worse than that???

hiding
 Quoting: OGEBY


much much higher.

i havent checked in several years
but I'd guess 50-1 to 100-1 ratio.

.





GLP